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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.5x - 20.4x | 19.5x |
| Selected Fwd EBIT Multiple | 15.4x - 17.0x | 16.2x |
| Fair Value | $70.19 - $84.53 | $77.36 |
| Upside | -8.9% - 9.8% | 0.5% |
| Benchmarks | Ticker | Full Ticker |
| UGI Corporation | UGI | NYSE:UGI |
| Northwest Natural Holding Company | NWN | NYSE:NWN |
| ONE Gas, Inc. | OGS | NYSE:OGS |
| New Jersey Resources Corporation | NJR | NYSE:NJR |
| Atmos Energy Corporation | ATO | NYSE:ATO |
| Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UGI | NWN | OGS | NJR | ATO | SWX | ||
| NYSE:UGI | NYSE:NWN | NYSE:OGS | NYSE:NJR | NYSE:ATO | NYSE:SWX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.7% | 7.5% | 6.8% | 22.7% | 12.4% | 7.0% | |
| 3Y CAGR | -23.6% | 7.4% | 9.5% | 16.7% | 14.9% | 12.1% | |
| Latest Twelve Months | 11.6% | 25.4% | 15.4% | 50.9% | 17.4% | 17.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.1% | 16.8% | 17.0% | 17.2% | 27.2% | 10.0% | |
| Prior Fiscal Year | -6.9% | 15.7% | 16.1% | 20.7% | 24.8% | 9.4% | |
| Latest Fiscal Year | 15.1% | 16.2% | 19.3% | 25.5% | 32.3% | 9.8% | |
| Latest Twelve Months | 17.0% | 19.0% | 19.3% | 27.3% | 33.1% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.90x | 3.27x | 3.34x | 3.78x | 7.23x | 2.16x | |
| EV / LTM EBITDA | 7.7x | 9.6x | 10.2x | 10.5x | 14.8x | 10.5x | |
| EV / LTM EBIT | 11.2x | 17.2x | 17.3x | 13.8x | 21.8x | 19.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.2x | 17.2x | 21.8x | ||||
| Historical EV / LTM EBIT | 16.4x | 20.6x | 27.8x | ||||
| Selected EV / LTM EBIT | 18.5x | 19.5x | 20.4x | ||||
| (x) LTM EBIT | 543 | 543 | 543 | ||||
| (=) Implied Enterprise Value | 10,041 | 10,570 | 11,098 | ||||
| (-) Non-shareholder Claims * | (4,821) | (4,821) | (4,821) | ||||
| (=) Equity Value | 5,220 | 5,749 | 6,277 | ||||
| (/) Shares Outstanding | 73.0 | 73.0 | 73.0 | ||||
| Implied Value Range | 71.54 | 78.78 | 86.02 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 71.54 | 78.78 | 86.02 | 77.00 | |||
| Upside / (Downside) | -7.1% | 2.3% | 11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UGI | NWN | OGS | NJR | ATO | SWX | |
| Enterprise Value | 13,930 | 3,947 | 7,566 | 7,868 | 32,443 | 10,440 | |
| (+) Cash & Short Term Investments | 426 | 100 | 19 | 84 | 659 | 406 | |
| (+) Investments & Other | 393 | 37 | 0 | 101 | 0 | 0 | |
| (-) Debt | (7,031) | (2,391) | (3,212) | (3,412) | (8,506) | (5,047) | |
| (-) Other Liabilities | (9) | 0 | 0 | 0 | 0 | (180) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,709 | 1,693 | 4,374 | 4,640 | 24,595 | 5,619 | |
| (/) Shares Outstanding | 214.4 | 40.3 | 59.9 | 100.4 | 158.8 | 73.0 | |
| Implied Stock Price | 35.95 | 42.00 | 72.98 | 46.23 | 154.85 | 77.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.95 | 42.00 | 72.98 | 46.23 | 154.85 | 77.00 | |
| 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 | |