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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.1x - 12.2x | 11.7x |
| Selected Fwd EBITDA Multiple | 10.1x - 11.1x | 10.6x |
| Fair Value | €55.05 - €66.63 | €60.84 |
| Upside | -9.6% - 9.4% | -0.1% |
| Benchmarks | Ticker | Full Ticker |
| Alliant Energy Corporation | LNT | NasdaqGS:LNT |
| PPL Corporation | PPL | NYSE:PPL |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| TXNM Energy, Inc. | TXNM | NYSE:TXNM |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Evergy, Inc. | 37 | DB:3E7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LNT | PPL | XEL | TXNM | PNW | 37 | ||
| NasdaqGS:LNT | NYSE:PPL | NasdaqGS:XEL | NYSE:TXNM | NYSE:PNW | DB:3E7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.3% | 4.5% | 5.8% | 14.8% | 8.2% | 5.1% | |
| 3Y CAGR | 5.7% | 6.7% | 5.8% | 12.0% | 7.2% | 5.3% | |
| Latest Twelve Months | 12.7% | 0.6% | 0.3% | 41.1% | 4.8% | 10.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 40.3% | 40.5% | 35.6% | 36.2% | 39.8% | 41.8% | |
| Prior Fiscal Year | 39.6% | 36.7% | 36.5% | 30.0% | 36.6% | 43.0% | |
| Latest Fiscal Year | 42.8% | 37.3% | 39.3% | 44.6% | 39.4% | 44.8% | |
| Latest Twelve Months | 43.8% | 37.1% | 39.4% | 42.5% | 38.3% | 45.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.50x | 5.01x | 5.37x | 5.60x | 4.70x | 5.32x | |
| EV / LTM EBITDA | 14.8x | 13.5x | 13.6x | 13.2x | 12.3x | 11.7x | |
| EV / LTM EBIT | 27.0x | 23.3x | 29.6x | 27.6x | 24.1x | 21.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.3x | 13.5x | 14.8x | ||||
| Historical EV / LTM EBITDA | 10.8x | 10.9x | 11.6x | ||||
| Selected EV / LTM EBITDA | 11.1x | 11.7x | 12.2x | ||||
| (x) LTM EBITDA | 2,672 | 2,672 | 2,672 | ||||
| (=) Implied Enterprise Value | 29,574 | 31,131 | 32,687 | ||||
| (-) Non-shareholder Claims * | (14,824) | (14,824) | (14,824) | ||||
| (=) Equity Value | 14,750 | 16,307 | 17,863 | ||||
| (/) Shares Outstanding | 230.2 | 230.2 | 230.2 | ||||
| Implied Value Range | 64.09 | 70.85 | 77.61 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 54.71 | 60.48 | 66.25 | 60.90 | |||
| Upside / (Downside) | -10.2% | -0.7% | 8.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LNT | PPL | XEL | TXNM | PNW | 37 | |
| Enterprise Value | 26,917 | 44,153 | 74,556 | 11,374 | 24,716 | 31,245 | |
| (+) Cash & Short Term Investments | 329 | 294 | 1,465 | 22 | 19 | 28 | |
| (+) Investments & Other | 666 | 0 | 351 | 487 | 0 | 0 | |
| (-) Debt | (11,307) | (17,854) | (33,387) | (5,833) | (14,005) | (14,812) | |
| (-) Other Liabilities | 0 | 0 | 0 | (58) | (101) | (40) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,605 | 26,593 | 42,985 | 5,993 | 10,629 | 16,420 | |
| (/) Shares Outstanding | 257.0 | 739.5 | 591.4 | 105.4 | 119.4 | 230.2 | |
| Implied Stock Price | 64.62 | 35.96 | 72.68 | 56.87 | 89.00 | 71.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 64.62 | 35.96 | 72.68 | 56.87 | 89.00 | 60.90 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |