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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.3x - 14.7x | 14.0x |
| Selected Fwd EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | €30.02 - €36.28 | €33.15 |
| Upside | -12.2% - 6.1% | -3.1% |
| Benchmarks | Ticker | Full Ticker |
| Public Service Enterprise Group Incorporated | PEG | NYSE:PEG |
| Ameren Corporation | AEE | NYSE:AEE |
| CenterPoint Energy, Inc. | CNP | NYSE:CNP |
| Unitil Corporation | UTL | NYSE:UTL |
| Black Hills Corporation | BKH | NYSE:BKH |
| NiSource Inc. | NOU | DB:NOU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PEG | AEE | CNP | UTL | BKH | NOU | ||
| NYSE:PEG | NYSE:AEE | NYSE:CNP | NYSE:UTL | NYSE:BKH | DB:NOU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.7% | 6.3% | 9.1% | 6.5% | 4.6% | 4.2% | |
| 3Y CAGR | 2.6% | 6.9% | 10.4% | 7.3% | 6.0% | 11.2% | |
| Latest Twelve Months | 2.5% | 1.9% | 8.7% | 8.2% | 6.1% | 14.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.6% | 43.0% | 32.0% | 28.8% | 33.3% | 37.0% | |
| Prior Fiscal Year | 42.7% | 43.5% | 34.2% | 28.0% | 31.1% | 38.0% | |
| Latest Fiscal Year | 37.0% | 43.7% | 38.5% | 34.1% | 36.2% | 43.8% | |
| Latest Twelve Months | 36.6% | 43.7% | 37.6% | 34.1% | 36.2% | 43.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.80x | 6.29x | 5.09x | 3.45x | 4.15x | 6.27x | |
| EV / LTM EBITDA | 15.8x | 14.4x | 13.5x | 10.1x | 11.5x | 14.3x | |
| EV / LTM EBIT | 24.5x | 25.3x | 22.6x | 18.4x | 17.7x | 23.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.1x | 13.5x | 15.8x | ||||
| Historical EV / LTM EBITDA | 11.5x | 12.9x | 14.3x | ||||
| Selected EV / LTM EBITDA | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBITDA | 2,391 | 2,391 | 2,391 | ||||
| (=) Implied Enterprise Value | 31,757 | 33,428 | 35,100 | ||||
| (-) Non-shareholder Claims * | (15,723) | (15,723) | (15,723) | ||||
| (=) Equity Value | 16,034 | 17,705 | 19,377 | ||||
| (/) Shares Outstanding | 470.6 | 470.6 | 470.6 | ||||
| Implied Value Range | 34.07 | 37.62 | 41.17 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.05 | 33.19 | 36.32 | 34.20 | |||
| Upside / (Downside) | -12.1% | -3.0% | 6.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PEG | AEE | CNP | UTL | BKH | NOU | |
| Enterprise Value | 61,980 | 45,356 | 45,466 | 1,709 | 8,827 | 33,969 | |
| (+) Cash & Short Term Investments | 125 | 7 | 1,916 | 6 | 16 | 157 | |
| (+) Investments & Other | 0 | 74 | 0 | 0 | 0 | 92 | |
| (-) Debt | (22,888) | (18,794) | (22,187) | (756) | (4,384) | (13,988) | |
| (-) Other Liabilities | 0 | (129) | 0 | (0) | (84) | (1,984) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 39,217 | 26,514 | 25,195 | 959 | 4,376 | 18,246 | |
| (/) Shares Outstanding | 498.6 | 270.3 | 652.7 | 16.2 | 72.0 | 470.6 | |
| Implied Stock Price | 78.66 | 98.09 | 38.60 | 59.00 | 60.75 | 38.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 78.66 | 98.09 | 38.60 | 59.00 | 60.75 | 34.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |