Beruflich Dokumente
Kultur Dokumente
CZK) Cash and equivalents Preferred equity and minority interest Total debt Estimated equity value (historical cost of net assets = book value of equity) Estimated enterprise value
Simple approach The rule of Cihak's hand (mil. CZK) EBITDA (multiple) EBITDA Total debt Estimated equity value Estimated enterprise value
Revenue based approach Dividend growth model (mil. CZK) Dividend paid in 2011 Cash and equivalents Preferred equity and minority interest Total debt Yield of LT Czech government bonds Equity risk premium Estimated dividend growth sustainable in a very long run (%) Dividend paid in 2013 Levered beta coefficient (decimal) Simplified equity discount rate (%) Estimated equity value Estimated enterprise value Revenue based approach Discounted cash flow to the firm (mil. CZK) Cash and equivalents Preferred equity and minority interest Total debt EBITDA EBIT Yield of LT Czech government bonds Equity risk premium Unlevered beta coefficient (decimal) Levered beta coefficient (decimal) Country + size premiums (%) Yield of LT EUR corporate bonds with the same rating (%) EUR to CZK yield adjustment (%) Statutory tax rate Median capital structure (% of common equity) Effective tax rate (%) Net operating profit after taxes (+) Depreciation and amortization (-) Capital expenditure (-) Increase in working capital Free cash flow to the firm Equity discount rate (%) After-tax cost of debt (%) Weighted average cost of capital (%) Discount factor (decimal) Discounted free cash flow Estimated free cash flow growth sustainable in a very long run (%) Discounted free cash flow of the perpetuity Estimated equity value Estimated enterprise value
12,878 12,469 0 2,966 3.0% 6.0% 0.0% 12,878 1.0 9.0% 143,089 133,586 2012 12,469 0 2,966 2013 2014 2015
19,197 8,395 3.0% 6.0% 0.8 1.3 1.5% 3.0% -0.2% 19.0% 55.0% 19.0% 6,800 10,802 -10,802 0 6,800 12.3% 2.2% 7.8% 0.928 6,309 0.0% 75,971 103,666 94,163
18,925 8,568
18,517 9,132
19.0% 6,940 10,357 -10,357 0 6,940 12.3% 2.2% 7.8% 0.861 5,975
19.0% 7,397 9,385 -9,385 0 7,397 12.3% 2.2% 7.8% 0.799 5,908
Comparable based approach trading multiples (mil. CZK) Cash and equivalents Preferred equity and minority interest Total debt Median EV / EBITDA multiple of peer companies (multiple) EBITDA Estimated equity value Estimated enterprise value Median M / B multiple of peer companies (multiple) Book value of equity Estimated equity value Estimated enterprise value Median P/E multiple of peer companies (multiple) Net income Estimated equity value Estimated enterprise value
Comparable based approach Market price (mil. CZK) Cash and equivalents Preferred equity and minority interest Total debt Shares outstanding (mil. pieces) Share price (CZK) Estimated equity value Estimated enterprise value
12,469 0 2,966 4.2 19,653 92,046 82,543 1.8 63,813 111,673 102,170 13.4 5,018 67,241 57,738
Overview of results (mil. CZK) Cost based approach Revenue based approach Comparable based approach
Simple approach
Historical cost method Dividend growth method Discounted cash flow to the firm EV / EBITDA trading multiple M / B trading multiple P / E trading multiple Market price The rule of Cihak's hand
Equity value Enterprise value Devation (%) Devation (%) 63,813 54,310 -39% -43% 143,089 133,586 37% 41% 103,666 94,163 -1% -1% 92,046 82,543 -12% -13% 111,673 102,170 7% 8% 67,241 57,738 -35% -39% 104,228 94,725 0% 0% 95,299 98,265 -9% 4%
EQUITY INFO Bloomberg ticker NAME HISTORICAL_MARKET_CAP CASH_AND_MARKETABLE_SECURITIES PREFERRED_EQUITY_&_MINORITY_INT SHORT_AND_LONG_TERM_DEBT Historical enterprise value CUR_MKT_CAP BS_SH_OUT CURR_ENTP_VAL P&L: reference financials (Q) SALES_REV_TURN EBITDA EBIT NET_INCOME TRAIL_12M_NET_SALES EBITDA (LTM) EBIT (LTM) Net income (LTM) Balance sheet items TOTAL_EQUITY Cash flow items CF_DVD_PAID Analysts estimates BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN DEBT INFO LT Czech government bonds CZGB 4.2 12/04/36 CORP YLD_YTM_MID
March 31, 2011 June 30, 2011 SPTT CP EQUITY TELEFONICA CZECH REPUBLIC AS 130,451 7,062 0 3,061 126,450 130,446 322.100 126,445 140,592 10,820 0 3,111 132,883 140,592 322.090 132,883
69,097
63,880
-12,876
BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE March 31, 2011 June 30, 2011
4.7%
4.3%
Cost of debt Issuer rating Yield of 10Y EUR bonds (BBB) PEERS INFO NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity) NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity)
RTG_SP_LT_LC_ISSUER_CREDIT C67310Y Index PX_LAST March 31, 2011 TPS PW EQUITY PLN June 30, 2011 TELEKOMUNIKACJA POLSKA SA
KONINKLIJKE KPN NV
66,104
69,097
70,611
-12,878
3.8%
4.3%
4.1%
OMUNIKACJA POLSKA SA
1,216 242
1,104 288
63,255
63,813
63,813
Number of analysts 13 12 7 Number of analysts 10 9 6 June 30, 2012 September 30, 2012 8,395 8,568 9,132 December 31, 2012 19,197 18,925 18,517
3.5%
3.3%
3.0%
BBB 3.0% June 30, 2012 September 30, 2012 December 31, 2012
1,283 255
1,320 307
16,335 21,120 991 4,810 51 855 12,958 4.4 19.1 1.3 80%
1,139 315
1,164 250
5,320 17,981 1,121 4,528 -162 691 2,461 4.0 7.7 2.2 30%
Remark 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12
3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12
EQUITY INFO Bloomberg ticker NAME HISTORICAL_MARKET_CAP CASH_AND_MARKETABLE_SECURITIES PREFERRED_EQUITY_&_MINORITY_INT SHORT_AND_LONG_TERM_DEBT Historical enterprise value CUR_MKT_CAP BS_SH_OUT CURR_ENTP_VAL P&L: reference financials (Q) SALES_REV_TURN EBITDA EBIT NET_INCOME TRAIL_12M_NET_SALES EBITDA (LTM) EBIT (LTM) Net income (LTM) Balance sheet items TOTAL_EQUITY Cash flow items CF_DVD_PAID Analysts estimates BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBITDA_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN BEST_EBIT_MEDIAN DEBT INFO LT Czech government bonds CZGB 4.2 12/04/36 CORP YLD_YTM_MID
March 31, 2011 SPTT CP EQUITY #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
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BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE BEST_FPERIOD_OVERRIDE BEST_DATA_SOURCE_OVERRIDE BEST_CONSOLIDATED_OVERRIDE March 31, 2011 June 30, 2011
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Cost of debt Issuer rating Yield of 10Y EUR bonds (BBB) PEERS INFO NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity) NAME CRNCY CUR_MKT_CAP CURR_ENTP_VAL EBITDA EBITDA (LTM) NET_INCOME NET_INCOME (LTM) TOTAL_EQUITY EV / EBITDA P/E M/B Capital structure (% of common equity)
RTG_SP_LT_LC_ISSUER_CREDIT C67310Y Index PX_LAST March 31, 2011 TPS PW EQUITY #NAME? June 30, 2011 #NAME?
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Number of analysts 13 12 7 Number of analysts 10 9 6 June 30, 2012 September 30, 2012 #NAME? #NAME? #NAME? December 31, 2012 #NAME? #NAME? #NAME?
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Remark 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12
3Q12 filled for 4Q12 3Q12 filled for 4Q12 3Q12 filled for 4Q12