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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 39.9x - 44.1x | 42.0x |
| Selected Fwd EBIT Multiple | 40.7x - 44.9x | 42.8x |
| Fair Value | €57.75 - €60.19 | €58.97 |
| Upside | -17.5% - -14.0% | -15.8% |
| Benchmarks | Ticker | Full Ticker |
| EnBW Energie Baden-Württemberg AG | EBK | DB:EBK |
| Distribuzione Elettrica Adriatica S.p.a. | DEA | BIT:DEA |
| naturenergie holding AG | NEAG | SWX:NEAG |
| Électricite de Strasbourg Société Anonyme | 7Z2 | DB:7Z2 |
| Redeia Corporación, S.A. | RE21 | DB:RE21 |
| Lechwerke AG | LEC | DB:LEC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EBK | DEA | NEAG | 7Z2 | RE21 | LEC | ||
| DB:EBK | BIT:DEA | SWX:NEAG | DB:7Z2 | DB:RE21 | DB:LEC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.6% | NM- | 41.3% | 15.3% | -10.6% | -28.7% | |
| 3Y CAGR | 10.8% | NM- | 32.9% | 32.8% | -13.8% | -6.1% | |
| Latest Twelve Months | -81.5% | 200.7% | 43.9% | 57.0% | -14.5% | -53.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 22.6% | 8.0% | 9.4% | 43.8% | 2.1% | |
| Prior Fiscal Year | 1.0% | 16.4% | 6.5% | 7.2% | 43.8% | 2.8% | |
| Latest Fiscal Year | 4.4% | 23.6% | 13.1% | 13.3% | 36.2% | 1.7% | |
| Latest Twelve Months | 1.4% | 23.6% | 12.9% | 13.3% | 36.6% | 1.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.20x | 1.77x | 0.61x | 0.52x | 7.88x | 1.07x | |
| EV / LTM EBITDA | 18.3x | 4.7x | 3.7x | 3.2x | 11.2x | 40.0x | |
| EV / LTM EBIT | 85.8x | 7.5x | 4.7x | 3.9x | 21.5x | 64.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.9x | 7.5x | 85.8x | ||||
| Historical EV / LTM EBIT | 30.6x | 64.8x | 130.6x | ||||
| Selected EV / LTM EBIT | 39.9x | 42.0x | 44.1x | ||||
| (x) LTM EBIT | 19 | 19 | 19 | ||||
| (=) Implied Enterprise Value | 775 | 816 | 856 | ||||
| (-) Non-shareholder Claims * | 1,223 | 1,223 | 1,223 | ||||
| (=) Equity Value | 1,998 | 2,039 | 2,080 | ||||
| (/) Shares Outstanding | 35.4 | 35.4 | 35.4 | ||||
| Implied Value Range | 56.37 | 57.52 | 58.67 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 56.37 | 57.52 | 58.67 | 70.00 | |||
| Upside / (Downside) | -19.5% | -17.8% | -16.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EBK | DEA | NEAG | 7Z2 | RE21 | LEC | |
| Enterprise Value | 40,183 | 65 | 1,022 | 727 | 13,267 | 1,258 | |
| (+) Cash & Short Term Investments | 7,019 | 12 | 126 | 333 | 614 | 1 | |
| (+) Investments & Other | 2,310 | 0 | 0 | 51 | 1,285 | 1,222 | |
| (-) Debt | (18,898) | (15) | 0 | (11) | (6,195) | 0 | |
| (-) Other Liabilities | (7,645) | (1) | (17) | (9) | (108) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,968 | 61 | 1,131 | 1,090 | 8,863 | 2,481 | |
| (/) Shares Outstanding | 324.4 | 7.9 | 33.1 | 7.2 | 540.4 | 35.4 | |
| Implied Stock Price | 70.80 | 7.70 | 34.22 | 152.00 | 16.40 | 70.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.06 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70.80 | 7.70 | 32.20 | 152.00 | 16.40 | 70.00 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.06 | 1.00 | 1.00 | 1.00 | |