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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 6.7x - 7.4x | 7.0x |
| Selected Fwd Revenue Multiple | 6.1x - 6.8x | 6.5x |
| Fair Value | $7.34 - $8.61 | $7.97 |
| Upside | -22.3% - -8.8% | -15.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Terna S.p.A. | TRN | BIT:TRN |
| EDP, S.A. | EDP | ENXTLS:EDP |
| Enel SpA | ENL | DB:ENL |
| Elia Group SA/NV | ELI | ENXTBR:ELI |
| REN - Redes Energéticas Nacionais, SGPS, S.A. | RENE | ENXTLS:RENE |
| Redeia Corporación, S.A. | RDEI.Y | OTCPK:RDEI.Y |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TRN | EDP | ENL | ELI | RENE | RDEI.Y | |||
| BIT:TRN | ENXTLS:EDP | DB:ENL | ENXTBR:ELI | ENXTLS:RENE | OTCPK:RDEI.Y | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.6% | 0.9% | -0.7% | 10.9% | 5.7% | -4.3% | ||
| 3Y CAGR | 12.5% | 0.0% | -3.1% | 13.9% | 7.2% | -6.2% | ||
| Latest Twelve Months | 10.9% | 2.3% | -9.4% | 17.5% | 7.1% | 0.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 45.4% | 9.5% | 13.2% | 18.3% | 25.0% | 43.8% | ||
| Prior Fiscal Year | 43.3% | 12.2% | 13.6% | 19.7% | 24.8% | 43.8% | ||
| Latest Fiscal Year | 46.3% | 10.9% | 18.5% | 25.0% | 21.8% | 36.2% | ||
| Latest Twelve Months | 46.7% | 10.8% | 15.9% | 31.7% | 20.8% | 36.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 7.67x | 2.55x | 1.94x | 5.31x | 3.95x | 7.89x | ||
| EV / LTM EBIT | 16.4x | 23.7x | 12.2x | 16.8x | 19.0x | 21.6x | ||
| Price / LTM Sales | 4.50x | 0.99x | 1.03x | 2.61x | 1.92x | 5.26x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.94x | 3.95x | 7.67x | |||||
| Historical EV / LTM Revenue | 6.35x | 7.55x | 8.90x | |||||
| Selected EV / LTM Revenue | 6.66x | 7.01x | 7.37x | |||||
| (x) LTM Revenue | 1,678 | 1,678 | 1,678 | |||||
| (=) Implied Enterprise Value | 11,180 | 11,768 | 12,356 | |||||
| (-) Non-shareholder Claims * | (4,405) | (4,405) | (4,405) | |||||
| (=) Equity Value | 6,775 | 7,363 | 7,952 | |||||
| (/) Shares Outstanding | 1,083.0 | 1,083.0 | 1,083.0 | |||||
| Implied Value Range | 6.26 | 6.80 | 7.34 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.31 | 7.94 | 8.58 | 9.44 | ||||
| Upside / (Downside) | -22.6% | -15.9% | -9.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRN | EDP | ENL | ELI | RENE | RDEI.Y | |
| Enterprise Value | 28,935 | 39,458 | 150,014 | 22,041 | 4,042 | 13,156 | |
| (+) Cash & Short Term Investments | 2,816 | 2,348 | 7,187 | 4,974 | 37 | 614 | |
| (+) Investments & Other | 98 | 1,728 | 2,902 | 644 | 326 | 1,285 | |
| (-) Debt | (14,791) | (23,803) | (65,987) | (16,224) | (2,439) | (6,195) | |
| (-) Other Liabilities | (21) | (4,481) | (14,941) | (618) | 0 | (108) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,037 | 15,250 | 79,175 | 10,817 | 1,967 | 8,751 | |
| (/) Shares Outstanding | 2,006.8 | 4,133.9 | 10,154.6 | 109.0 | 663.3 | 1,083.0 | |
| Implied Stock Price | 8.49 | 3.69 | 7.80 | 99.20 | 2.97 | 8.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 8.49 | 3.69 | 7.80 | 99.20 | 2.97 | 9.44 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |