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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.6x - 1.7x | 1.6x |
| Selected Fwd Ps Multiple | 1.3x - 1.5x | 1.4x |
| Fair Value | €8.45 - €9.34 | €8.90 |
| Upside | 1.9% - 12.6% | 7.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Oi S.A. | - | BOVESPA:OIBR3 |
| TIM S.A. | - | BOVESPA:TIMS3 |
| BT Group plc | - | OTCPK:BTGO.F |
| Telia Company AB (publ) | - | OTCPK:TLSN.F |
| Orange S.A. | - | BASE:ORAN |
| Telefônica Brasil S.A. | - | DB:TSPA |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| OIBR3 | TIMS3 | BTGO.F | TLSN.F | ORAN | TSPA | |||
| BOVESPA:OIBR3 | BOVESPA:TIMS3 | OTCPK:BTGO.F | OTCPK:TLSN.F | BASE:ORAN | DB:TSPA | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -15.1% | 7.9% | -2.4% | 0.7% | -1.0% | 4.8% | ||
| 3Y CAGR | -3.8% | 12.1% | -0.8% | 0.3% | -1.8% | 8.2% | ||
| Latest Twelve Months | -25.3% | 6.8% | -1.0% | 0.6% | 1.5% | 7.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -110.1% | 12.2% | 6.8% | -3.7% | 6.9% | 10.6% | ||
| Prior Fiscal Year | -231.1% | 11.9% | 9.2% | -0.7% | 5.2% | 9.7% | ||
| Latest Fiscal Year | -61.5% | 12.4% | 4.1% | 4.3% | 4.9% | 9.9% | ||
| Latest Twelve Months | 137.6% | 12.4% | 3.7% | 4.3% | 4.9% | 9.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | -3.0x | 5.1x | 5.7x | 8.6x | 4.6x | 5.6x | ||
| Price / LTM Sales | 0.1x | 1.7x | 0.8x | 1.6x | 0.8x | 1.5x | ||
| LTM P/E Ratio | 0.0x | 13.9x | 21.3x | 37.1x | 16.2x | 15.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.8x | 1.7x | |||||
| Historical LTM P/S Ratio | 1.4x | 1.7x | 1.9x | |||||
| Selected Price / Sales Multiple | 1.6x | 1.6x | 1.7x | |||||
| (x) LTM Sales | 55,845 | 55,845 | 55,845 | |||||
| (=) Equity Value | 86,650 | 91,211 | 95,771 | |||||
| (/) Shares Outstanding | 1,626.7 | 1,626.7 | 1,626.7 | |||||
| Implied Value Range | 53.27 | 56.07 | 58.88 | |||||
| FX Rate: BRL/EUR | 6.2 | 6.2 | 6.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 8.60 | 9.05 | 9.51 | 8.30 | ||||
| Upside / (Downside) | 3.6% | 9.1% | 14.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | OIBR3 | TIMS3 | BTGO.F | TLSN.F | ORAN | TSPA | |
| Value of Common Equity | 311 | 43,833 | 16,069 | 134,162 | 22,945 | 83,622 | |
| (/) Shares Outstanding | 323.7 | 2,420.4 | 9,798.4 | 3,932.1 | 2,094.7 | 1,626.7 | |
| Implied Stock Price | 0.96 | 18.11 | 1.64 | 34.12 | 10.95 | 51.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.76 | 9.75 | 0.00 | 6.19 | |
| Implied Stock Price (Trading Cur) | 0.96 | 18.11 | 2.15 | 3.50 | 13,006.36 | 8.30 | |
| Trading Currency | BRL | BRL | USD | USD | ARS | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.76 | 9.75 | 0.00 | 6.19 | |