For our conservative valuation, we reduced the market value of 61 percent of Activision by 20 percent to represent an overvaluation of some type.
Maroc Telecom Valuation Notes
For MAROC TELECOM (EPA:IAM), we applied the same methodology as Activision. For the aggressive case, we added 20 percent to the current market valuation to represent a control premium. For the conservative case, we subtracted 20 percent to represent an overvaluation of Maroc by the market.
Corporate Overhead
Corporate overhead was based on corporate and holding company costs of EUR 115M in 2012 multiplied by the average EV/EBITDA multiple for the entire US stock market of 7.37.
Disclosure: Long Vivendi
