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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.5x - 1.7x | 1.6x |
| Selected Fwd Ps Multiple | 1.4x - 1.5x | 1.5x |
| Fair Value | $68.73 - $75.96 | $72.35 |
| Upside | 23.5% - 36.5% | 30.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| NextEra Energy, Inc. | - | NYSE:NEE |
| Pinnacle West Capital Corporation | - | NYSE:PNW |
| Entergy Corporation | - | NYSE:ETR |
| Alliant Energy Corporation | - | NasdaqGS:LNT |
| PG&E Corporation | - | NYSE:PCG |
| Edison International | - | NYSE:EIX |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| NEE | PNW | ETR | LNT | PCG | EIX | |||
| NYSE:NEE | NYSE:PNW | NYSE:ETR | NasdaqGS:LNT | NYSE:PCG | NYSE:EIX | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.2% | 8.1% | 1.8% | 1.8% | 7.3% | 7.3% | ||
| 3Y CAGR | 13.2% | 10.4% | 0.4% | 2.8% | 5.8% | 5.7% | ||
| Latest Twelve Months | -6.9% | 10.7% | -0.2% | 2.4% | 1.9% | 5.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 17.8% | 13.7% | 12.0% | 17.3% | 1.2% | 6.0% | ||
| Prior Fiscal Year | 26.0% | 10.7% | 19.4% | 17.5% | 9.2% | 7.3% | ||
| Latest Fiscal Year | 28.1% | 11.9% | 8.9% | 17.3% | 10.1% | 7.3% | ||
| Latest Twelve Months | 21.8% | 11.3% | 11.2% | 18.3% | 9.6% | 15.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 16.7x | 11.4x | 12.2x | 14.7x | 10.3x | 9.9x | ||
| Price / LTM Sales | 5.8x | 2.1x | 3.0x | 3.9x | 1.5x | 1.2x | ||
| LTM P/E Ratio | 26.4x | 18.5x | 26.8x | 21.5x | 15.8x | 7.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.5x | 3.0x | 5.8x | |||||
| Historical LTM P/S Ratio | 1.5x | 1.8x | 1.8x | |||||
| Selected Price / Sales Multiple | 1.5x | 1.6x | 1.7x | |||||
| (x) LTM Sales | 17,332 | 17,332 | 17,332 | |||||
| (=) Equity Value | 26,385 | 27,774 | 29,162 | |||||
| (/) Shares Outstanding | 384.8 | 384.8 | 384.8 | |||||
| Implied Value Range | 68.57 | 72.18 | 75.79 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 68.57 | 72.18 | 75.79 | 55.65 | ||||
| Upside / (Downside) | 23.2% | 29.7% | 36.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEE | PNW | ETR | LNT | PCG | EIX | |
| Value of Common Equity | 145,422 | 10,893 | 35,875 | 15,985 | 37,097 | 21,412 | |
| (/) Shares Outstanding | 2,058.6 | 119.4 | 430.8 | 256.9 | 2,197.7 | 384.8 | |
| Implied Stock Price | 70.64 | 91.23 | 83.28 | 62.23 | 16.88 | 55.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70.64 | 91.23 | 83.28 | 62.23 | 16.88 | 55.65 | |
| 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 | |