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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.6x - 1.8x | 1.7x |
| Selected Fwd Ps Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | $50.54 - $55.86 | $53.20 |
| Upside | -19.1% - -10.6% | -14.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Endesa, S.A. | - | BME:ELE |
| VERBUND AG | - | WBAG:VER |
| EDP, S.A. | - | ENXTLS:EDP |
| EVN AG | - | DB:EVN |
| EnBW Energie Baden-Württemberg AG | - | DB:EBK |
| Iberdrola, S.A. | - | OTCPK:IBDR.Y |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ELE | VER | EDP | EVN | EBK | IBDR.Y | |||
| BME:ELE | WBAG:VER | ENXTLS:EDP | DB:EVN | DB:EBK | OTCPK:IBDR.Y | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 1.7% | 16.5% | 0.9% | 8.1% | 16.4% | 4.2% | ||
| 3Y CAGR | 0.7% | 20.5% | 0.0% | 10.7% | 31.0% | 4.6% | ||
| Latest Twelve Months | -16.5% | -20.0% | -7.6% | -4.5% | -28.4% | -9.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 6.1% | 21.9% | 7.7% | 12.8% | 3.6% | 11.5% | ||
| Prior Fiscal Year | 3.0% | 21.6% | 5.9% | 13.9% | 3.1% | 9.4% | ||
| Latest Fiscal Year | 9.0% | 22.4% | 5.4% | 14.3% | 3.4% | 12.1% | ||
| Latest Twelve Months | 9.0% | 22.4% | 5.4% | 13.7% | 1.6% | 12.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.8x | 6.5x | 9.2x | 1.1x | 6.8x | 9.3x | ||
| Price / LTM Sales | 1.2x | 2.7x | 0.9x | 1.2x | 0.5x | 2.0x | ||
| LTM P/E Ratio | 13.2x | 12.2x | 16.2x | 8.5x | 31.3x | 16.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.5x | 1.2x | 2.7x | |||||
| Historical LTM P/S Ratio | 1.4x | 1.7x | 2.1x | |||||
| Selected Price / Sales Multiple | 1.6x | 1.7x | 1.8x | |||||
| (x) LTM Sales | 44,739 | 44,739 | 44,739 | |||||
| (=) Equity Value | 71,778 | 75,556 | 79,333 | |||||
| (/) Shares Outstanding | 1,560.0 | 1,560.0 | 1,560.0 | |||||
| Implied Value Range | 46.01 | 48.43 | 50.86 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 49.69 | 52.31 | 54.92 | 62.50 | ||||
| Upside / (Downside) | -20.5% | -16.3% | -12.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELE | VER | EDP | EVN | EBK | IBDR.Y | |
| Value of Common Equity | 24,664 | 22,982 | 12,891 | 3,860 | 18,472 | 90,275 | |
| (/) Shares Outstanding | 1,058.6 | 347.4 | 4,163.9 | 178.3 | 270.9 | 1,560.0 | |
| Implied Stock Price | 23.30 | 66.15 | 3.10 | 21.65 | 68.20 | 57.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | |
| Implied Stock Price (Trading Cur) | 23.30 | 66.15 | 3.10 | 21.65 | 68.20 | 62.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | |