英语讲义课件The future of European integrated TelcosEvolution and challenges from the capital markets standpoint.ppt

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2022-04-10 发布于山西
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英语讲义课件The future of European integrated TelcosEvolution and challenges from the capital markets standpoint.ppt

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* ROIC went down during the last two years Average of small players* Average of large players* ROIC (post-tax) NOPLAT margin Capital turnover (incl. goodwill) Including goodwill, Post-tax, Percent * Small players: Sonera, KPN, Swisscom, TDC, Portugal Telecom (not for 2000); large players: DT, FT, TI, Telefonica, BT Source: Annual reports; Team analysis * Cost of capital has increased during last three years Factors influencing WACC Average increase in WACC ’98-’01* Impact on equity valuation of a typical mobile telecom operator** 1.4 Increase in risk-free rate Corporate borrowing costs increased due to lower debt ratings Very high leverage increases the risks for shareholders and hence the cost of equity.However, high leverage also provides for tax shields. Therefore the overall effect of increased leverage on the WACC is mixed * Average of all integrated players ** Based on DCF valuation models of various mobile players in Europe with high growth assumption of the Spring 2000 Source: Team analysis * 3. Differences in performance between Telcos Large integrated Telcos seem to be better positioned going forward * EV=50 EV=25 Revenues 1998 (EUR billion) Entity value/ reve-nues 1998 Large Integrated EV=100 * As per April 30, 2001 ** With the exception of Cable Wireless, TIM and Vodafone Source: Global Vantage, Bloomberg Small Integrated Focused** Large Integrated Small Integrated Entity value/ reve-nues 2001E Revenues 2001E (EUR billion) EV=50 EV=25 EV=100 EV=200 EV=200 Focused** Three groups of players can be identified Relative valuation map 1998 and 2001* * * EBITDA CAGR 2004-2020 ** Since listing Source: Bloomberg, Press reports, Broker reports, Annual reports, Team analysis Differences in performance between players are large Clarity of debt strategy Telefónica FT TI TDC Swisscom DT PT BT KPN Sonera** 27% 24 23 21 13 13 5 6 2 -1 9.5 10.7 5.3 7.3 8.0 9.6 1.4 10.0 10.9 11.2 1.8 5.1 1.4 2.0 1.1 3.7 2.2 4.4 6.3 5.9 Implied LT growth* Compan