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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.4x - 12.7x | 12.1x |
| Selected Fwd EBITDA Multiple | 10.1x - 11.2x | 10.7x |
| Fair Value | $87 - $101.86 | $94.43 |
| Upside | 15.6% - 35.3% | 25.5% |
| Benchmarks | Ticker | Full Ticker |
| Northwest Natural Holding Company | NWN | NYSE:NWN |
| Atmos Energy Corporation | ATO | NYSE:ATO |
| Spire Inc. | SR | NYSE:SR |
| Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
| Chesapeake Utilities Corporation | CPK | NYSE:CPK |
| ONE Gas, Inc. | OGS | NYSE:OGS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NWN | ATO | SR | SWX | CPK | OGS | ||
| NYSE:NWN | NYSE:ATO | NYSE:SR | NYSE:SWX | NYSE:CPK | NYSE:OGS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.2% | 12.1% | 9.5% | 7.3% | 14.7% | 8.3% | |
| 3Y CAGR | 7.6% | 13.9% | 4.8% | 8.9% | 15.3% | 10.8% | |
| Latest Twelve Months | 22.1% | 13.6% | 14.4% | 12.2% | 20.5% | 11.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.7% | 41.8% | 29.7% | 19.3% | 36.2% | 28.7% | |
| Prior Fiscal Year | 28.7% | 38.9% | 25.6% | 17.5% | 35.5% | 27.9% | |
| Latest Fiscal Year | 31.1% | 48.4% | 29.9% | 18.4% | 39.9% | 33.6% | |
| Latest Twelve Months | 35.0% | 48.5% | 35.0% | 21.1% | 39.0% | 32.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.31x | 7.43x | 3.96x | 2.20x | 5.21x | 3.35x | |
| EV / LTM EBITDA | 9.5x | 15.3x | 11.3x | 10.4x | 13.3x | 10.4x | |
| EV / LTM EBIT | 16.9x | 22.6x | 17.3x | 18.9x | 18.2x | 17.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.5x | 11.3x | 15.3x | ||||
| Historical EV / LTM EBITDA | 10.1x | 12.3x | 16.0x | ||||
| Selected EV / LTM EBITDA | 11.4x | 12.1x | 12.7x | ||||
| (x) LTM EBITDA | 748 | 748 | 748 | ||||
| (=) Implied Enterprise Value | 8,559 | 9,010 | 9,460 | ||||
| (-) Non-shareholder Claims * | (3,251) | (3,251) | (3,251) | ||||
| (=) Equity Value | 5,308 | 5,758 | 6,209 | ||||
| (/) Shares Outstanding | 60.0 | 60.0 | 60.0 | ||||
| Implied Value Range | 88.47 | 95.98 | 103.48 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 88.47 | 95.98 | 103.48 | 75.27 | |||
| Upside / (Downside) | 17.5% | 27.5% | 37.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NWN | ATO | SR | SWX | CPK | OGS | |
| Enterprise Value | 4,052 | 34,407 | 9,528 | 10,472 | 4,459 | 7,767 | |
| (+) Cash & Short Term Investments | 103 | 831 | 13 | 356 | 2 | 22 | |
| (+) Investments & Other | 36 | 0 | 90 | 0 | 0 | 0 | |
| (-) Debt | (2,465) | (9,001) | (4,900) | (4,685) | (1,530) | (3,273) | |
| (-) Other Liabilities | 0 | 0 | 0 | (449) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | (242) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,726 | 26,238 | 4,489 | 5,694 | 2,930 | 4,516 | |
| (/) Shares Outstanding | 40.9 | 160.5 | 59.0 | 72.0 | 23.5 | 60.0 | |
| Implied Stock Price | 42.15 | 163.45 | 76.06 | 79.11 | 124.45 | 75.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 42.15 | 163.45 | 76.06 | 79.11 | 124.45 | 75.27 | |
| 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 | |