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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.0x - 2.2x | 2.1x |
| Selected Fwd Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | $71.82 - $86.73 | $79.28 |
| Upside | -1.6% - 18.9% | 8.6% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CPK | RGCO | OGS | ATGF.F | NEE | SWX | |||
| NYSE:CPK | NasdaqGM:RGCO | NYSE:OGS | OTCPK:ATGF.F | NYSE:NEE | NYSE:SWX | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.4% | 4.5% | 4.7% | 17.8% | 5.2% | 10.4% | ||
| 3Y CAGR | 11.4% | 4.0% | 4.8% | 5.6% | 13.2% | 11.6% | ||
| Latest Twelve Months | 17.4% | -1.2% | -12.2% | -4.2% | -12.0% | -5.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 23.5% | 19.5% | 17.0% | 9.8% | 25.9% | 10.1% | ||
| Prior Fiscal Year | 24.0% | 17.5% | 16.1% | 7.2% | 35.8% | 9.4% | ||
| Latest Fiscal Year | 29.5% | 19.4% | 19.3% | 9.5% | 29.7% | 9.8% | ||
| Latest Twelve Months | 29.5% | 19.9% | 19.3% | 9.5% | 29.7% | 9.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 5.63x | 3.93x | 3.76x | 1.77x | 8.88x | 2.01x | ||
| EV / LTM EBIT | 19.1x | 19.8x | 19.5x | 18.6x | 29.8x | 20.5x | ||
| Price / LTM Sales | 3.74x | 2.43x | 2.18x | 0.93x | 5.85x | 1.03x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.77x | 3.93x | 8.88x | |||||
| Historical EV / LTM Revenue | 1.81x | 2.01x | 2.38x | |||||
| Selected EV / LTM Revenue | 1.97x | 2.07x | 2.17x | |||||
| (x) LTM Revenue | 5,112 | 5,112 | 5,112 | |||||
| (=) Implied Enterprise Value | 10,048 | 10,577 | 11,106 | |||||
| (-) Non-shareholder Claims * | (5,014) | (5,014) | (5,014) | |||||
| (=) Equity Value | 5,034 | 5,563 | 6,092 | |||||
| (/) Shares Outstanding | 71.8 | 71.8 | 71.8 | |||||
| Implied Value Range | 70.09 | 77.46 | 84.82 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 70.09 | 77.46 | 84.82 | 72.97 | ||||
| Upside / (Downside) | -3.9% | 6.1% | 16.2% | |||||
| 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 | |