Millicom International Cellular SA


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(USD in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	3,805	4,261	5,624	5,661	5,804	5,804

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	(253)	728	238	175	552	552
(+) Net Interest Expense	468	434	540	578	525	525
(+) Other Non Operating Exp.	(33)	(55)	98	41	211	211
(+) D&A	1,119	1,113	1,343	1,155	1,030	1,030
(+) Non-recurring Items	24	(697)	10	(19)
Adjusted EBITDA	1,325	1,523	2,229	1,930	2,318	2,318

(-) D&A	(1,119)	(1,113)	(1,343)	(1,155)	(1,030)	(1,030)

Adjusted EBIT	206	410	886	775	1,288	1,288
% of Revenue	5.4%	9.6%	15.8%	13.7%	22.2%	22.2%


	Low	Median	High

Adjusted EBIT Margin	5.4%	13.7%	22.2%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(USD in millions)	Low	Mid	High	Market
Enterprise Value	3,722	8,827	15,016	10,629
(+) Cash & Short Term Investments	699	699	699	699
(+) Investments & Other	561	561	561	561
(-) Debt	(6,862)	(6,862)	(6,862)	(6,862)
(-) Other Liabilities	54	54	54	54
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	(1,826)	3,279	9,468	5,081
(/) Shares Outstanding	168.2	168.2	168.2	168.2
Implied Stock Price (USD)	0.00	19.49	56.28	30.20
FX Rate: USD/USD	1.00	1.00	1.00	1.00
Implied Stock Price (USD)	0.00	19.49	56.28	30.20

Upside / (Downside)	-100.00%	-35.46%	86.34%


Stock Price	30.20
Stock Price Close	30.20
Restatment Type	Press Release
Reporting Currency	USD
Trading Currency	USD
FX Rate: USD/USD	1.00
Market Cap	5,081.1
Shares Outstanding	168.2
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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