Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.4x - 4.8x | 4.6x |
| Selected Fwd EBITDA Multiple | 3.5x - 3.9x | 3.7x |
| Fair Value | €0.55 - €0.60 | €0.57 |
| Upside | 3.2% - 12.5% | 7.8% |
| Benchmarks | Ticker | Full Ticker |
| Deutsche Telekom AG | DTEG.F | OTCPK:DTEG.F |
| Super Telecom Co.,Ltd | 603322 | SHSE:603322 |
| Telenor ASA | TEL | OB:TEL |
| Telia Company AB (publ) | TLSN.F | OTCPK:TLSN.F |
| BizConf Telecom Co.,Ltd. | 300578 | SZSE:300578 |
| China Telecom Corporation Limited | ZCH | DB:ZCH |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DTEG.F | 603322 | TEL | TLSN.F | 300578 | ZCH | ||
| OTCPK:DTEG.F | SHSE:603322 | OB:TEL | OTCPK:TLSN.F | SZSE:300578 | DB:ZCH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.9% | NM- | -8.0% | 0.3% | NM- | 5.0% | |
| 3Y CAGR | 5.7% | NM- | -6.4% | 0.8% | NM- | 7.7% | |
| Latest Twelve Months | 6.3% | 159.4% | 1.5% | 0.4% | 42.5% | 13.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.3% | -0.8% | 33.4% | 30.2% | 9.1% | 24.3% | |
| Prior Fiscal Year | 33.3% | -6.2% | 32.9% | 30.3% | 7.2% | 22.1% | |
| Latest Fiscal Year | 34.3% | 0.0% | 33.6% | 30.2% | -5.2% | 24.4% | |
| Latest Twelve Months | 34.3% | 3.3% | 33.6% | 30.2% | -2.1% | 24.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.87x | 2.90x | 2.90x | 2.62x | 6.73x | 1.13x | |
| EV / LTM EBITDA | 8.4x | 88.9x | 8.6x | 8.7x | -317.2x | 4.6x | |
| EV / LTM EBIT | 13.9x | 90.3x | 12.8x | 20.6x | -115.2x | 13.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -317.2x | 8.6x | 88.9x | ||||
| Historical EV / LTM EBITDA | 2.1x | 2.7x | 4.6x | ||||
| Selected EV / LTM EBITDA | 4.4x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 127,812 | 127,812 | 127,812 | ||||
| (=) Implied Enterprise Value | 560,493 | 589,993 | 619,492 | ||||
| (-) Non-shareholder Claims * | 92,827 | 92,827 | 92,827 | ||||
| (=) Equity Value | 653,321 | 682,820 | 712,320 | ||||
| (/) Shares Outstanding | 148,805.8 | 148,805.8 | 148,805.8 | ||||
| Implied Value Range | 4.39 | 4.59 | 4.79 | ||||
| FX Rate: CNY/EUR | 7.9 | 7.9 | 7.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.56 | 0.58 | 0.61 | 0.53 | |||
| Upside / (Downside) | 5.1% | 9.8% | 14.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DTEG.F | 603322 | TEL | TLSN.F | 300578 | ZCH | |
| Enterprise Value | 339,415 | 7,647 | 228,956 | 225,704 | 3,104 | 528,988 | |
| (+) Cash & Short Term Investments | 8,478 | 52 | 10,781 | 11,187 | 498 | 102,009 | |
| (+) Investments & Other | 8,154 | 90 | 72,068 | 1,367 | 229 | 55,854 | |
| (-) Debt | (152,439) | (328) | (101,621) | (97,934) | (8) | (60,873) | |
| (-) Other Liabilities | (35,344) | (31) | (5,917) | (3,918) | 0 | (4,162) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 168,264 | 7,430 | 204,267 | 136,406 | 3,823 | 621,815 | |
| (/) Shares Outstanding | 4,889.7 | 156.8 | 1,367.2 | 3,932.1 | 198.3 | 148,805.8 | |
| Implied Stock Price | 34.41 | 47.39 | 149.40 | 34.69 | 19.28 | 4.18 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 1.00 | 9.91 | 1.00 | 7.88 | |
| Implied Stock Price (Trading Cur) | 37.34 | 47.39 | 149.40 | 3.50 | 19.28 | 0.53 | |
| Trading Currency | USD | CNY | NOK | USD | CNY | EUR | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 1.00 | 9.91 | 1.00 | 7.88 | |