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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Selected Fwd EBITDA Multiple | 6.6x - 7.3x | 6.9x |
| Fair Value | €27.48 - €32.83 | €30.15 |
| Upside | -8.1% - 9.8% | 0.9% |
| Benchmarks | Ticker | Full Ticker |
| Gelsenwasser AG | WWG | DB:WWG |
| E.ON SE | EOAN | XTRA:EOAN |
| Mainova AG | MNV6 | DB:MNV6 |
| REN - Redes Energéticas Nacionais, SGPS, S.A. | RN4 | DB:RN4 |
| Hera S.p.A. | HE9 | DB:HE9 |
| MVV Energie AG | MVV1 | DB:MVV1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WWG | EOAN | MNV6 | RN4 | HE9 | MVV1 | ||
| DB:WWG | XTRA:EOAN | DB:MNV6 | DB:RN4 | DB:HE9 | DB:MVV1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.4% | 27.7% | 24.1% | 0.4% | 7.4% | 11.4% | |
| 3Y CAGR | -0.2% | 6.5% | -15.3% | 2.5% | 9.0% | -6.2% | |
| Latest Twelve Months | -25.1% | 88.7% | 35.3% | -0.6% | 8.4% | 11.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.5% | 8.4% | 5.9% | 54.3% | 9.1% | 11.1% | |
| Prior Fiscal Year | 2.8% | 3.9% | 4.9% | 51.4% | 8.4% | 17.2% | |
| Latest Fiscal Year | 2.8% | 14.5% | 7.8% | 47.5% | 10.2% | 8.8% | |
| Latest Twelve Months | 2.8% | 13.3% | 7.8% | 46.3% | 9.4% | 9.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.55x | 0.87x | 0.53x | 3.94x | 0.69x | 0.60x | |
| EV / LTM EBITDA | 19.2x | 6.5x | 6.8x | 8.5x | 7.3x | 6.2x | |
| EV / LTM EBIT | 40.3x | 9.0x | 11.0x | 18.9x | 11.7x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 7.3x | 19.2x | ||||
| Historical EV / LTM EBITDA | 2.8x | 6.1x | 8.1x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.3x | 6.6x | ||||
| (x) LTM EBITDA | 569 | 569 | 569 | ||||
| (=) Implied Enterprise Value | 3,404 | 3,583 | 3,762 | ||||
| (-) Non-shareholder Claims * | (1,536) | (1,536) | (1,536) | ||||
| (=) Equity Value | 1,868 | 2,047 | 2,226 | ||||
| (/) Shares Outstanding | 65.9 | 65.9 | 65.9 | ||||
| Implied Value Range | 28.34 | 31.06 | 33.78 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.34 | 31.06 | 33.78 | 29.90 | |||
| Upside / (Downside) | -5.2% | 3.9% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WWG | EOAN | MNV6 | RN4 | HE9 | MVV1 | |
| Enterprise Value | 1,624 | 73,037 | 2,075 | 3,986 | 9,692 | 3,507 | |
| (+) Cash & Short Term Investments | 26 | 4,668 | 53 | 37 | 1,346 | 481 | |
| (+) Investments & Other | 727 | 10,592 | 1,022 | 326 | 180 | 137 | |
| (-) Debt | (417) | (40,100) | (942) | (2,439) | (5,496) | (1,796) | |
| (-) Other Liabilities | (1) | (6,571) | (8) | 0 | (298) | (357) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,959 | 41,626 | 2,201 | 1,910 | 5,422 | 1,971 | |
| (/) Shares Outstanding | 3.4 | 2,613.1 | 6.7 | 663.3 | 1,467.0 | 65.9 | |
| Implied Stock Price | 570.00 | 15.93 | 330.00 | 2.88 | 3.70 | 29.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 570.00 | 15.93 | 330.00 | 2.88 | 3.70 | 29.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |