Verizon Communications, 5.9% 15 Feb 2054 (VZA)

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
DISH	1	DISH Network Corpo	3,290,519	-	-	-	-	-	-
RKMD.L	2	PJSC Rostelecom	727,380	42.17	37.02	6.99	5.72	14.49	12.39
DTEL.BR	3	Deutsche Telekom A	198,636	8.81	7.12	4.38	3.84	6.95	7.03
VZ	4	Verizon Communicat	137,491	9.22	9.07	6.76	6.52	10.66	10.78
VZA	5	Verizon Communicat	137,491	4.72	4.51	5.30	5.11	8.35	8.36
600941.SS	6	China Mobile Limit	134,181	15.84	14.93	6.60	6.33	10.83	14.55
TBB	7	AT&T Inc. 5.35% GL	124,480	9.08	7.91	6.10	6.02	13.90	14.28
TBC	8	AT&T Inc. 5.625% G	124,480	8.06	7.02	6.73	6.88	12.95	13.73
0LQQ.L	9	Vodafone Group Pub	99,195	-	-	11.47	11.29	-	107.37
9432.T	10	NTT, Inc.	89,207	12.29	11.80	7.19	7.03	11.10	13.71
TMUS	11	T-Mobile US, Inc.	85,847	22.66	17.29	12.09	10.73	19.84	15.75
601728.SS	12	China Telecom Corp	67,475	16.76	14.99	6.28	6.38	18.27	12.25
600050.SS	13	China United Netwo	55,701	17.87	16.00	2.75	2.93	9.37	7.04
AMXB.MX	14	América Móvil, S	51,937	13.91	11.66	4.96	4.92	8.45	8.60
0762.HK	15	China Unicom (Hong	50,442	12.20	10.88	3.09	3.15	2.90	-
0R15.L	16	SoftBank Group Cor	47,295	8.54	9.21	13.54	15.35	38.89	29.77

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.20	10.88	6.44	6.18	10.83	12.39
Full Range Median Multiple	12.29	11.66	6.66	6.35	11.10	13.71
Industry Multiple	15.19	13.45	7.07	6.93	13.74	20.56
Market Implied Multiple	4.72	4.51	5.30	5.11	8.35	8.36
Company (VZA) Multiple	4.72	4.51	5.30	5.11	8.35	8.36
(*) Net Income / EBITDA / Revenue	22,885	23,929	51,092	53,039	32,420	32,408
Winsorized Enterprise Value	N/A	N/A	329,097	327,583	351,041	401,392
Full Range Median Enterprise Value	N/A	N/A	340,470	337,043	359,824	444,316
(-) Net Debt	162,746	162,746	162,746	162,746	162,746	162,746
Winsorized Equity Value	279,205	260,381	166,351	164,837	188,295	238,646
Full Range Median Equity Value	281,301	278,918	177,724	174,297	197,078	281,570
(/) Shares Outstanding	4,228	4,228	4,228	4,228	4,228	4,228
Winsorized Fair Value	$66.04	$61.58	$39.35	$38.99	$44.54	$56.44
Full Range Median Fair Value	$66.53	$65.97	$42.03	$41.22	$46.61	$66.60
Current Price	$25.55	$25.55	$25.55	$25.55	$25.55	$25.55
Upside / Downside	158.46%	141.04%	53.99%	52.59%	74.31%	120.92%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$46.23	$43.11	$27.54	$27.29	$31.17	$39.51
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY