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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29.3x - 32.4x | 30.9x |
| Selected Fwd EBIT Multiple | 4.3x - 4.8x | 4.6x |
| Fair Value | €3.01 - €3.29 | €3.15 |
| Upside | 1.7% - 11.3% | 6.5% |
| Benchmarks | Ticker | Full Ticker |
| Capital Power Corporation | CPX | TSX:CPX |
| Boralex Inc. | BLX | TSX:BLX |
| Etrion Corporation | ETRX.F | OTCPK:ETRX.F |
| Polaris Renewable Energy Inc. | PIF | TSX:PIF |
| Solar Alliance Energy Inc. | SOLR | TSXV:SOLR |
| Maxim Power Corp. | MP9 | DB:MP9 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CPX | BLX | ETRX.F | PIF | SOLR | MP9 | ||
| TSX:CPX | TSX:BLX | OTCPK:ETRX.F | TSX:PIF | TSXV:SOLR | DB:MP9 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.0% | 10.1% | NM- | -6.6% | NM- | NM- | |
| 3Y CAGR | 38.1% | 7.5% | NM- | 14.5% | NM- | -34.3% | |
| Latest Twelve Months | -51.7% | -28.7% | 101.0% | 1.7% | -177.0% | 6.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.3% | 26.0% | 111.3% | 33.7% | -48.8% | -55.5% | |
| Prior Fiscal Year | 26.0% | 24.1% | NA | 35.7% | -26.3% | -32.1% | |
| Latest Fiscal Year | 22.6% | 27.1% | NA | 32.6% | -23.9% | 20.4% | |
| Latest Twelve Months | 15.1% | 23.8% | NA | 34.4% | -40.7% | 8.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.82x | 8.34x | NA | 4.15x | 0.99x | 3.22x | |
| EV / LTM EBITDA | 15.5x | 14.6x | NA | 5.8x | -2.5x | 12.5x | |
| EV / LTM EBIT | 31.8x | 35.0x | 7.4x | 12.1x | -2.4x | 37.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.4x | 12.1x | 35.0x | ||||
| Historical EV / LTM EBIT | -107.2x | 2.1x | 11.8x | ||||
| Selected EV / LTM EBIT | 29.3x | 30.9x | 32.4x | ||||
| (x) LTM EBIT | 8 | 8 | 8 | ||||
| (=) Implied Enterprise Value | 222 | 233 | 245 | ||||
| (-) Non-shareholder Claims * | 31 | 31 | 31 | ||||
| (=) Equity Value | 253 | 265 | 276 | ||||
| (/) Shares Outstanding | 63.7 | 63.7 | 63.7 | ||||
| Implied Value Range | 3.97 | 4.16 | 4.34 | ||||
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.48 | 2.59 | 2.71 | 2.96 | |||
| Upside / (Downside) | -16.2% | -12.3% | -8.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPX | BLX | ETRX.F | PIF | SOLR | MP9 | |
| Enterprise Value | 15,520 | 6,695 | (2) | 326 | 5 | 270 | |
| (+) Cash & Short Term Investments | 309 | 388 | 2 | 86 | 0 | 31 | |
| (+) Investments & Other | 1,057 | 754 | 0 | 0 | 0 | 0 | |
| (-) Debt | (7,133) | (4,409) | 0 | (220) | (0) | (0) | |
| (-) Other Liabilities | 7 | (446) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | (453) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,307 | 2,982 | 0 | 192 | 4 | 302 | |
| (/) Shares Outstanding | 155.1 | 102.8 | 334.1 | 21.0 | 295.2 | 63.7 | |
| Implied Stock Price | 60.00 | 29.01 | 0.00 | 9.14 | 0.02 | 4.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.73 | 1.00 | 1.60 | |
| Implied Stock Price (Trading Cur) | 60.00 | 29.01 | 0.00 | 12.58 | 0.02 | 2.96 | |
| Trading Currency | CAD | CAD | USD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.73 | 1.00 | 1.60 | |