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Title:
Belgacom IPO March 2004
Description:
Title: DEXIA Impact Seminar Author: Pierre Casse Last modified by: Farber Created Date: 2/18/2004 9:32:44 AM Document presentation format – PowerPoint PPT presentation
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Transcript and Presenter's Notes
Title: Belgacom IPO March 2004
1
Belgacom IPO March 2004
Professor André Farber
Solvay Business School
Université Libre de Bruxelles
2
Background to the IPO
December 1994 Belgacom transformed into a
limited liability company
March 1996 Belgian State sells 50 - 1share to
ADSB, a consortium of 3 strategic investors
Belgian financial partners
2003 ADSB wants to exit decision to go public
March 2004
shares 400m
Belgian State 200m 1
ADSB 178m
Financial partners 10m
Pricing range 23 to 26.50
3
Pricing the issue
Methods
Using multiples P/E, EV/Sales, EV/EBITDA
Dividend Discount Model
Free Cash Flow Model
Setting the discount rate
Using beta of other telecom companies
But telecom companies have different levels of
debt
4
Review of theory
Interest payments are tax deductible
V VU PVTS
Assuming debt is permanent and riskless
V VU TC D
5
Beta Asset calculation
6
Valuation
7
Sensitivity analysis
8
Increasing the level of debt
If Belgacom were to borrow 1 billion.
?V 34 1,000 m 340 m
9
Using the WACC
With L D/V
or
10
Application
11
Epilogue
Final pricing 24.50 per share
Successful trading debuts 5 in opening day, in
downmarket
Largest European IPO in 3 years
Largest offering ever in Belgium
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