Telekom Austria AG (TA1.DE)

Industry: Telecommunications Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
UTDI.DE	47	United Internet AG	7,241	35.48	44.42	6.48	6.50	15.65	15.18
AISF.F	48	Advanced Info Serv	7,035	20.25	19.11	8.33	7.83	16.22	16.69
AAF.L	49	Airtel Africa Plc	6,974	26.73	25.85	6.05	5.44	8.27	8.47
ZAIN.KW	50	Mobile Telecommuni	6,860	8.45	8.45	4.87	4.87	9.53	10.08
ORDS.QA	51	Ooredoo Q.P.S.C.	6,613	12.16	10.73	4.48	4.67	7.25	8.01
TIGO	52	Millicom Internati	6,569	5.71	5.71	3.94	3.46	8.27	6.70
TRUE-R.BK	53	True Corporation P	6,389	-	-	8.91	8.13	21.58	19.47
TA1.DE	54	Telekom Austria AG	6,361	10.03	9.01	4.24	3.99	10.23	9.57
ILD.PA	55	iliad S.A.	6,131	7.75	5.56	3.85	3.12	6.43	6.15
FYBR	56	Frontier Communica	6,106	-	-	9.50	9.99	44.87	79.85
TTKOM.IS	57	Türk Telekomünik	5,688	6.37	3.97	2.10	1.38	3.79	3.15
BISVP.ME	58	Bashinformsvyaz PJ	5,268	-	-	-	-	31.79	-
TKG.JO	59	Telkom S.A. SOC Li	5,212	2.52	2.12	1.61	1.57	3.54	4.06
7020.SR	60	Etihad Etisalat Co	5,098	14.87	9.70	7.49	6.87	14.29	12.16
TCELL.IS	61	Turkcell Iletisim	4,977	13.37	10.02	2.87	1.90	6.76	5.80
CTBB	62	Qwest Corp. NT	4,953	-	-	0.72	0.72	1.70	1.08

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.45	8.45	4.21	4.06	8.27	7.36
Full Range Median Multiple	12.16	9.70	4.68	4.77	8.27	8.24
Industry Multiple	13.97	13.24	5.09	4.75	13.33	14.06
Market Implied Multiple	10.22	9.18	4.29	4.04	10.37	9.70
Company (TA1.DE) Multiple	10.03	9.01	4.24	3.99	10.23	9.57
(*) Net Income / EBITDA / Revenue	750	835	2,461	2,615	1,019	1,089
Winsorized Enterprise Value	N/A	N/A	10,366	10,628	8,426	8,012
Full Range Median Enterprise Value	N/A	N/A	11,514	12,471	8,430	8,974
(-) Net Debt	2,903	2,903	2,903	2,903	2,903	2,903
Winsorized Equity Value	6,337	7,053	7,463	7,725	5,524	5,109
Full Range Median Equity Value	9,122	8,099	8,612	9,569	5,528	6,071
(/) Shares Outstanding	780	780	780	780	780	780
Winsorized Fair Value	$8.13	$9.04	$9.57	$9.91	$7.08	$6.55
Full Range Median Fair Value	$11.70	$10.39	$11.04	$12.27	$7.09	$7.79
Current Price	$9.83	$9.83	$9.83	$9.83	$9.83	$9.83
Upside / Downside	-17.33%	-7.99%	-2.64%	0.78%	-27.94%	-33.34%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.69	$6.33	$6.70	$6.93	$4.96	$4.59
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy