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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.7x - 1.9x | 1.8x |
| Selected Fwd Ps Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | $72.32 - $79.94 | $76.13 |
| Upside | -1.9% - 8.4% | 3.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ONE Gas, Inc. | - | NYSE:OGS |
| Atmos Energy Corporation | - | NYSE:ATO |
| New Jersey Resources Corporation | - | NYSE:NJR |
| Chesapeake Utilities Corporation | - | NYSE:CPK |
| UGI Corporation | - | NYSE:UGI |
| Spire Inc. | - | NYSE:SR |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| OGS | ATO | NJR | CPK | UGI | SR | |||
| NYSE:OGS | NYSE:ATO | NYSE:NJR | NYSE:CPK | NYSE:UGI | NYSE:SR | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 4.7% | 7.5% | -7.1% | 10.4% | -0.3% | 5.8% | ||
| 3Y CAGR | 4.8% | 6.9% | -5.9% | 11.4% | -1.1% | 5.1% | ||
| Latest Twelve Months | -12.2% | 5.9% | 6.5% | 17.4% | -14.1% | -4.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.7% | 21.1% | 10.4% | 14.0% | 5.3% | 9.0% | ||
| Prior Fiscal Year | 9.7% | 20.7% | 13.5% | 13.0% | -16.8% | 7.6% | ||
| Latest Fiscal Year | 10.7% | 25.0% | 16.1% | 15.1% | 3.7% | 9.1% | ||
| Latest Twelve Months | 10.7% | 25.9% | 18.2% | 15.1% | 7.7% | 9.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 11.0x | 14.9x | 13.2x | 14.3x | 7.2x | 12.1x | ||
| Price / LTM Sales | 2.1x | 5.6x | 2.6x | 3.8x | 0.9x | 1.8x | ||
| LTM P/E Ratio | 19.8x | 21.7x | 14.5x | 25.3x | 12.1x | 19.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 2.6x | 5.6x | |||||
| Historical LTM P/S Ratio | 1.1x | 1.5x | 1.5x | |||||
| Selected Price / Sales Multiple | 1.7x | 1.8x | 1.9x | |||||
| (x) LTM Sales | 2,506 | 2,506 | 2,506 | |||||
| (=) Equity Value | 4,215 | 4,437 | 4,659 | |||||
| (/) Shares Outstanding | 58.3 | 58.3 | 58.3 | |||||
| Implied Value Range | 72.24 | 76.04 | 79.85 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 72.24 | 76.04 | 79.85 | 73.73 | ||||
| Upside / (Downside) | -2.0% | 3.1% | 8.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | OGS | ATO | NJR | CPK | UGI | SR | |
| Value of Common Equity | 4,306 | 23,025 | 4,708 | 2,902 | 6,554 | 4,302 | |
| (/) Shares Outstanding | 59.9 | 158.7 | 100.3 | 23.0 | 214.8 | 58.3 | |
| Implied Stock Price | 71.91 | 145.06 | 46.94 | 126.28 | 30.51 | 73.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 71.91 | 145.06 | 46.94 | 126.28 | 30.51 | 73.73 | |
| 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 | |