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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.8x - 3.1x | 3.0x |
| Selected Fwd Revenue Multiple | 2.6x - 2.8x | 2.7x |
| Fair Value | $43.67 - $52.92 | $48.30 |
| Upside | -32.3% - -17.9% | -25.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Endesa, S.A. | ELE | BME:ELE |
| VERBUND AG | VER | WBAG:VER |
| EDP, S.A. | EDP | ENXTLS:EDP |
| EVN AG | EVN | DB:EVN |
| EnBW Energie Baden-Württemberg AG | EBK | DB:EBK |
| Iberdrola, S.A. | IBDR.Y | OTCPK:IBDR.Y |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ELE | VER | EDP | EVN | EBK | IBDR.Y | |||
| BME:ELE | WBAG:VER | ENXTLS:EDP | DB:EVN | DB:EBK | OTCPK:IBDR.Y | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.7% | 16.2% | 0.9% | 8.1% | 14.1% | 4.2% | ||
| 3Y CAGR | 0.7% | 19.9% | 0.0% | 10.7% | 5.4% | 4.6% | ||
| Latest Twelve Months | -16.5% | -21.1% | -7.6% | -4.5% | -15.5% | -9.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 11.2% | 29.3% | 9.3% | 10.7% | 5.6% | 17.8% | ||
| Prior Fiscal Year | 6.6% | 37.7% | 12.2% | 15.3% | 9.0% | 18.3% | ||
| Latest Fiscal Year | 13.8% | 35.1% | 10.9% | 12.1% | 7.5% | 25.0% | ||
| Latest Twelve Months | 13.8% | 35.1% | 10.9% | 11.5% | 7.5% | 25.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.75x | 2.95x | 2.39x | 0.22x | 0.95x | 3.52x | ||
| EV / LTM EBIT | 12.6x | 8.4x | 21.8x | 1.9x | 12.7x | 14.1x | ||
| Price / LTM Sales | 1.24x | 2.75x | 0.87x | 1.15x | 0.52x | 2.09x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.22x | 1.75x | 2.95x | |||||
| Historical EV / LTM Revenue | 2.43x | 3.01x | 3.52x | |||||
| Selected EV / LTM Revenue | 2.81x | 2.96x | 3.11x | |||||
| (x) LTM Revenue | 44,739 | 44,739 | 44,739 | |||||
| (=) Implied Enterprise Value | 125,855 | 132,478 | 139,102 | |||||
| (-) Non-shareholder Claims * | (63,868) | (63,868) | (63,868) | |||||
| (=) Equity Value | 61,987 | 68,610 | 75,234 | |||||
| (/) Shares Outstanding | 1,560.0 | 1,560.0 | 1,560.0 | |||||
| Implied Value Range | 39.74 | 43.98 | 48.23 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 42.92 | 47.51 | 52.09 | 64.49 | ||||
| Upside / (Downside) | -33.4% | -26.3% | -19.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELE | VER | EDP | EVN | EBK | IBDR.Y | |
| Enterprise Value | 36,233 | 24,383 | 35,743 | 152 | 35,622 | 157,005 | |
| (+) Cash & Short Term Investments | 840 | 875 | 3,643 | 101 | 8,877 | 4,718 | |
| (+) Investments & Other | 334 | 1,080 | 1,838 | 5,109 | 1,934 | 5,293 | |
| (-) Debt | (10,530) | (2,512) | (23,608) | (1,211) | (19,505) | (59,953) | |
| (-) Other Liabilities | (943) | (1,087) | (4,657) | (327) | (7,535) | (13,926) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,934 | 22,738 | 12,958 | 3,824 | 19,393 | 93,137 | |
| (/) Shares Outstanding | 1,058.6 | 347.4 | 4,163.9 | 178.3 | 270.9 | 1,560.0 | |
| Implied Stock Price | 24.50 | 65.45 | 3.11 | 21.45 | 71.60 | 59.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | |
| Implied Stock Price (Trading Cur) | 24.50 | 65.45 | 3.11 | 21.45 | 71.60 | 64.49 | |
| 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 | |