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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.7x - 1.9x | 1.8x |
| Selected Fwd Revenue Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | €4.18 - €6.07 | €5.13 |
| Upside | -10.9% - 29.3% | 9.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Bandwidth Inc. | BAND | NasdaqGS:BAND |
| Nuvera Communications, Inc. | NUVR | OTCPK:NUVR |
| TPT Global Tech, Inc. | TPTW | OTCPK:TPTW |
| Liberty Global Ltd. | LBTY.A | NasdaqGS:LBTY.A |
| ATN International, Inc. | ATNI | NasdaqGS:ATNI |
| Lumen Technologies, Inc. | CYTH | DB:CYTH |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BAND | NUVR | TPTW | LBTY.A | ATNI | CYTH | |||
| NasdaqGS:BAND | OTCPK:NUVR | OTCPK:TPTW | NasdaqGS:LBTY.A | NasdaqGS:ATNI | DB:CYTH | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 26.3% | 1.3% | 28.6% | -17.1% | 10.7% | -9.4% | ||
| 3Y CAGR | 15.1% | 1.7% | -33.3% | -25.0% | 6.6% | -12.7% | ||
| Latest Twelve Months | 14.5% | 5.3% | -69.5% | 81.8% | -5.3% | -6.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -2.6% | 17.7% | -91.9% | 5.0% | 4.0% | 13.3% | ||
| Prior Fiscal Year | -5.9% | 14.0% | -90.9% | -6.4% | 3.4% | 7.9% | ||
| Latest Fiscal Year | -2.7% | 14.3% | -132.9% | -0.3% | 4.0% | 3.5% | ||
| Latest Twelve Months | -1.6% | 15.0% | -350.0% | 1.9% | 4.2% | 2.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.26x | 2.81x | 61.34x | 0.13x | 1.39x | 1.74x | ||
| EV / LTM EBIT | -79.3x | 18.7x | -17.5x | 6.8x | 32.6x | 59.7x | ||
| Price / LTM Sales | 0.72x | 0.93x | 0.01x | 0.88x | 0.32x | 0.45x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.13x | 1.39x | 61.34x | |||||
| Historical EV / LTM Revenue | 1.46x | 1.66x | 2.12x | |||||
| Selected EV / LTM Revenue | 1.70x | 1.79x | 1.88x | |||||
| (x) LTM Revenue | 12,824 | 12,824 | 12,824 | |||||
| (=) Implied Enterprise Value | 21,797 | 22,945 | 24,092 | |||||
| (-) Non-shareholder Claims * | (16,603) | (16,603) | (16,603) | |||||
| (=) Equity Value | 5,194 | 6,342 | 7,489 | |||||
| (/) Shares Outstanding | 1,026.1 | 1,026.1 | 1,026.1 | |||||
| Implied Value Range | 5.06 | 6.18 | 7.30 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.30 | 5.25 | 6.20 | 4.69 | ||||
| Upside / (Downside) | -8.4% | 11.8% | 32.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAND | NUVR | TPTW | LBTY.A | ATNI | CYTH | |
| Enterprise Value | 963 | 199 | 78 | 512 | 993 | 22,274 | |
| (+) Cash & Short Term Investments | 68 | 1 | 0 | 3,305 | 99 | 1,568 | |
| (+) Investments & Other | 0 | 8 | 0 | 11,337 | 42 | 0 | |
| (-) Debt | (480) | (143) | (19) | (10,929) | (718) | (18,171) | |
| (-) Other Liabilities | 0 | 0 | 1 | (211) | (188) | 0 | |
| (-) Preferred Stock | 0 | 0 | (60) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 551 | 66 | 0 | 4,014 | 229 | 5,671 | |
| (/) Shares Outstanding | 30.1 | 5.2 | 8,118.2 | 340.7 | 15.0 | 1,026.1 | |
| Implied Stock Price | 18.29 | 12.60 | 0.00 | 11.78 | 15.27 | 5.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 18.29 | 12.60 | 0.00 | 11.78 | 15.27 | 4.69 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |