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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.7x - 9.6x | 9.2x |
| Selected Fwd EBIT Multiple | 7.0x - 7.8x | 7.4x |
| Fair Value | €30.88 - €45.68 | €38.28 |
| Upside | -1.7% - 45.5% | 21.9% |
| Benchmarks | Ticker | Full Ticker |
| RGC Resources, Inc. | RGCO | NasdaqGM:RGCO |
| Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
| Northwest Natural Holding Company | NWN | NYSE:NWN |
| Chesapeake Utilities Corporation | CPK | NYSE:CPK |
| UGI Corporation | UGI | NYSE:UGI |
| Brookfield Infrastructure Corporation | RG5 | DB:RG5 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RGCO | SWX | NWN | CPK | UGI | RG5 | ||
| NasdaqGM:RGCO | NYSE:SWX | NYSE:NWN | NYSE:CPK | NYSE:UGI | DB:RG5 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.2% | 7.0% | 7.5% | 17.6% | 10.7% | 16.4% | |
| 3Y CAGR | 2.4% | 12.1% | 7.4% | 20.7% | -23.6% | 27.5% | |
| Latest Twelve Months | -4.2% | -1.9% | -0.7% | 44.4% | 110.1% | 33.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.5% | 10.1% | 16.7% | 23.5% | 14.8% | 64.3% | |
| Prior Fiscal Year | 17.5% | 9.4% | 15.7% | 24.0% | -6.9% | 66.2% | |
| Latest Fiscal Year | 19.4% | 9.8% | 16.2% | 29.5% | 15.1% | 60.4% | |
| Latest Twelve Months | 19.9% | 9.8% | 16.2% | 29.5% | 18.3% | 60.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.98x | 2.02x | 3.16x | 5.85x | 1.93x | 5.26x | |
| EV / LTM EBITDA | 12.4x | 11.0x | 10.2x | 14.7x | 7.4x | 6.5x | |
| EV / LTM EBIT | 20.0x | 20.6x | 19.6x | 19.8x | 10.5x | 8.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.5x | 19.8x | 20.6x | ||||
| Historical EV / LTM EBIT | 7.2x | 9.2x | 14.9x | ||||
| Selected EV / LTM EBIT | 8.7x | 9.2x | 9.6x | ||||
| (x) LTM EBIT | 2,213 | 2,213 | 2,213 | ||||
| (=) Implied Enterprise Value | 19,269 | 20,284 | 21,298 | ||||
| (-) Non-shareholder Claims * | (14,882) | (14,882) | (14,882) | ||||
| (=) Equity Value | 4,387 | 5,402 | 6,416 | ||||
| (/) Shares Outstanding | 119.0 | 119.0 | 119.0 | ||||
| Implied Value Range | 36.86 | 45.38 | 53.90 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.35 | 39.83 | 47.31 | 31.40 | |||
| Upside / (Downside) | 3.0% | 26.8% | 50.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RGCO | SWX | NWN | CPK | UGI | RG5 | |
| Enterprise Value | 348 | 10,303 | 3,610 | 4,605 | 13,764 | 19,141 | |
| (+) Cash & Short Term Investments | 3 | 364 | 41 | 8 | 240 | 742 | |
| (+) Investments & Other | 22 | 0 | 36 | 0 | 389 | 164 | |
| (-) Debt | (157) | (5,193) | (1,958) | (1,495) | (7,264) | (12,313) | |
| (-) Other Liabilities | 0 | (185) | 0 | 0 | (8) | (3,475) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 217 | 5,289 | 1,730 | 3,118 | 7,121 | 4,259 | |
| (/) Shares Outstanding | 10.3 | 71.8 | 40.2 | 23.0 | 214.8 | 119.0 | |
| Implied Stock Price | 21.09 | 73.61 | 42.99 | 135.50 | 33.15 | 35.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 21.09 | 73.61 | 42.99 | 135.50 | 33.15 | 31.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |