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our Sum-of- the-Parts analysis. Each business is valued via DCF (except MtM for TMUS and OTE }) using a 7.0% WACC and 1.00% terminal growth rate for Domestic and Western Europe assets (and 8.0% WACC/1% term growth for Eastern Europe assets) and cross-checked using implied valuation multiple analysis. Our
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Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)
Marc Rich
PersonAmerican commodities trader (1934–2013)

United States
LocationCountry located primarily in North America
Fraser
PersonDoug Band
PersonAmerican presidential advisor
BofA Merrill Lynch Global Credit Research
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
Organizationthe Australian Securities and Investments Commission
OrganizationCasa de Bolsa
OrganizationMerrill Lynch Argentina SA
Organization
Comisién Nacional de Valores
OrganizationUruguayan football club based in Montevideo, Uruguay
Merrill Lynch International Incorporated
OrganizationMerrill Lynch Securities (Taiwan) Ltd.
Organizationthe Securities and Futures Bureau
OrganizationDSP Merrill Lynch Limited
OrganizationOtoritas Jasa Keuangan
Organizationthe Central Bank of the Russian Federation
OrganizationComissdo de Valores Mobiliarios
Organization