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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.2x - 4.7x | 4.5x |
| Selected Fwd EBIT Multiple | 3.6x - 3.9x | 3.8x |
| Fair Value | €29.55 - €30.49 | €30.02 |
| Upside | 35.5% - 39.9% | 37.7% |
| Benchmarks | Ticker | Full Ticker |
| VERBUND AG | VER | WBAG:VER |
| EnBW Energie Baden-Württemberg AG | EBK | DB:EBK |
| Enel SpA | ENEL | WBAG:ENEL |
| Iberdrola, S.A. | IBE | WBAG:IBE |
| Fortum Oyj | FORTUM | HLSE:FORTUM |
| EVN AG | EVN | DB:EVN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VER | EBK | ENEL | IBE | FORTUM | EVN | ||
| WBAG:VER | DB:EBK | WBAG:ENEL | WBAG:IBE | HLSE:FORTUM | DB:EVN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 28.7% | 17.6% | 8.8% | 14.1% | -1.2% | 13.4% | |
| 3Y CAGR | 36.4% | 10.8% | 18.2% | 16.3% | -7.8% | 21.5% | |
| Latest Twelve Months | -26.7% | 251.0% | 21.2% | 24.1% | -27.5% | -21.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.3% | 5.0% | 13.0% | 17.8% | 15.3% | 10.7% | |
| Prior Fiscal Year | 37.7% | 1.0% | 13.6% | 18.3% | 23.0% | 15.3% | |
| Latest Fiscal Year | 35.1% | 4.4% | 19.6% | 25.0% | 19.3% | 12.1% | |
| Latest Twelve Months | 35.1% | 4.4% | 19.6% | 25.0% | 19.3% | 11.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.01x | 0.86x | 1.94x | 3.59x | 1.98x | 0.27x | |
| EV / LTM EBITDA | 7.2x | 9.9x | 6.7x | 9.7x | 7.7x | 1.3x | |
| EV / LTM EBIT | 8.6x | 19.4x | 9.9x | 14.4x | 10.2x | 2.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.6x | 10.2x | 19.4x | ||||
| Historical EV / LTM EBIT | -10.4x | 2.6x | 3.8x | ||||
| Selected EV / LTM EBIT | 4.2x | 4.5x | 4.7x | ||||
| (x) LTM EBIT | 377 | 377 | 377 | ||||
| (=) Implied Enterprise Value | 1,595 | 1,679 | 1,763 | ||||
| (-) Non-shareholder Claims * | 3,672 | 3,672 | 3,672 | ||||
| (=) Equity Value | 5,267 | 5,350 | 5,434 | ||||
| (/) Shares Outstanding | 178.3 | 178.3 | 178.3 | ||||
| Implied Value Range | 29.54 | 30.01 | 30.48 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 29.54 | 30.01 | 30.48 | 21.80 | |||
| Upside / (Downside) | 35.5% | 37.7% | 39.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VER | EBK | ENEL | IBE | FORTUM | EVN | |
| Enterprise Value | 24,835 | 29,855 | 152,297 | 160,532 | 11,474 | 215 | |
| (+) Cash & Short Term Investments | 875 | 8,758 | 8,051 | 4,718 | 4,166 | 101 | |
| (+) Investments & Other | 1,080 | 8,423 | 1,456 | 5,293 | 1,504 | 5,109 | |
| (-) Debt | (2,512) | (20,758) | (71,084) | (59,953) | (4,916) | (1,211) | |
| (-) Other Liabilities | (1,087) | (7,535) | (15,440) | (13,926) | (79) | (327) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,190 | 18,743 | 75,280 | 96,664 | 12,149 | 3,886 | |
| (/) Shares Outstanding | 347.4 | 270.9 | 10,155.1 | 6,252.5 | 897.3 | 178.3 | |
| Implied Stock Price | 66.75 | 69.20 | 7.41 | 15.46 | 13.54 | 21.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 66.75 | 69.20 | 7.41 | 15.46 | 13.54 | 21.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |