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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 24.7x - 27.3x | 26.0x |
Selected Fwd EBIT Multiple | 28.1x - 31.1x | 29.6x |
Fair Value | $63.02 - $71.97 | $67.49 |
Upside | 13.4% - 29.5% | 21.5% |
Benchmarks | Ticker | Full Ticker |
American Water Works Company, Inc. | AWK | NYSE:AWK |
Essential Utilities, Inc. | WTRG | NYSE:WTRG |
American States Water Company | AWR | NYSE:AWR |
H2O America | HTO | NasdaqGS:HTO |
California Water Service Group | CWT | NYSE:CWT |
Middlesex Water Company | MSEX | NasdaqGS:MSEX |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
AWK | WTRG | AWR | HTO | CWT | MSEX | ||
NYSE:AWK | NYSE:WTRG | NYSE:AWR | NasdaqGS:HTO | NYSE:CWT | NasdaqGS:MSEX | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.3% | 16.3% | 7.9% | 20.4% | 20.3% | 11.2% | |
3Y CAGR | 11.1% | 7.5% | 8.9% | 18.3% | 25.7% | 18.2% | |
Latest Twelve Months | 14.0% | 22.7% | 4.2% | 22.6% | 5.8% | 33.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 35.1% | 33.0% | 29.7% | 20.8% | 18.1% | 27.1% | |
Prior Fiscal Year | 36.3% | 33.9% | 33.3% | 22.1% | 10.3% | 25.2% | |
Latest Fiscal Year | 37.3% | 36.4% | 31.5% | 23.7% | 26.7% | 30.4% | |
Latest Twelve Months | 37.1% | 38.1% | 31.9% | 24.3% | 21.5% | 30.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 8.65x | 8.01x | 6.41x | 4.76x | 4.28x | 7.11x | |
EV / LTM EBITDA | 16.0x | 14.6x | 16.3x | 12.1x | 12.1x | 15.5x | |
EV / LTM EBIT | 23.3x | 21.0x | 20.1x | 19.6x | 19.9x | 23.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 19.6x | 20.1x | 23.3x | ||||
Historical EV / LTM EBIT | 23.8x | 39.4x | 66.1x | ||||
Selected EV / LTM EBIT | 24.7x | 26.0x | 27.3x | ||||
(x) LTM EBIT | 60 | 60 | 60 | ||||
(=) Implied Enterprise Value | 1,478 | 1,555 | 1,633 | ||||
(-) Non-shareholder Claims * | (395) | (395) | (395) | ||||
(=) Equity Value | 1,083 | 1,161 | 1,239 | ||||
(/) Shares Outstanding | 17.9 | 17.9 | 17.9 | ||||
Implied Value Range | 60.43 | 64.77 | 69.11 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 60.43 | 64.77 | 69.11 | 55.57 | |||
Upside / (Downside) | 8.8% | 16.6% | 24.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AWK | WTRG | AWR | HTO | CWT | MSEX | |
Enterprise Value | 41,601 | 18,079 | 3,898 | 3,630 | 4,149 | 1,391 | |
(+) Cash & Short Term Investments | 189 | 21 | 21 | 24 | 44 | 3 | |
(+) Investments & Other | 30 | 0 | 0 | 19 | 0 | 0 | |
(-) Debt | (14,509) | (7,789) | (947) | (1,863) | (1,462) | (396) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (3) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (2) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 27,311 | 10,311 | 2,971 | 1,810 | 2,729 | 996 | |
(/) Shares Outstanding | 195.0 | 280.3 | 38.5 | 34.2 | 59.6 | 17.9 | |
Implied Stock Price | 140.05 | 36.78 | 77.16 | 52.94 | 45.81 | 55.57 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 140.05 | 36.78 | 77.16 | 52.94 | 45.81 | 55.57 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |