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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 13.2x - 14.6x | 13.9x |
| Selected Fwd P/E Multiple | 14.3x - 15.8x | 15.1x |
| Fair Value | $49.40 - $54.61 | $52.01 |
| Upside | 8.1% - 19.4% | 13.7% |
| Benchmarks | - | Full Ticker |
| Atmos Energy Corporation | - | NYSE:ATO |
| Chesapeake Utilities Corporation | - | NYSE:CPK |
| Northwest Natural Holding Company | - | NYSE:NWN |
| UGI Corporation | - | NYSE:UGI |
| Southwest Gas Holdings, Inc. | - | NYSE:SWX |
| New Jersey Resources Corporation | - | NYSE:NJR |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| ATO | CPK | NWN | UGI | SWX | NJR | |||
| NYSE:ATO | NYSE:CPK | NYSE:NWN | NYSE:UGI | NYSE:SWX | NYSE:NJR | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 15.3% | 14.2% | 3.8% | 1.0% | -1.5% | 18.5% | ||
| 3Y CAGR | 16.2% | 12.4% | 0.1% | -43.2% | -0.3% | 35.0% | ||
| Latest Twelve Months | 13.8% | 27.0% | 19.7% | 883.8% | 16.7% | 66.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 21.4% | 14.1% | 8.6% | 5.5% | 3.4% | 11.0% | ||
| Prior Fiscal Year | 20.7% | 13.0% | 7.8% | -16.8% | 2.8% | 13.5% | ||
| Latest Fiscal Year | 25.0% | 15.1% | 6.8% | 3.7% | 3.9% | 16.1% | ||
| Latest Twelve Months | 25.3% | 14.7% | 8.5% | 7.3% | 4.7% | 20.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.8x | 13.3x | 9.6x | 7.8x | 10.1x | 10.5x | ||
| Price / LTM Sales | 5.5x | 3.4x | 1.4x | 1.1x | 1.1x | 2.2x | ||
| LTM P/E Ratio | 21.6x | 23.0x | 16.0x | 14.5x | 22.9x | 11.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 14.5x | 21.6x | 23.0x | |||||
| Historical LTM P/E Ratio | 14.0x | 17.5x | 22.1x | |||||
| Selected P/E Multiple | 13.2x | 13.9x | 14.6x | |||||
| (x) LTM Net Income | 415 | 415 | 415 | |||||
| (=) Equity Value | 5,481 | 5,770 | 6,058 | |||||
| (/) Shares Outstanding | 100.4 | 100.4 | 100.4 | |||||
| Implied Value Range | 54.61 | 57.48 | 60.36 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 54.61 | 57.48 | 60.36 | 45.72 | ||||
| Upside / (Downside) | 19.4% | 25.7% | 32.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATO | CPK | NWN | UGI | SWX | NJR | |
| Value of Common Equity | 24,515 | 2,836 | 1,649 | 7,698 | 5,171 | 4,589 | |
| (/) Shares Outstanding | 158.8 | 23.3 | 40.3 | 214.4 | 71.9 | 100.4 | |
| Implied Stock Price | 154.34 | 121.56 | 40.90 | 35.90 | 71.90 | 45.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 154.34 | 121.56 | 40.90 | 35.90 | 71.90 | 45.72 | |
| 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 | |