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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.6x - 1.8x | 1.7x |
| Selected Fwd Ps Multiple | 1.5x - 1.6x | 1.5x |
| Fair Value | $37.67 - $41.63 | $39.65 |
| Upside | 0.9% - 11.6% | 6.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| CMS Energy Corporation | - | NYSE:CMS |
| NorthWestern Energy Group, Inc. | - | NasdaqGS:NWE |
| DTE Energy Company | - | NYSE:DTE |
| WEC Energy Group, Inc. | - | NYSE:WEC |
| Consolidated Edison, Inc. | - | NYSE:ED |
| Avista Corporation | - | NYSE:AVA |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CMS | NWE | DTE | WEC | ED | AVA | |||
| NYSE:CMS | NasdaqGS:NWE | NYSE:DTE | NYSE:WEC | NYSE:ED | NYSE:AVA | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 2.6% | 3.8% | 0.5% | 2.7% | 3.9% | 7.6% | ||
| 3Y CAGR | 0.8% | 3.3% | -5.9% | 1.1% | 3.7% | 10.4% | ||
| Latest Twelve Months | 8.3% | 3.8% | 14.6% | 7.9% | 9.0% | 2.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 12.4% | 13.5% | 9.0% | 15.9% | 11.6% | 9.6% | ||
| Prior Fiscal Year | 11.7% | 13.7% | 10.9% | 15.0% | 17.2% | 9.8% | ||
| Latest Fiscal Year | 13.2% | 14.8% | 11.2% | 17.8% | 11.9% | 9.3% | ||
| Latest Twelve Months | 12.6% | 14.8% | 10.1% | 17.9% | 12.0% | 9.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.0x | 11.3x | 15.5x | 14.8x | 11.3x | 9.8x | ||
| Price / LTM Sales | 2.7x | 2.2x | 2.1x | 3.8x | 2.3x | 1.5x | ||
| LTM P/E Ratio | 21.7x | 15.1x | 20.2x | 21.4x | 19.5x | 16.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.1x | 2.3x | 3.8x | |||||
| Historical LTM P/S Ratio | 1.5x | 2.0x | 2.2x | |||||
| Selected Price / Sales Multiple | 1.6x | 1.7x | 1.8x | |||||
| (x) LTM Sales | 1,955 | 1,955 | 1,955 | |||||
| (=) Equity Value | 3,136 | 3,301 | 3,466 | |||||
| (/) Shares Outstanding | 81.1 | 81.1 | 81.1 | |||||
| Implied Value Range | 38.66 | 40.70 | 42.73 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 38.66 | 40.70 | 42.73 | 37.32 | ||||
| Upside / (Downside) | 3.6% | 9.0% | 14.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMS | NWE | DTE | WEC | ED | AVA | |
| Value of Common Equity | 21,995 | 3,397 | 29,116 | 35,518 | 37,681 | 3,027 | |
| (/) Shares Outstanding | 299.3 | 61.4 | 207.6 | 321.9 | 360.7 | 81.1 | |
| Implied Stock Price | 73.48 | 55.33 | 140.26 | 110.35 | 104.48 | 37.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73.48 | 55.33 | 140.26 | 110.35 | 104.48 | 37.32 | |
| 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 | |