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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd EBIT Multiple | 1.8x - 1.9x | 1.9x |
| Fair Value | €0.14 - €0.15 | €0.14 |
| Upside | 84.2% - 91.7% | 88.0% |
| Benchmarks | Ticker | Full Ticker |
| MAST Energy Developments PLC | MAST | LSE:MAST |
| PGE Polska Grupa Energetyczna S.A. | 0MN3 | LSE:0MN3 |
| Public Power Corporation S.A. | 0MC5 | LSE:0MC5 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| Hawaiian Electric Industries, Inc. | HE | NYSE:HE |
| OPG Power Ventures Plc | OPB | DB:OPB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MAST | 0MN3 | 0MC5 | NEOE3 | HE | OPB | ||
| LSE:MAST | LSE:0MN3 | LSE:0MC5 | BOVESPA:NEOE3 | NYSE:HE | DB:OPB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 16.0% | NM- | 17.6% | -9.7% | -17.1% | |
| 3Y CAGR | NM- | 9.3% | 63.6% | 5.6% | -19.2% | -25.3% | |
| Latest Twelve Months | 30.7% | 84.2% | 13.4% | 24.5% | 14.6% | -0.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -2967.2% | 6.8% | 5.2% | 19.9% | 10.1% | 17.4% | |
| Prior Fiscal Year | -342.4% | 5.9% | 8.2% | 19.3% | 8.5% | 18.4% | |
| Latest Fiscal Year | -109.8% | 10.7% | 10.2% | 20.6% | 6.4% | 7.4% | |
| Latest Twelve Months | -109.8% | 13.4% | 9.7% | 20.5% | 7.1% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 17.47x | 0.51x | 1.23x | 1.51x | 1.38x | 0.01x | |
| EV / LTM EBITDA | -17.6x | 2.6x | 6.7x | 5.7x | 8.3x | 0.1x | |
| EV / LTM EBIT | -15.9x | 3.8x | 13.5x | 7.3x | 19.4x | 0.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.9x | 7.3x | 19.4x | ||||
| Historical EV / LTM EBIT | 0.8x | 2.8x | 4.2x | ||||
| Selected EV / LTM EBIT | 1.9x | 2.0x | 2.1x | ||||
| (x) LTM EBIT | 12 | 12 | 12 | ||||
| (=) Implied Enterprise Value | 23 | 24 | 25 | ||||
| (-) Non-shareholder Claims * | 30 | 30 | 30 | ||||
| (=) Equity Value | 53 | 54 | 56 | ||||
| (/) Shares Outstanding | 400.7 | 400.7 | 400.7 | ||||
| Implied Value Range | 0.13 | 0.14 | 0.14 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.15 | 0.16 | 0.16 | 0.08 | |||
| Upside / (Downside) | 99.3% | 103.9% | 108.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAST | 0MN3 | 0MC5 | NEOE3 | HE | OPB | |
| Enterprise Value | 13 | 24,241 | 11,594 | 76,472 | 4,311 | (4) | |
| (+) Cash & Short Term Investments | 0 | 5,857 | 2,147 | 5,709 | 154 | 32 | |
| (+) Investments & Other | 0 | 485 | 0 | 2,299 | 0 | 19 | |
| (-) Debt | (5) | (11,553) | (7,775) | (51,788) | (2,569) | (20) | |
| (-) Other Liabilities | 0 | (1,114) | (961) | (138) | (34) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8 | 17,916 | 5,005 | 32,554 | 1,862 | 27 | |
| (/) Shares Outstanding | 13.2 | 1,876.0 | 350.2 | 1,213.8 | 172.6 | 400.7 | |
| Implied Stock Price | 0.64 | 9.55 | 14.29 | 26.82 | 10.79 | 0.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
| Implied Stock Price (Trading Cur) | 0.64 | 9.55 | 14.29 | 26.82 | 10.79 | 0.08 | |
| Trading Currency | GBP | PLN | EUR | BRL | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |