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  "documentTitle": "TeliaSonera AB (TLSN)",
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  "authorName": "Muddy Waters",
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  "presentationDate": "2015-10-15 00:00:00",
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  "notes": "Includes specific assumptions regarding Eurasia asset sales, FCPA fines, and net debt adjustments.",
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      "text": "Our base case values TeliaSonera at 29.2 SEK per share, and our downside case (which assumes that disposals are significantly more problematic) values TeliaSonera at 27.4 SEK.",
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      "text": "Price per share: 29.2 SEK",
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      "text": "Our base case values TeliaSonera at 29.2 SEK per share, and our downside case (which assumes that disposals are significantly more problematic) values TeliaSonera at 27.4 SEK.",
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      "text": "Our base case assumes pro forma net debt of SEK 55.7 billion. We have netted off current cash balance of SEK19.6 billion, equity stakes in Turkcell, and Megafon valued at SEK 41 billion and assumed cash proceeds of SEK18.4 billion from the sale of the Eurasia businesses.",
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      "text": "Our base case assumes that each of the Eurasia and Nepal assets is sold at an EV multiple of 3.5x 2015E EBITDA. We use a distressed sale multiple for Nepal, which was closely linked to the Kazakhstan business and seems to have significant issues...",
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      "text": "We assume that TeliaSonera pay fines and penalties of SEK12.5 billion, which would be comparable to Siemens, which seemed to have less extensive FCPA violations and was more contrite.",
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      "text": "Appendix C Valuation Methodology",
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