164 The Financial Times Guide to Corporate Valuation
of equity. This, together with the EV/EBITDA multiple estimate and the
EV/customer multiple estimate, leads us to believe that a value around our
high-case scenario between €17,000m and €18,000m seems most likely
to be a fair estimate. This would also result in ROC and ROE spreads that
possibly could be defended as sustainable in the long term. This implies a
value per share between €41.5 and €43.9.
Summary
In this chapter, we have completed a full valuation of our model com-
pany, Mobitronics. We went through the following key steps:
Underlying analysis of Mobitronics, where we used the framework
presented in Chapter 7 to analyze the intellectual capital within
Mobitronics and ...