Telecom Argentina S.A.

주가

9.70 EUR

적정가치

8.64 EUR


Benchmarks	-	Full Ticker
Liberty Latin America Ltd.	-	OTCPK:LILA.B
AT&T Inc.	-	BASE:T
Telefónica, S.A.	-	BASE:TEFO
Empresa Nacional de Telecomunicaciones S.A.	-	SNSE:ENTEL
América Móvil, S.A.B. de C.V.	-	BASE:AMX
Telecom Argentina S.A.	-	DB:TEO
-	-	-

Multiples Valuation: Price / EPS

주가

9.70 EUR

적정가치

8.64 EUR

상승 여력 있음

-10.9%

Price / LTM EPS Multiple

Price / Fwd EPS Multiple

Fair Value

Benchmark Editor


Select Price / LTM EPS Ratio

	Benchmark Companies
	LILA.B	T	TEFO	ENTEL	AMX	TEO
	OTCPK:LILA.B	BASE:T	BASE:TEFO	SNSE:ENTEL	BASE:AMX	DB:TEO
Historical Net Income Growth
5Y CAGR	NM-	-5.0%	NM-	-15.2%	-13.3%	NM-
3Y CAGR	NM-	-21.4%	NM-	-3.4%	-25.4%	168.1%
Latest Twelve Months	-792.7%	-24.3%	72.3%	-23.9%	-62.8%	280.4%

Historical Net Income Profit Margin
5 Year Average Margin	-8.8%	5.8%	7.4%	7.1%	11.0%	0.8%
Prior Fiscal Year	-1.6%	11.6%	-2.8%	3.6%	9.3%	-12.5%
Latest Fiscal Year	-14.7%	8.8%	-0.8%	2.5%	3.3%	24.5%
Latest Twelve Months	-14.7%	8.8%	-0.8%	2.5%	3.3%	24.5%

Current Trading Multiples
EV / LTM EBITDA	6.4x	8.2x	5.8x	5.4x	4.7x	9.0x
Price / LTM Sales	0.3x	1.7x	0.6x	0.3x	1.0x	1.4x
LTM P/E Ratio	-1.9x	18.8x	-76.7x	13.0x	31.6x	5.8x


	Low	Mid	High

Benchmark LTM P/E Ratio	-76.7x	13.0x	31.6x
Historical LTM P/E Ratio	-956.2x	-2.1x	46.1x

Selected P/E Multiple	4.8x	5.1x	5.3x
(x) LTM Net Income	1,012,404	1,012,404	1,012,404
(=) Equity Value	4,894,251	5,151,843	5,409,436
(/) Shares Outstanding	537.9	537.9	537.9
Implied Value Range	9,098.56	9,577.43	10,056.30
FX Rate: ARS/EUR	1,159.1	1,159.1	1,159.1		Market Price
Implied Value Range (Trading Cur)	7.85	8.26	8.68		9.70
Upside / (Downside)	-19.1%	-14.8%	-10.6%

지원하는 계산법

Equity Waterfall

Financials

Historical Multiples


Equity Value

	Benchmark Companies
(in millions)	LILA.B	T	TEFO	ENTEL	AMX	TEO

Value of Common Equity	1,329	194,306	23,453	878,870	852,881	6,048,056
(/) Shares Outstanding	196.9	16,881.4	36,054.6	302.0	2,373.7	537.9
Implied Stock Price	6.75	11.51	0.65	2,910.00	359.30	11,243.52
FX Conversion Rate to Trading Currency	1.00	0.00	0.00	1.00	0.02	1,159.13
Implied Stock Price (Trading Cur)	6.75	12,325.00	754.00	2,910.00	18,850.00	9.70

Trading Currency	USD	ARS	ARS	CLP	ARS	EUR
FX Rate to Reporting Currency	1.00	0.00	0.00	1.00	0.02	1,159.13

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