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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.6x - 12.9x | 12.3x |
| Selected Fwd EBITDA Multiple | 12.5x - 13.8x | 13.2x |
| Fair Value | €32.71 - €35.64 | €34.18 |
| Upside | 8.3% - 18.0% | 13.2% |
| Benchmarks | Ticker | Full Ticker |
| Phoenix Power Company SAOG | PHPC | MSM:PHPC |
| Innergex Renewable Energy Inc. | 3IX | DB:3IX |
| TransAlta Corporation | TAC | NYSE:TAC |
| Electricity Generating Public Company Limited | EGCO | SET:EGCO |
| CGN New Energy Holdings Co., Ltd. | 1811 | SEHK:1811 |
| Kenon Holdings Ltd. | 76N | BST:76N |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PHPC | 3IX | TAC | EGCO | 1811 | 76N | ||
| MSM:PHPC | DB:3IX | NYSE:TAC | SET:EGCO | SEHK:1811 | BST:76N | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.5% | 11.1% | 7.8% | -1.8% | 17.7% | 9.8% | |
| 3Y CAGR | 1.6% | 9.0% | -0.1% | -1.4% | 5.8% | 20.1% | |
| Latest Twelve Months | 0.3% | -2.4% | -38.1% | 683.2% | -1.3% | 12.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.6% | 67.1% | 41.9% | 17.0% | 40.7% | 15.9% | |
| Prior Fiscal Year | 33.7% | 66.2% | 51.0% | -1.8% | 40.9% | 18.0% | |
| Latest Fiscal Year | 31.4% | 65.2% | 40.8% | 20.9% | 45.3% | 18.7% | |
| Latest Twelve Months | 31.5% | 65.2% | 36.2% | 23.4% | 45.3% | 18.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.36x | 9.11x | 3.44x | 0.62x | 3.90x | 2.04x | |
| EV / LTM EBITDA | 4.3x | 14.0x | 9.5x | 2.7x | 8.6x | 10.9x | |
| EV / LTM EBIT | 6.2x | 30.8x | 23.9x | 4.0x | 14.4x | 27.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.7x | 8.6x | 14.0x | ||||
| Historical EV / LTM EBITDA | 10.9x | 20.9x | 38.1x | ||||
| Selected EV / LTM EBITDA | 11.6x | 12.3x | 12.9x | ||||
| (x) LTM EBITDA | 140 | 140 | 140 | ||||
| (=) Implied Enterprise Value | 1,633 | 1,719 | 1,805 | ||||
| (-) Non-shareholder Claims * | 285 | 285 | 285 | ||||
| (=) Equity Value | 1,919 | 2,005 | 2,091 | ||||
| (/) Shares Outstanding | 52.1 | 52.1 | 52.1 | ||||
| Implied Value Range | 36.83 | 38.48 | 40.13 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.50 | 33.96 | 35.41 | 30.20 | |||
| Upside / (Downside) | 7.6% | 12.4% | 17.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PHPC | 3IX | TAC | EGCO | 1811 | 76N | |
| Enterprise Value | 231 | 9,640 | 9,039 | 24,840 | 7,586 | 1,498 | |
| (+) Cash & Short Term Investments | 17 | 181 | 238 | 49,816 | 158 | 1,158 | |
| (+) Investments & Other | 2 | 118 | 252 | 100,513 | 82 | 1,459 | |
| (-) Debt | (157) | (6,653) | (4,627) | (118,315) | (6,371) | (1,280) | |
| (-) Other Liabilities | 0 | (386) | (93) | (258) | (142) | (1,052) | |
| (-) Preferred Stock | 0 | (131) | (942) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 94 | 2,768 | 3,867 | 56,595 | 1,314 | 1,783 | |
| (/) Shares Outstanding | 1,462.6 | 203.1 | 296.4 | 526.5 | 4,289.9 | 52.1 | |
| Implied Stock Price | 0.06 | 13.63 | 13.04 | 107.50 | 0.31 | 34.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.57 | 1.38 | 1.00 | 0.13 | 1.13 | |
| Implied Stock Price (Trading Cur) | 0.06 | 8.70 | 9.44 | 107.50 | 2.40 | 30.20 | |
| Trading Currency | OMR | EUR | USD | THB | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.57 | 1.38 | 1.00 | 0.13 | 1.13 | |