Intrinsic value of B Communications - BCOM

Previous Close

$9.05

  Intrinsic Value

$168.26

stock screener

  Rating & Target

str. buy

+999%

Previous close

$9.05

 
Intrinsic value

$168.26

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of BCOM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  3,037
  3,262
  3,497
  3,740
  3,993
  4,257
  4,531
  4,816
  5,113
  5,422
  5,744
  6,080
  6,430
  6,796
  7,177
  7,576
  7,993
  8,428
  8,884
  9,361
  9,859
  10,382
  10,928
  11,501
  12,101
  12,729
  13,388
  14,078
  14,802
  15,561
Variable operating expenses, $m
  2,461
  2,630
  2,806
  2,989
  3,179
  3,377
  3,583
  3,797
  4,019
  4,251
  4,312
  4,564
  4,827
  5,101
  5,388
  5,687
  6,000
  6,327
  6,669
  7,027
  7,402
  7,793
  8,204
  8,634
  9,084
  9,556
  10,050
  10,569
  11,112
  11,682
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,461
  2,630
  2,806
  2,989
  3,179
  3,377
  3,583
  3,797
  4,019
  4,251
  4,312
  4,564
  4,827
  5,101
  5,388
  5,687
  6,000
  6,327
  6,669
  7,027
  7,402
  7,793
  8,204
  8,634
  9,084
  9,556
  10,050
  10,569
  11,112
  11,682
Operating income, $m
  576
  632
  690
  751
  814
  880
  948
  1,019
  1,093
  1,170
  1,432
  1,516
  1,603
  1,694
  1,789
  1,889
  1,993
  2,101
  2,215
  2,334
  2,458
  2,588
  2,724
  2,867
  3,017
  3,173
  3,338
  3,510
  3,690
  3,879
EBITDA, $m
  1,255
  1,349
  1,445
  1,546
  1,651
  1,760
  1,873
  1,991
  2,114
  2,241
  2,374
  2,513
  2,658
  2,809
  2,967
  3,132
  3,304
  3,484
  3,673
  3,870
  4,076
  4,292
  4,518
  4,754
  5,002
  5,262
  5,534
  5,820
  6,119
  6,433
Interest expense (income), $m
  102
  222
  232
  254
  277
  302
  327
  353
  380
  408
  437
  468
  499
  533
  567
  603
  641
  680
  722
  765
  810
  857
  906
  958
  1,012
  1,068
  1,127
  1,189
  1,254
  1,323
  1,394
Earnings before tax, $m
  353
  400
  436
  474
  513
  553
  596
  640
  686
  733
  964
  1,016
  1,070
  1,127
  1,186
  1,248
  1,312
  1,380
  1,450
  1,524
  1,601
  1,682
  1,767
  1,856
  1,949
  2,046
  2,148
  2,255
  2,367
  2,485
Tax expense, $m
  95
  108
  118
  128
  138
  149
  161
  173
  185
  198
  260
  274
  289
  304
  320
  337
  354
  372
  392
  411
  432
  454
  477
  501
  526
  552
  580
  609
  639
  671
Net income, $m
  258
  292
  318
  346
  374
  404
  435
  467
  500
  535
  704
  742
  781
  823
  866
  911
  958
  1,007
  1,059
  1,112
  1,169
  1,228
  1,290
  1,355
  1,422
  1,494
  1,568
  1,646
  1,728
  1,814

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,172
  6,630
  7,107
  7,602
  8,117
  8,652
  9,209
  9,788
  10,391
  11,020
  11,674
  12,357
  13,069
  13,812
  14,588
  15,399
  16,246
  17,131
  18,057
  19,026
  20,040
  21,101
  22,212
  23,376
  24,595
  25,872
  27,211
  28,614
  30,085
  31,628
Adjusted assets (=assets-cash), $m
  6,172
  6,630
  7,107
  7,602
  8,117
  8,652
  9,209
  9,788
  10,391
  11,020
  11,674
  12,357
  13,069
  13,812
  14,588
  15,399
  16,246
  17,131
  18,057
  19,026
  20,040
  21,101
  22,212
  23,376
  24,595
  25,872
  27,211
  28,614
  30,085
  31,628
Revenue / Adjusted assets
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
Average production assets, $m
  3,040
  3,265
  3,500
  3,744
  3,997
  4,261
  4,535
  4,821
  5,118
  5,427
  5,750
  6,086
  6,436
  6,802
  7,185
  7,584
  8,001
  8,437
  8,893
  9,370
  9,869
  10,392
  10,939
  11,512
  12,113
  12,742
  13,401
  14,092
  14,817
  15,576
Working capital, $m
  30
  33
  35
  37
  40
  43
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
  134
  141
  148
  156
Total debt, $m
  4,296
  4,709
  5,138
  5,584
  6,047
  6,529
  7,030
  7,551
  8,094
  8,659
  9,249
  9,863
  10,504
  11,173
  11,871
  12,600
  13,363
  14,160
  14,993
  15,865
  16,777
  17,732
  18,732
  19,780
  20,877
  22,027
  23,231
  24,494
  25,818
  27,207
Total liabilities, $m
  5,555
  5,967
  6,396
  6,842
  7,305
  7,787
  8,288
  8,809
  9,352
  9,918
  10,507
  11,121
  11,762
  12,431
  13,129
  13,859
  14,621
  15,418
  16,251
  17,123
  18,036
  18,991
  19,991
  21,038
  22,135
  23,285
  24,490
  25,753
  27,077
  28,465
Total equity, $m
  617
  663
  711
  760
  812
  865
  921
  979
  1,039
  1,102
  1,167
  1,236
  1,307
  1,381
  1,459
  1,540
  1,625
  1,713
  1,806
  1,903
  2,004
  2,110
  2,221
  2,338
  2,459
  2,587
  2,721
  2,861
  3,009
  3,163
Total liabilities and equity, $m
  6,172
  6,630
  7,107
  7,602
  8,117
  8,652
  9,209
  9,788
  10,391
  11,020
  11,674
  12,357
  13,069
  13,812
  14,588
  15,399
  16,246
  17,131
  18,057
  19,026
  20,040
  21,101
  22,212
  23,376
  24,594
  25,872
  27,211
  28,614
  30,086
  31,628
Debt-to-equity ratio
  6.960
  7.100
  7.230
  7.340
  7.450
  7.550
  7.630
  7.710
  7.790
  7.860
  7.920
  7.980
  8.040
  8.090
  8.140
  8.180
  8.230
  8.270
  8.300
  8.340
  8.370
  8.400
  8.430
  8.460
  8.490
  8.510
  8.540
  8.560
  8.580
  8.600
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  258
  292
  318
  346
  374
  404
  435
  467
  500
  535
  704
  742
  781
  823
  866
  911
  958
  1,007
  1,059
  1,112
  1,169
  1,228
  1,290
  1,355
  1,422
  1,494
  1,568
  1,646
  1,728
  1,814
Depreciation, amort., depletion, $m
  680
  717
  755
  795
  837
  880
  925
  972
  1,020
  1,071
  943
  998
  1,055
  1,115
  1,178
  1,243
  1,312
  1,383
  1,458
  1,536
  1,618
  1,704
  1,793
  1,887
  1,986
  2,089
  2,197
  2,310
  2,429
  2,554
Funds from operations, $m
  938
  1,009
  1,073
  1,141
  1,211
  1,284
  1,360
  1,439
  1,521
  1,606
  1,646
  1,739
  1,837
  1,938
  2,044
  2,154
  2,269
  2,390
  2,516
  2,649
  2,787
  2,932
  3,083
  3,242
  3,408
  3,582
  3,765
  3,956
  4,157
  4,368
Change in working capital, $m
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Cash from operations, $m
  935
  1,006
  1,071
  1,138
  1,208
  1,281
  1,357
  1,436
  1,518
  1,603
  1,643
  1,736
  1,833
  1,934
  2,040
  2,150
  2,265
  2,386
  2,512
  2,644
  2,782
  2,926
  3,078
  3,236
  3,402
  3,576
  3,758
  3,950
  4,150
  4,360
Maintenance CAPEX, $m
  -463
  -498
  -535
  -574
  -614
  -655
  -699
  -743
  -790
  -839
  -890
  -943
  -998
  -1,055
  -1,115
  -1,178
  -1,243
  -1,312
  -1,383
  -1,458
  -1,536
  -1,618
  -1,704
  -1,793
  -1,887
  -1,986
  -2,089
  -2,197
  -2,310
  -2,429
New CAPEX, $m
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -322
  -336
  -351
  -366
  -382
  -399
  -417
  -436
  -456
  -477
  -499
  -523
  -547
  -573
  -600
  -629
  -659
  -691
  -725
  -760
Cash from investing activities, $m
  -680
  -724
  -770
  -818
  -868
  -919
  -973
  -1,028
  -1,087
  -1,148
  -1,212
  -1,279
  -1,349
  -1,421
  -1,497
  -1,577
  -1,660
  -1,748
  -1,839
  -1,935
  -2,035
  -2,141
  -2,251
  -2,366
  -2,487
  -2,615
  -2,748
  -2,888
  -3,035
  -3,189
Free cash flow, $m
  256
  282
  301
  321
  341
  362
  384
  407
  430
  455
  431
  457
  485
  513
  542
  573
  605
  638
  673
  709
  746
  786
  827
  870
  914
  961
  1,010
  1,062
  1,115
  1,171
Issuance/(repayment) of debt, $m
  179
  413
  429
  446
  463
  482
  501
  521
  543
  565
  589
  614
  641
  669
  698
  729
  762
  797
  833
  872
  912
  955
  1,000
  1,047
  1,097
  1,150
  1,205
  1,263
  1,324
  1,388
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  179
  413
  429
  446
  463
  482
  501
  521
  543
  565
  589
  614
  641
  669
  698
  729
  762
  797
  833
  872
  912
  955
  1,000
  1,047
  1,097
  1,150
  1,205
  1,263
  1,324
  1,388
Total cash flow (excl. dividends), $m
  435
  695
  730
  766
  804
  844
  885
  928
  973
  1,020
  1,020
  1,072
  1,126
  1,182
  1,241
  1,303
  1,367
  1,435
  1,506
  1,581
  1,659
  1,741
  1,827
  1,917
  2,012
  2,111
  2,215
  2,324
  2,439
  2,560
Retained Cash Flow (-), $m
  -258
  -46
  -48
  -50
  -51
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  177
  649
  682
  717
  753
  790
  830
  870
  913
  957
  955
  1,004
  1,054
  1,108
  1,163
  1,221
  1,283
  1,347
  1,414
  1,484
  1,557
  1,635
  1,716
  1,801
  1,890
  1,983
  2,081
  2,184
  2,292
  2,405
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  163
  545
  518
  488
  455
  420
  383
  346
  307
  270
  222
  190
  160
  132
  107
  85
  67
  51
  38
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9
  99.9

B Communications Ltd. is focused on the telecommunications industry. The Company's principal asset is its ownership interest in Bezeq The Israel Telecommunications Corp. Ltd. (Bezeq), a provider of communications services in Israel. Bezeq and its subsidiaries operate through segments, including Bezeq, which offers fixed-line telephony services and fixed-line broadband Internet infrastructure access; Pelephone, which offers cellular telephony services; Bezeq International, which offers Internet service provider (ISP) and international telephony (ILD) services, and DBS, which offers pay television services. Bezeq offers a range of telecommunications operations and services, including domestic fixed-line, Internet services, television and radio broadcasts, satellite broadcasts, maintenance and development of communications infrastructures, providing communications services to other communications providers, and supply and maintenance of equipment on customer premises.

FINANCIAL RATIOS  of  B Communications (BCOM)

Valuation Ratios
P/E Ratio 0.5
Price to Sales 0.1
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 0.3
Price to Free Cash Flow 0.8
Growth Rates
Sales Growth Rate 31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.9%
Cap. Spend. - 3 Yr. Gr. Rate 83.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 332.5%
Total Debt to Equity 361.4%
Interest Coverage 8
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 107%
Return On Equity - 3 Yr. Avg. 37.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 99.3%
EBITDA Margin 40.1%
EBITDA Margin - 3 Yr. Avg. 35.3%
Operating Margin 28.5%
Oper. Margin - 3 Yr. Avg. 19%
Pre-Tax Margin 24.8%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 18.2%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 0%

BCOM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCOM stock intrinsic value calculation we used $2819.4124424 million for the last fiscal year's total revenue generated by B Communications. The default revenue input number comes from 0001 income statement of B Communications. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BCOM stock valuation model: a) initial revenue growth rate of 7.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for BCOM is calculated based on our internal credit rating of B Communications, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of B Communications.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BCOM stock the variable cost ratio is equal to 81.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BCOM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for B Communications.

Corporate tax rate of 27% is the nominal tax rate for B Communications. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BCOM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BCOM are equal to 100.1%.

Life of production assets of 6.1 years is the average useful life of capital assets used in B Communications operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BCOM is equal to 1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $358.870967742 million for B Communications - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 29.889 million for B Communications is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of B Communications at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ B Communications: 2Q Earnings Snapshot   [Aug-27-18 09:23AM  Associated Press]
▶ B Communications posts 3Q profit   [Nov-30-17 07:23AM  Associated Press]
▶ Will Broadcom really make a bid for Qualcomm?   [Nov-03-17 03:20PM  CNBC Videos]
▶ Broadcom plans bid for Qualcomm: Reports   [02:35PM  CNBC Videos]
▶ B Communications posts 2Q profit   [Aug-31-17 11:00PM  Associated Press]

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