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Due Diligence and Valuation Report

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Due Diligence and Valuation Report Due Diligence and Valuation Report Arrowhead Code: 54-01-03 Company: B Communications Ltd. Coverage initiated: 22 October 2013 Ticker: NASDAQ / TASE: BCOM This document: 11 June 2014 Headquarters: Ramat Gan, Israel Fair share value bracket: US$20.29 and US$23.60 CEO: Mr. Doron Turgeman Share price (10 June 14): US$18.08i Principal Financial Officer: Mr. Ehud Yahalom Analysts Snehal Mahajan Website: www.bcommunications.co.il [email protected] +1 (212) 619-6889 Market Data Bezeq to Drive Growth 52-Week Range: US$7.21–US$23.46ii Arrowhead is updating coverage on BCOM with a fair Average Daily Volume: 2,535iii value bracket of US$20.29 (Low-Bracket estimate) and Market Cap. (10 June 14): US$540.3 MM US$23.60 (High-Bracket estimate). Financial Forecast (in NIS)(FY ending - Dec) Key Highlights: (1) BCOM’s experienced management NIS '14E '15E '16E ‘17E ‘18E ‘19E ‘20E team has displayed the ability to withstand and adapt to changes happening in the sector; (2) Strong presence High NI * 0.33 0.41 0.39 0.44 0.49 0.56 0.63 across the Telecommunication spectrum; (3) Bezeq owns High EPS 11.00 13.60 13.17 14.75 16.30 18.67 21.10 most of the operating infrastructure in its area of operation in Israel; (4) One-of-its-kind Fixed line NGN Low NI * 0.30 0.36 0.33 0.37 0.41 0.47 0.53 (Next Generation Network) network for the ultra-speed Low EPS 10.17 12.19 11.14 12.36 13.69 15.69 17.87 Internet; (5)Ultra- speed packages from 10 Mbps to 100 *Attributable to Shareholder Mbps at relatively lower rates to offer higher Internet Company Overview: Based in Israel, B Communications, speeds to more customers; (6) Pelephone demonstrated Ltd (hereinafter referred to as “BCOM” or “the Company”) higher customer satisfaction as it has witnessed lower is a holding company of Bezeq - The Israel increase in churn rate as compared to its peers during Telecommunication Corporation Ltd (hereinafter referred to the time period 2011-13 despite intense competitive iv as “Bezeq”),which is the largest telecommunication groups pressure ; (7)Bezeq International through its submarine in Israel. BCOM’s sole asset is its controlling stake of cable network has improved customer services as well as 30.96% in Bezeq as of April, 2014. Bezeq is engaged in increased its revenue stream; (8) By launching Israel’s (1) Bezeq Fixed line- provides Domestic Fixed line sole satellite services, Bezeq has displayed its immense Services, Internet infrastructure and access services, understanding of customer needs and also its innovation Transmission and data communication (2) Pelephone- capabilities; (9) BCOM improved its debt structure by provides Cellular services (3) Bezeq International Internet successfully closing a private debt offering to qualified access services (ISP), International Communication institutional buyers in the United States worth $800 MM, Services and NEP (Network End Point) Services (4) DBS – 7⅜% Senior Secured Notes due 2021 on February 19, Multi-channel digital satellite television (YES brand)- YES 2014. Pay TV is the only provider of multi-channel television Key Risks (1) BCOM is an Holding company with only broadcasts via satellite (5) Others- This segment covers one asset; (2) Any decline in controlling interest below operations of Internet portals such as Walla!, one of the 30% will lead to non-compliance with the ‘Control Permit’ leading websites in Israel, Walla shops which is Israel's norms and result in loss of authority in Bezeq; (3) largest e-commerce platform and BezeqOnLine, which Ministry of Communications has released a list of services specializes in setting up, managing, and operating call which the infrastructure owners will be obliged to offer as center services. wholesale services to service providers which is likely to v Q1 FY2014: BCOM, through its interest in Bezeq, earned result in an increase in competition in the coming years. consolidated revenue of NIS2.31 B in Q1 FY2014 which fell Valuation and Assumptions: On the basis of due by 3.9% Y-o-Y as a result of 4.9% decline in cellular diligence and valuation estimates, Arrowhead believes services due to increased competition, and 4.6% decline in that BCOM’s fair share value lies in the US$20.29 to fixed line reduction in fixed line termination rate. The Net US$23.60 bracket.vi We have valued BCOM using the Profit before non-controlling Interest stood at NIS37 MM as Dividend Discount Model (DDM) method to arrive at the compared to NIS307 MM in Q1 FY2013 owing to one-time per share value of the Company. expense of NIS262 MM recorded in financial expenses. B Communications Ltd. – Arrowhead BID 1 NASDAQ / TASE: BCOM Due Diligence and Valuation Report See important disclosures on page 30 of this report Table of Contents 1. SUMMARY AND OUTLOOK .................................................................................................................................. 3 2. BUSINESS OVERVIEW........................................................................................................................................ 4 2.1 Ownership Structure ..................................................................................................................................... 4 2.2 Company Milestone ...................................................................................................................................... 5 2.3 Business Model ............................................................................................................................................ 6 2.4 Products and Services ................................................................................................................................... 6 2.4.1 Bezeq Fixed line ................................................................................................................................ 6 2.4.2 Pelephone ........................................................................................................................................ 8 2.4.3 Bezeq International ........................................................................................................................... 8 2.4.4 Digital Broadcast Satellite (DBS) .......................................................................................................... 9 2.5 Company Premiums .....................................................................................................................................10 2.6 Company Risks ...........................................................................................................................................11 2.7 Corporate Strategy ......................................................................................................................................12 2.8 BCOM’s Shareholding Pattern ........................................................................................................................13 2.9 Listing and Contact Details ...........................................................................................................................13 3. KEY VARIABLE ANALYSIS ................................................................................................................................ 14 3.1 Variable 1 – Fixed-line Telephony: Total Access Lines Growth rate ......................................................................14 3.2 Variable 2 – Broadband Internet Lines Growth Rate ..........................................................................................14 3.3 Variable 3 – Cellular Communication: Subscriber’s Growth Rate .........................................................................14 3.4 Variable 4 – Cellular Communication: ARPU .....................................................................................................14 4. NEWS .............................................................................................................................................................. 15 BCOM ............................................................................................................................................................15 Bezeq Group ...................................................................................................................................................15 5. MANAGEMENT AND GOVERNANCE ................................................................................................................... 17 6. TECHNOLOGIES AND MARKETS ........................................................................................................................ 18 6.1 Telecommunication .....................................................................................................................................18 6.2 Medium of Telecommunication: .....................................................................................................................18 6.2.1 Wire Line Telecommunication .............................................................................................................18 6.2.2 Wireless Telecommunication ..............................................................................................................19 6.2.3 Broadband Internet Services ..............................................................................................................19 6.2.4 Satellite Television ............................................................................................................................20 6.3 Telecommunication Industry - Israel ..............................................................................................................20
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