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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.2x - 20.1x | 19.2x |
| Selected Fwd EBIT Multiple | 14.4x - 15.9x | 15.2x |
| Fair Value | $3.12 - $3.69 | $3.40 |
| Upside | -10.8% - 5.4% | -2.7% |
| Benchmarks | Ticker | Full Ticker |
| Telenor ASA | TEL | OB:TEL |
| Tele2 AB (publ) | TEL2 A | OM:TEL2A |
| PCCW Limited | TH3B | DB:TH3B |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Telekom Austria AG | TKA | WBAG:TKA |
| Telia Company AB (publ) | TLSN.F | OTCPK:TLSN.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TEL | TEL2 A | TH3B | KPN | TKA | TLSN.F | ||
| OB:TEL | OM:TEL2A | DB:TH3B | ENXTAM:KPN | WBAG:TKA | OTCPK:TLSN.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -7.0% | 4.2% | 0.9% | 7.7% | 9.3% | -0.9% | |
| 3Y CAGR | -2.3% | 8.3% | 5.8% | 9.2% | 7.1% | 6.7% | |
| Latest Twelve Months | 2.3% | 8.4% | 8.5% | 3.3% | 1.8% | 16.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.2% | 19.2% | 13.0% | 22.4% | 16.5% | 11.9% | |
| Prior Fiscal Year | 22.0% | 19.7% | 13.7% | 25.1% | 17.8% | 11.1% | |
| Latest Fiscal Year | 22.6% | 21.0% | 14.3% | 25.2% | 17.5% | 12.8% | |
| Latest Twelve Months | 22.6% | 21.0% | 14.3% | 25.2% | 17.5% | 12.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.81x | 4.12x | 2.30x | 3.75x | 1.44x | 2.59x | |
| EV / LTM EBITDA | 8.3x | 11.3x | 11.7x | 9.3x | 4.7x | 8.6x | |
| EV / LTM EBIT | 12.4x | 19.7x | 16.0x | 14.9x | 8.2x | 20.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.2x | 14.9x | 19.7x | ||||
| Historical EV / LTM EBIT | 14.5x | 20.3x | 48.4x | ||||
| Selected EV / LTM EBIT | 18.2x | 19.2x | 20.1x | ||||
| (x) LTM EBIT | 11,380 | 11,380 | 11,380 | ||||
| (=) Implied Enterprise Value | 207,243 | 218,150 | 229,058 | ||||
| (-) Non-shareholder Claims * | (89,298) | (89,298) | (89,298) | ||||
| (=) Equity Value | 117,945 | 128,852 | 139,760 | ||||
| (/) Shares Outstanding | 3,932.1 | 3,932.1 | 3,932.1 | ||||
| Implied Value Range | 30.00 | 32.77 | 35.54 | ||||
| FX Rate: SEK/USD | 10.0 | 10.0 | 10.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.99 | 3.26 | 3.54 | 3.50 | |||
| Upside / (Downside) | -14.7% | -6.8% | 1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEL | TEL2 A | TH3B | KPN | TKA | TLSN.F | |
| Enterprise Value | 224,444 | 121,357 | 84,790 | 21,038 | 7,671 | 227,512 | |
| (+) Cash & Short Term Investments | 10,781 | 317 | 3,017 | 802 | 430 | 11,187 | |
| (+) Investments & Other | 72,068 | 5 | 7,600 | 795 | 256 | 1,367 | |
| (-) Debt | (101,621) | (30,845) | (54,751) | (7,258) | (2,649) | (97,934) | |
| (-) Other Liabilities | (5,917) | 0 | (4,026) | (3) | (2) | (3,918) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 199,755 | 90,834 | 36,630 | 15,374 | 5,704 | 138,214 | |
| (/) Shares Outstanding | 1,367.2 | 693.4 | 7,733.0 | 3,886.3 | 664.1 | 3,932.1 | |
| Implied Stock Price | 146.10 | 131.00 | 4.74 | 3.96 | 8.59 | 35.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 8.52 | 1.00 | 1.00 | 10.04 | |
| Implied Stock Price (Trading Cur) | 146.10 | 131.00 | 0.56 | 3.96 | 8.59 | 3.50 | |
| Trading Currency | NOK | SEK | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 8.52 | 1.00 | 1.00 | 10.04 | |