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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.1x - 14.4x | 13.7x |
| Selected Fwd EBIT Multiple | 1.0x - 1.1x | 1.1x |
| Fair Value | C$0.15 - C$0.19 | C$0.17 |
| Upside | -30.1% - -14.3% | -22.2% |
| Benchmarks | Ticker | Full Ticker |
| Polaris Renewable Energy Inc. | PIF | TSX:PIF |
| Solar Alliance Energy Inc. | SOLR | TSXV:SOLR |
| Alternus Energy Group Plc | ALT | OB:ALT |
| Brookfield Renewable Partners L.P. | BEP.PRR | TSX:BEP.PRR |
| Maxim Power Corp. | MXG | TSX:MXG |
| ReVolve Renewable Power Corp. | REVV | TSXV:REVV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PIF | SOLR | ALT | BEP.PRR | MXG | REVV | ||
| TSX:PIF | TSXV:SOLR | OB:ALT | TSX:BEP.PRR | TSX:MXG | TSXV:REVV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -6.6% | NM- | NM- | -4.5% | NM- | NM- | |
| 3Y CAGR | 14.5% | NM- | NM- | 4.7% | -34.3% | NM- | |
| Latest Twelve Months | -11.8% | 17.4% | 69.2% | 3.2% | 255.6% | 178.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.2% | -54.7% | -106.3% | 24.5% | -55.9% | -1577.4% | |
| Prior Fiscal Year | 35.7% | -79.5% | -47.5% | 20.8% | -32.1% | -202.6% | |
| Latest Fiscal Year | 32.6% | -26.3% | -0.3% | 18.4% | 20.4% | 34.0% | |
| Latest Twelve Months | 32.6% | -30.9% | -32.0% | 18.4% | 20.4% | 14.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.98x | 1.03x | 1.98x | 11.95x | 2.08x | 2.84x | |
| EV / LTM EBITDA | 5.6x | -3.4x | -11.3x | 22.7x | 5.9x | 10.9x | |
| EV / LTM EBIT | 12.2x | -3.3x | -6.2x | 64.9x | 10.2x | 19.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.2x | 10.2x | 64.9x | ||||
| Historical EV / LTM EBIT | -14.5x | -9.2x | -1.3x | ||||
| Selected EV / LTM EBIT | 13.1x | 13.7x | 14.4x | ||||
| (x) LTM EBIT | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 13 | 13 | 14 | ||||
| (-) Non-shareholder Claims * | (8) | (8) | (8) | ||||
| (=) Equity Value | 4 | 5 | 6 | ||||
| (/) Shares Outstanding | 63.0 | 63.0 | 63.0 | ||||
| Implied Value Range | 0.07 | 0.08 | 0.09 | ||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.10 | 0.11 | 0.13 | 0.22 | |||
| Upside / (Downside) | -55.6% | -49.0% | -42.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PIF | SOLR | ALT | BEP.PRR | MXG | REVV | |
| Enterprise Value | 297 | 6 | (22) | 69,921 | 211 | 18 | |
| (+) Cash & Short Term Investments | 213 | 0 | 0 | 3,703 | 30 | 1 | |
| (+) Investments & Other | 0 | 0 | 56 | 5,794 | 0 | 1 | |
| (-) Debt | (331) | (0) | (34) | (35,896) | (0) | (10) | |
| (-) Other Liabilities | 0 | 0 | 0 | (26,705) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | (634) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 180 | 6 | 0 | 16,183 | 241 | 10 | |
| (/) Shares Outstanding | 21.0 | 295.2 | 5.9 | 1,150.4 | 63.7 | 63.0 | |
| Implied Stock Price | 8.55 | 0.02 | 0.05 | 14.07 | 3.78 | 0.16 | |
| FX Conversion Rate to Trading Currency | 0.72 | 1.00 | 0.10 | 0.72 | 1.00 | 0.72 | |
| Implied Stock Price (Trading Cur) | 11.85 | 0.02 | 0.54 | 19.50 | 3.78 | 0.22 | |
| Trading Currency | CAD | CAD | NOK | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.72 | 1.00 | 0.10 | 0.72 | 1.00 | 0.72 | |