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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.3x - 20.2x | 19.3x |
| Selected Fwd EBIT Multiple | 14.4x - 16.0x | 15.2x |
| Fair Value | €54.73 - €70.63 | €62.68 |
| Upside | 17.9% - 52.1% | 35.0% |
| Benchmarks | Ticker | Full Ticker |
| OGE Energy Corp. | OGE | NYSE:OGE |
| Entergy Corporation | ETR | NYSE:ETR |
| NextEra Energy, Inc. | NEE | NYSE:NEE |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Edison International | EIX | DB:EIX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| OGE | ETR | NEE | PNW | XEL | EIX | ||
| NYSE:OGE | NYSE:ETR | NYSE:NEE | NYSE:PNW | NasdaqGS:XEL | DB:EIX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.5% | 11.0% | 6.5% | 8.8% | 3.0% | 11.3% | |
| 3Y CAGR | 11.4% | 11.0% | 33.5% | 4.9% | 3.0% | 6.9% | |
| Latest Twelve Months | 17.7% | 35.1% | 4.6% | 1.1% | -8.0% | -4.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.2% | 19.1% | 26.0% | 21.0% | 17.5% | 21.1% | |
| Prior Fiscal Year | 24.5% | 22.2% | 35.8% | 18.4% | 18.4% | 22.1% | |
| Latest Fiscal Year | 24.9% | 23.8% | 29.7% | 20.7% | 17.9% | 22.0% | |
| Latest Twelve Months | 25.0% | 27.3% | 32.1% | 19.5% | 18.1% | 21.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.68x | 5.68x | 8.99x | 4.79x | 5.39x | 3.64x | |
| EV / LTM EBITDA | 11.4x | 12.4x | 15.9x | 12.5x | 13.7x | 10.1x | |
| EV / LTM EBIT | 18.7x | 20.8x | 28.0x | 24.5x | 29.8x | 17.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 18.7x | 24.5x | 29.8x | ||||
| Historical EV / LTM EBIT | 17.5x | 18.2x | 19.7x | ||||
| Selected EV / LTM EBIT | 18.3x | 19.3x | 20.2x | ||||
| (x) LTM EBIT | 3,713 | 3,713 | 3,713 | ||||
| (=) Implied Enterprise Value | 67,927 | 71,502 | 75,077 | ||||
| (-) Non-shareholder Claims * | (43,143) | (43,143) | (43,143) | ||||
| (=) Equity Value | 24,784 | 28,359 | 31,934 | ||||
| (/) Shares Outstanding | 384.8 | 384.8 | 384.8 | ||||
| Implied Value Range | 64.40 | 73.69 | 82.98 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.32 | 63.29 | 71.27 | 46.44 | |||
| Upside / (Downside) | 19.1% | 36.3% | 53.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | OGE | ETR | NEE | PNW | XEL | EIX | |
| Enterprise Value | 14,904 | 69,847 | 232,729 | 25,148 | 74,940 | 63,951 | |
| (+) Cash & Short Term Investments | 1 | 1,176 | 1,728 | 19 | 1,465 | 140 | |
| (+) Investments & Other | 134 | 84 | 17,980 | 0 | 351 | 63 | |
| (-) Debt | (5,902) | (30,405) | (93,189) | (14,005) | (33,387) | (39,526) | |
| (-) Other Liabilities | 0 | (315) | (10,135) | (101) | 0 | (2,175) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (1,645) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,137 | 40,387 | 149,113 | 11,061 | 43,369 | 20,808 | |
| (/) Shares Outstanding | 201.4 | 446.4 | 2,059.3 | 119.4 | 591.4 | 384.8 | |
| Implied Stock Price | 45.37 | 90.47 | 72.41 | 92.62 | 73.33 | 54.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 45.37 | 90.47 | 72.41 | 92.62 | 73.33 | 46.44 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |