4
… 不同业务采用
不同绩效评价方式
Source: Morgan Stanley Dean
Witter, Goldman Sachs, SEC
filings, company reports, PwC
analysis
2
2
4
4
5
5
8
8
30
30
46
46
87
87
0
0
10
10
20
20
30
30
40
40
50
50
60
60
70
70
80
80
90
90
LD - US
RBOCs - US
Incumbents- ROW
Wireless - US
Emerging telco's -
US and ROW
B-to-C
B-to-B
EV/Rev
EV/Rev
Traditional Telcos -
valued on EBITDA
Multiple
e-Business - valued on
Revenue Multiple
EV/Revenue Multiples
华尔街评价重点
