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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 2.6x - 2.9x | 2.7x |
Selected Fwd Ps Multiple | 2.3x - 2.6x | 2.4x |
Fair Value | $25.79 - $28.51 | $27.15 |
Upside | -6.7% - 3.1% | -1.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
CenterPoint Energy, Inc. | - | NYSE:CNP |
Emera Incorporated | - | TSX:EMA |
Hydro One Limited | - | TSX:H |
WEC Energy Group, Inc. | - | NYSE:WEC |
Ameren Corporation | - | BMV:AEE* |
Canadian Utilities Limited | - | OTCPK:CDUA.F |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
CNP | EMA | H | WEC | AEE * | CDUA.F | |||
NYSE:CNP | TSX:EMA | TSX:H | NYSE:WEC | BMV:AEE* | OTCPK:CDUA.F | |||
Historical Sales Growth | ||||||||
5Y CAGR | 2.7% | 3.3% | 5.5% | 2.7% | 5.3% | -0.8% | ||
3Y CAGR | 1.1% | 7.7% | 5.5% | 1.1% | 6.2% | 2.1% | ||
Latest Twelve Months | 4.8% | 9.9% | 10.0% | 4.4% | 9.0% | -0.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 9.1% | 12.5% | 16.0% | 15.8% | 15.7% | 14.9% | ||
Prior Fiscal Year | 10.0% | 12.9% | 13.8% | 15.0% | 16.0% | 16.6% | ||
Latest Fiscal Year | 11.8% | 6.9% | 13.6% | 17.8% | 16.1% | 10.8% | ||
Latest Twelve Months | 10.8% | 11.1% | 14.0% | 18.0% | 15.9% | 10.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 13.0x | 12.9x | 15.8x | 14.6x | 14.0x | 13.4x | ||
Price / LTM Sales | 2.6x | 2.4x | 3.4x | 3.7x | 3.4x | 2.8x | ||
LTM P/E Ratio | 24.4x | 21.4x | 24.2x | 20.7x | 21.5x | 26.0x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 2.4x | 3.4x | 3.7x | |||||
Historical LTM P/S Ratio | 2.2x | 2.5x | 2.9x | |||||
Selected Price / Sales Multiple | 2.6x | 2.7x | 2.9x | |||||
(x) LTM Sales | 3,736 | 3,736 | 3,736 | |||||
(=) Equity Value | 9,694 | 10,205 | 10,715 | |||||
(/) Shares Outstanding | 271.8 | 271.8 | 271.8 | |||||
Implied Value Range | 35.66 | 37.54 | 39.42 | |||||
FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | ||||
Implied Value Range (Trading Cur) | 26.06 | 27.43 | 28.81 | 27.65 | ||||
Upside / (Downside) | -5.7% | -0.8% | 4.2% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | CNP | EMA | H | WEC | AEE * | CDUA.F | |
Value of Common Equity | 23,590 | 18,759 | 29,485 | 33,672 | 27,595 | 10,285 | |
(/) Shares Outstanding | 652.7 | 297.9 | 599.8 | 319.1 | 270.3 | 271.8 | |
Implied Stock Price | 36.14 | 62.97 | 49.16 | 105.51 | 102.10 | 37.84 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 1.37 | |
Implied Stock Price (Trading Cur) | 36.14 | 62.97 | 49.16 | 105.51 | 1,903.08 | 27.65 | |
Trading Currency | USD | CAD | CAD | USD | MXN | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 1.37 |