The BCE bid implies 20% upside at KPN and 30% at BT

Pensioen funds and private equity are performing an LBO at BCE. Its valuation, 7.8 times EBITDA over the trailing twelve months, implies an equivalent bid level of EUR 14.93 at KPN (a 21% upside) and GBP 438 (a 31% premium) for BT.

Check out the underlying calculations in this Google Spreadsheet.