Company: KYIV
Filing Date: 2025-07-22
Form Type: 424B3
Source: 0001213900-25-066705
Chunk: 455

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-22
Form: 424B3
Chunk 455
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 Ltd. •Etihad Etisalat Company •Hellenic Telecommunications Organization S.A. •Magyar Telekom Távköxlési Nyilvánosan Müködö Részvénytársaság •Mobile Telecommunications Company K.S.C.P. •Oman Telecommunications Company SAOG •Ooredoo Q.P.S.C. •Orange Polska S.A. •Telecom Egypt Company •Türk Telekomünikasyon Anonim Sirketi •Turkcell Iletisim Hizmetleri A.S. •VEON Ltd. •Vodafone Group Public Limited Company Financial data for the Selected Publicly Traded Companies was based on public filings and other publicly available information. Northland reviewed data, including implied market capitalization, implied enterprise value (“EV”), EV/revenue (including total debt, preferred equity, and non -controllinginterests (as applicable) less cash and cash equivalents, as multiples of such companies’ last twelve months (“LTM”) actual revenue), EV/LTM gross profit, and EV/LTM EBITDA. The multiples for each of the above -mentionedfinancial metrics for each of the Selected Publicly Traded Companies were calculated using their respective closing prices on March 17, 2025, and were based on the most recent publicly available information and information available via S&P Capital IQ, Pitchbook, and Bloomberg on that date. Financial data for VEON Holdings used to compare to the Selected Publicly Traded Companies was based on estimates provided by Cohen Circle management, VEON Holdings and their advisors and historical financial results were provided by Cohen Circle management, VEON Holdings and their advisors. Based on its professional judgement and experience, Northland applied a 20% size and liquidity discount to the equity value of the Selected Publicly Traded Companies. The following summarizes the results of these analyses with respect to the financial results and metrics of the Selected Publicly Traded Companies after applying the discounted multiples as set forth above, including: • EV / LTM revenue multiples:The Selected Publicly Traded Companies had EV/LTM revenue multiples ranging from a low of 1.2x to a high of 2.5x. The mean EV/LTM revenue multiple was 1.6x and the median EV/LTM revenue multiple was 1.5x. • EV / LTM gross profit multiples:The Selected Publicly Traded Companies had EV/LTM gross profit multiples ranging from a low of 1.