Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 30.7x - 33.9x | 32.3x |
| Selected Fwd EBIT Multiple | 21.2x - 23.4x | 22.3x |
| Fair Value | Mex$ 1,530 - Mex$ 1,767 | Mex$ 1,648 |
| Upside | 12.3% - 29.7% | 21.0% |
| Benchmarks | Ticker | Full Ticker |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Edison International | EIX | NYSE:EIX |
| PG&E Corporation | PCG | NYSE:PCG |
| Entergy Corporation | ETR | NYSE:ETR |
| IDACORP, Inc. | IDA | NYSE:IDA |
| NextEra Energy, Inc. | NEE * | BMV:NEE* |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PNW | EIX | PCG | ETR | IDA | NEE * | ||
| NYSE:PNW | NYSE:EIX | NYSE:PCG | NYSE:ETR | NYSE:IDA | BMV:NEE* | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.8% | 11.3% | 27.4% | 11.0% | 2.2% | 6.5% | |
| 3Y CAGR | 4.9% | 6.9% | 17.4% | 11.0% | 0.6% | 33.5% | |
| Latest Twelve Months | 22.6% | 7.3% | 48.6% | 4.8% | 4.2% | -26.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 20.9% | 15.3% | 18.0% | 20.0% | 25.9% | |
| Prior Fiscal Year | 18.4% | 22.1% | 14.1% | 22.2% | 17.4% | 35.8% | |
| Latest Fiscal Year | 20.7% | 22.0% | 21.0% | 23.8% | 17.5% | 29.7% | |
| Latest Twelve Months | 20.7% | 22.0% | 21.0% | 23.8% | 17.5% | 29.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.37x | 3.61x | 3.98x | 5.43x | 4.89x | 8.48x | |
| EV / LTM EBITDA | 11.1x | 9.9x | 10.4x | 12.8x | 16.3x | 16.0x | |
| EV / LTM EBIT | 21.1x | 16.4x | 19.0x | 22.8x | 27.9x | 28.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.4x | 21.1x | 27.9x | ||||
| Historical EV / LTM EBIT | 20.2x | 36.3x | 81.6x | ||||
| Selected EV / LTM EBIT | 30.7x | 32.3x | 33.9x | ||||
| (x) LTM EBIT | 7,362 | 7,362 | 7,362 | ||||
| (=) Implied Enterprise Value | 225,982 | 237,876 | 249,770 | ||||
| (-) Non-shareholder Claims * | (74,823) | (74,823) | (74,823) | ||||
| (=) Equity Value | 151,159 | 163,053 | 174,947 | ||||
| (/) Shares Outstanding | 2,057.0 | 2,057.0 | 2,057.0 | ||||
| Implied Value Range | 73.48 | 79.27 | 85.05 | ||||
| FX Rate: USD/MXN | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,464.03 | 1,579.23 | 1,694.42 | 1,362.00 | |||
| Upside / (Downside) | 7.5% | 15.9% | 24.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PNW | EIX | PCG | ETR | IDA | NEE * | |
| Enterprise Value | 22,284 | 63,019 | 96,920 | 64,116 | 8,925 | 215,448 | |
| (+) Cash & Short Term Investments | 4 | 193 | 940 | 860 | 369 | 1,487 | |
| (+) Investments & Other | 0 | 57 | 0 | 82 | 160 | 18,010 | |
| (-) Debt | (11,048) | (37,761) | (58,343) | (29,311) | (3,074) | (83,560) | |
| (-) Other Liabilities | (103) | (2,175) | (252) | (320) | (7) | (10,760) | |
| (-) Preferred Stock | 0 | (1,645) | (1,579) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,136 | 21,688 | 37,686 | 35,427 | 6,373 | 140,625 | |
| (/) Shares Outstanding | 119.2 | 385.0 | 2,193.6 | 430.8 | 54.0 | 2,057.0 | |
| Implied Stock Price | 93.41 | 56.33 | 17.18 | 82.24 | 117.98 | 68.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | |
| Implied Stock Price (Trading Cur) | 93.41 | 56.33 | 17.18 | 82.24 | 117.98 | 1,362.00 | |
| Trading Currency | USD | USD | USD | USD | USD | MXN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | |