Investor Presentaiton
18
•
Transaction benefits drive attractive valuation multiple
LTM 3/31/21 Adjusted EBITDA of $103mm is
fully adjusted to reflect ABB expected cost
structure and implies a purchase multiple of
10.9x
Purchase multiple is reduced to 9.6x when
fully adjusted for run-rate synergies and tax
benefits
(US$ in millions)
LTM 3/31/21 Adjusted EBITDA (1)
Implied multiple
Total Enterprise Value
($1,125 million)
$103
10.9x
•
⚫ This multiple is in-line with current trading
ranges of U.S. public cable companies
Implied multiple adjusted for Step-up(2)
9.6x
•
U.S. cable valuations have risen recently and
remain above valuations for similar Canadian
companies
(1) LTM 3/31/21 Adjusted EBITDA of US$103 million, including adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies.
(2) Multiple based on Transaction value using a tax-adjusted purchase price, which is net of the US$140 million tax benefits related to the step-up of intangibles in an asset
purchase. Refer to page 21 for a detailed explanation on the tax benefits.
(C) COGECO
COMMUNICATIONS
ATLANTIC
broadband
a Cogeco companyView entire presentation