Brahim Mahamat Nour Ahmat
$5/hr
Financial Data Analyst | Excel Reporting & Data Management
- Reply rate:
- 100.0%
- Availability:
- Full-time (40 hrs/wk)
- Age:
- 26 years old
- Location:
- N'djamena, Chari Baguirmi, Chad
- Experience:
- 3 years
Investment Presentation
Helios Towers Madagascar
Investment Presentation Exhibits
décembre 1, 2025
Cells with black text are formulas
Instructions
Investment Presentation | 45992
1. Fill out the Excel file
The title and instructions sheets can remained untouched.
The other sheets must be changed completely - all values are placeholders and all formulas must be tailored to the specific investment being presented. The Excel file is meant for formatting use only.
Once the data in the other sheets has been added, review the excel workbook for any errors or misrepresentations.
2. Fill out the PowerPoint file
Replace logos, images, and excel workbook exhibits with updated and corrected information from the Excel file.
Replace text and commentary with that specific to the investment being presented.
Once completed, review all written and calculated text to ensure completeness and correctness.
3. Review
All work done should be reviewed, whether it be manual entry, formulas, or written text.
Company Name
Activision Blizzard, Inc.
Take-Two Interactive Software, Inc.
Electronic Arts Inc.
Square Enix Holdings Co., Ltd.
Netmarble Corporation
Ubisoft Entertainment SA
NEXON Co., Ltd.
Market Cap
$41 557,5
$13 466,8
$28 934,4
$5 179,7
$6 864,4
$8 446,5
$11 713,1
Enterprise
Value
$39 849,5
$12 071,5
$24 982,4
$4 130,6
$5 228,6
$8 769,7
$7 011,3
Comps Average
Nintendo Co., Ltd.
$47 269,2
$38 871,3
2017A
21,8x
45,8x
18,8x
10,3x
24,4x
9,6x
9,9x
EV / EBITDA
2018A
13,9x
36,0x
11,9x
11,6x
22,8x
15,9x
7,2x
LTM
16,9x
47,3x
19,7x
12,9x
22,1x
31,8x
6,9x
LTM P / E
24,7x
46,7x
13,9x
33,5x
61,3x
78,1x
12,6x
LTM EBITDA
Margin
33,2%
9,0%
25,2%
12,4%
13,6%
13,3%
41,6%
3-Yr CAGR (2015A-18A)
Revenue
EBITDA
17,2%
20,9%
24,5%
nmf
7,4%
21,8%
9,4%
(9,8%)
25,8%
11,5%
16,6%
(1,3%)
13,5%
15,8%
20,1x
17,0x
22,5x
38,7x
21,2%
16,3%
9,8%
23,9x
10,6x
16,3x
28,5x
21,3%
35,0%
84,2%
Target Name
Acquirer Name
Ubisoft Entertainment SA
Perfect World Co., Ltd.
Webzen Inc.
Ubisoft Entertainment SA
GungHo Online Entertainment, Inc.
Vivendi SA
mars 2019
$484,7
Shenzhen Hengtai Stable Growth Investment Partnershipavr
Enterprise
2018 (Limited
$408,0
Partnership)
Ourpalm Co., Ltd.
juil 2016
$169,0
Vivendi SA
oct 2015
$160,5
SoftBank Mobile Corp. (nka:SoftBank Corp.)
avr 2013
$265,6
Date
Size
Precedents Average
Nintendo Co., Ltd.
EV / EBITDA
14,9x
18,3x
11,8x
45,5x
34,5x
25,0x
$47 269,2
16,3x
Operating Forecast
2020E
2021E
2022E
2023E
2024E
Revenue
Growth
$12 382,1
$13 719,3
10,8%
$15 201,0
10,8%
$16 842,7
10,8%
$18 661,7
10,8%
COGS
Gross Profit
($7 271,1)
$5 110,9
($8 056,4)
$5 662,9
($8 926,5)
$6 274,5
($9 890,6)
$6 952,2
($10 958,7)
$7 703,0
Operating Expenses
EBITDA
Margin
($2 476,4)
$2 634,5
21,3%
($2 743,9)
$2 919,1
21,3%
($3 040,2)
$3 234,3
21,3%
($3 368,5)
$3 583,6
21,3%
($3 732,3)
$3 970,7
21,3%
D&A
EBIT
($102,4)
$2 532,2
($113,4)
$2 805,6
($125,7)
$3 108,6
($139,2)
$3 444,4
($154,3)
$3 816,4
Tax
NOPAT
($754,1)
$1 778,0
($835,6)
$1 970,1
($925,8)
$2 182,8
($1 025,8)
$2 418,6
($1 136,6)
$2 679,8
Capex
Acquisition Spend
Change in NWC
D&A
Unlevered FCF
($102,4)
($14,1)
$102,4
$1 763,9
($113,4)
($15,6)
$113,4
$1 954,4
($125,7)
($17,3)
$125,7
$2 165,5
($139,2)
($19,2)
$139,2
$2 399,4
($154,3)
($21,3)
$154,3
$2 658,5
Revenue
CAGR
Sensitivity
$463,8
9,8%
10,3%
10,8%
11,3%
11,8%
6,5%
$549,1
$557,2
$565,4
$573,8
$582,2
7,0%
$494,6
$501,7
$508,9
$516,2
$523,6
WACC
7,5%
$451,0
$457,4
$463,8
$470,3
$476,9
8,0%
$415,4
$421,1
$426,9
$432,7
$438,6
8,5%
$385,8
$391,0
$396,2
$401,5
$406,8
WACC Build-Up
Cost of Debt
Tax Rate
Tax-Shielded Cost of Debt
2,5%
20,6%
2,0%
Risk Free Rate
Historical Market Return
Market Risk Premium
2,2%
7,0%
4,8%
Unlevered Beta of Comps
Cost of Equity
1,1
7,5%
Debt / EV
Equity / EV
WACC
Valuation
WACC
Present Value of Future Cash Flows
100,0%
7,5%
7,5%
$8 727,9
Terminal Year Unlevered FCF (Excl. M&A)
Long-Term Growth Rate
Terminal Value
$2 658,5
2,5%
$54 685,6
Present Value of Terminal Value
$38 121,8
Total Enterprise Value
$46 849,8
Net Debt
Implied Equity Value
($8 397,9)
$55 247,7
Shares Outstanding (millions)
Implied Share Price
119,1
$463,8
Valuation Method
Public Comps (EV / EBITDA)
Public Comps (P / E)
Precedents
DCF
Average
Min
17,5x
30,0x
22,0x
16,7x
21,5x
EV / EBITDA
Median
22,5x
35,4x
25,0x
20,3x
25,8x
Max
27,5x
38,7x
28,0x
24,0x
29,5x
Min
$41 610,3
$41 406,0
$52 310,1
$39 666,6
$43 748,3
EV / EBITDA
Median
$53 499,0
$48 609,6
$59 443,3
$48 346,8
$52 474,7
$700,00
$600,00
$500,00
$400,00
$300,00
$200,00
Public Comps (EV / EBITDA)
Public Comps (P / E)
Precedents
DCF
Max
$65 387,7
$55 813,3
$66 576,5
$57 026,9
$61 201,1
Min
$419,80
$418,08
$368,62
$403,48
$402,50
Share Price
Median
$519,60
$478,55
$428,50
$476,35
$475,75
Max
$619,40
$539,03
$488,39
$549,21
$549,01
First
$419,8
$418,1
$368,6
$403,5
Second
$199,6
$120,9
$119,8
$145,7
Third
$619,4
$539,0
$488,4
$549,2
Midpoint
$519,6
$478,6
$428,5
$476,3
Financial Forecast
Historical Financials
CAGRs
2017A
2018A
2019E
2020E
2021E
2022E
2023E
2024E
'17-'19
'19-'24
10,3%
10,8%
2015A
$4 430,3
Revenue
$9 188,8
$10 900,7
($5 769,5)
$3 419,3
($6 468,2)
$4 432,5
Revenue
YoY Growth
18,6%
$11 175,2
2,5%
$12 382,1
$13 719,3
10,8%
$15 201,0
10,8%
$16 842,7
10,8%
$18 661,7
10,8%
10,8%
Margin
37,2%
40,7%
($1 934,0)
$1 485,3
OpEx Excl. D&A
EBITDA
YoY Growth
Margin
($2 147,3)
$2 285,1
53,8%
21,0%
16,2%
($6 520,5)
$4 654,6
41,7%
($2 276,9)
$2 377,7
4,1%
21,3%
($7 271,1)
$5 110,9
($8 056,4)
$5 662,9
41,3%
($2 476,4)
$2 634,5
($8 926,5)
$6 274,5
41,3%
($9 890,6)
$6 952,2
41,3%
($2 743,9)
$2 919,1
($10 958,7)
$7 703,0
41,3%
($3 040,2)
$3 234,3
($3 368,5)
$3 583,6
41,3%
($3 732,3)
$3 970,7
10,8%
21,3%
10,8%
21,3%
10,8%
21,3%
10,8%
21,3%
10,8%
21,3%
$1 136,7
$3 771,3
$1 259,5
$4 178,6
$1 395,5
$4 629,9
$1 546,3
$5 129,9
$1 713,2
$5 683,9
Margin
Interest Coverage Ratio
Net Debt to EBITDA
30,5%
30,5%
30,5%
30,5%
30,5%
2,6x
4,3x
3,2x
3,4x
4,1x
2,6x
5,5x
1,9x
8,3x
1,1x
Sales by Product
Americas
Japan
Other
Total
2015A
$1 983,4
$1 189,7
$1 257,3
$4 430,3
2016A
$1 392,7
$887,8
$1 059,3
$3 339,8
$10 900,7
$11 175,2
$3 685,8
$3 705,6
2017A
$3 840,4
$2 273,4
$3 075,0
$9 188,8
2018A
$2 412,7
$4 802,2
$3 685,8
$10 900,7
LTM
$3 697,6
$3 772,0
$3 705,6
$11 175,2
2,5%
6,3%
16,7%
10,9%
10,6%
Margin
444bps
(37bps)
EBITDA
$1 871,4
$1 522,3
$3 419,3
$4 432,5
$4 654,6
45,6%
37,2%
40,7%
41,7%
$365,9
$222,2
$1 485,3
$2 285,1
$2 377,7
8,5%
26,5%
10,4%
10,8%
(39,3%)
6,7%
568,3%
16,2%
53,8%
21,0%
4,1%
21,3%
511bps
675bps
-
$591,6
$813,8
$525,6
$2 010,9
$583,6
$2 868,7
$583,6
$2 961,4
24,4%
21,9%
26,3%
26,5%
YoY Growth
Margin
Note: R&D
EBITDA Excl. R&D
$526,9
$892,8
2021E
$46,3
$85,5
$46,3
$178,2
2022E
$51,0
$94,1
$51,0
$196,0
2023E
$55,5
$102,5
$55,5
$213,4
$3 075,0
$1 257,3
$1 189,7
$1 983,4
2015A
$3 772,0
$2 273,4
$3 339,8
$1 059,3
$887,8
$1 392,7
$4 802,2
$3 840,4
2016A
Americas
$3 697,6
$2 412,7
2017A
Japan
2018A
LTM
Other
Industry Size by Segment
Smartphones
Tablet
Console
PC
Total
$54,9
$13,6
$47,9
$35,7
$152,1
Industry Size by Geography
North America
Asia-Pacific
Rest of World
Total
2019E
$39,5
$73,0
$39,5
$152,1
$178,2
$152,1
$164,6
$39,5
$44,4
$46,3
$73,0
$77,4
$85,5
$39,5
2019E
$213,4
$196,0
$55,5
$51,0
$102,5
$94,1
$42,8
$46,3
$51,0
2020E
2021E
2022E
North America
Asia-Pacific
2020E
$42,8
$77,4
$44,4
$164,6
2024E
$60,4
$111,6
$60,4
$232,4
$232,4
$60,4
$111,6
$55,5
$60,4
2023E
2024E
Rest of World
Stock Charts
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
05/2015
70x
$700
60x
$600
50x
$500
40x
$400
30x
20x
$300
$200
10x
0x
05/2016
Share Price
05/2017
EV / EBITDA
05/2018
05/2019
LT Avg EV / EBITDA
$-
2005
2006
2007
2008
2009
2010
LTM
$11 175,2
18,6%
$9 188,8
$4 430,3
2018A
$10 900,7
175,1%
Margin
Note: R&D
EBITDA Excl. R&D
2017A
$9 188,8
(24,6%)
CAGR
26,0%
828bps
Gross Profit
COGS
Gross Profit
2016A
$3 339,8
YoY Growth
2011
2012
Share Price
2013
2014
2015
2016
2017
2018
2019
25,6%
59,7%
35,0%
