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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.0x - 12.2x | 11.6x |
| Selected Fwd EBITDA Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | €54.88 - €66.27 | €60.58 |
| Upside | -6.9% - 12.4% | 2.8% |
| Benchmarks | Ticker | Full Ticker |
| Alliant Energy Corporation | LNT | NasdaqGS:LNT |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| TXNM Energy, Inc. | TXNM | NYSE:TXNM |
| PG&E Corporation | PCG | NYSE:PCG |
| Evergy, Inc. | 37 | DB:3E7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LNT | XEL | PNW | TXNM | PCG | 37 | ||
| NasdaqGS:LNT | NasdaqGS:XEL | NYSE:PNW | NYSE:TXNM | NYSE:PCG | DB:3E7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.3% | 5.8% | 8.2% | 14.8% | 14.4% | 5.1% | |
| 3Y CAGR | 5.7% | 5.8% | 7.2% | 12.0% | 12.4% | 5.3% | |
| Latest Twelve Months | 8.8% | 0.9% | 15.3% | 51.6% | 20.9% | 12.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 40.0% | 35.4% | 39.9% | 36.2% | 32.9% | 41.6% | |
| Prior Fiscal Year | 39.6% | 36.5% | 36.6% | 30.0% | 29.4% | 43.0% | |
| Latest Fiscal Year | 42.8% | 39.3% | 39.4% | 44.6% | 38.1% | 44.8% | |
| Latest Twelve Months | 43.1% | 39.1% | 38.9% | 43.6% | 38.2% | 45.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.53x | 5.34x | 4.43x | 5.46x | 3.70x | 5.17x | |
| EV / LTM EBITDA | 15.1x | 13.7x | 11.4x | 12.5x | 9.7x | 11.4x | |
| EV / LTM EBIT | 27.6x | 30.4x | 22.1x | 24.7x | 17.8x | 20.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.7x | 12.5x | 15.1x | ||||
| Historical EV / LTM EBITDA | 10.8x | 10.9x | 11.6x | ||||
| Selected EV / LTM EBITDA | 11.0x | 11.6x | 12.2x | ||||
| (x) LTM EBITDA | 2,667 | 2,667 | 2,667 | ||||
| (=) Implied Enterprise Value | 29,385 | 30,932 | 32,478 | ||||
| (-) Non-shareholder Claims * | (14,404) | (14,404) | (14,404) | ||||
| (=) Equity Value | 14,981 | 16,528 | 18,074 | ||||
| (/) Shares Outstanding | 230.1 | 230.1 | 230.1 | ||||
| Implied Value Range | 65.11 | 71.83 | 78.55 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.43 | 61.16 | 66.88 | 58.94 | |||
| Upside / (Downside) | -5.9% | 3.8% | 13.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LNT | XEL | PNW | TXNM | PCG | 37 | |
| Enterprise Value | 26,636 | 72,795 | 23,084 | 11,014 | 90,719 | 30,333 | |
| (+) Cash & Short Term Investments | 25 | 1,140 | 10 | 6 | 2,023 | 35 | |
| (+) Investments & Other | 650 | 363 | 0 | 470 | 0 | 0 | |
| (-) Debt | (10,629) | (32,391) | (12,132) | (6,142) | (59,968) | (14,402) | |
| (-) Other Liabilities | 0 | 0 | (107) | (58) | (252) | (37) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1,579) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,682 | 41,907 | 10,855 | 5,291 | 30,943 | 15,929 | |
| (/) Shares Outstanding | 256.9 | 576.8 | 119.4 | 92.7 | 2,197.7 | 230.1 | |
| Implied Stock Price | 64.94 | 72.66 | 90.91 | 57.10 | 14.08 | 69.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 64.94 | 72.66 | 90.91 | 57.10 | 14.08 | 58.94 | |
| 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 | |