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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,0x - 12,1x | 11,5x |
| Selected Fwd EBIT Multiple | 8,6x - 9,5x | 9,1x |
| Fair Value | 8,46€ - 9,50€ | 8,98€ |
| Upside | 6,5% - 19,5% | 13,0% |
| Benchmarks | Ticker | Full Ticker |
| Oi S.A. | OIBR3 | BOVESPA:OIBR3 |
| TIM S.A. | TIMS3 | BOVESPA:TIMS3 |
| BT Group plc | BTGO.F | OTCPK:BTGO.F |
| Telia Company AB (publ) | TLSN.F | OTCPK:TLSN.F |
| Orange S.A. | ORAN | BASE:ORAN |
| Telefônica Brasil S.A. | TSPA | DB:TSPA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| OIBR3 | TIMS3 | BTGO.F | TLSN.F | ORAN | TSPA | ||
| BOVESPA:OIBR3 | BOVESPA:TIMS3 | OTCPK:BTGO.F | OTCPK:TLSN.F | BASE:ORAN | DB:TSPA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 12.8% | -3.1% | -0.9% | 1.2% | 3.9% | |
| 3Y CAGR | NM- | 21.6% | 1.5% | 6.7% | 11.8% | 12.2% | |
| Latest Twelve Months | -1074.3% | 21.6% | -5.9% | 16.1% | 15.2% | 8.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -41.1% | 18.7% | 15.3% | 11.9% | 13.3% | 15.4% | |
| Prior Fiscal Year | 7.9% | 20.1% | 15.4% | 11.1% | 13.7% | 16.0% | |
| Latest Fiscal Year | -103.2% | 22.9% | 15.1% | 12.8% | 15.6% | 16.1% | |
| Latest Twelve Months | -103.2% | 22.9% | 15.3% | 12.8% | 15.6% | 16.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.55x | 2.03x | 1.77x | 2.62x | 1.47x | 1.70x | |
| EV / LTM EBITDA | -3.2x | 5.1x | 5.6x | 8.7x | 4.6x | 5.5x | |
| EV / LTM EBIT | -2.5x | 8.8x | 11.6x | 20.5x | 9.5x | 10.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.5x | 9.5x | 20.5x | ||||
| Historical EV / LTM EBIT | 10.1x | 12.8x | 14.6x | ||||
| Selected EV / LTM EBIT | 11.0x | 11.5x | 12.1x | ||||
| (x) LTM EBIT | 9,000 | 9,000 | 9,000 | ||||
| (=) Implied Enterprise Value | 98,750 | 103,947 | 109,144 | ||||
| (-) Non-shareholder Claims * | (13,570) | (13,570) | (13,570) | ||||
| (=) Equity Value | 85,179 | 90,377 | 95,574 | ||||
| (/) Shares Outstanding | 1,626.7 | 1,626.7 | 1,626.7 | ||||
| Implied Value Range | 52.36 | 55.56 | 58.75 | ||||
| FX Rate: BRL/EUR | 6.2 | 6.2 | 6.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.48 | 9.00 | 9.52 | 7.95 | |||
| Upside / (Downside) | 6.7% | 13.2% | 19.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | OIBR3 | TIMS3 | BTGO.F | TLSN.F | ORAN | TSPA | |
| Enterprise Value | 8,347 | 51,060 | 36,174 | 227,337 | 50,911 | 93,398 | |
| (+) Cash & Short Term Investments | 1,753 | 5,693 | 2,874 | 11,187 | 12,261 | 6,691 | |
| (+) Investments & Other | 4,050 | 1,934 | 635 | 1,367 | 6,326 | 566 | |
| (-) Debt | (13,796) | (15,611) | (23,627) | (97,934) | (42,666) | (20,758) | |
| (-) Other Liabilities | (30) | 0 | 0 | (3,918) | (3,388) | (70) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 324 | 43,076 | 16,056 | 138,039 | 23,444 | 79,828 | |
| (/) Shares Outstanding | 323.7 | 2,420.4 | 9,798.4 | 3,932.1 | 2,094.7 | 1,626.7 | |
| Implied Stock Price | 1.00 | 17.80 | 1.64 | 35.11 | 11.19 | 49.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.77 | 10.03 | 0.00 | 6.17 | |
| Implied Stock Price (Trading Cur) | 1.00 | 17.80 | 2.12 | 3.50 | 13,006.36 | 7.95 | |
| Trading Currency | BRL | BRL | USD | USD | ARS | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.77 | 10.03 | 0.00 | 6.17 | |