t mobile corporate valuation
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TRANSCRIPT
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T-Mobile By
Chetan Goenka Ravi Jha
SrivathsanSoumya Agarwal
Vivek Modgil
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4th Largest Telecom Operator in World Market Cap -Euro 40 Billion Strong presence in Europe ,N America &
Emerging economies. Investment in Subsidiaries in 2002
Facts
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Dividend and Market Price
YearDividen
d2000 0.622001 0.372002 02003 02004 0.622005 0.722006 0.722007 0.782008 0.782009 0.78
DAX Index
T Mobile Stock Prices
Dividend Declarartions
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Mix of Sticky and Constant growth.
Single instance of decreased dividend
2 instances of no dividend
Dividend Policy
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
0.62
0.37
0 0
0.62
0.72 0.720.78 0.78 0.78
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Earnings and P/E ratios
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-700
-600
-500
-400
-300
-200
-100
0
100
200
300
196
-586
110131
1334
816.37 31.61
115.53
10.74 15.13
-20.75
16.37
Earnings per share *100 P/E
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Capital Structuring
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
1.34
0.95
1.73
1.38
0.93
0.79 0.80 0.820.89
0.98
Debt/Equity
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Shareholding Pattern
By May 2001, approximately 57% of DT’s shares were privately owned. Of these 57%,38.3% were owned by households/individual investors and 61.7% by institutionalinvestors. Approximately one-third of private investors come from Germanyand the US, the remainder from the rest of Europe (23.8%) and Asia (9.9%).
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EBITDA v/s Net Profit
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-10
-5
0
5
10
15
20
25
-1.5
-4.7 -4.8
0.2
2.2
4.73.9
3 3.4 3.4
12.9
15.116.3
18.319.4
20.719.4 19.3 19.5
20.7
Net profit (adjusted) EBITDA
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Cash Flows
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-30
-20
-10
0
10
20
30
1011.9 12.5
14.316.3
15.1 14.2 13.715.4 15.8
-27.7
-10.1
-14.3
-11.4
-8.6
17.9
-4.8 -5.2
-12.7
-8
-2.1
-6.1
-3.1-5.1
CFO CFI CFF
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Intrinsic Value
http://www.docstoc.com/docs/41342632/The-Cost-of-Capital-for-Mobile-Operators-Investigation-into
Average Return on Equity 5%
Last Dividend 0.79Intrinsic Share Price 15.78
Market Price 9.12
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Future Plans
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Thank You!!!
Thank You!!!