Subject to confirming binding transaction documentation, the parties have agreed that Swisscom will acquire Vodafone Italy for an enterprise value of €8 billion on a debt and cash free basis and subject to customary closing adjustments. The enterprise value represents a multiple of c.26x consensus FY24F OpFCF1 and c.7.6x consensus FY24F Adjusted EBITDAaL [1].
[1] For the 12 month period ending 31 March 2024. Based on company compiled consensus as at February 2024, after adjusting for approximately €176m of group services charges which are not included in EBITDAaL for the purposes of Vodafone segmental reporting and €97m of non-cash items included in EBITDAaL. OpFCF defined as Adjusted EBITDAaL less capital expenditure
