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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.4x - 20.3x | 19.3x |
| Selected Fwd EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Fair Value | $70.33 - $84.79 | $77.56 |
| Upside | -4.8% - 14.7% | 5.0% |
| 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 | 1.89x | 3.26x | 3.35x | 3.75x | 7.14x | 2.10x | |
| EV / LTM EBITDA | 7.7x | 9.6x | 10.2x | 10.4x | 14.6x | 10.2x | |
| EV / LTM EBIT | 11.1x | 17.1x | 17.3x | 13.7x | 21.6x | 18.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.1x | 17.1x | 21.6x | ||||
| Historical EV / LTM EBIT | 16.4x | 20.6x | 27.8x | ||||
| Selected EV / LTM EBIT | 18.4x | 19.3x | 20.3x | ||||
| (x) LTM EBIT | 543 | 543 | 543 | ||||
| (=) Implied Enterprise Value | 9,978 | 10,503 | 11,028 | ||||
| (-) Non-shareholder Claims * | (4,821) | (4,821) | (4,821) | ||||
| (=) Equity Value | 5,157 | 5,682 | 6,207 | ||||
| (/) Shares Outstanding | 71.9 | 71.9 | 71.9 | ||||
| Implied Value Range | 71.71 | 79.01 | 86.32 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 71.71 | 79.01 | 86.32 | 73.90 | |||
| Upside / (Downside) | -3.0% | 6.9% | 16.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UGI | NWN | OGS | NJR | ATO | SWX | |
| Enterprise Value | 13,812 | 3,918 | 7,565 | 7,782 | 32,036 | 10,135 | |
| (+) 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 | 7,591 | 1,664 | 4,372 | 4,555 | 24,188 | 5,314 | |
| (/) Shares Outstanding | 214.4 | 40.3 | 59.9 | 100.4 | 158.8 | 71.9 | |
| Implied Stock Price | 35.40 | 41.28 | 72.95 | 45.38 | 152.28 | 73.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.40 | 41.28 | 72.95 | 45.38 | 152.28 | 73.90 | |
| 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 | |