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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.7x - 14.0x | 13.3x |
| Selected Fwd EBITDA Multiple | 10.6x - 11.7x | 11.1x |
| Fair Value | $67.24 - $82.61 | $74.93 |
| Upside | 13.9% - 40.0% | 27.0% |
| Benchmarks | Ticker | Full Ticker |
| American Electric Power Company, Inc. | AEP | NasdaqGS:AEP |
| The Southern Company | SO | NYSE:SO |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Duke Energy Corporation | DUK | NYSE:DUK |
| IDACORP, Inc. | IDA | NYSE:IDA |
| Eversource Energy | ES | NYSE:ES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AEP | SO | XEL | DUK | IDA | ES | ||
| NasdaqGS:AEP | NYSE:SO | NasdaqGS:XEL | NYSE:DUK | NYSE:IDA | NYSE:ES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.7% | 7.7% | 5.8% | 5.7% | 3.5% | 9.1% | |
| 3Y CAGR | 7.2% | 16.2% | 5.8% | 7.3% | 3.5% | 10.2% | |
| Latest Twelve Months | 12.1% | 13.5% | 2.0% | 7.1% | 8.1% | 10.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.0% | 41.3% | 35.1% | 46.2% | 32.0% | 32.6% | |
| Prior Fiscal Year | 36.8% | 45.2% | 36.5% | 46.9% | 28.7% | 32.2% | |
| Latest Fiscal Year | 39.7% | 48.4% | 39.3% | 48.0% | 30.0% | 35.8% | |
| Latest Twelve Months | 39.7% | 48.4% | 39.3% | 48.0% | 30.0% | 35.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.08x | 6.17x | 5.14x | 5.93x | 4.71x | 4.29x | |
| EV / LTM EBITDA | 12.8x | 12.7x | 13.1x | 12.4x | 15.7x | 12.0x | |
| EV / LTM EBIT | 21.9x | 21.5x | 28.7x | 22.4x | 26.9x | 18.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.4x | 12.8x | 15.7x | ||||
| Historical EV / LTM EBITDA | 12.0x | 14.6x | 16.2x | ||||
| Selected EV / LTM EBITDA | 12.7x | 13.3x | 14.0x | ||||
| (x) LTM EBITDA | 4,255 | 4,255 | 4,255 | ||||
| (=) Implied Enterprise Value | 53,892 | 56,729 | 59,565 | ||||
| (-) Non-shareholder Claims * | (28,889) | (28,889) | (28,889) | ||||
| (=) Equity Value | 25,004 | 27,840 | 30,676 | ||||
| (/) Shares Outstanding | 366.8 | 366.8 | 366.8 | ||||
| Implied Value Range | 68.17 | 75.90 | 83.64 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 68.17 | 75.90 | 83.64 | 59.02 | |||
| Upside / (Downside) | 15.5% | 28.6% | 41.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AEP | SO | XEL | DUK | IDA | ES | |
| Enterprise Value | 100,204 | 163,479 | 68,731 | 177,070 | 8,602 | 50,536 | |
| (+) Cash & Short Term Investments | 418 | 1,070 | 190 | 314 | 369 | 27 | |
| (+) Investments & Other | 0 | 1,416 | 378 | 353 | 160 | 479 | |
| (-) Debt | (45,998) | (66,277) | (30,270) | (85,438) | (3,074) | (29,239) | |
| (-) Other Liabilities | (42) | (3,466) | 0 | (1,129) | (7) | (156) | |
| (-) Preferred Stock | 0 | 0 | 0 | (973) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54,582 | 96,222 | 39,029 | 90,197 | 6,050 | 21,648 | |
| (/) Shares Outstanding | 532.5 | 1,096.8 | 574.6 | 777.0 | 54.0 | 366.8 | |
| Implied Stock Price | 102.50 | 87.73 | 67.93 | 116.08 | 112.09 | 59.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 102.50 | 87.73 | 67.93 | 116.08 | 112.09 | 59.02 | |
| 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 | |