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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 30.4x - 33.6x | 32.0x |
| Selected Fwd EBIT Multiple | 21.7x - 23.9x | 22.8x |
| Fair Value | €6.37 - €9.37 | €7.87 |
| Upside | -26.4% - 8.4% | -9.0% |
| Benchmarks | Ticker | Full Ticker |
| Capital Power Corporation | CPX | TSX:CPX |
| Boralex Inc. | BLX | TSX:BLX |
| TransAlta Corporation | TA | TSX:TA |
| Northland Power Inc. | NPI | TSX:NPI |
| Polaris Renewable Energy Inc. | PIF | TSX:PIF |
| Innergex Renewable Energy Inc. | 3IX | DB:3IX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CPX | BLX | TA | NPI | PIF | 3IX | ||
| TSX:CPX | TSX:BLX | TSX:TA | TSX:NPI | TSX:PIF | DB:3IX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.0% | 10.1% | 56.8% | 2.0% | -6.6% | 7.9% | |
| 3Y CAGR | 38.1% | 7.5% | 13.5% | 3.3% | 14.5% | 3.8% | |
| Latest Twelve Months | -21.4% | -6.1% | -43.5% | 15.7% | -11.8% | -10.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.7% | 26.3% | 16.8% | 38.9% | 35.2% | 32.5% | |
| Prior Fiscal Year | 26.0% | 24.1% | 32.0% | 33.0% | 35.7% | 32.5% | |
| Latest Fiscal Year | 22.6% | 27.1% | 21.3% | 36.4% | 32.6% | 29.3% | |
| Latest Twelve Months | 22.6% | 27.1% | 21.3% | 36.4% | 32.6% | 29.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.19x | 7.64x | 3.08x | 4.67x | 4.02x | 9.52x | |
| EV / LTM EBITDA | 8.9x | 13.0x | 7.5x | 7.2x | 5.6x | 14.6x | |
| EV / LTM EBIT | 14.1x | 28.2x | 14.4x | 12.8x | 12.3x | 32.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.3x | 14.1x | 28.2x | ||||
| Historical EV / LTM EBIT | 27.5x | 30.8x | 51.5x | ||||
| Selected EV / LTM EBIT | 30.4x | 32.0x | 33.6x | ||||
| (x) LTM EBIT | 302 | 302 | 302 | ||||
| (=) Implied Enterprise Value | 9,168 | 9,651 | 10,133 | ||||
| (-) Non-shareholder Claims * | (7,054) | (7,054) | (7,054) | ||||
| (=) Equity Value | 2,115 | 2,597 | 3,080 | ||||
| (/) Shares Outstanding | 203.1 | 203.1 | 203.1 | ||||
| Implied Value Range | 10.41 | 12.79 | 15.16 | ||||
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.65 | 8.17 | 9.69 | 8.65 | |||
| Upside / (Downside) | -23.1% | -5.6% | 12.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPX | BLX | TA | NPI | PIF | 3IX | |
| Enterprise Value | 11,720 | 6,547 | 8,763 | 11,013 | 300 | 9,804 | |
| (+) Cash & Short Term Investments | 867 | 592 | 337 | 658 | 213 | 181 | |
| (+) Investments & Other | 1,098 | 754 | 159 | 1,182 | 0 | 150 | |
| (-) Debt | (5,143) | (4,322) | (4,559) | (7,439) | (331) | (6,861) | |
| (-) Other Liabilities | 5 | (424) | (97) | (370) | 0 | (393) | |
| (-) Preferred Stock | (453) | 0 | (942) | (145) | 0 | (131) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,094 | 3,147 | 3,661 | 4,898 | 182 | 2,750 | |
| (/) Shares Outstanding | 154.6 | 102.8 | 297.9 | 261.5 | 21.0 | 203.1 | |
| Implied Stock Price | 52.34 | 30.62 | 12.29 | 18.73 | 8.67 | 13.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.72 | 1.57 | |
| Implied Stock Price (Trading Cur) | 52.34 | 30.62 | 12.29 | 18.73 | 11.97 | 8.65 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.72 | 1.57 | |