Gowex G x

Spa ain/ Telecomm munications

F Flash note e

Inv vestment Research

Re eason: Estimat tes Revision

4 April 2013

Ac ccumulat te
from m Buy

Valuation n revised up (+77% to EUR5.2 2/share)

4.59 5.20 2.94
GOW.MC/GOW SQ

Sha are price: EU UR

closing g price as of 03/04/2013 3

Tar rget price: EUR E

from m Target Price: EUR
Reuter rs/Bloomberg

Following th he release of o 2012 sale es (+71% Yo oY, above our o forecasts s), the agreements/ /contracts ob btained in 1Q Q13 (city of N New York, At t&T, DT, Atlanteam) and the 5x1 1 split carrie ed out last week, we ha ave updated d our fair va alue to EUR5.2/shar re (+77%). In light of the t 13% up pside potential we adjust our recommenda ation to Accu umulate (vs. previous p Buy y). The adju ustments made e to our valua ation includes:: 1) estimates s revised pos sitively (+48% in n sales and +56% in EBITDA 2013-1 4e), which im mplies +54% of the adjustme ent in our fair value; and 2) WACC (10.5 % vs. previou us 12.5%), with lower cost of e equity (reducin ng company risk) considerin ng the higher liquidity and positive p track reco ord (representing the remaining 46% rise e of our fair va alue). Positive operating performance, p high organic c growth. 20 012 sales gre ew 71% Y/Y to E EUR114m (ab bove our prev vious EUR100 0m forecast), boosted by Gowex Wireless +95% growth h (already rep presenting 80% % of the comp panys total re evenues vs. 70% in 2011) and accompanied by Gowex x Telecoms +16%. We estimate e EBITDA 2012e of EUR28.0m, +7 70% vs. 201 1 and a stable EBITDA margin (24.5%). In our v view enginee ering and na amely roamin ng are perfo orming bette er than expected d, and togeth her with the agreements/co a contracts obtained in 1Q13 3 (New York Citiiy, AT&T, DT T, Atlanteam) are behind tthe upward re evision of est timates. Currently y, the roaming g platform has s over 140 me embers (vs. 95 at June 201 12). We expect fu urther details in coming da ays with the re elease of the 2012 annual report, following which we will l likely adjust our o estimates again.

Daily avg. no. trad. sh. 12 mth Daily avg. trad. vol. 12 mth m (m) Price high 12 mth (EUR) ) Price low 12 mth (EUR) Abs. perf. 1 mth Abs. perf. 3 mth Abs. perf. 12 mth

85,833 0.18 6.02 1.16 50.5% 98.5% 274.7%

Marke et capitalisation (E EURm) Curre ent N of shares (m) Free float

Key financials (EUR) Sales (m) EBITD DA (m) EBITD DA margin EBIT (m) ( EBIT margin m Net Pr rofit (adj.)(m) ROCE E Net de ebt/(cash) (m) Net De ebt Equity Net De ebt/EBITDA Int. co over(EBITDA/Fin.int) EV/Sa ales EV/EB BITDA EV/EB BITDA (adj.) EV/EB BIT P/E (adj.) P/BV OpFC CF yield Divide end yield EPS (a adj.) BVPS DPS 12/11 67 17 24.8% 10 14.2% 7 44.5% (22) -0.6 -1.3 (125.8) 0.6 2.4 2.4 4.2 8.5 1.8 46.1% 0.3% 0.11 0.54 0.02 12 2/12e 114 28 24 4.5% 21 18 8.6% 16 57.2% (14) -0.3 -0.5 (202.2) 1.1 4.7 4.7 6.2 9.2 2.8 -4 4.6% 0 0.7% 0.24 0.79 0.03

332 72 37%
12/13e 183 51 27.8% 40 21.8% 30 55.5% (26) -0.3 -0.5 (301.9) 1.7 6.0 6.0 7.7 11.2 3.4 -1.0% 1.3% 0.41 1.36 0.06

vvdsvdvsdy

7 6 5 4 3 2 1

G Gowex. Estimate es adjustment 2011a 2012e 2 99.9 O Old 66.7 114.1 Sales Ne ew 66.7 Dif.% % 0.0% 1 14.3% 26.1 O Old 16.5 28.0 EBITDA Ne ew 16.5 7.3% Dif.% % 0.0% 15.3 O Old 7.2 15.8 N Profit Ne Net ew 7.2 3.4% Dif.% % 0.0% 18.0 O Old 10.7 20.5 Capex Ne ew 10.7 Dif.% % 0.0% 1 14.3%
S ource: ESN Banki kia Bolsa estimates s, Factset

2013e 122.4 182.9 49.4% 32.0 50.9 59.0% 17.2 29.5 71.0% 22.0 32.9 49.4%

2014e CAG GR 11-14e 33% 155.3 51% 228.0 46.8% 36% 41.2 56% 62.9 52.5% 43% 21.2 67% 33.9 60.1% 38% 27.9 57% 41.0 46.8%

Mar 12

Apr 12

May 12

Jun 12

Jul 12

Aug 12 2

Sep 12

Oct 12

Nov 12

Dec 12

Ja an 13

Feb 13

Mar 13

Apr 13

Source: Factse et

G GOWEX

MAB (Rebased)

Share eholders: Managem ment team 53%; Alv vasebi 10%;

ulate, upside 13%. Despite e the good p performance re ecently, in ou ur view, Accumu potential still exists as s well as positive news flow w in the short term. Gowex trades at P/E13 3e 11.2x and d EV/EBITDA A13e 6.0x, wh hich are not demanding d m multiples consideriing the comp panys growth. Its peer, Bo oingo (lower growths and higher exposure e to retail clients with a monthly fee) trades at EV V/EBIT14e 11x (vs. Gowex 7 7x).
+3 34 91 4367818 dcabeza@b bankia.com

Analyst(s): Da avid Cabeza Ja areo

For co ompany description ple ease see summary tab ble footnote

Produced d by:

All ESN re esearch is availlable on Bloom mberg (ESNR ), Thomson-Reuters, Capit tal IQ, FactSet

ed by the Members of ESN Distribute

(see last pag ge of this report)

Gowex

Gow wex: Summ mary table es

PROF FIT & LOSS (EU URm) Sales s Cost of o Sales & Oper rating Costs Non Recurrent R Expen nses/Income EBITD DA EBITD DA (adj.)* Depre eciation EBITA A EBITA A (adj)* Amort tisations and W rite Downs EBIT EBIT (adj.)* Net Financial Interest t Other r Financials Assoc ciates Other r Non Recurrent Items Earnings Before Tax x (EBT) Tax Tax ra ate Discontinued Operations Minor rities Net Profit P (reported) ) Net Profit P (adj.) CASH H FLOW (EURm m) Cash Flow from Oper rations before ch hange in NWC Chang ge in Net Workin ng Capital Cash Flow from Ope erations Capex x Net Financial Investm ments Free Cash C Flow Divide ends Other r (incl. Capital Increase & share buy backs) Change in Net Debt NOPL LAT BALA ANCE SHEET & OTHER ITEMS S (EURm) Net Tangible Assets Net In ntangible Assets s (incl.Goodwill) Net Financial Assets & Other Total Fixed Assets Invent tories Trade e receivables Other r current assets Cash (-) Total Current Assets s Total Assets Share eholders Equity Minor rity Total Equity earing debt Long term interest be Provis sions Other r long term liabili ities Total Long Term Lia abilities Short term interest be earing debt Trade e payables Other r current liabilitie es Total Current Liabili ities Total Liabilities and Shareholders' ' Equity Net Capital C Employe ed Net Working W Capital l GROW WTH & MARGIN NS Sales s growth EBITD DA (adj.)* grow wth EBITA A (adj.)* growth EBIT (adj)*growth 12/2008 24.2 -21.9 0.0 2.3 2.3 -0.8 1.5 1.5 -0.3 1.3 1.3 0.0 0.0 0.0 0.0 1.2 -0.3 21.9% 0.0 0.0 1.0 1.0 12/2008 2.0 0.0 2.0 -1.4 0.0 0.6 0.0 -1.8 -1.1 0.9 12/2008 1.3 1.7 0.2 3.2 0.0 19.4 0.0 -2.3 21.8 25.0 9.5 0.0 9.5 0.8 0.0 0.4 1.2 0.9 13.4 0.0 14.3 25.0 9.2 6.0 12/2008 42.6% 1 107.3% 2 255.7% 5 529.6% 12 2/2009 35.2 -29.7 0.0 5.5 5.5 -1.0 4.5 4.5 -0.9 3.6 3.6 -0.1 0.0 0.0 0.0 3.5 -0.6 17.9% 0.0 0.0 2.9 2.9 12 2/2009 4.8 -2.1 2.7 -1.6 0.0 1.1 0.0 -1.3 -0.2 2.5 12 2/2009 1.7 1.9 0.2 3.8 0.0 20.7 0.0 -5.8 26.5 30.3 12.5 0.0 12.5 1.2 0.0 0.6 1.8 1.9 14.0 0.0 16.0 30.3 10.4 6.7 12 2/2009 4 45.4% 13 39.2% 19 90.0% 18 84.0% 12 2/2010 49.6 -40.3 0.0 9.4 9.4 -1.6 7.8 7.8 -1.6 6.3 6.3 0.1 0.0 0.0 0.0 6.3 -1.2 1 18.7% 0.0 0.0 5.1 5.1 12 2/2010 8.2 -8.1 0.2 -5.8 0.0 -5.6 1.0 3.7 -0.9 4.4 12 2/2010 5.8 2.0 0.5 8.3 0.0 25.9 0.0 -15.1 41.1 49.4 22.9 0.0 22.9 3.3 0.0 1.4 4.7 2.6 19.2 0.0 21.8 49.4 15.1 6.8 12 2/2010 4 41.1% 6 69.8% 7 74.2% 7 74.6% 12 2/2011 66.7 -50.2 0.0 16.5 16.5 -3.4 13.1 13.1 -3.6 9.5 9.5 0.1 0.0 0.0 0.0 9.6 -2.4 2 25.1% 0.0 0.0 7.2 7.2 12 2/2011 14.2 24.9 39.1 -10.7 0.0 28.5 1.0 5.1 34.5 6.7 12 2/2011 13.3 2.0 0.7 16.0 0.0 9.9 0.0 -31.2 41.1 57.1 35.1 0.0 35.1 6.2 0.0 2.6 8.8 2.9 10.2 0.0 13.2 57.1 15.7 -0.3 12 2/2011 3 34.4% 7 76.3% 6 67.7% 5 51.9% 12/2 2012e 114 -86.1 0.0 28.0 28.0 -6.3 21.7 21.7 -0.5 21.2 21.2 0.1 0.0 0.0 0.0 21.4 -5.6 26 6.0% 0.0 0.0 15.8 15.8 12/2 2012e 22.6 -8.7 13.9 -20.5 0.0 -6.7 2.2 -2.7 -7.1 14.9 12/2 2012e 25.5 4.0 0.7 30.2 0.0 11.4 0.0 -23.0 34.5 64.7 51.0 0.0 51.0 6.2 0.0 -10.4 -4.2 2.9 15.0 0.0 17.9 64.7 26.7 -3.6 12/2 2012e 71.1% 69 9.6% 65 5.8% 123 3.3% 12/20 013e 183 -132 0.0 50.9 50.9 -11.1 39.8 39.8 0.0 39.8 39.8 0.2 0.0 0.0 0.0 40.0 -10.4 25 5.9% 0.0 0.0 29.6 29.6 12/20 013e 40.7 -11.3 29.4 -32.9 0.0 -3.5 4.4 17.7 18.7 27.9 12/20 013e 44.0 7.3 0.7 52.1 0.0 18.3 0.0 -34.9 53.2 105 98.2 0.0 98.2 6.2 0.0 -21.4 -15.2 2.9 19.4 0.0 22.3 105 51.0 -1.1 12/20 013e 60 0.2% 81 1.7% 83 3.4% 87 7.7%

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Gowex

Gow wex: Summ mary table es

GROW WTH & MARGINS Net Profit P growth EPS adj. a growth DPS adj. a growth EBITD DA (adj)* margin n EBITA A (adj)* margin EBIT (adj)* margin OS RATIO Net Debt/Equity D Net Debt/EBITDA D Intere est cover (EBITD DA/Fin.interest) ) Capex x/D&A Capex x/Sales NWC/Sales ROE (average) ROCE E (adj.) WACC ROCE E (adj.)/WACC PER SHARE S DATA (EUR)*** ( Avera age diluted number of shares EPS (reported) ( EPS (adj.) ( BVPS S DPS VALU UATION EV/Sa ales EV/EB BITDA EV/EB BITDA (adj.)* EV/EB BITA EV/EB BITA (adj.)* EV/EB BIT EV/EB BIT (adj.)* P/E (a adj.) P/BV Total Yield Ratio EV/CE OpFC CF yield OpFC CF/EV Payou ut ratio Divide end yield (gross s) EV AN ND MKT CAP (EURm) ( Price* ** (EUR) Outstanding number of shares for main m stock Total Market Cap D Net Debt o/w Cash C & Marketab ble Securities (-) o/w Gross G Debt (+) Other r EV componen nts Enter rprise Value (E EV adj.) Sourc ce: Company, Bankia Bolsa estimates. e Notes s
* Where e EBITDA (adj.) or EBITA E (adj)= EBITDA A (or EBITA) -/+ Non n Recurrent Expense es/Income and wher re EBIT (adj)= EBITT-/+ Non Recurrent Expenses/Income E - PPA P amortisation

12/2008 8 +chg +chg 9.5% 6.4% 5.2% 12/2008 8 -0.1 -0.3 3 nm m 132.1% % 5.7% % 24.9% % 12.7% % 9.8% % 14.5% % 0.7 7 12/2008 8 49.0 0 0.02 2 0.02 2 0.19 9 0.00 0 12/2008 8

12/2009 9 197.5% 197.5% 15.7% 12.7% 10.2% 12/2009 9 -0.2 2 -0.5 5 68.9 9 83.2% % 4.6% % 19.0% % 26.1% % 24.4% % 14.5% % 1.7 7 12/2009 9 49.0 0 0.06 6 0.06 6 0.26 6 0.00 0 12/2009 9

12/2010 0 78.4% 51.8% +chg 18.9% 15.7% 12.6% 12/2010 0 -0.4 4 -1.0 0 nm m 185.4% % 11.6% % 13.7% % 29.0% % 30.0% % 14.5% % 2.1 12/2010 0 57.6 6 0.09 9 0.09 9 0.40 0 0.02 2 12/2010 0 3.7 7 19.6 6 19.6 6 23.5 5 23.5 5 29.4 4 29.4 4 37.6 6 8.4 4 -0.5% % 12.6 6 -2.9% % -3.0% % 19.5% % 0.5% % 12/2010 0 3.35 5 57.6 6 193 3 -9 9 -15 6 0 184 4

12/2011 40.7% 25.3% -11.0% 24.8% 19.6% 14.2% 12/2011 -0.6 6 -1.3 3 nm 152.0% 16.0% -0.5% 24.9% 44.5% 14.5% 3.1 12/2011 64.7 7 0.11 0.11 0.54 4 0.02 2 12/2011 0.6 6 2.4 4 2.4 4 3.0 0 3.0 0 4.2 2 4.2 2 8.5 5 1.8 8 -0.7% 2.7 7 46.1% 71.7% 13.8% 0.3% 12/2011 0.95 5 64.7 7 62 2 -22 2 -31 9 0 40 0

12/2012e e 118.9% 118.9% 121.3% 24.5% 19.0% 18.6% 12/2012e e -0.3 3 -0.5 5 nm 302.3% 18.0% -3.1% 36.7% 57.2% 12.5% 4.6 6 12/2012e e 64.7 7 0.24 4 0.24 4 0.79 9 0.03 3 12/2012e e 1.1 4.7 7 4.7 7 6.0 0 6.0 6.2 6.2 9.2 2.8 8 -1.5% 5.0 0 -4.6% -5.1% 14.0% 0.7% 12/2012e e 2.24 4 64.7 7 145 5 -14 4 -23 9 0 131

12/2013e 87.5% 67.7% 78.7% 27.8% 21.8% 21.8% 12/2013e -0.3 -0.5 nm 296.9% 18.0% -0.6% 39.8% 55.5% 10.5% 5.3 12/2013e 72.3 0.41 0.41 1.36 0.06 12/2013e 1.7 6.0 6.0 7.7 7.7 7.7 7.7 11.2 3.4 -1.5% 6.1 -1.0% -1.1% 14.9% 1.3% 12/2013e 4.59 72.3 332 -26 -35 9 0 306

0.0% % 12/2008 8 49.0 0 -1 -2 2 0

0.0% % 12/2009 9 49.0 0 -3 3 -6 3 0

**Price e (in local currency): Fiscal year end price p for Historical Years Y and Current Price P for current an nd forecasted years s Secto or: Telecommun nications/Teleco ommunications
Comp pany Description n: Gowex opera ates within the te elecommunication sector, occu upying a unique e position as a neutral n infrastruc cture manager and in nterconnection services comp pany for operato ors. Gowex was founded in 1999 and curren ntly focuses on n 2 main activities: 1) Gowex Wirele ess (main grow wth driver): serv vices related to o wireless telec communications s: managemen nt and operation n of WiFi netw works, wireless roami ing platform 2) Gowex G Telecom m (traditional act tivity): bandwith h trading and B2 2B telecoms ma arket services.

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Gowex

ES SN Reco ommend dation System S

The e ESN Recom mmendation S System is Ab bsolute. It me eans that eac ch stock is rated on the g dividends and bas sis of a total return, mea asured by the e upside potential (including a capital reim mbursement) over a 12 mo onth time hori izon. The e ESN spectr rum of recom mendations (o or ratings) for r each stock c comprises 5 categories: c Bu uy, Accumulate (or Add), H Hold, Reduce e and Sell (in short: B, A, H H, R, S). Furthermore, in specific s cases s and for a lim mited period of time, the ana alysts are allow wed to rate the e stocks as Ra ating Suspend ded (RS) or Not N Rated (NR R), as explaine ed below. Me eaning of each recommen dation or rati ing:

Buy: the e stock is expec cted to generate e total return of over 20% durin ng the next 12 months time horizon n Accumu ulate: the stock k is expected to t generate total return of 10 0% to 20% during th he next 12 mont ths time horizon n Hold: th he stock is expe ected to genera ate total return of 0% to 10% during the next 12 months time ho orizon. Reduce: the stock is ex xpected to gene erate total return n of 0% to -10% % during the next 12 months time ho orizon Sell: the e stock is expec cted to generate e total return un nder -10% durin ng the next 12 months time horizon n Rating Suspended S : th he rating is suspended due to a capital opera ation (takeover bid, SPO, ) whe ere the issuer of o the documen nt (a partner of ESN) or a related party p of the iss suer is or could d be involved or o to a change of analyst covering g the stock Not Rated: there is no rating for a com mpany being floa ated (IPO) by th he issuer of ument (a partne r of ESN) or a related r party of the t issuer the docu Bankia Bolsa Ratings Brea akdown

Reduce 8% Hold 19% B Buy 5 52% Accumula a te 21%

Histo ory of ESN Recommendation System Since e 18 October 2004, the Memb bers of ESN are e using an Abso olute Recomme endation System m (before was a Relati ive Rec. System m) to rate any si ngle stock unde er coverage. Since e 4 August 2008, the ESN Rec c. System has been b amended as a follow. T Time horizon changed to 12 mo onths (it was 6 months) m R Recommendatio ons Total Return n Range change ed as below:
TODAY
SELL REDU UCE HOLD ACCUMULA ATE BUY

-10% BEFORE
SELL REDUCE E

0%

10%
ACCUM MULATE

20%
BUY

HO OLD

-15%

0%

5%

15%

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Gowex

Recommendation n history for GO OWEX te Dat 03-Apr-13 15-Jan-13 05-Dec-12 20-Jul-12 03-Oct-11 10-May-10 Recomme endation Acc cumulate Buy Buy Buy Buy Buy Target price e 5.20 0 2.94 4 15.00 0 10.70 0 6.80 0 7.00 0 Price at chang ge date 4.59 2.54 2.38 1.21 0.88 0.71

Source: Factset & ES SN, price data adju usted for stock spl lits. This s chart shows Ban nkia Bolsa continu uing coverage of this stock; the cu urrent analyst may y or may not have covered it over r the entire period d. Current analyst: : Dav vid Cabeza Jareo o (since 26/03/201 10)

16

14

12

10

-2 Apr 12

May 12

Jun 12

Jul 12

Aug 12

Sep 12

Oct 12

Nov 12

Dec 12

Jan 13

Feb 13

Mar 13

Apr 13

May 13

ce history Pric

Targe et price history

Buy

A Accumulate

Hold

Reduce

Se ell

Not rated

Inf formation re egarding Market Abuse e and Conf flicts on Inte erests and re ecommend dation histor ry available e in our web pa age: www.b bankiabolsa a.es and our r offices. eport, Bank kia Bolsa S.V V.S.A, acts as agent or o liquidity provider fo or the listed d As of the date of this re ompany me entioned in this t report. co The e informatio on and opinions conta ained in this s documen nt have bee en compiled d by Bankia a Bolsa S.V. . S.A A., from sources believe ed to be rel liable. This d document is s not intended to be an n offer, or a solicitation n to buy or sell relevant se ecurities. Ba ankia Bolsa S.V. S.A., will w not take any respon nsibility wha atsoever for r los sses which m may derive from use of the prese nt docume ent or its con ntents, Bank kia Bolsa S.V V. S.A., can n oc ccasionally have posit tions in som me of the s securities mentioned m in this repo ort, through its trading g po ortfolio or ne egotiation. Additionally A y, there can n exist a commercial re elation betw ween Bankia Bolsa S.V. . S.A A., Bankia and the men ntioned com mpanies.

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Disclaimer:
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Investment Ban nk of Greece 24B, Kifisias Avenue 151 25 Marousi Greece Phone: +30 210 0 81 73 000 Fax: +30 210 68 8 96 325

Bankia Bolsa a Serrano, 39 28001 Madrid d Spain Phone: +34 91 9 436 7813 Fax: +34 91 577 5 3770

Pohjola Bank plc p P.O.Box 308 FI- 00013 Pohjo ola Finland Phone: +358 10 252 011 Fax: +358 10 25 52 2703

Caixa-Banco de d Investimento Rua Barata Salgueiro, 33 1269-050 Lisbo oa Portugal Phone: +351 21 389 68 00 Fax: +351 21 389 3 68 98

SNS Securities N.V. Nieuwezijds Voorburgwal 162 P.O.Box 235 1000 AE Amsterd dam The Netherlands Phone: +31 20 550 8500 Fax: +31 20 626 8064

CM - CIC Sec curities 6, avenue de Provence 75441 Paris Cedex 09 France Phone: +33 1 4596 7940 Fax: +33 1 45 596 7748

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