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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.2x - 19.0x | 18.1x |
| Selected Fwd EBIT Multiple | 14.5x - 16.0x | 15.2x |
| Fair Value | R$143.02 - R$182.71 | R$162.87 |
| Upside | -12.0% - 12.4% | 0.2% |
| Benchmarks | Ticker | Full Ticker |
| PG&E Corporation | PCG | NYSE:PCG |
| Entergy Corporation | ETR | NYSE:ETR |
| IDACORP, Inc. | IDA | NYSE:IDA |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Exelon Corporation | EXC | NasdaqGS:EXC |
| Edison International | E1IX34 | BOVESPA:E1IX34 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PCG | ETR | IDA | XEL | EXC | E1IX34 | ||
| NYSE:PCG | NYSE:ETR | NYSE:IDA | NasdaqGS:XEL | NasdaqGS:EXC | BOVESPA:E1IX34 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.4% | 11.0% | 2.2% | 3.0% | -1.2% | 11.3% | |
| 3Y CAGR | 17.4% | 11.0% | 0.6% | 3.0% | 15.5% | 6.9% | |
| Latest Twelve Months | 48.6% | 4.8% | 4.2% | -7.9% | 6.1% | 7.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.3% | 18.0% | 20.0% | 17.6% | 16.2% | 20.9% | |
| Prior Fiscal Year | 14.1% | 22.2% | 17.4% | 18.4% | 18.5% | 22.1% | |
| Latest Fiscal Year | 21.0% | 23.8% | 17.5% | 17.9% | 18.5% | 22.0% | |
| Latest Twelve Months | 21.0% | 23.8% | 17.5% | 17.9% | 18.5% | 22.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.86x | 5.34x | 4.79x | 5.17x | 3.95x | 3.58x | |
| EV / LTM EBITDA | 10.1x | 12.6x | 16.0x | 13.2x | 12.7x | 9.8x | |
| EV / LTM EBIT | 18.4x | 22.5x | 27.4x | 28.9x | 21.3x | 16.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 18.4x | 22.5x | 28.9x | ||||
| Historical EV / LTM EBIT | 16.3x | 17.6x | 19.7x | ||||
| Selected EV / LTM EBIT | 17.2x | 18.1x | 19.0x | ||||
| (x) LTM EBIT | 3,872 | 3,872 | 3,872 | ||||
| (=) Implied Enterprise Value | 66,599 | 70,104 | 73,609 | ||||
| (-) Non-shareholder Claims * | (41,331) | (41,331) | (41,331) | ||||
| (=) Equity Value | 25,268 | 28,773 | 32,278 | ||||
| (/) Shares Outstanding | 1,049.4 | 1,049.4 | 1,049.4 | ||||
| Implied Value Range | 24.08 | 27.42 | 30.76 | ||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 143.04 | 162.89 | 182.73 | 162.56 | |||
| Upside / (Downside) | -12.0% | 0.2% | 12.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PCG | ETR | IDA | XEL | EXC | E1IX34 | |
| Enterprise Value | 96,108 | 63,371 | 8,750 | 69,105 | 91,023 | 70,047 | |
| (+) Cash & Short Term Investments | 940 | 860 | 369 | 190 | 371 | 193 | |
| (+) Investments & Other | 0 | 82 | 160 | 378 | 42 | 57 | |
| (-) Debt | (58,343) | (29,311) | (3,074) | (30,270) | (46,905) | (37,761) | |
| (-) Other Liabilities | (252) | (320) | (7) | 0 | 0 | (2,175) | |
| (-) Preferred Stock | (1,579) | 0 | 0 | 0 | 0 | (1,645) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,874 | 34,681 | 6,198 | 39,403 | 44,531 | 28,716 | |
| (/) Shares Outstanding | 2,193.6 | 430.8 | 54.0 | 574.6 | 1,005.2 | 1,049.4 | |
| Implied Stock Price | 16.81 | 80.51 | 114.74 | 68.58 | 44.30 | 27.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |
| Implied Stock Price (Trading Cur) | 16.81 | 80.51 | 114.74 | 68.58 | 44.30 | 162.56 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |