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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Otelco Inc | NASDAQ:OTEL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.739 | 11.74 | 11.76 | 0 | 01:00:00 |
Delaware
|
1-32362
|
52-2126395
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
Class A Common Stock ($0.01 par value per share)
|
OTEL
|
The Nasdaq Stock Market LLC
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 8.01. |
Other Events.
|
Projected Fiscal Year Ending December 31,
|
||||||||||||||||||||||||||||||||||||||||
2020E
|
|
2021E
|
|
2022E
|
|
2023E
|
|
2024E
|
|
2025E
|
|
2026E
|
|
2027E
|
|
2028E
|
|
2029E
|
|
|||||||||||||||||||||
(dollars in millions)
|
||||||||||||||||||||||||||||||||||||||||
Total Revenue
|
$
|
60.7
|
$
|
58.8
|
$
|
57.7
|
$
|
57.1
|
$
|
56.5
|
$
|
56.0
|
$
|
55.6
|
$
|
55.6
|
$
|
55.6
|
$
|
55.6
|
||||||||||||||||||||
Gross Profit
|
$
|
29.2
|
$
|
27.0
|
$
|
25.6
|
$
|
24.6
|
$
|
23.7
|
$
|
22.9
|
$
|
22.1
|
$
|
21.8
|
$
|
21.4
|
$
|
21.1
|
||||||||||||||||||||
Selling, General & Administrative Expense
|
(17.8
|
)
|
(17.7
|
)
|
(16.9
|
)
|
(16.9
|
)
|
(17.2
|
)
|
(17.6
|
)
|
(18.0
|
)
|
(18.5
|
)
|
(18.8
|
)
|
(18.8
|
)
|
||||||||||||||||||||
Book Depreciation and Amortization
|
8.2
|
8.0
|
7.1
|
7.0
|
7.2
|
7.5
|
7.8
|
8.2
|
8.4
|
8.3
|
||||||||||||||||||||||||||||||
Total Adjustments
|
0.3
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
||||||||||||||||||||||||||||||
Adjusted EBITDA(1)
|
$
|
19.8
|
$
|
17.2
|
$
|
15.7
|
$
|
14.7
|
$
|
13.7
|
$
|
12.8
|
$
|
11.9
|
$
|
11.4
|
$
|
11.0
|
$
|
10.6
|
||||||||||||||||||||
Taxes
|
(2.1
|
)
|
(2.2
|
)
|
(1.9
|
)
|
(1.8
|
)
|
(2.0
|
)
|
(2.0
|
)
|
(2.0
|
)
|
(1.9
|
)
|
(1.6
|
)
|
(1.4
|
)
|
||||||||||||||||||||
Capital Expenditures
|
(8.5
|
)
|
(7.0
|
)
|
(7.1
|
)
|
(8.2
|
)
|
(7.8
|
)
|
(7.7
|
)
|
(7.8
|
)
|
(7.3
|
)
|
(6.0
|
)
|
(3.9
|
)
|
||||||||||||||||||||
Change in Net Working Capital
|
0.4
|
0.4
|
0.2
|
0.3
|
0.3
|
0.2
|
0.2
|
0.2
|
0.2
|
0.2
|
||||||||||||||||||||||||||||||
Unlevered Free Cash Flows
|
$
|
9.6
|
$
|
8.5
|
$
|
7.0
|
$
|
4.9
|
$
|
4.1
|
$
|
3.2
|
$
|
2.4
|
$
|
2.4
|
$
|
3.5
|
$
|
5.4
|
(1)
|
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for certain non-recurring items, including legal expenses incurred by the Board and miscellaneous other
adjustments.
|
Enterprise Value / Adjusted EBITDA
|
||||||
LTM
|
NFY
|
NFY+1
|
||||
Selected Company
|
||||||
Alaska Communications Systems Group, Inc.
|
4.3x
|
NA
|
NA
|
|||
CenturyLink, Inc.
|
5.0x
|
5.1x
|
5.2x
|
|||
Consolidated Communications Holdings, Inc.
|
5.7x
|
5.1x
|
5.3x
|
|||
Shenandoah Telecommunications Company
|
12.2x*
|
11.7x*
|
10.6x*
|
|||
Telephone and Data Systems, Inc.
|
3.8x
|
3.8x
|
3.8x
|
|||
WideOpenWest, Inc.
|
7.3x
|
6.6x
|
6.5x
|
|||
_______
|
||||||
“NA” refers to not publicly available.
|
||||||
* Excluded from low, high, median and mean data
|
||||||
Low
|
3.8x
|
3.8x
|
3.8x
|
|||
High
|
7.3x
|
6.6x
|
6.5x
|
|||
Median
|
5.0x
|
5.1x
|
5.2x
|
|||
Mean
|
5.2x
|
5.2x
|
5.2x
|
Date
Announced
|
|
Target
|
|
Acquiror
|
|
Transaction
Value/
LTM Adj.
EBITDA
|
1/24/2020
|
|
Cincinnati Bell Inc.
|
|
Macquarie Infrastructure and Real Assets; MIP V (FCC) AIV, L.P.
|
7.3x
|
|
5/29/2019
|
|
Western Region Operations of Frontier Communications Corporation
|
|
Multiple Financial Sponsors
|
5.0x
|
|
4/1/2019
|
|
Data, Video and Voice Business and Related Assets of Fidelity Communications Co., Inc.
|
|
Cable One, Inc.
|
11.7x
|
|
7/10/2017
|
|
Hawaiian Telcom Holdco, Inc.
|
|
Cincinnati Bell Inc.
|
6.1x
|
|
7/10/2017
|
|
Metrocast Cablevision of New Hampshire, LLC
|
|
Atlantic Broadband Finance, LLC
|
11.6x
|
|
5/22/2017
|
|
WaveDivision Holdings, LLC
|
|
RCN Telecom Services, LLC
|
NA
|
|
4/13/2017
|
|
Broadview Networks Holdings, Inc.
|
|
Windstream Holdings, Inc.
|
4.3x
|
|
1/18/2017
|
|
Rural Broadband Investments, LLC
|
|
Cable One, Inc.
|
11.5x
|
|
12/5/2016
|
|
Fairpoint Communications, Inc.
|
|
Consolidated Communications Holdings, Inc.
|
5.9x
|
|
11/7/2016
|
|
EarthLink Holdings Corp.
|
|
Windstream Holdings, Inc.
|
5.1x
|
|
11/2/2016
|
|
Inteliquent, Inc.
|
|
Onvoy, LLC
|
9.5x
|
|
10/31/2016
|
|
Level 3 Communications, Inc.
|
|
CenturyLink, Inc.
|
13.1x
|
|
8/15/2016
|
|
RCN Corporation
|
|
TPG Capital, L.P.
|
NA
|
|
2/5/2015
|
|
Verizon Florida LLC, GTE Southwest Incorporated, and Verizon California Inc. and Related Assets
|
|
Frontier Communications Corporation
|
6.2x
|
|
11/23/2015
|
|
Allstream Inc.
|
|
Zayo Group, LLC
|
4.7x
|
|
_______ | ||||||
“NA” refers to not publicly available.
|
||||||
Low
|
4.3x
|
|||||
High
|
13.1x
|
|||||
Median
|
6.2x
|
|||||
Mean
|
7.8x
|
Otelco Inc.
(Registrant)
|
||
Date: October 1, 2020
|
By:
|
/s/ Curtis L. Garner, Jr.
|
Name:
|
Curtis L. Garner, Jr.
|
|
Title:
|
Chief Financial Officer
|
1 Year Otelco Chart |
1 Month Otelco Chart |
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