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e Relevante Irrelevan
Primera Lectura Dato Relevante ( R ) (PR) te (IR)
Nextel Perú: Costo de
Capital en un Mercado
Emergente x
NII Holdings & Nextel
Perú x
Información General
de NII Holdings x
Rendimiento
Operativo de NII x
Información General
de Nextel Perú x
Perspectiva a Largo
Plazo para Nextel Perú x
El Costo de Capital x
El empleo por parte
de los profesionales
de las primas de
riesgo país x
Anexo 1 x
Anexo 2 x
Anexo 2A x
Anexo 3 x
Anexo 4 x
7 5 1
Comentario
Posiblement
e Relevante Irrelevan
Segunda Lectura Dato Relevante ( R ) (PR) te (IR)
Nextel Perú: Costo de
Capital en un Mercado
Emergente x
NII Holdings & Nextel
Perú x
Información General
de NII Holdings x
Rendimiento
Operativo de NII x
Información General
de Nextel Perú x
Perspectiva a Largo
Plazo para Nextel Perú x
El Costo de Capital x
El empleo por parte
de los profesionales
de las primas de
riesgo país x
Anexo 1 x
Anexo 2 x
Anexo 2A x
Anexo 3 x
Anexo 4 x
5 6 2
Comentario
Posiblement
e Relevante Irrelevan
Tercera Lectura Dato Relevante ( R ) (PR) te (IR)
Nextel Perú: Costo de
Capital en un Mercado
Emergente x
NII Holdings & Nextel
Perú x
Información General
de NII Holdings x
Rendimiento
Operativo de NII x
Información General
de Nextel Perú x
Perspectiva a Largo
Plazo para Nextel Perú x
El Costo de Capital x x
El empleo por parte
de los profesionales
de las primas de
riesgo país x
Anexo 1 x
Anexo 2 x
Anexo 2A x
Anexo 3 x
Anexo 4 x
3 5 6
Comentario
(Local Currency in Millions)
MSCI MSCI
S&P World Latin Local
Equity Net Minority Enterprise Current Historic Equity Equity Equity Equity Debt
Companies: Value (1) Debt Interest Value D/V D/V (2) Beta (3) Beta (4) Beta (5) Beta (6) Beta (7)
America Movil 963,882 363,978 8,990 1,336,850 27.23% 17.73% 1.12 1.01 0.75 0.91 0.12
Embratel Participacoes S.A. 13,173 2,238 4,842 20,252 11.05% 25.18% 0.53 0.63 0.64 0.56 0.05
Empresa Nacional De Telecomunicaciones 2,356,959 385,754 0 2,742,713 14.06% 13.74% 0.83 0.80 0.81 0.77 0.07
NII Holdings 943 3,774 0 4,716 80.01% 41.68% 0.65 0.77 0.67 0.65 0.18
Oi SA 10,152 28,921 0 39,073 74.02% 32.48% 1.08 1.14 1.08 0.86 0.15
Telecom Argentina 24,167 (3,969) 200 20,398 -19.46% -13.91% 1.31 1.17 0.89 1.05 0.00
Telefonica Brasil 59,983 975 0 60,957 1.60% 3.28% 0.73 1.58 0.63 0.47 0.00
Telefonica Del Peru 7,833 2,213 0 10,045 22.03% 26.57% 0.38 0.35 0.24 0.49 0.17
TIM Participacoes S.A. 21,196 1,632 0 22,828 7.15% 6.78% 0.82 0.81 0.74 0.58 0.07
Source: All information except equity betas S&P CapitalIQ accessed 3/14/14.
(1) Stock prices as of 4/1/13, except NII Holdings, which was 4/5/13.
(2) Quarterly average over the past three years.
(3) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas.
(4) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on US dollar denominated returns.
(5) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on US dollar denominated returns.
(6) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on local currencies.
(7) Case writer estimates
D/V
D/V
US EMRP
#REF!
#REF!
1,000
500
1,500
33.3%
#REF!
#REF!
#REF!
#REF!
#REF!
5.00%
#REF!
Equity
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
Ameri ca
Embrate
Movi
Empres
l l Pa rtici
a Napaci
coeona
s S.A.
l De Te l e comuni
NII Hol
cadi
cings
one s Oi SA Te l e com Arge ntina
Tel efoni ca Bra
Tels efoni
il ca De
TIM
l P
Últimos 12 meses
200.0%
150.0%
100.0%
50.0%
0.0%
AmeriEmbratel
ca Movi
Empres
l Pa rtici
a Napaci coes
ona l S.A.
De Tel ecomuni
NII Holca
dici
ngs
ones Oi SA Tel ecom Argentina
Tel efoni ca Bra
Tel efoni
s i l ca Del
TIM Peru
Pa rtici pacoes S
-50.0%
Promedio de 5 años
Growth (2) EBIT EBITDA EBIAT FCF
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Ameri caEmbratel
Movi lEmpres
Pa rtici
a pa
Nacoes
cionaS.A.
l De Te l ecomuni
NII Hol
ca ci
diones
ngs Oi SA Tel ecom Argentina
Telefoni ca BraTel
s i efoni
l ca Del
TIMPe
20.0%
15.0%
10.0%
5.0%
0.0%
Ameri caEmbratel
Movi lEmpres
Pa rtici
a pa
Nacoes
cionaS.A.
l De Te l ecomuni
NII Hol
ca ci
diones
ngs Oi SA Tel ecom Argentina
Telefoni ca BraTel
s i efoni
l ca Del
TIMPe
om Arge ntina
Tel efoni ca Bra
Tesl efoni
il ca Del
TIMPeru
Pa rtici pa coe s S.A.
afoni ca Bra
Tel efoni
s i l ca Del
TIM Peru
Pa rtici pacoes S.A. Growth
EBIT
EBIAT
FCF
EBIAT FCF
m Argentina
Telefoni ca BraTes li efoni
l ca Del
TIMPeru
Pa rtici pa coes S.A.
m Argentina
Telefoni ca BraTes li efoni
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TIMPeru
Pa rtici pa coes S.A.
Historical Consolidated Income Statements fo ($000's)
Vertical Vertical Horizontal Vertical Horizontal
Operating Results: 2010 2011 2012
Service Revenue 5,348,400 100% 6,403,519 100% 120% 5,779,159 100% 90%
Plus: Handset & Accessory Revenue 257,407 5% 331,427 5% 129% 307,304 5% 93%
Total Operating Revenue 5,605,807 105% 6,734,946 105% 120% 6,086,463 105% 90%
Less: Cost of Service (Excluding Depreciation & Amortization) 1,504,603 28% 1,789,402 28% 119% 1,690,464 29% 94%
Less: Cost of Handset Sales 719,219 13% 855,929 13% 119% 915,120 16% 107%
Gross Profit 3,381,985 63% 4,089,615 64% 121% 3,480,879 60% 85%
Less: Selling & Marketing (1) 1,946,706 36% 2,504,976 39% 129% 2,875,359 50% 115%
EBITDA 1,435,279 27% 1,584,639 25% 110% 605,520 10% 38%
Less: Depreciation & Amortization 554,886 10% 653,087 10% 118% 728,780 13% 112%
Operating Income 880,393 16% 931,552 15% 106% (123,260) -2% -13%
Less: Interest Expense 344,999 6% 322,111 5% 93% 373,253 6% 116%
Plus: Interest Income 28,841 1% 34,224 1% 119% 34,143 1% 100%
Plus: Foreign Currency Gains 52,374 1% (36,975) -1% -71% (53,415) -1% 144%
Less: Other Expenses 18,686 0% 37,305 1% 200% 27,355 0% 73%
Earnings Before Taxes 597,923 11% 569,385 9% 95% (543,140) -9% -95%
Less: Taxes 259,465 5% 344,189 5% 133% 222,109 4% 65%
Net Income 338,458 6% 225,196 4% 67% (765,249) -13% -340%
Net Property, Plant & Equipment 2,960,046 36% 3,481,869 35% 118% 3,884,947 42% 112%
Plus: Net Intangible Assets 433,208 5% 1,182,380 12% 273% 1,164,672 13% 99%
Plus: Deferred Taxes 486,098 6% 410,162 4% 84% 367,182 4% 90%
Plus: Other Assets 410,458 5% 411,203 4% 100% 471,245 5% 115%
Total Assets 8,190,687 100% 9,822,136 100% 120% 9,223,078 100% 94%
Long-Term Debt 2,818,423 34% 4,244,752 43% 151% 4,768,958 52% 112%
Plus: Deferred Revenue 20,476 0% 15,585 0% 76% 14,007 0% 90%
Plus: Deferred Tax Liabilities 88,068 1% 61,156 1% 69% 58,189 1% 95%
Plus: Other Long-Term Liabilities 211,179 3% 243,335 2% 115% 305,450 3% 126%
Total Liabilities 4,871,114 59% 6,684,054 68% 137% 6,906,629 75% 103%
Total Stockholders' Equity 3,319,573 41% 3,138,082 32% 95% 2,316,449 25% 74%
Total Liabilities & Stockholders' Equity 8,190,687 100% 9,822,136 100% 120% 9,223,078 100% 94%
Source: Company annual 10-Ks.
telefonos en
Δ Deuda 2,818,423 1,426,329 524,206 uso 9,027 10,712 11,362
costo por
Δ Capital 8,096,687 9,716,636 9,145,378 telefono 592 598 509
Dividendos 286,046 262,493 (711,292)
FEF 11,201,156 11,405,458 8,958,292
Net Reinvestment in Long-Term Assets 59,863 11% 69,642 12% 116% 42,612 9% 61%
Margins:
Service Revenue Growth 16.9% 14.2% -2.5%
Handset Revenue Growth 10.8% 7.2% -9.0%
Growth in Operating Revenue 16.3% 13.5% -3.0%
Gross Profit on Services 64.5% 66.5% 63.0%
Gross Profit on Handsets -109.2% -123.2% -191.0%
Total Gross Profit 47.8% 49.3% 41.3%
EBITDA Margin 7.1% 10.0% -4.1%
EBIT Margin -3.8% -0.2% -14.3%