T-Mobile By

Chetan Goenka Ravi Jha

SrivathsanSoumya Agarwal

Vivek Modgil

4th Largest Telecom Operator in World Market Cap -Euro 40 Billion Strong presence in Europe ,N America &

Emerging economies. Investment in Subsidiaries in 2002

Facts

Dividend and Market Price

YearDividen

d2000 0.622001 0.372002 02003 02004 0.622005 0.722006 0.722007 0.782008 0.782009 0.78

DAX Index

T Mobile Stock Prices

Dividend Declarartions

Mix of Sticky and Constant growth.

Single instance of decreased dividend

2 instances of no dividend

Dividend Policy

2000 2001 2002 2003 2004 2005 2006 2007 2008 20090

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

0.62

0.37

0 0

0.62

0.72 0.720.78 0.78 0.78

Earnings and P/E ratios

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

196

-586

110131

1334

816.37 31.61

115.53

10.74 15.13

-20.75

16.37

Earnings per share *100 P/E

Capital Structuring

2000 2001 2002 2003 2004 2005 2006 2007 2008 20090

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

1.34

0.95

1.73

1.38

0.93

0.79 0.80 0.820.89

0.98

Debt/Equity

Shareholding Pattern

By May 2001, approximately 57% of DT’s shares were privately owned. Of these 57%,38.3% were owned by households/individual investors and 61.7% by institutionalinvestors. Approximately one-third of private investors come from Germanyand the US, the remainder from the rest of Europe (23.8%) and Asia (9.9%).

EBITDA v/s Net Profit

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-10

-5

0

5

10

15

20

25

-1.5

-4.7 -4.8

0.2

2.2

4.73.9

3 3.4 3.4

12.9

15.116.3

18.319.4

20.719.4 19.3 19.5

20.7

Net profit (adjusted) EBITDA

Cash Flows

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-30

-20

-10

0

10

20

30

1011.9 12.5

14.316.3

15.1 14.2 13.715.4 15.8

-27.7

-10.1

-14.3

-11.4

-8.6

17.9

-4.8 -5.2

-12.7

-8

-2.1

-6.1

-3.1-5.1

CFO CFI CFF

Intrinsic Value

http://www.docstoc.com/docs/41342632/The-Cost-of-Capital-for-Mobile-Operators-Investigation-into

Average Return on Equity 5%

Last Dividend 0.79Intrinsic Share Price 15.78

Market Price 9.12

Future Plans

Thank You!!!

Thank You!!!