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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 9.4x - 10.4x | 9.9x |
| Selected Fwd P/E Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | €23.83 - €26.34 | €25.09 |
| Upside | 2.9% - 13.8% | 8.4% |
| Benchmarks | - | Full Ticker |
| VERBUND AG | - | WBAG:VER |
| EnBW Energie Baden-Württemberg AG | - | DB:EBK |
| Enel SpA | - | WBAG:ENEL |
| Iberdrola, S.A. | - | WBAG:IBE |
| Fortum Oyj | - | HLSE:FORTUM |
| EVN AG | - | DB:EVN |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| VER | EBK | ENEL | IBE | FORTUM | EVN | |||
| WBAG:VER | DB:EBK | WBAG:ENEL | WBAG:IBE | HLSE:FORTUM | DB:EVN | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 27.6% | 11.1% | 25.5% | 9.3% | -4.7% | 9.3% | ||
| 3Y CAGR | 29.0% | 50.7% | 30.8% | 12.9% | -33.6% | 13.2% | ||
| Latest Twelve Months | -17.2% | -19.1% | 86.5% | -21.0% | -26.9% | -12.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 21.9% | 3.7% | 5.1% | 11.5% | -5.2% | 12.8% | ||
| Prior Fiscal Year | 21.6% | 3.4% | 3.9% | 9.4% | 22.6% | 13.9% | ||
| Latest Fiscal Year | 22.7% | 3.6% | 8.9% | 12.1% | 20.1% | 14.3% | ||
| Latest Twelve Months | 22.7% | 3.6% | 8.9% | 10.4% | 19.5% | 13.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.1x | 10.1x | 8.1x | 10.9x | 8.7x | 1.5x | ||
| Price / LTM Sales | 2.8x | 0.6x | 1.0x | 2.2x | 2.4x | 1.3x | ||
| LTM P/E Ratio | 12.2x | 15.9x | 11.4x | 20.8x | 12.4x | 9.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 11.4x | 12.4x | 20.8x | |||||
| Historical LTM P/E Ratio | 7.4x | 9.2x | 19.1x | |||||
| Selected P/E Multiple | 9.4x | 9.9x | 10.4x | |||||
| (x) LTM Net Income | 451 | 451 | 451 | |||||
| (=) Equity Value | 4,256 | 4,480 | 4,704 | |||||
| (/) Shares Outstanding | 178.3 | 178.3 | 178.3 | |||||
| Implied Value Range | 23.87 | 25.13 | 26.38 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 23.87 | 25.13 | 26.38 | 23.15 | ||||
| Upside / (Downside) | 3.1% | 8.5% | 14.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VER | EBK | ENEL | IBE | FORTUM | EVN | |
| Value of Common Equity | 22,808 | 18,689 | 77,713 | 97,915 | 13,158 | 4,127 | |
| (/) Shares Outstanding | 347.4 | 270.9 | 10,154.6 | 6,252.5 | 897.3 | 178.3 | |
| Implied Stock Price | 65.65 | 69.00 | 7.65 | 15.66 | 14.67 | 23.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 65.65 | 69.00 | 7.65 | 15.66 | 14.67 | 23.15 | |
| 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 | |