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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.4x - 23.6x | 22.5x |
| Selected Fwd EBITDA Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | €9.78 - €11.82 | €10.80 |
| Upside | -4.7% - 15.2% | 5.2% |
| Benchmarks | Ticker | Full Ticker |
| Uniper SE | 1UN | BIT:1UN |
| RWE Aktiengesellschaft | RWE | DB:RWE |
| Ørsted A/S | ORSTED | CPSE:ORSTED |
| Grenergy Renovables, S.A. | GRE | BME:GRE |
| Solaria Energía y Medio Ambiente, S.A. | SLR | BME:SLR |
| EDP Renováveis, S.A. | EDPR | ENXTLS:EDPR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1UN | RWE | ORSTED | GRE | SLR | EDPR | ||
| BIT:1UN | DB:RWE | CPSE:ORSTED | BME:GRE | BME:SLR | ENXTLS:EDPR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.5% | NM- | 4.7% | 70.4% | 43.4% | -5.0% | |
| 3Y CAGR | NM- | 43.0% | 14.1% | 48.3% | 22.5% | -4.5% | |
| Latest Twelve Months | 113.1% | -11.1% | 9.9% | 53.4% | 1.2% | -2.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.4% | 18.2% | 25.6% | 19.1% | 81.2% | 57.1% | |
| Prior Fiscal Year | 8.2% | 25.6% | 27.4% | 25.6% | 85.5% | 46.9% | |
| Latest Fiscal Year | 4.0% | 34.9% | 32.9% | 20.8% | 79.7% | 44.3% | |
| Latest Twelve Months | 3.3% | 31.3% | 33.9% | 22.4% | 82.7% | 44.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.15x | 1.35x | 2.69x | 3.46x | 9.12x | 9.87x | |
| EV / LTM EBITDA | 4.6x | 4.3x | 7.9x | 15.5x | 11.0x | 22.3x | |
| EV / LTM EBIT | 5.8x | 5.6x | 12.8x | 18.0x | 13.9x | 295.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 7.9x | 15.5x | ||||
| Historical EV / LTM EBITDA | 18.5x | 27.0x | 30.1x | ||||
| Selected EV / LTM EBITDA | 21.4x | 22.5x | 23.6x | ||||
| (x) LTM EBITDA | 933 | 933 | 933 | ||||
| (=) Implied Enterprise Value | 19,925 | 20,973 | 22,022 | ||||
| (-) Non-shareholder Claims * | (10,096) | (10,096) | (10,096) | ||||
| (=) Equity Value | 9,829 | 10,877 | 11,926 | ||||
| (/) Shares Outstanding | 1,051.0 | 1,051.0 | 1,051.0 | ||||
| Implied Value Range | 9.35 | 10.35 | 11.35 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.35 | 10.35 | 11.35 | 10.26 | |||
| Upside / (Downside) | -8.9% | 0.9% | 10.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1UN | RWE | ORSTED | GRE | SLR | EDPR | |
| Enterprise Value | 10,949 | 29,300 | 203,514 | 2,656 | 2,221 | 20,880 | |
| (+) Cash & Short Term Investments | 5,916 | 8,540 | 22,873 | 213 | 41 | 867 | |
| (+) Investments & Other | 985 | 11,079 | 1,220 | 0 | 185 | 1,259 | |
| (-) Debt | (2,083) | (20,079) | (91,775) | (1,000) | (1,171) | (10,836) | |
| (-) Other Liabilities | (149) | (2,286) | (10,057) | 0 | (5) | (1,386) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,618 | 26,554 | 125,775 | 1,869 | 1,270 | 10,784 | |
| (/) Shares Outstanding | 416.5 | 728.7 | 420.2 | 28.6 | 125.0 | 1,051.0 | |
| Implied Stock Price | 37.50 | 36.44 | 299.30 | 65.40 | 10.17 | 10.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 37.50 | 36.44 | 299.30 | 65.40 | 10.17 | 10.26 | |
| Trading Currency | EUR | EUR | DKK | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |