Mobistar - Overview

Description Segment Overview

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Recent Events

Source: Company data; Broker research.

(1) Market cap as on 24 July 2007.
Mobistar - Overview
Description Segment Overview
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Mobile Fix

Description
Financials (mn)
Recent Events

KPIs
Competitive
Landscape
 Mobistar Key Personnel & Financials
Shareholding Pattern Management

45%
50%

5%

France Telecom Telindus Group Free Float

Recent Events Board Of Directors

(EUR mn) 2006A 2007E 2008E 2009E CAGR
Revenue 1,575 1,518 1,494 1,521 -1.2%
% Growth 6.4% -3.6% -1.5% 1.7%
EBITDA 615 591 576 586 -1.6%
EBITDA Margin 39.0% 38.9% 38.5% 38.6%
Net Income 300 288 274 281 -2.1%
Net Income Margin 19.0% 19.0% 18.3% 18.5%
Capex 165 187 165 165
Capex Margin 10.5% 12.4% 11.0% 10.8%
FCF (1) 449 403 411 422 -2.1%
FCF Margin 28.5% 26.6% 27.5% 27.7%

(1): FCF = EBITDA Capex.

Source: Company data and broker research.
 Mobistar Summary Valuation
LTM Share Price Performance EV / 2007E EBITDA
12x
72 1,400

10x 9.7x

70 1,200
8x
6.4x
6.1x
68 1,000 6x

4x

Thousands
66 800
EUR

2x
Vodafone Mobistar Cosmote
64 600
Price / 2007E Earnings
18x
16.3x
62 400
15.1x
15x
12.5x
60 200
12x

9x
58 0

6x

Volume Price
3x
Source: Yahoo finance.
Vodafone Mobistar Cosmote
Mobistar Summary Valuation
Broker Target Price Range Broker Comments
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Broker Target Prices (EUR)