Investor Presentaiton
...With Improved Valuation as a Result of the Transformation
TEV / Adjusted EBITDA Multiples¹
6.5x3
6.3x
5.9x
5.7x²
7.6x
5.5x
Consolidated
communications
CenturyLink™
cb Cincinnati Bell® |
connecting what matters
26-Mar-15
6.2x4
7.1x
5.1x
5.0x
Frontier
COMMUNICATIONS
Current
W
windstream.
communications
CTL is the Only Other Wireline Company to Increase its Multiple, Which Increased Only After the Acquisition
of a Larger "Pure Play" Fiber Provider in Level 3
Source: Wall Street research, company filings, Capital IQ as of 3/26/18
Note: EBITDA adjusted to include SBC
[1] FTR and WIN multiples are pro forma; reflects forward year adjusted EBITDA for multiples (2015E and 2018E) at each point in time
[2] TEV adjusted for value of CyrusOne equity ($893mm as of 3/26/15)
[3] Based on consensus 2018E midpoint EBITDA guidance of $323mm
[4] Multiple adjusted pro forma for FTR's acquisition of CA, FL and TX assets
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