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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.4x - 22.5x | 21.5x |
| Selected Fwd EBIT Multiple | 16.5x - 18.2x | 17.3x |
| Fair Value | $20.08 - $25.05 | $22.57 |
| Upside | 17.2% - 46.3% | 31.7% |
| Benchmarks | Ticker | Full Ticker |
| Alliant Energy Corporation | LNT | NasdaqGS:LNT |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Evergy, Inc. | EVRG | NasdaqGS:EVRG |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Edison International | EIX | NYSE:EIX |
| PG&E Corporation | PCG | NYSE:PCG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LNT | PNW | EVRG | XEL | EIX | PCG | ||
| NasdaqGS:LNT | NYSE:PNW | NasdaqGS:EVRG | NasdaqGS:XEL | NYSE:EIX | NYSE:PCG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.5% | 8.8% | 5.1% | 3.0% | 11.3% | 27.4% | |
| 3Y CAGR | 5.8% | 4.9% | 3.8% | 3.0% | 6.9% | 17.4% | |
| Latest Twelve Months | 5.2% | 18.1% | 21.4% | -11.6% | 3.1% | 25.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.5% | 21.1% | 23.0% | 17.5% | 21.0% | 15.8% | |
| Prior Fiscal Year | 22.8% | 18.4% | 22.4% | 18.4% | 22.1% | 14.1% | |
| Latest Fiscal Year | 23.4% | 20.7% | 24.8% | 17.9% | 22.0% | 21.0% | |
| Latest Twelve Months | 23.7% | 20.0% | 25.2% | 17.6% | 22.2% | 20.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.33x | 4.45x | 5.05x | 5.25x | 3.67x | 3.97x | |
| EV / LTM EBITDA | 14.7x | 11.5x | 11.1x | 13.4x | 9.9x | 10.4x | |
| EV / LTM EBIT | 26.8x | 22.2x | 20.0x | 29.9x | 16.5x | 19.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.5x | 22.2x | 29.9x | ||||
| Historical EV / LTM EBIT | 19.4x | 24.4x | 37.2x | ||||
| Selected EV / LTM EBIT | 20.4x | 21.5x | 22.5x | ||||
| (x) LTM EBIT | 5,105 | 5,105 | 5,105 | ||||
| (=) Implied Enterprise Value | 104,136 | 109,616 | 115,097 | ||||
| (-) Non-shareholder Claims * | (59,776) | (59,776) | (59,776) | ||||
| (=) Equity Value | 44,360 | 49,840 | 55,321 | ||||
| (/) Shares Outstanding | 2,197.7 | 2,197.7 | 2,197.7 | ||||
| Implied Value Range | 20.18 | 22.68 | 25.17 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.18 | 22.68 | 25.17 | 17.13 | |||
| Upside / (Downside) | 17.8% | 32.4% | 46.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LNT | PNW | EVRG | XEL | EIX | PCG | |
| Enterprise Value | 25,819 | 23,168 | 29,726 | 71,614 | 63,623 | 97,422 | |
| (+) Cash & Short Term Investments | 25 | 10 | 35 | 1,139 | 1,318 | 2,023 | |
| (+) Investments & Other | 650 | 0 | 0 | 363 | 59 | 0 | |
| (-) Debt | (10,629) | (12,132) | (14,402) | (32,391) | (39,560) | (59,968) | |
| (-) Other Liabilities | 0 | (107) | (37) | 0 | (2,175) | (252) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1,645) | (1,579) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,865 | 10,938 | 15,322 | 40,725 | 21,620 | 37,646 | |
| (/) Shares Outstanding | 256.9 | 119.4 | 230.1 | 576.8 | 384.8 | 2,197.7 | |
| Implied Stock Price | 61.76 | 91.61 | 66.59 | 70.61 | 56.19 | 17.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.76 | 91.61 | 66.59 | 70.61 | 56.19 | 17.13 | |
| 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 | |