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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.7x - 20.7x | 19.7x |
| Selected Fwd EBITDA Multiple | 14.1x - 15.6x | 14.8x |
| Fair Value | €10.35 - €12 | €11.17 |
| Upside | -0.2% - 15.7% | 7.7% |
| Benchmarks | Ticker | Full Ticker |
| Telecom Italia S.p.A. | TIT | BIT:TIT |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Swisscom AG | 1SCMN | BIT:1SCMN |
| Cellnex Telecom, S.A. | 1CLNX | BIT:1CLNX |
| Telenor ASA | TEL | OB:TEL |
| Infrastrutture Wireless Italiane S.p.A. | WI8 | DB:WI8 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TIT | KPN | 1SCMN | 1CLNX | TEL | WI8 | ||
| BIT:TIT | ENXTAM:KPN | BIT:1SCMN | BIT:1CLNX | OB:TEL | DB:WI8 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -10.3% | 1.9% | 0.0% | 39.4% | -8.0% | 25.4% | |
| 3Y CAGR | -7.4% | 2.1% | -1.7% | 22.8% | -6.4% | 11.6% | |
| Latest Twelve Months | -24.4% | 1.8% | 3.1% | 7.4% | 6.1% | 4.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.1% | 40.5% | 33.4% | 56.8% | 33.2% | 70.0% | |
| Prior Fiscal Year | 31.9% | 40.6% | 35.0% | 56.8% | 32.9% | 72.0% | |
| Latest Fiscal Year | 29.5% | 40.4% | 32.7% | 59.9% | 33.6% | 72.2% | |
| Latest Twelve Months | 25.0% | 39.8% | 30.4% | 58.3% | 34.2% | 71.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.46x | 3.72x | 3.56x | 10.31x | 3.12x | 13.67x | |
| EV / LTM EBITDA | 5.9x | 9.3x | 11.7x | 17.7x | 9.1x | 19.0x | |
| EV / LTM EBIT | 19.1x | 15.4x | 24.4x | 74.7x | 13.6x | 25.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 9.3x | 17.7x | ||||
| Historical EV / LTM EBITDA | 18.6x | 22.6x | 35.5x | ||||
| Selected EV / LTM EBITDA | 18.7x | 19.7x | 20.7x | ||||
| (x) LTM EBITDA | 761 | 761 | 761 | ||||
| (=) Implied Enterprise Value | 14,239 | 14,989 | 15,738 | ||||
| (-) Non-shareholder Claims * | (4,957) | (4,957) | (4,957) | ||||
| (=) Equity Value | 9,283 | 10,032 | 10,781 | ||||
| (/) Shares Outstanding | 921.3 | 921.3 | 921.3 | ||||
| Implied Value Range | 10.08 | 10.89 | 11.70 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.08 | 10.89 | 11.70 | 10.37 | |||
| Upside / (Downside) | -2.8% | 5.0% | 12.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TIT | KPN | 1SCMN | 1CLNX | TEL | WI8 | |
| Enterprise Value | 19,757 | 21,235 | 46,356 | 42,238 | 251,453 | 14,511 | |
| (+) Cash & Short Term Investments | 2,987 | 374 | 200 | 1,461 | 6,220 | 110 | |
| (+) Investments & Other | 1,959 | 792 | 588 | 242 | 65,923 | 0 | |
| (-) Debt | (14,155) | (7,154) | (17,094) | (21,948) | (100,036) | (5,057) | |
| (-) Other Liabilities | (1,340) | (45) | 1 | (1,193) | (5,259) | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,208 | 15,202 | 30,051 | 20,801 | 218,301 | 9,554 | |
| (/) Shares Outstanding | 21,260.8 | 3,851.6 | 51.8 | 681.6 | 1,366.9 | 921.3 | |
| Implied Stock Price | 0.43 | 3.95 | 580.11 | 30.52 | 159.70 | 10.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.43 | 3.95 | 615.00 | 30.52 | 159.70 | 10.37 | |
| Trading Currency | EUR | EUR | EUR | EUR | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | |