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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.6x - 22.7x | 21.7x |
| Selected Fwd EBIT Multiple | 18.6x - 20.6x | 19.6x |
| Fair Value | $29.66 - $34.98 | $32.32 |
| Upside | -14.7% - 0.6% | -7.1% |
| Benchmarks | Ticker | Full Ticker |
| Emera Incorporated | EMA | TSX:EMA |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Edison International | EIX1 * | BMV:EIX1* |
| Entergy Corporation | ETR * | BMV:ETR* |
| PG&E Corporation | PCG * | BMV:PCG* |
| Hydro One Limited | HRNN.F | OTCPK:HRNN.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EMA | PNW | EIX1 * | ETR * | PCG * | HRNN.F | ||
| TSX:EMA | NYSE:PNW | BMV:EIX1* | BMV:ETR* | BMV:PCG* | OTCPK:HRNN.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.6% | 8.8% | 11.3% | 11.0% | 27.4% | 6.3% | |
| 3Y CAGR | 12.6% | 4.9% | 6.9% | 11.0% | 17.4% | 6.9% | |
| Latest Twelve Months | 33.2% | 18.1% | 3.1% | 20.4% | 25.5% | 11.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.9% | 21.1% | 21.0% | 18.6% | 15.8% | 23.2% | |
| Prior Fiscal Year | 24.2% | 18.4% | 22.1% | 22.2% | 14.1% | 23.5% | |
| Latest Fiscal Year | 18.6% | 20.7% | 22.0% | 23.8% | 21.0% | 23.2% | |
| Latest Twelve Months | 23.3% | 20.0% | 22.2% | 26.4% | 20.8% | 23.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.89x | 4.45x | 3.71x | 5.46x | 4.02x | 5.45x | |
| EV / LTM EBITDA | 12.7x | 11.5x | 10.0x | 12.1x | 10.5x | 15.9x | |
| EV / LTM EBIT | 21.0x | 22.2x | 16.7x | 20.7x | 19.3x | 23.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.7x | 20.7x | 22.2x | ||||
| Historical EV / LTM EBIT | 19.6x | 19.9x | 22.4x | ||||
| Selected EV / LTM EBIT | 20.6x | 21.7x | 22.7x | ||||
| (x) LTM EBIT | 2,065 | 2,065 | 2,065 | ||||
| (=) Implied Enterprise Value | 42,472 | 44,707 | 46,943 | ||||
| (-) Non-shareholder Claims * | (17,452) | (17,452) | (17,452) | ||||
| (=) Equity Value | 25,020 | 27,255 | 29,491 | ||||
| (/) Shares Outstanding | 599.8 | 599.8 | 599.8 | ||||
| Implied Value Range | 41.72 | 45.44 | 49.17 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 29.84 | 32.50 | 35.17 | 34.78 | |||
| Upside / (Downside) | -14.2% | -6.5% | 1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMA | PNW | EIX1 * | ETR * | PCG * | HRNN.F | |
| Enterprise Value | 38,520 | 23,183 | 63,454 | 99,490 | 98,188 | 46,617 | |
| (+) Cash & Short Term Investments | 308 | 10 | 1,318 | 1,513 | 2,023 | 123 | |
| (+) Investments & Other | 651 | 0 | 59 | 83 | 0 | 305 | |
| (-) Debt | (20,083) | (12,132) | (39,560) | (30,925) | (59,968) | (17,798) | |
| (-) Other Liabilities | (14) | (107) | (2,175) | (316) | (252) | (82) | |
| (-) Preferred Stock | (1,422) | 0 | (1,645) | 0 | (1,579) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,960 | 10,954 | 21,451 | 69,844 | 38,412 | 29,165 | |
| (/) Shares Outstanding | 297.9 | 119.4 | 384.8 | 825.4 | 2,197.7 | 599.8 | |
| Implied Stock Price | 60.29 | 91.74 | 55.75 | 84.61 | 17.48 | 48.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 0.05 | 0.05 | 1.40 | |
| Implied Stock Price (Trading Cur) | 60.29 | 91.74 | 1,085.70 | 1,647.78 | 340.38 | 34.78 | |
| Trading Currency | CAD | USD | MXN | MXN | MXN | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.05 | 0.05 | 0.05 | 1.40 | |