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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.4x - 1.6x | 1.5x |
| Selected Fwd Ps Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | $3.36 - $3.71 | $3.54 |
| Upside | -8.7% - 0.9% | -3.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Koninklijke KPN N.V. | - | ENXTAM:KPN |
| Telenor ASA | - | OB:TEL |
| China Telecom Corporation Limited | - | DB:ZCH |
| NOS, S.G.P.S., S.A. | - | DB:PMV |
| Swisscom AG | - | DB:SWJ |
| Telia Company AB (publ) | - | OTCPK:TLSN.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| KPN | TEL | ZCH | PMV | SWJ | TLSN.F | |||
| ENXTAM:KPN | OB:TEL | DB:ZCH | DB:PMV | DB:SWJ | OTCPK:TLSN.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 0.4% | -6.8% | 7.1% | 3.1% | -0.7% | 0.7% | ||
| 3Y CAGR | 2.1% | -6.3% | 6.4% | 5.8% | -0.4% | 0.3% | ||
| Latest Twelve Months | 3.7% | 0.2% | 2.7% | 7.5% | 17.8% | 5.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 15.9% | 26.1% | 5.9% | 12.0% | 14.7% | -3.5% | ||
| Prior Fiscal Year | 14.7% | -6.1% | 5.9% | 11.3% | 15.5% | -0.7% | ||
| Latest Fiscal Year | 14.2% | 23.3% | 6.2% | 16.1% | 14.0% | 4.3% | ||
| Latest Twelve Months | 13.5% | 12.7% | 6.4% | 13.7% | 10.2% | 6.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.5x | 9.5x | 4.8x | 6.1x | 11.8x | 7.7x | ||
| Price / LTM Sales | 2.7x | 2.8x | 1.2x | 1.1x | 2.4x | 1.6x | ||
| LTM P/E Ratio | 20.2x | 22.3x | 18.4x | 8.3x | 23.0x | 26.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.1x | 2.4x | 2.8x | |||||
| Historical LTM P/S Ratio | 1.1x | 1.4x | 1.6x | |||||
| Selected Price / Sales Multiple | 1.4x | 1.5x | 1.6x | |||||
| (x) LTM Sales | 89,407 | 89,407 | 89,407 | |||||
| (=) Equity Value | 125,695 | 132,311 | 138,927 | |||||
| (/) Shares Outstanding | 3,932.1 | 3,932.1 | 3,932.1 | |||||
| Implied Value Range | 31.97 | 33.65 | 35.33 | |||||
| FX Rate: SEK/USD | 9.5 | 9.5 | 9.5 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.35 | 3.53 | 3.71 | 3.68 | ||||
| Upside / (Downside) | -8.9% | -4.1% | 0.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KPN | TEL | ZCH | PMV | SWJ | TLSN.F | |
| Value of Common Equity | 15,676 | 227,857 | 681,084 | 2,024 | 37,090 | 137,929 | |
| (/) Shares Outstanding | 3,851.6 | 1,366.9 | 164,603.4 | 511.7 | 62.9 | 3,932.1 | |
| Implied Stock Price | 4.07 | 166.70 | 4.14 | 3.96 | 589.82 | 35.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 8.32 | 1.00 | 0.93 | 9.53 | |
| Implied Stock Price (Trading Cur) | 4.07 | 166.70 | 0.50 | 3.96 | 632.00 | 3.68 | |
| Trading Currency | EUR | NOK | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 8.32 | 1.00 | 0.93 | 9.53 | |