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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 3.7x - 4.1x | 3.9x |
| Historical Pb Multiple | 1.5x - 5.5x | 4.6x |
| Fair Value | C$10 - C$11.06 | C$10.53 |
| Upside | -19.8% - -11.3% | -15.6% |
| Benchmarks | - | Full Ticker |
| Capital Power Corporation | - | TSX:CPX |
| Emera Incorporated | - | TSX:EMA |
| Canadian Utilities Limited | - | TSX:CU |
| The AES Corporation | - | BMV:AES* |
| ATCO Ltd. | - | TSX:ACO.X |
| TransAlta Corporation | - | TSX:TA |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| CPX | EMA | CU | AES * | ACO.X | TA | |||
| TSX:CPX | TSX:EMA | TSX:CU | BMV:AES* | TSX:ACO.X | TSX:TA | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 54.3% | -5.7% | -14.5% | 41.0% | -3.5% | 27.8% | ||
| 3Y CAGR | 147.2% | -1.1% | 7.1% | NM- | 20.5% | NM- | ||
| Latest Twelve Months | -6.3% | -49.5% | -36.0% | 596.7% | -0.5% | -72.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.4% | 12.7% | 15.5% | -1.5% | 14.5% | 3.3% | ||
| Prior Fiscal Year | 17.5% | 12.9% | 16.6% | 1.9% | 9.1% | 19.2% | ||
| Latest Fiscal Year | 18.1% | 6.9% | 10.8% | 13.7% | 8.7% | 6.2% | ||
| Latest Twelve Months | 18.1% | 6.9% | 10.8% | 13.7% | 8.7% | 6.2% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 11.1% | 8.6% | 9.4% | 1.6% | 8.3% | 14.1% | ||
| Prior Fiscal Year | 32.0% | 9.5% | 11.8% | 14.9% | 9.8% | 168.8% | ||
| Latest Twelve Months | 19.8% | 4.4% | 7.5% | 63.7% | 9.5% | 25.3% | ||
| Next Fiscal Year | 9.8% | 8.0% | 12.0% | 36.7% | 10.0% | 15.6% | ||
| Two Fiscal Years Forward | 9.3% | 8.2% | 12.3% | 31.1% | 9.9% | 14.4% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.1x | 2.5x | 2.7x | 0.6x | 1.1x | 1.3x | ||
| Price / LTM EPS | 11.8x | 37.0x | 25.4x | 4.2x | 13.2x | 21.0x | ||
| Price / Book | 1.9x | 1.5x | 1.9x | 2.0x | 1.2x | 4.6x | ||
| Price / Fwd Book | 1.8x | 1.5x | 1.9x | 1.6x | 1.2x | 5.2x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.2x | 1.9x | 2.0x | |||||
| Historical P/B Ratio | 1.5x | 4.6x | 5.5x | |||||
| Selected P/B Multiple | 3.7x | 3.9x | 4.1x | |||||
| (x) Book Value | 804 | 804 | 804 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPX | EMA | CU | AES * | ACO.X | TA | |
| Value of Common Equity | 7,839 | 18,284 | 10,250 | 7,620 | 5,660 | 3,715 | |
| (/) Shares Outstanding | 154.6 | 297.7 | 271.6 | 711.9 | 112.2 | 297.9 | |
| Implied Stock Price | 50.69 | 61.41 | 37.74 | 10.70 | 50.43 | 12.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.69 | 61.41 | 37.74 | 209.00 | 50.43 | 12.47 | |
| Trading Currency | CAD | CAD | CAD | MXN | CAD | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | 1.00 | |