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 | 4.8x - 5.3x | 5.0x |
| Selected Fwd EBITDA Multiple | 4.5x - 4.9x | 4.7x |
| Fair Value | ARS 20,808 - ARS 24,880 | ARS 22,844 |
| Upside | 64.9% - 97.1% | 81.0% |
| Benchmarks | Ticker | Full Ticker |
| NOS, S.G.P.S., S.A. | PMV | DB:PMV |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Deutsche Telekom AG | DTE | DB:DTE |
| AT&T Inc. | SOBA | XTRA:SOBA |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| Orange S.A. | ORAN | BASE:ORAN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PMV | KPN | DTE | SOBA | TM | ORAN | ||
| DB:PMV | ENXTAM:KPN | DB:DTE | XTRA:SOBA | KLSE:TM | BASE:ORAN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.2% | 1.9% | 10.9% | -3.5% | 1.4% | -0.1% | |
| 3Y CAGR | 9.3% | 2.1% | 5.7% | -4.0% | 1.2% | 3.6% | |
| Latest Twelve Months | 7.4% | 0.8% | 6.2% | 5.0% | -2.5% | 0.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.2% | 40.5% | 31.6% | 34.3% | 34.8% | 30.5% | |
| Prior Fiscal Year | 34.4% | 40.6% | 33.3% | 34.2% | 34.4% | 32.5% | |
| Latest Fiscal Year | 35.2% | 40.4% | 34.3% | 35.9% | 34.7% | 32.2% | |
| Latest Twelve Months | 35.1% | 39.7% | 34.5% | 36.0% | 33.8% | 32.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.05x | 3.98x | 2.62x | 2.91x | 2.35x | 1.52x | |
| EV / LTM EBITDA | 5.8x | 10.0x | 7.6x | 8.1x | 6.9x | 4.7x | |
| EV / LTM EBIT | 12.8x | 16.5x | 12.5x | 13.5x | 12.4x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 7.6x | 10.0x | ||||
| Historical EV / LTM EBITDA | 4.4x | 4.6x | 4.7x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBITDA | 12,955 | 12,955 | 12,955 | ||||
| (=) Implied Enterprise Value | 61,664 | 64,910 | 68,155 | ||||
| (-) Non-shareholder Claims * | (27,467) | (27,467) | (27,467) | ||||
| (=) Equity Value | 34,197 | 37,443 | 40,688 | ||||
| (/) Shares Outstanding | 2,094.8 | 2,094.8 | 2,094.8 | ||||
| Implied Value Range | 16.32 | 17.87 | 19.42 | ||||
| FX Rate: EUR/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22,256.50 | 24,368.75 | 26,481.00 | 12,619.99 | |||
| Upside / (Downside) | 76.4% | 93.1% | 109.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PMV | KPN | DTE | SOBA | TM | ORAN | |
| Enterprise Value | 3,515 | 22,452 | 316,764 | 358,304 | 27,533 | 46,858 | |
| (+) Cash & Short Term Investments | 12 | 1,240 | 17,008 | 6,979 | 2,371 | 12,261 | |
| (+) Investments & Other | 48 | 0 | 8,015 | 1,534 | 514 | 6,326 | |
| (-) Debt | (1,621) | (7,486) | (152,089) | (145,288) | (5,113) | (42,666) | |
| (-) Other Liabilities | (7) | 0 | (33,697) | (18,095) | (168) | (3,388) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,947 | 16,206 | 156,001 | 203,434 | 25,137 | 19,391 | |
| (/) Shares Outstanding | 512.3 | 3,886.3 | 4,873.5 | 7,195.6 | 3,837.7 | 2,094.8 | |
| Implied Stock Price | 3.80 | 4.17 | 32.01 | 28.27 | 6.55 | 9.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 3.80 | 4.17 | 32.01 | 24.35 | 6.55 | 12,619.99 | |
| Trading Currency | EUR | EUR | EUR | EUR | MYR | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | 0.00 | |