Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.3x - 11.4x | 10.8x |
| Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | $67.24 - $81.66 | $74.45 |
| Upside | -7.9% - 11.9% | 2.0% |
| Benchmarks | Ticker | Full Ticker |
| Chesapeake Utilities Corporation | CPK | NYSE:CPK |
| RGC Resources, Inc. | RGCO | NasdaqGM:RGCO |
| ONE Gas, Inc. | OGS | NYSE:OGS |
| AltaGas Ltd. | ATGF.F | OTCPK:ATGF.F |
| NextEra Energy, Inc. | NEE | NYSE:NEE |
| Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CPK | RGCO | OGS | ATGF.F | NEE | SWX | ||
| NYSE:CPK | NasdaqGM:RGCO | NYSE:OGS | OTCPK:ATGF.F | NYSE:NEE | NYSE:SWX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.7% | 7.0% | 8.3% | 10.7% | 5.9% | 7.3% | |
| 3Y CAGR | 15.3% | 3.9% | 10.8% | 4.5% | 21.6% | 8.9% | |
| Latest Twelve Months | 31.7% | -1.6% | 5.7% | 19.7% | -19.1% | -1.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.6% | 31.1% | 28.6% | 14.6% | 49.1% | 19.4% | |
| Prior Fiscal Year | 35.5% | 27.8% | 27.9% | 10.8% | 57.7% | 17.5% | |
| Latest Fiscal Year | 39.9% | 31.8% | 33.6% | 13.5% | 53.0% | 18.4% | |
| Latest Twelve Months | 39.9% | 32.0% | 33.6% | 13.5% | 53.0% | 18.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.63x | 3.93x | 3.76x | 1.76x | 8.88x | 2.01x | |
| EV / LTM EBITDA | 14.1x | 12.3x | 11.2x | 13.1x | 16.7x | 10.9x | |
| EV / LTM EBIT | 19.1x | 19.8x | 19.5x | 18.5x | 29.8x | 20.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.2x | 13.1x | 16.7x | ||||
| Historical EV / LTM EBITDA | 8.9x | 10.9x | 12.6x | ||||
| Selected EV / LTM EBITDA | 10.3x | 10.8x | 11.4x | ||||
| (x) LTM EBITDA | 939 | 939 | 939 | ||||
| (=) Implied Enterprise Value | 9,672 | 10,181 | 10,690 | ||||
| (-) Non-shareholder Claims * | (5,014) | (5,014) | (5,014) | ||||
| (=) Equity Value | 4,658 | 5,167 | 5,676 | ||||
| (/) Shares Outstanding | 71.8 | 71.8 | 71.8 | ||||
| Implied Value Range | 64.85 | 71.94 | 79.02 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 64.85 | 71.94 | 79.02 | 72.97 | |||
| Upside / (Downside) | -11.1% | -1.4% | 8.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPK | RGCO | OGS | ATGF.F | NEE | SWX | |
| Enterprise Value | 4,429 | 344 | 7,836 | 22,049 | 219,741 | 10,255 | |
| (+) Cash & Short Term Investments | 8 | 3 | 58 | 85 | 1,487 | 364 | |
| (+) Investments & Other | 0 | 22 | 0 | 769 | 18,010 | 0 | |
| (-) Debt | (1,495) | (157) | (3,345) | (10,567) | (83,560) | (5,193) | |
| (-) Other Liabilities | 0 | 0 | 0 | (294) | (10,760) | (185) | |
| (-) Preferred Stock | 0 | 0 | 0 | (391) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,942 | 212 | 4,548 | 11,651 | 144,918 | 5,241 | |
| (/) Shares Outstanding | 23.0 | 10.3 | 59.9 | 298.0 | 2,057.0 | 71.8 | |
| Implied Stock Price | 128.00 | 20.63 | 75.96 | 39.10 | 70.45 | 72.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.43 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 128.00 | 20.63 | 75.96 | 27.31 | 70.45 | 72.97 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.43 | 1.00 | 1.00 | |