Kalkulacja wyceny (mln)
Wartość firmy (EV)	-
Dług netto	-
Gotówka	-
Udziały mniejszościowe	-
Ilość akcji	-
Wartość godziwa firmy	-
Wartość godziwa akcji	Brak danych

Kalkulacja WACC - koszt kapitału
Stopa wolna od ryzyka	-
Premia rynkowa	-
Beta	-
Udział kapitału własnego	-
Udział długu	-
Koszt kapitału własnego	-
Koszt długu	-
WACC	-

Brak modelowania Monte Carlo

Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np. EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń oraz jest prostsza w zastosowaniu. Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np. przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).

	EV/EBITDA TTM	P/E TTM	P/B TTM
Mediana dla branży	4.4	17.0	1.9
China Mobile Limited	6.6	12.6	1.3
Mediana / China Mobile Limited	0.7	1.4	1.5

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Pozostałe spółki z branży Telecommunications Services

Nazwa firmy	Symbol	Kapitalizacja (mln $)	EV/EBITDA	P/E	P/B	Giełda
Lumen Technologies, Inc.	0HVP.L	4,042	-3.8	-88.9	10.5	London Stock Exchange
LG Uplus Corp.	032640.KS	4,071	-0.1	14.7	0.6	KSE
T-Mobile US, Inc.	0R2L.L	279,741	5.4	23.5	4.6	London Stock Exchange
Pharol, SGPS S.A.	0FQ8.L	50	1.6	1.2	0.5	London Stock Exchange
Iridium Communications Inc.	0JDO.L	2,908	3.0	24.7	5.9	London Stock Exchange
Hutchison Telecommunications Hong Kong Holdings Limited	0215.HK	614	8.6	803.2	0.5	HKSE
Sejong Telecom, Inc.	036630.KQ	92	1.5	-17.3	2.2	KOSDAQ
KT Corporation	030200.KS	8,895	0.9	18.6	0.7	KSE
OCK Group Berhad	0172.KL	99	-1.9	13.1	0.6	Kuala Lumpur
Beijing Bewinner Communications Co., Ltd.	002148.SZ	558	159.1	248.1	3.3	Shenzhen
SoftBank Group Corp.	0R15.L	74,008	-1.9	12.6	0.9	London Stock Exchange
PCCW Limited	0008.HK	5,163	-1.0	-134.0	5.4	HKSE
Inscobee., Inc.	006490.KS	135	96.2	66.6	4.2	KSE
SmarTone Telecommunications Holdings Limited	0315.HK	615	2.6	10.1	0.9	HKSE
Vodafone Group Public Limited Company	0LQQ.L	24,688	-3.7	196.6	3.7	London Stock Exchange
REDtone Digital Berhad	0032.KL	101	4.1	6.9	1.6	Kuala Lumpur
Gogo Inc.	0IYQ.L	1,453	8.9	-313.0	17.7	London Stock Exchange
SK Telecom Co.,Ltd	017670.KS	8,093	0.7	8.9	1.0	KSE
China Unicom (Hong Kong) Limited	0762.HK	37,004	2.8	12.4	0.7	HKSE
KTIS Corporation	058860.KS	65	-0.1	7.5	0.4	KSE
China Communications Services Corporation Limited	0552.HK	4,024	13.6	8.1	0.6	HKSE
China Tower Corporation Limited	0788.HK	24,165	1.6	17.0	0.9	HKSE
NET263 Ltd.	002467.SZ	1,278	99.9	187.6	5.6	Shenzhen
China Mobile Limited	0941.HK	233,023	6.6	12.6	1.3	HKSE
Runjian Co., Ltd.	002929.SZ	1,954	33.7	73.5	2.2	Shenzhen
China Telecom Corporation Limited	0728.HK	96,591	10.1	21.4	1.1	HKSE
1&1 AG	1U1.DE	3,707	5.5	18.3	0.5	Frankfurt Stock Exchange
HKBN Ltd.	1310.HK	935	-1.2	56.0	2.7	HKSE
Hangzhou Huaxing Chuangye Communication Technology Co., Ltd.	300025.SZ	495	-74.6	-44.5	6.3	Shenzhen
BENEFIT JAPAN Co., Ltd.	3934.T	69	9.2	13.1	1.4	Tokyo
Dingli Corp., Ltd.	300050.SZ	420	-94.4	-38.9	6.9	Shenzhen
Merit Interactive Co.,Ltd.	300766.SZ	2,040	-196.3	-189.0	9.4	Shenzhen
HK Asia Holdings Limited	1723.HK	211	328.7	296.8	13.2	HKSE
Fuchun Technology Co., Ltd.	300299.SZ	610	-38.7	-38.9	9.8	Shenzhen
APT Satellite Holdings Limited	1045.HK	234	3.8	9.0	0.3	HKSE
Chunghwa Telecom Co., Ltd.	2412.TW	33,676	12.8	40.1	2.6	Taiwan
Taiwan Mobile Co., Ltd.	3045.TW	11,615	5.6	25.0	4.0	Taiwan
CITIC Telecom International Holdings Limited	1883.HK	1,104	3.2	9.5	0.8	HKSE
WellCell Holdings Co Ltd	2477.HK	893	107.0	195.7	16.0	HKSE
Internet Initiative Japan Inc.	3774.T	3,452	8.1	25.2	3.6	Tokyo
China Satellite Communications Co., Ltd.	601698.SS	11,531	71.1	198.6	5.2	Shanghai
Far EasTone Telecommunications Co., Ltd.	4904.TW	10,427	7.7	24.3	3.4	Taiwan
Parlem Telecom Companyia de Telecomunicacions, S.A.	4HW.F	72	13.6	-12.9	98.7	Frankfurt Stock Exchange
Asahi Net, Inc.	3834.T	124	6.4	10.2	1.4	Tokyo
Besttone Holding Co.,Ltd	600640.SS	1,317	138.1	605.7	2.4	Shanghai
Axiata Group Berhad	6888.KL	4,390	-0.9	19.6	0.9	Kuala Lumpur
HwaCom Systems Inc.	6163.TWO	98	9.0	22.3	1.1	Taipei Exchange
China United Network Communications Limited	600050.SS	22,752	4.0	18.5	1.0	Shanghai
China Mobile Limited	600941.SS	244,238	5.0	17.9	1.8	Shanghai
Hangzhou Freely Communication Co., Ltd.	603602.SS	471	38.2	110.8	2.5	Shanghai
China Telecom Corporation Limited	601728.SS	97,702	7.2	19.2	1.6	Shanghai
Chief Telecom Inc.	6561.TWO	1,108	19.0	29.8	10.4	Taipei Exchange
JTOWER Inc.	4485.T	637	11.4	-253.5	2.9	Tokyo
Dr. Peng Telecom & Media Group Co., Ltd.	600804.SS	143	-1.2	-1.1	-10.5	Shanghai
IPS, Inc.	4390.T	209	5.1	12.2	2.0	Tokyo
Welldone Company	6170.TWO	154	6.9	13.8	2.6	Taipei Exchange
BroadBand Tower, Inc.	3776.T	64	6.8	24.4	1.1	Tokyo
China Bester Group Telecom Co., Ltd.	603220.SS	1,346	21.3	82.7	4.7	Shanghai
TIME dotCom Berhad	5031.KL	2,279	14.8	25.1	2.5	Kuala Lumpur
Maxis Berhad	6012.KL	6,709	4.7	20.4	4.8	Kuala Lumpur
Telekom Malaysia Berhad	4863.KL	6,002	5.0	12.6	2.5	Kuala Lumpur
Airtel Africa Plc	AAF.L	8,846	2.0	148.2	3.8	London Stock Exchange
Saudi Telecom Company	7010.SR	57,176	11.1	8.6	2.4	Saudi
Etihad Atheeb Telecommunication Company	7040.SR	892	15.7	18.8	4.7	Saudi
Crops Corporation	9428.T	75	5.5	10.9	0.9	Tokyo
Okinawa Cellular Telephone Company	9436.T	1,567	9.4	18.9	2.4	Tokyo
Michong Metaverse (China) Holdings Group Limited	8645.HK	54	-42.7	-13.2	5.5	HKSE
KDDI Corporation	9433.T	62,838	3.2	10.6	1.4	Tokyo
Fibergate Inc.	9450.T	105	3.6	11.4	2.4	Tokyo
Mobile Telecommunications Company Saudi Arabia	7030.SR	2,578	0.2	16.2	0.9	Saudi
Etihad Etisalat Company	7020.SR	12,010	5.6	13.9	2.4	Saudi
Forval Telecom,Inc.	9445.T	58	6.2	11.4	2.5	Tokyo
Celcomdigi Berhad	6947.KL	10,631	5.8	32.8	2.8	Kuala Lumpur
Sistema Public Joint Stock Financial Corporation	AFKS.ME	1,880	-8.3	-4.4	1.9	Moscow Stock Exchange
SoftBank Group Corp.	9984.T	72,956	-4.7	-293.4	0.9	Tokyo
Arabian Internet and Communications Services Co. Ltd.	7202.SR	8,319	17.0	19.5	7.1	Saudi
Japan Communications Inc.	9424.T	188	25.8	32.0	7.1	Tokyo
SoftBank Corp.	9434.T	72,155	3.4	19.9	3.8	Tokyo
Nippon Telegraph and Telephone Corporation	9432.T	90,603	0.9	13.1	1.3	Tokyo
Vision Inc.	9416.T	417	11.1	17.5	3.2	Tokyo
GMO Internet, Inc.	9449.T	2,529	3.8	27.8	4.5	Tokyo
Aussie Broadband Limited	ABB.AX	768	9.2	42.5	2.1	Australian Securities Exchange
Axtel, S.A.B. de C.V.	AXTELCPO.MX	2,345	14.6	-74.4	21.9	Mexico
Anterix Inc.	ATEX	517	-10.8	-17.3	3.6	NASDAQ Capital Market
ATN International, Inc.	ATNI	240	-2.9	-8.3	0.5	NASDAQ Global Select
Altice USA, Inc.	ATUS	1,055	-9.9	-6.6	-1.9	New York Stock Exchange
Advanced Info Service Public Company Limited	ADVANC-R.BK	26,362	6.0	23.2	9.5	Thailand
PT Bali Towerindo Sentra Tbk	BALI.JK	322	5.2	37.6	2.2	Jakarta Stock Exchange
América Móvil, S.A.B. de C.V.	AMXB.MX	50,978	0.8	41.0	2.2	Mexico
América Móvil, S.A.B. de C.V.	AMX.BA	51,268	0.9	41.8	2.3	Buenos Aires
Advanced Info Service Public Company Limited	AISF.F	25,941	5.9	22.8	9.3	Frankfurt Stock Exchange
América Móvil, S.A.B. de C.V.	AMX	51,739	0.6	29.4	2.2	New York Stock Exchange
Advanced Info Service Public Company Limited	ADVANC.BK	26,362	6.0	23.2	9.5	Thailand
Bredband2 i Skandinavien AB (publ)	BRE2.ST	232	7.5	20.9	4.2	Stockholm Stock Exchange
BT Group plc	BT-A.L	23,546	-0.9	23.1	1.4	London Stock Exchange
Bahnhof AB (publ)	BAHN-B.ST	664	20.4	29.0	10.2	Stockholm Stock Exchange
Cogent Communications Holdings, Inc.	CCOI	2,357	0.8	-12.0	16.0	NASDAQ Global Select
Bharti Airtel Limited	BHARTIARTL.BO	124,397	9.3	44.0	10.5	Bombay Stock Exchange
Bharti Airtel Limited	BHARTIARTL.NS	124,347	9.3	44.0	10.5	National Stock Exchange of India
BCE Inc.	BCE.TO	20,008	-1.3	48.5	1.6	Toronto Stock Exchange
BCE Inc.	BCE-PY.TO	11,849	-1.3	48.5	1.6	Toronto Stock Exchange
StarHub Ltd	CC3.SI	1,519	3.2	13.3	3.4	Stock Exchange of Singapore
Verizon Communications Inc.	BAC.DE	184,206	0.4	10.4	1.8	Frankfurt Stock Exchange
Cogeco Communications Inc.	CCA.TO	2,124	-1.4	8.7	0.9	Toronto Stock Exchange
Cable One, Inc.	CABO	774	-4.0	16.4	0.4	New York Stock Exchange
PT Centratama Telekomunikasi Indonesia Tbk	CENT.JK	182	-22.0	-1.6	0.6	Jakarta Stock Exchange
BCE Inc.	BCE-PA.TO	12,294	-1.3	48.5	1.6	Toronto Stock Exchange
Brisanet Participações S.A.	BRIT3.SA	242	-0.6	11.7	0.9	São Paulo
Bharti Hexacom Limited	BHARTIHEXA.NS	10,620	21.3	72.9	17.5	National Stock Exchange of India
BCE Inc.	BCE	19,990	-1.3	48.5	1.6	New York Stock Exchange
Emirates Integrated Telecommunications Company PJSC	DU.AE	11,368	6.1	16.0	4.6	Dubai
Crexendo, Inc.	CXDO	165	31.1	66.2	2.9	NASDAQ Capital Market
PT Indoritel Makmur Internasional Tbk.	DNET.JK	8,674	54.7	114.2	9.7	Jakarta Stock Exchange
Cogeco Inc.	CGO.TO	461	-3.1	7.2	0.7	Toronto Stock Exchange
Comcast Corporation	CTP2.DE	129,209	1.0	8.3	1.5	Frankfurt Stock Exchange
Comcast Corporation	CMCSA	128,881	1.2	8.3	1.5	NASDAQ Global Select
Chorus Limited	CNU.AX	2,214	-0.2	-111.9	3.2	Australian Securities Exchange
Chorus Limited	CNU.NZ	2,210	-1.5	-193.3	5.5	NZSE
Charter Communications, Inc.	CHTR	54,796	-1.8	10.8	3.5	NASDAQ Global Select
Cablevisión Holding S.A.	CVH.BA	1,071	-0.6	4.2	0.6	Buenos Aires
Consolidated Communications Holdings, Inc.	CNSL	550	-6.7	-2.8	2.3	NASDAQ Global Select
Chunghwa Telecom Co., Ltd.	CHT	33,885	11.5	32.1	2.6	New York Stock Exchange
Elisa Oyj	ELISA.HE	8,550	7.7	20.5	5.5	Helsinki
freenet AG	FNTN.DE	3,885	6.0	14.1	2.2	Frankfurt Stock Exchange
Deutsche Telekom AG	DTE.DE	188,676	0.5	14.9	2.6	Frankfurt Stock Exchange
FingerMotion, Inc.	FNGR	139	-26.1	-24.0	13.5	NASDAQ Capital Market
Forth Smart Service Public Company Limited	FSMART.BK	154	5.5	11.8	3.9	Thailand
EuroTeleSites AG	ETS.VI	989	-3.2	39.7	2.5	Vienna
Empresa Nacional de Telecomunicaciones S.A.	ENTEL.SN	913	-2.1	7.7	0.5	Santiago
ecotel communication ag	E4C.DE	51	4.8	22.3	1.8	Frankfurt Stock Exchange
PT XL Axiata Tbk	EXCL.JK	2,431	-0.2	17.3	1.1	Jakarta Stock Exchange
PT Smartfren Telecom Tbk	FREN.JK	674	-1.4	-7.7	0.5	Jakarta Stock Exchange
freenet AG	FNTN.HM	3,885	6.0	14.1	2.2	Hamburg
Orange S.A.	FTE.DE	38,520	-0.1	21.8	1.0	Frankfurt Stock Exchange
Unifique Telecomunicações S.A.	FIQE3.SA	242	2.2	7.8	1.1	São Paulo
Helios Towers plc	HTWS.L	1,788	-0.0	92.4	454.0	London Stock Exchange
Gamma Communications plc	GAMA.L	1,501	10.3	16.2	3.0	London Stock Exchange
Hellenic Telecommunications Organization S.A.	HTO.AT	8,029	4.6	14.7	3.6	Athens
Itissalat Al-Maghrib (IAM) S.A.	IAM.PA	10,123	4.1	74.2	6.2	Paris
Gogo Inc.	GOGO	1,469	8.9	-313.0	17.7	NASDAQ Global Select
Hutchison Telecommunications (Australia) Limited	HTA.AX	273	0.0	-2.2	17.6	Australian Securities Exchange
PT Inti Bangun Sejahtera Tbk	IBST.JK	444	-13.5	-7.9	3.0	Jakarta Stock Exchange
IDT Corporation	IDT	1,744	20.5	21.6	6.4	New York Stock Exchange
Globalstar, Inc.	GSAT	2,544	24.2	-37.4	7.3	American Stock Exchange
Frontier Communications Parent, Inc.	FYBR	9,078	-1.0	-33.7	1.9	NASDAQ Global Select
PT Gihon Telekomunikasi Indonesia Tbk	GHON.JK	58	3.9	12.4	1.2	Jakarta Stock Exchange
Koninklijke KPN N.V.	KPN.AS	18,348	4.1	21.0	5.0	Amsterdam
Vodafone Idea Limited	IDEA.BO	8,737	-9.3	-1.7	-0.5	Bombay Stock Exchange
Indus Towers Limited	INDUSTOWER.BO	12,003	4.0	10.4	3.2	Bombay Stock Exchange
Interlink Telecom Public Company Limited	ITEL.BK	54	-1.9	5.8	0.4	Thailand
Liberty Global plc	LBTYA	3,393	-15.6	-13.7	0.3	NASDAQ Global Select
IHS Holding Limited	IHS	1,891	0.6	-1.2	-4.1	New York Stock Exchange
Liberty Broadband Corporation	LBRDA	13,489	7.2	14.9	1.3	NASDAQ Global Select
KT Corporation	KT	9,650	1.1	19.8	0.7	New York Stock Exchange
Indus Towers Limited	INDUSTOWER.NS	11,997	4.0	10.4	3.2	National Stock Exchange of India
Intouch Holdings Public Company Limited	INTUCH-R.BK	7,988	25.8	19.4	6.3	Thailand
Jasmine International Public Company Limited	JAS.BK	352	10.4	25.2	1.3	Thailand
Liberty Global plc	LBTYB	3,387	-15.6	-13.7	0.3	NASDAQ Global Select
Liberty Broadband Corporation	LBRDP	13,238	7.2	14.9	1.3	NASDAQ Global Select
Liberty Broadband Corporation	LBRDK	13,496	7.2	14.9	1.3	NASDAQ Global Select
Jasmine International Public Company Limited	JASN.F	339	10.4	21.7	1.2	Frankfurt Stock Exchange
Liberty Global plc	LBTYK	3,408	-15.5	-13.9	0.3	NASDAQ Global Select
Iridium Communications Inc.	IRDM	2,998	3.0	24.7	5.9	NASDAQ Global Select
Jasmine Technology Solution Public Company Limited	JTS.BK	858	24.2	46.7	24.9	Thailand
Intouch Holdings Public Company Limited	INTUCH.BK	7,988	25.8	19.4	6.3	Thailand
PT Indosat Ooredoo Hutchison Tbk	ISAT.JK	4,103	0.6	13.6	1.9	Jakarta Stock Exchange
Vodafone Idea Limited	IDEA.NS	8,775	-9.3	-1.7	-0.5	National Stock Exchange of India
Intred S.p.A.	ITD.MI	185	3.1	17.9	2.7	Milan
LINK Mobility Group Holding ASA	LINK.OL	705	6.9	29.4	1.4	Oslo Stock Exchange
MTN Group Limited	MTN.JO	132	2.4	-24.5	1.9	Johannesburg
Mobile TeleSystems Public Joint Stock Company	MTSS.ME	5,322	-1.3	6.7	-11.2	Moscow Stock Exchange
PT Mora Telematika Indonesia	MORA.JK	599	4.7	67.1	1.5	Jakarta Stock Exchange
Mahanagar Telephone Nigam Limited	MTNL.NS	367	-120.6	-1.0	-0.1	National Stock Exchange of India
PT Link Net Tbk	LINK.JK	271	-2.8	-3.8	0.9	Jakarta Stock Exchange
Lumen Technologies, Inc.	LUMN	4,099	-3.2	-12.5	13.5	New York Stock Exchange
Liberty Latin America Ltd.	LILA	1,012	-8.8	-1.3	0.6	NASDAQ Global Select
Public Joint Stock Company Moscow City Telephone Network	MGTS.ME	1,338	5.2	6.1	0.7	Moscow Stock Exchange
Liberty Latin America Ltd.	LILAK	1,016	-8.8	-1.3	0.6	NASDAQ Global Select
Public Joint Stock Company Moscow City Telephone Network	MGTSP.ME	1,338	5.2	6.1	0.7	Moscow Stock Exchange
PT Dayamitra Telekomunikasi Tbk.	MTEL.JK	3,082	6.2	23.0	1.4	Jakarta Stock Exchange
Mahanagar Telephone Nigam Limited	MTNL.BO	367	-120.6	-1.0	-0.1	Bombay Stock Exchange
Macquarie Telecom Group Limited	MAQ.AX	1,049	28.1	103.2	4.5	Australian Securities Exchange
NOS, S.G.P.S., S.A.	NOS.LS	2,297	0.6	7.6	1.9	Lisbon
Nova Klúbburinn hf.	NOVA.IC	129	2.1	20.6	1.8	Iceland
Orange Belgium S.A.	OBEL.BR	1,268	-1.8	50.0	1.2	Brussels
Orange Polska S.A.	OPL.WA	3,329	1.4	14.3	0.9	Warsaw Stock Exchange
Pharol, SGPS S.A.	PHR.LS	51	1.6	1.2	0.5	Lisbon
Ovzon AB (publ)	OVZON.ST	448	54.9	-38.3	2.9	Stockholm Stock Exchange
Orange S.A.	ORA.PA	38,808	-0.0	14.5	1.1	Paris
PLDT Inc.	PHI	4,946	-0.5	8.5	2.4	New York Stock Exchange
OnMobile Global Limited	ONMOBILE.NS	67	82.2	-17.4	0.9	National Stock Exchange of India
Public Joint Stock Company Nauka-Telecom	NSVZ.ME	64	19.3	113.8	1.2	Moscow Stock Exchange
Ooredoo Q.P.S.C.	ORDS.QA	10,956	3.7	11.4	1.5	Qatar
Ooma, Inc.	OOMA	366	59.5	-52.0	4.2	New York Stock Exchange
OnMobile Global Limited	ONMOBILE.BO	67	82.2	-17.4	0.9	Bombay Stock Exchange
Proximus PLC	PROX.BR	2,812	-0.9	5.1	0.6	Brussels
Rogers Communications Inc.	RCI	14,598	-2.9	11.1	1.8	New York Stock Exchange
Ribbon Communications Inc.	RBBN	659	6.5	-12.9	1.7	NASDAQ Global Select
Rogers Communications Inc.	RCI-A.TO	14,866	-2.8	12.4	2.1	Toronto Stock Exchange
RailTel Corporation of India Limited	RAILTEL.NS	1,663	27.4	53.9	7.5	National Stock Exchange of India
Public Joint Stock Company Rostelecom	RTKMP.ME	2,919	-1.5	14.3	1.0	Moscow Stock Exchange
Reliance Communications Limited	RCOM.NS	63	-1,938.9	-0.1	-0.0	National Stock Exchange of India
Samart Telcoms Public Company Limited	SAMTEL.BK	105	5.2	29.7	0.9	Thailand
Route Mobile Limited	ROUTE.NS	753	11.3	18.4	2.7	National Stock Exchange of India
Route Mobile Limited	ROUTE.BO	751	11.3	18.4	2.7	Bombay Stock Exchange
Public Joint Stock Company Rostelecom	RTKM.ME	2,890	-1.5	14.3	1.0	Moscow Stock Exchange
Quebecor Inc.	QBR-B.TO	6,501	0.5	11.8	4.1	Toronto Stock Exchange
RailTel Corporation of India Limited	RAILTEL.BO	1,667	27.4	53.9	7.5	Bombay Stock Exchange
RADCOM Ltd.	RDCM	211	66.7	30.0	2.2	NASDAQ Capital Market
Rogers Communications Inc.	RCI-B.TO	14,613	-2.9	11.1	1.8	Toronto Stock Exchange
Quebecor Inc.	QBR-A.TO	6,655	0.5	11.8	4.1	Toronto Stock Exchange
Sinch AB (publ)	SINCH.ST	2,221	-23.1	-3.5	0.8	Stockholm Stock Exchange
Síminn hf.	SIMINN.IC	262	1.9	31.0	1.9	Iceland
AT&T Inc.	SOBA.DE	201,487	1.4	17.0	1.9	Frankfurt Stock Exchange
Swisscom AG	SCMN.SW	35,652	5.2	20.2	2.3	Swiss Exchange
Shenandoah Telecommunications Company	SHEN	730	3.6	-23.4	0.8	NASDAQ Global Select
SK Telecom Co.,Ltd	SKM	8,134	0.4	8.7	1.0	New York Stock Exchange
Sify Technologies Limited	SIFY	61	-3.8	-47.1	0.6	NASDAQ Capital Market
Spark New Zealand Limited	SPK.AX	2,584	1.8	21.2	2.9	Australian Securities Exchange
Spark New Zealand Limited	SPK.NZ	2,577	1.8	21.2	2.9	NZSE
Spirit Technology Solutions Ltd	ST1.AX	53	37.3	-10.1	0.7	Australian Securities Exchange
SoftBank Group Corp.	SFT.F	74,986	-4.4	10.8	0.9	Frankfurt Stock Exchange
Superloop Limited	SLC.AX	926	32.8	-363.0	3.6	Australian Securities Exchange
Telia Company AB (publ)	TELIA.ST	15,173	2.1	20.9	2.6	Stockholm Stock Exchange
Türk Telekomünikasyon Anonim Sirketi	TTKOM.IS	5,176	1.9	16.6	1.2	Istanbul Stock Exchange
Telefónica, S.A.	TNE5.DE	30,208	2.1	-14.0	1.3	Frankfurt Stock Exchange
Telia Company AB (publ)	TELIA1.HE	15,278	2.1	20.6	2.6	Helsinki
Telecom Italia S.p.A.	TIT.MI	9,505	-0.9	-13.5	0.7	Milan
United Internet AG	UTDI.DE	4,725	1.0	-79.5	0.9	Frankfurt Stock Exchange
Transtema Group AB	TRANS.ST	65	1.5	171.3	1.2	Stockholm Stock Exchange
Telecom Italia S.p.A.	TITR.MI	9,555	-0.9	-13.5	0.7	Milan
Millicom International Cellular S.A.	TIGO-SDB.ST	5,451	-0.5	15.1	1.6	Stockholm Stock Exchange
Telenor ASA	TEL.OL	21,194	2.7	11.1	2.8	Oslo Stock Exchange
Tele2 AB (publ)	TEL2-A.ST	10,409	6.7	25.4	4.3	Stockholm Stock Exchange
Telekom Austria AG	TKA.VI	7,284	2.0	10.1	1.2	Vienna
Tele2 AB (publ)	TEL2-B.ST	10,210	6.7	25.4	4.3	Stockholm Stock Exchange
Turkcell Iletisim Hizmetleri A.S.	TCELL.IS	5,395	2.2	9.1	1.0	Istanbul Stock Exchange
Telefónica, S.A.	TEF.MC	30,182	2.1	-14.0	1.3	Madrid Stock Exchange
VEON Ltd.	VEON	3,505	0.3	10.4	2.8	NASDAQ Global Select
United States Cellular Corporat	UZF	5,284	1.7	-136.9	1.2	New York Stock Exchange
AT&T Inc.	T-PA	143,264	1.4	17.1	2.0	New York Stock Exchange
Turkcell Iletisim Hizmetleri A.S.	TKC	5,512	2.3	9.4	1.0	New York Stock Exchange
AT&T Inc. 5.625% Global Notes d	TBC	179,834	1.5	15.4	1.5	New York Stock Exchange
Grupo Televisa, S.A.B.	TV	213	-5.7	-0.5	0.0	New York Stock Exchange
Symphony Communication Public Company Limited	SYMC.BK	58	1.9	9.2	0.6	Thailand
Tata Communications Limited	TATACOMM.NS	5,695	6.9	32.0	16.2	National Stock Exchange of India
United States Cellular Corporat	UZD	5,194	1.7	-136.9	1.2	New York Stock Exchange
United States Cellular Corporation	USM	5,282	1.7	-136.9	1.2	New York Stock Exchange
Telecom Argentina S.A.	TECO2.BA	4,247	0.9	6.5	0.9	Buenos Aires
True Corporation Public Company Limited	TRUE-R.BK	13,306	0.2	-47.7	5.4	Thailand
Telecom Italia S.p.A.	TQI.DE	6,148	-0.9	-13.5	0.7	Frankfurt Stock Exchange
PT Sarana Menara Nusantara Tbk.	TOWR.JK	1,753	-3.1	8.0	1.4	Jakarta Stock Exchange
Telecomunicações Brasileiras S.A. - Telebras	TELB3.SA	203	4.0	-11.5	0.5	São Paulo
Telephone and Data Systems, Inc.	TDS	3,720	-0.9	-79.8	0.8	New York Stock Exchange
T-Mobile US, Inc.	TMUS	278,424	5.4	23.5	4.6	NASDAQ Global Select
T-Mobile US, Inc.	TM5.DE	280,270	5.4	23.5	4.6	Frankfurt Stock Exchange
Telefónica, S.A.	TEF	29,909	-0.8	-533.5	1.4	New York Stock Exchange
TPG Telecom Limited	TPG.AX	6,281	2.0	-90.1	0.9	Australian Securities Exchange
Tata Teleservices (Maharashtra) Limited	TTML.BO	1,622	-11.4	-10.9	-0.7	Bombay Stock Exchange
Millicom International Cellular S.A.	TIGO	6,275	-0.1	17.5	1.8	NASDAQ Global Select
Grupo Televisa, S.A.B.	TLEVISACPO.MX	1,080	-5.4	21.8	0.2	Mexico
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk	TLK	17,113	3.2	11.9	1.9	New York Stock Exchange
PT Tower Bersama Infrastructure Tbk	TBIG.JK	3,045	4.4	38.4	5.3	Jakarta Stock Exchange
Telekom Austria AG	TA1.DE	7,306	2.0	10.1	1.2	Frankfurt Stock Exchange
Intouch Holdings Public Company Limited	SWTF.F	8,135	19.6	19.5	6.4	Frankfurt Stock Exchange
Telecomunicações Brasileiras S.A. - Telebras	TELB4.SA	200	4.0	-11.5	0.5	São Paulo
AT&T Inc. 5.35% GLB NTS 66	TBB	202,015	1.4	13.6	1.5	New York Stock Exchange
TELUS Corporation	T.TO	24,893	0.6	28.5	2.2	Toronto Stock Exchange
Tuas Limited	TUA.AX	1,804	46.8	-526.9	5.3	Australian Securities Exchange
United States Cellular Corporat	UZE	5,197	1.7	-136.9	1.2	New York Stock Exchange
Tata Communications Limited	TATACOMM.BO	5,702	6.9	32.0	16.2	Bombay Stock Exchange
True Corporation Public Company Limited	TRUE.BK	13,201	0.2	-47.7	5.4	Thailand
TELUS Corporation	TU	24,865	0.6	28.5	2.2	New York Stock Exchange
Telephone and Data Systems, Inc.	TDS-PV	3,610	-0.9	-79.8	0.8	New York Stock Exchange
Tata Teleservices (Maharashtra) Limited	TTML.NS	1,623	-11.4	-10.9	-0.7	National Stock Exchange of India
TIM S.A.	TIMS3.SA	8,646	2.7	14.2	2.0	São Paulo
Telephone and Data Systems, Inc.	TDS-PU	3,650	-0.9	-79.8	0.8	New York Stock Exchange
Telecom Italia S.p.A.	TQIR.DE	6,148	-0.9	-13.5	0.7	Frankfurt Stock Exchange
AT&T Inc.	T	201,405	1.4	17.1	2.0	New York Stock Exchange
Telecom Argentina S.A.	TEO	3,017	-1.1	0.0	0.0	New York Stock Exchange
VEON Ltd.	VEON.AS	2,386	-0.9	0.5	0.1	Amsterdam
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk	TLKM.JK	16,926	3.2	12.0	1.9	Jakarta Stock Exchange
Telstra Group Limited	TLS.AX	36,094	5.6	33.4	3.8	Australian Securities Exchange
TIM S.A.	TIMB	8,624	2.7	14.1	2.0	New York Stock Exchange
AT&T Inc.	T-PC	136,393	1.4	17.1	2.0	New York Stock Exchange
Unidata S.p.A.	UD.MI	96	1.5	10.6	1.2	Milan
Vodafone Group Public Limited Company	VODI.DE	24,637	-2.5	9.3	0.4	Frankfurt Stock Exchange
Zegona Communications plc	ZEG.L	7,152	9.5	-96.7	5.0	London Stock Exchange
Vodacom Group Limited	VOD.JO	148	3.7	18.1	3.2	Johannesburg
Vodafone Group Public Limited Company	VOD.L	24,644	-4.8	22.3	0.4	London Stock Exchange
Singapore Telecommunications Limited	Z74.SI	49,801	16.6	-593.6	2.7	Stock Exchange of Singapore
Telephone and Data Systems, Inc. SR NT 2045	TDI	57	-0.8	-32.3	0.8	New York Stock Exchange
Verizon Communications Inc.	VZ	183,977	0.4	10.4	1.8	New York Stock Exchange
Vodafone Group Public Limited Company	VOD	24,838	-2.0	9.3	0.4	NASDAQ Global Select
Telefônica Brasil S.A.	VIV	16,660	3.7	16.8	1.3	New York Stock Exchange
Verizon Communications Inc	VZ.NE	187,748	0.5	3.3	0.6	NEO
Telefônica Brasil S.A.	VIVT3.SA	16,767	3.7	16.4	1.4	São Paulo
WideOpenWest, Inc.	WOW	359	-2.8	-6.0	1.8	New York Stock Exchange
Remala Abadi Tbk.	DATA.JK	120	40.1	66.3	7.1	Jakarta Stock Exchange
PT Pelita Teknologi Global Tbk	CHIP.JK	66	68.5	132.5	16.4	Jakarta Stock Exchange
Vodafone Qatar P.Q.S.C.	VFQS.QA	2,770	6.6	16.6	2.2	Qatar