BISX-listed telecommunications provider in the Bahamas, offering broadband and cable service, with a mobile business (ALIV) held jointly with the government.
| Current price | $3.78 |
| Global fair value / share | $8.43 |
| Global implied upside | +123% |
| Global WACC | 11.0% |
| Domestic fair value / share | $12.32 |
| Domestic implied upside | +226% |
| Domestic WACC (no country premium) | 9.4% |
| Terminal growth | 2.0% |
| Enterprise value | ~$553M |
| Market cap | ~$164M |
Two lenses, one set of cash flows. The global lens adds the full Bahamas country risk premium, the return an international investor would require. The domestic lens starts from a Bahamas government bond and adds no country premium, the return a local investor, restricted by exchange controls from freely investing abroad, actually faces. The gap between the two values is that country risk premium.
| Revenue (FY25) | ~$242M |
| EBITDA margin (FY25) | ~37% |
| Capital structure (equity / debt / pref) | 28% / 16% / 56% |
| Relevered equity beta | 2.07 |
| Cost of equity (global / domestic) | 18.4% / 14.1% |
| After-tax cost of debt (global / dom.) | 9.1% / 6.5% |
| Cost of preferred | 8.0% |
| Risk-free rate (US 10Y / Bah. 10Y) | 4.7% / 5.4% |
| Equity risk premium | 4.2% |
| Country risk premium (global only) | 5.1% |
| ALIV minority carve-out (Gov. 51.75%) | ~$77M |
| Shares outstanding | ~43.4M |
Valued with a full three-statement model and a discounted cash flow. Every assumption, forecast, and the complete build are in the model.
Published for informational and educational purposes only. Not investment advice, nor an offer or solicitation to buy or sell any security. Figures reflect the author's own model as of the date shown and may change without notice. The author may hold positions in securities discussed. Do your own research.