Intrinsic value of Telecom Argentina ADR - TEO

Previous Close

$34.30

  Intrinsic Value

$75.06

stock screener

  Rating & Target

str. buy

+119%

Previous close

$34.30

 
Intrinsic value

$75.06

 
Up/down potential

+119%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TEO 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Telecom Argentina ADR (TEO) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.52
  24.70
  22.73
  20.96
  19.36
  17.93
  16.63
  15.47
  14.42
  13.48
  12.63
  11.87
  11.18
  10.56
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
  5.93
Revenue, $m
  3,413
  4,256
  5,223
  6,318
  7,541
  8,893
  10,372
  11,977
  13,704
  15,552
  17,516
  19,595
  21,786
  24,088
  26,498
  29,017
  31,645
  34,382
  37,231
  40,194
  43,273
  46,473
  49,798
  53,254
  56,847
  60,583
  64,469
  68,513
  72,723
  77,109
  81,680
Variable operating expenses, $m
 
  3,601
  4,419
  5,345
  6,380
  7,524
  8,775
  10,132
  11,594
  13,157
  14,819
  16,577
  18,431
  20,378
  22,417
  24,549
  26,772
  29,088
  31,498
  34,004
  36,609
  39,316
  42,129
  45,053
  48,093
  51,253
  54,540
  57,962
  61,524
  65,234
  69,101
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
  2,911
  3,601
  4,419
  5,345
  6,380
  7,524
  8,775
  10,132
  11,594
  13,157
  14,819
  16,577
  18,431
  20,378
  22,417
  24,549
  26,772
  29,088
  31,498
  34,004
  36,609
  39,316
  42,129
  45,053
  48,093
  51,253
  54,540
  57,962
  61,524
  65,234
  69,101
Operating income, $m
  502
  655
  804
  973
  1,161
  1,370
  1,597
  1,844
  2,110
  2,395
  2,697
  3,018
  3,355
  3,709
  4,081
  4,469
  4,873
  5,295
  5,734
  6,190
  6,664
  7,157
  7,669
  8,201
  8,754
  9,330
  9,928
  10,551
  11,199
  11,875
  12,579
EBITDA, $m
  899
  1,106
  1,357
  1,641
  1,959
  2,310
  2,695
  3,112
  3,560
  4,040
  4,551
  5,091
  5,660
  6,258
  6,884
  7,539
  8,221
  8,933
  9,673
  10,442
  11,242
  12,074
  12,938
  13,836
  14,769
  15,739
  16,749
  17,800
  18,893
  20,033
  21,220
Interest expense (income), $m
  101
  106
  182
  270
  370
  482
  605
  740
  886
  1,043
  1,212
  1,391
  1,580
  1,780
  1,989
  2,209
  2,438
  2,678
  2,927
  3,187
  3,457
  3,737
  4,029
  4,332
  4,647
  4,974
  5,315
  5,669
  6,037
  6,421
  6,820
Earnings before tax, $m
  358
  550
  622
  703
  791
  888
  993
  1,105
  1,225
  1,352
  1,486
  1,627
  1,775
  1,930
  2,091
  2,260
  2,435
  2,617
  2,806
  3,003
  3,207
  3,419
  3,640
  3,869
  4,108
  4,355
  4,614
  4,882
  5,162
  5,454
  5,758
Tax expense, $m
  102
  148
  168
  190
  214
  240
  268
  298
  331
  365
  401
  439
  479
  521
  565
  610
  657
  707
  758
  811
  866
  923
  983
  1,045
  1,109
  1,176
  1,246
  1,318
  1,394
  1,473
  1,555
Net income, $m
  254
  401
  454
  513
  578
  648
  725
  807
  894
  987
  1,085
  1,188
  1,296
  1,409
  1,527
  1,650
  1,777
  1,910
  2,049
  2,192
  2,341
  2,496
  2,657
  2,824
  2,998
  3,179
  3,368
  3,564
  3,768
  3,981
  4,203

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  365
  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
  3,066
  3,367
  4,132
  4,998
  5,966
  7,036
  8,206
  9,475
  10,842
  12,303
  13,858
  15,502
  17,236
  19,057
  20,964
  22,957
  25,036
  27,201
  29,455
  31,799
  34,235
  36,767
  39,397
  42,132
  44,974
  47,929
  51,004
  54,203
  57,534
  61,004
  64,620
Adjusted assets (=assets-cash), $m
  2,701
  3,367
  4,132
  4,998
  5,966
  7,036
  8,206
  9,475
  10,842
  12,303
  13,858
  15,502
  17,236
  19,057
  20,964
  22,957
  25,036
  27,201
  29,455
  31,799
  34,235
  36,767
  39,397
  42,132
  44,974
  47,929
  51,004
  54,203
  57,534
  61,004
  64,620
Revenue / Adjusted assets
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
Average production assets, $m
  1,805
  2,251
  2,763
  3,342
  3,989
  4,704
  5,487
  6,336
  7,250
  8,227
  9,266
  10,366
  11,525
  12,742
  14,018
  15,350
  16,740
  18,188
  19,695
  21,262
  22,891
  24,584
  26,343
  28,172
  30,072
  32,048
  34,104
  36,243
  38,470
  40,791
  43,209
Working capital, $m
  -61
  -285
  -350
  -423
  -505
  -596
  -695
  -802
  -918
  -1,042
  -1,174
  -1,313
  -1,460
  -1,614
  -1,775
  -1,944
  -2,120
  -2,304
  -2,494
  -2,693
  -2,899
  -3,114
  -3,336
  -3,568
  -3,809
  -4,059
  -4,319
  -4,590
  -4,872
  -5,166
  -5,473
Total debt, $m
  753
  954
  1,416
  1,938
  2,522
  3,167
  3,872
  4,638
  5,462
  6,343
  7,280
  8,272
  9,317
  10,415
  11,565
  12,767
  14,020
  15,326
  16,685
  18,099
  19,568
  21,094
  22,681
  24,329
  26,043
  27,825
  29,679
  31,608
  33,617
  35,709
  37,890
Total liabilities, $m
  1,829
  2,030
  2,492
  3,014
  3,598
  4,243
  4,948
  5,714
  6,538
  7,419
  8,356
  9,348
  10,393
  11,491
  12,641
  13,843
  15,096
  16,402
  17,761
  19,175
  20,644
  22,170
  23,757
  25,405
  27,119
  28,901
  30,755
  32,684
  34,693
  36,785
  38,966
Total equity, $m
  1,237
  1,337
  1,641
  1,984
  2,369
  2,793
  3,258
  3,762
  4,304
  4,884
  5,501
  6,154
  6,843
  7,565
  8,323
  9,114
  9,939
  10,799
  11,694
  12,624
  13,591
  14,596
  15,641
  16,726
  17,855
  19,028
  20,248
  21,519
  22,841
  24,219
  25,654
Total liabilities and equity, $m
  3,066
  3,367
  4,133
  4,998
  5,967
  7,036
  8,206
  9,476
  10,842
  12,303
  13,857
  15,502
  17,236
  19,056
  20,964
  22,957
  25,035
  27,201
  29,455
  31,799
  34,235
  36,766
  39,398
  42,131
  44,974
  47,929
  51,003
  54,203
  57,534
  61,004
  64,620
Debt-to-equity ratio
  0.609
  0.710
  0.860
  0.980
  1.060
  1.130
  1.190
  1.230
  1.270
  1.300
  1.320
  1.340
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.430
  1.440
  1.450
  1.450
  1.450
  1.460
  1.460
  1.470
  1.470
  1.470
  1.470
  1.480
Adjusted equity ratio
  0.323
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  254
  401
  454
  513
  578
  648
  725
  807
  894
  987
  1,085
  1,188
  1,296
  1,409
  1,527
  1,650
  1,777
  1,910
  2,049
  2,192
  2,341
  2,496
  2,657
  2,824
  2,998
  3,179
  3,368
  3,564
  3,768
  3,981
  4,203
Depreciation, amort., depletion, $m
  397
  450
  553
  668
  798
  941
  1,097
  1,267
  1,450
  1,645
  1,853
  2,073
  2,305
  2,548
  2,804
  3,070
  3,348
  3,638
  3,939
  4,252
  4,578
  4,917
  5,269
  5,634
  6,014
  6,410
  6,821
  7,249
  7,694
  8,158
  8,642
Funds from operations, $m
  539
  852
  1,007
  1,181
  1,375
  1,589
  1,822
  2,074
  2,344
  2,632
  2,938
  3,261
  3,601
  3,957
  4,330
  4,720
  5,125
  5,548
  5,988
  6,445
  6,920
  7,413
  7,926
  8,459
  9,013
  9,589
  10,189
  10,813
  11,462
  12,139
  12,845
Change in working capital, $m
  -188
  -56
  -65
  -73
  -82
  -91
  -99
  -108
  -116
  -124
  -132
  -139
  -147
  -154
  -162
  -169
  -176
  -183
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -250
  -260
  -271
  -282
  -294
  -306
Cash from operations, $m
  727
  908
  1,072
  1,255
  1,457
  1,680
  1,921
  2,181
  2,460
  2,756
  3,070
  3,400
  3,748
  4,111
  4,492
  4,888
  5,302
  5,731
  6,178
  6,643
  7,126
  7,627
  8,149
  8,690
  9,254
  9,839
  10,449
  11,084
  11,745
  12,433
  13,151
Maintenance CAPEX, $m
  0
  -361
  -450
  -553
  -668
  -798
  -941
  -1,097
  -1,267
  -1,450
  -1,645
  -1,853
  -2,073
  -2,305
  -2,548
  -2,804
  -3,070
  -3,348
  -3,638
  -3,939
  -4,252
  -4,578
  -4,917
  -5,269
  -5,634
  -6,014
  -6,410
  -6,821
  -7,249
  -7,694
  -8,158
New CAPEX, $m
  -726
  -447
  -512
  -579
  -647
  -715
  -782
  -849
  -914
  -977
  -1,039
  -1,100
  -1,159
  -1,217
  -1,275
  -1,333
  -1,390
  -1,448
  -1,507
  -1,567
  -1,629
  -1,693
  -1,759
  -1,828
  -1,900
  -1,976
  -2,056
  -2,139
  -2,227
  -2,320
  -2,418
Cash from investing activities, $m
  -726
  -808
  -962
  -1,132
  -1,315
  -1,513
  -1,723
  -1,946
  -2,181
  -2,427
  -2,684
  -2,953
  -3,232
  -3,522
  -3,823
  -4,137
  -4,460
  -4,796
  -5,145
  -5,506
  -5,881
  -6,271
  -6,676
  -7,097
  -7,534
  -7,990
  -8,466
  -8,960
  -9,476
  -10,014
  -10,576
Free cash flow, $m
  1
  100
  110
  123
  142
  167
  198
  235
  279
  329
  385
  447
  515
  589
  668
  752
  841
  935
  1,034
  1,137
  1,244
  1,356
  1,473
  1,593
  1,719
  1,849
  1,984
  2,124
  2,269
  2,419
  2,575
Issuance/(repayment) of debt, $m
  410
  400
  462
  522
  584
  645
  706
  765
  824
  881
  937
  992
  1,045
  1,098
  1,150
  1,202
  1,254
  1,306
  1,359
  1,413
  1,469
  1,527
  1,586
  1,649
  1,714
  1,782
  1,854
  1,929
  2,009
  2,092
  2,181
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
  0
Cash from financing (excl. dividends), $m  
  309
  400
  462
  522
  584
  645
  706
  765
  824
  881
  937
  992
  1,045
  1,098
  1,150
  1,202
  1,254
  1,306
  1,359
  1,413
  1,469
  1,527
  1,586
  1,649
  1,714
  1,782
  1,854
  1,929
  2,009
  2,092
  2,181
Total cash flow (excl. dividends), $m
  325
  501
  571
  645
  725
  812
  903
  1,000
  1,103
  1,210
  1,322
  1,439
  1,561
  1,687
  1,818
  1,954
  2,095
  2,241
  2,393
  2,550
  2,713
  2,883
  3,059
  3,242
  3,433
  3,631
  3,838
  4,053
  4,277
  4,511
  4,756
Retained Cash Flow (-), $m
  -137
  -266
  -304
  -344
  -384
  -425
  -465
  -504
  -543
  -580
  -617
  -653
  -688
  -723
  -757
  -791
  -825
  -860
  -895
  -930
  -967
  -1,005
  -1,044
  -1,085
  -1,128
  -1,173
  -1,221
  -1,270
  -1,322
  -1,378
  -1,436
Prev. year cash balance distribution, $m
 
  166
  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
 
  401
  267
  301
  341
  387
  439
  497
  560
  630
  705
  786
  872
  964
  1,061
  1,163
  1,270
  1,381
  1,498
  1,620
  1,746
  1,878
  2,015
  2,157
  2,304
  2,458
  2,617
  2,783
  2,955
  3,134
  3,320
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  384
  245
  262
  281
  300
  318
  335
  350
  362
  370
  373
  372
  367
  356
  341
  323
  301
  276
  249
  222
  194
  167
  141
  117
  96
  76
  60
  46
  34
  25
Current shareholders' claim on cash, %
  100
  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
  100.0

Telecom Argentina S.A. provides fixed-line telecommunications services in Argentina, and also provides other telephone-related services, such as international long-distance service, data transmission, information technology solutions outsourcing and Internet services. The Company's segments include Fixed Telecommunications Services (Fixed Services), Personal Mobile Telecommunications Services (Personal Mobile Services) and Nucleo Mobile Telecommunications Services (Nucleo Mobile Services). The Company, through its subsidiaries, also provides mobile telecommunications services and international wholesale services. The Fixed services segment consists of basic telephone services, interconnection services, data transmission and Internet services, information and communication technology services, and other telephone services. The Company, through its subsidiaries, such as Telecom Personal S.A. and Nucleo S.A., provides mobile services in Argentina and Paraguay, respectively.

FINANCIAL RATIOS  of  Telecom Argentina ADR (TEO)

Valuation Ratios
P/E Ratio 130.9
Price to Sales 9.7
Price to Book 26.9
Price to Tangible Book
Price to Cash Flow 45.7
Price to Free Cash Flow 33242.2
Growth Rates
Sales Growth Rate 31.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.1%
Cap. Spend. - 3 Yr. Gr. Rate 22%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 44.8%
Total Debt to Equity 60.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 11.8%
Ret/ On Assets - 3 Yr. Avg. 12.7%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 20.3%
Return On Equity 21.7%
Return On Equity - 3 Yr. Avg. 23.8%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 80.9%
Gross Margin - 3 Yr. Avg. 79.9%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 14.7%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 10.5%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 50.4%

TEO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEO stock intrinsic value calculation we used $3413 million for the last fiscal year's total revenue generated by Telecom Argentina ADR. The default revenue input number comes from 2016 income statement of Telecom Argentina ADR. 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 TEO stock valuation model: a) initial revenue growth rate of 24.7% 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 4.3%, whose default value for TEO is calculated based on our internal credit rating of Telecom Argentina ADR, 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 Telecom Argentina ADR.
    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 TEO stock the variable cost ratio is equal to 84.6%.

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 TEO 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 19.1% for Telecom Argentina ADR.

Corporate tax rate of 27% is the nominal tax rate for Telecom Argentina ADR. 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 TEO 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 TEO are equal to 52.9%.

Life of production assets of 4.5 years is the average useful life of capital assets used in Telecom Argentina ADR 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 TEO is equal to -6.7%. 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 - $1237 million for Telecom Argentina ADR - 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 98.553 million for Telecom Argentina ADR 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 Telecom Argentina ADR at the current share price and the inputted number of shares is $3.4 billion.

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Financial statements of TEO
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