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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.4x - 10.4x | 9.9x |
| Selected Fwd EBIT Multiple | 7.3x - 8.0x | 7.6x |
| Fair Value | ৳368.44 - ৳411.72 | ৳390.08 |
| Upside | 14.5% - 27.9% | 21.2% |
| Benchmarks | Ticker | Full Ticker |
| Robi Axiata PLC. | ROBI | DSE:ROBI |
| VEON Ltd. | VEON | NasdaqCM:VEON |
| Okinawa Cellular Telephone Company | 9436 | TSE:9436 |
| Globe Telecom, Inc. | GLO | PSE:GLO |
| Wuxi Online Offline Communication Information Technology Co., Ltd. | 300959 | SZSE:300959 |
| Grameenphone Ltd. | GP | DSE:GP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ROBI | VEON | 9436 | GLO | 300959 | GP | ||
| DSE:ROBI | NasdaqCM:VEON | TSE:9436 | PSE:GLO | SZSE:300959 | DSE:GP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 44.3% | -10.0% | 5.6% | -2.5% | -60.5% | -2.5% | |
| 3Y CAGR | 17.9% | -2.6% | 5.6% | 2.1% | -81.2% | -3.5% | |
| Latest Twelve Months | 35.4% | -5.5% | 3.1% | 2.5% | -195.6% | -8.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.1% | 27.2% | 20.6% | 22.8% | 4.9% | 43.7% | |
| Prior Fiscal Year | 15.5% | 27.6% | 20.6% | 21.3% | 2.1% | 40.9% | |
| Latest Fiscal Year | 16.9% | 24.1% | 21.8% | 21.8% | 0.0% | 37.5% | |
| Latest Twelve Months | 20.9% | 24.1% | 20.8% | 21.8% | -1.8% | 37.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.90x | 1.44x | 2.35x | 3.32x | 2.30x | 3.11x | |
| EV / LTM EBITDA | 4.4x | 3.4x | 8.1x | 8.0x | -199.6x | 6.7x | |
| EV / LTM EBIT | 9.1x | 6.0x | 11.3x | 15.2x | -127.9x | 8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -127.9x | 9.1x | 15.2x | ||||
| Historical EV / LTM EBIT | 6.5x | 7.5x | 8.3x | ||||
| Selected EV / LTM EBIT | 9.4x | 9.9x | 10.4x | ||||
| (x) LTM EBIT | 59,367 | 59,367 | 59,367 | ||||
| (=) Implied Enterprise Value | 556,144 | 585,415 | 614,686 | ||||
| (-) Non-shareholder Claims * | (57,632) | (57,632) | (57,632) | ||||
| (=) Equity Value | 498,512 | 527,783 | 557,054 | ||||
| (/) Shares Outstanding | 1,350.3 | 1,350.3 | 1,350.3 | ||||
| Implied Value Range | 369.19 | 390.86 | 412.54 | ||||
| FX Rate: BDT/BDT | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 369.19 | 390.86 | 412.54 | 321.90 | |||
| Upside / (Downside) | 14.7% | 21.4% | 28.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ROBI | VEON | 9436 | GLO | 300959 | GP | |
| Enterprise Value | 192,491 | 5,757 | 192,505 | 599,974 | 2,808 | 492,294 | |
| (+) Cash & Short Term Investments | 3,039 | 1,689 | 3,086 | 21,354 | 433 | 7,334 | |
| (+) Investments & Other | 0 | 0 | 3,099 | 59,369 | 129 | 0 | |
| (-) Debt | (58,820) | (4,694) | (12) | (365,568) | (53) | (64,966) | |
| (-) Other Liabilities | 0 | 0 | (2,570) | (31) | (7) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,793) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 136,710 | 2,752 | 196,108 | 313,305 | 3,310 | 434,662 | |
| (/) Shares Outstanding | 5,237.9 | 70.7 | 47.1 | 144.4 | 80.4 | 1,350.3 | |
| Implied Stock Price | 26.10 | 38.91 | 4,165.00 | 2,170.00 | 41.18 | 321.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.10 | 38.91 | 4,165.00 | 2,170.00 | 41.18 | 321.90 | |
| Trading Currency | BDT | USD | JPY | PHP | CNY | BDT | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |