BCP?s market value is only one-third of its debt

Despite persistent rumors of interest in acquiring BCP on the part of Brazilian and foreign companies, telecoms analysts believe a deal is highly unlikely because its debt is more than three times its market value. In June BCP owed 1.6 billion US Dollars, up from 375m USD before it defaulted. At today?s exchange rate, the sum is equivalent to about 6bn Brazilian Reals, or 3,300 BRL per subscriber. Compare that with Telesp Celular, BCP?s direct competitor in metropolitan São Paulo. The market value of the A-band operator, which covers the entire state, is now 3.4bn BRL. Assuming a 60% premium for control, analysts reckon Telesp Celular is worth 5.44bn BRL or just over 1,000 BRL per subscriber. Thus BCP, which covers only the metropolitan area, should cost at most 1.7bn BRL, now about 450m USD.


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