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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.6x - 13.9x | 13.3x |
| Selected Fwd EBITDA Multiple | 10.2x - 11.2x | 10.7x |
| Fair Value | €28.92 - €35.12 | €32.02 |
| Upside | -13.9% - 4.5% | -4.7% |
| Benchmarks | Ticker | Full Ticker |
| Public Service Enterprise Group Incorporated | PEG | NYSE:PEG |
| Ameren Corporation | AEE | NYSE:AEE |
| CenterPoint Energy, Inc. | CNP | NYSE:CNP |
| Black Hills Corporation | BKH | NYSE:BKH |
| Unitil Corporation | UTL | NYSE:UTL |
| NiSource Inc. | NOU | DB:NOU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PEG | AEE | CNP | BKH | UTL | NOU | ||
| NYSE:PEG | NYSE:AEE | NYSE:CNP | NYSE:BKH | NYSE:UTL | DB:NOU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.7% | 6.3% | 9.1% | 4.6% | 6.5% | 4.2% | |
| 3Y CAGR | 2.6% | 6.9% | 10.4% | 6.0% | 7.3% | 11.2% | |
| Latest Twelve Months | 2.6% | 2.1% | 8.7% | 4.9% | 7.5% | 18.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.6% | 43.1% | 32.0% | 33.2% | 29.2% | 37.1% | |
| Prior Fiscal Year | 42.7% | 43.5% | 34.2% | 31.1% | 28.0% | 38.0% | |
| Latest Fiscal Year | 37.0% | 43.7% | 38.5% | 36.2% | 34.1% | 43.8% | |
| Latest Twelve Months | 36.7% | 43.0% | 37.6% | 35.5% | 35.8% | 43.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.87x | 6.01x | 4.89x | 3.86x | 3.42x | 5.96x | |
| EV / LTM EBITDA | 16.0x | 14.0x | 13.0x | 10.9x | 9.6x | 13.7x | |
| EV / LTM EBIT | 24.9x | 24.4x | 21.7x | 16.7x | 17.6x | 21.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 13.0x | 16.0x | ||||
| Historical EV / LTM EBITDA | 11.5x | 12.9x | 14.0x | ||||
| Selected EV / LTM EBITDA | 12.6x | 13.3x | 13.9x | ||||
| (x) LTM EBITDA | 2,583 | 2,583 | 2,583 | ||||
| (=) Implied Enterprise Value | 32,594 | 34,310 | 36,025 | ||||
| (-) Non-shareholder Claims * | (16,624) | (16,624) | (16,624) | ||||
| (=) Equity Value | 15,970 | 17,686 | 19,401 | ||||
| (/) Shares Outstanding | 470.7 | 470.7 | 470.7 | ||||
| Implied Value Range | 33.93 | 37.57 | 41.22 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.80 | 31.89 | 34.99 | 33.60 | |||
| Upside / (Downside) | -14.3% | -5.1% | 4.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PEG | AEE | CNP | BKH | UTL | NOU | |
| Enterprise Value | 62,919 | 45,610 | 43,730 | 8,513 | 1,666 | 35,257 | |
| (+) Cash & Short Term Investments | 894 | 23 | 1,916 | 7 | 10 | 259 | |
| (+) Investments & Other | 239 | 71 | 0 | 0 | 0 | 91 | |
| (-) Debt | (23,548) | (19,623) | (22,187) | (4,312) | (822) | (14,925) | |
| (-) Other Liabilities | 0 | (129) | 0 | (82) | (0) | (2,049) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,504 | 25,952 | 23,459 | 4,127 | 854 | 18,633 | |
| (/) Shares Outstanding | 499.0 | 270.3 | 652.7 | 72.5 | 16.3 | 470.7 | |
| Implied Stock Price | 81.17 | 96.02 | 35.94 | 56.91 | 52.52 | 39.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 81.17 | 96.02 | 35.94 | 56.91 | 52.52 | 33.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
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