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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.4x - 14.8x | 14.1x |
| Selected Fwd EBITDA Multiple | 10.5x - 11.6x | 11.1x |
| Fair Value | €51.33 - €60.92 | €56.13 |
| Upside | -29.7% - -16.5% | -23.1% |
| Benchmarks | Ticker | Full Ticker |
| Northwest Natural Holding Company | NWN | NYSE:NWN |
| NextEra Energy, Inc. | NEE | NYSE:NEE |
| Canadian Utilities Limited | CDUA.F | OTCPK:CDUA.F |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Edison International | EIX | NYSE:EIX |
| Public Service Enterprise Group Incorporated | PSE | DB:PSE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NWN | NEE | CDUA.F | PNW | EIX | PSE | ||
| NYSE:NWN | NYSE:NEE | OTCPK:CDUA.F | NYSE:PNW | NYSE:EIX | DB:PSE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.2% | 5.9% | -1.6% | 8.2% | 10.5% | -0.7% | |
| 3Y CAGR | 7.6% | 21.6% | 2.9% | 7.2% | 7.5% | 2.6% | |
| Latest Twelve Months | 4.2% | -19.1% | -5.2% | 17.3% | 7.1% | -20.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.3% | 49.1% | 46.3% | 40.0% | 34.6% | 37.8% | |
| Prior Fiscal Year | 28.7% | 57.7% | 46.4% | 36.6% | 36.5% | 42.7% | |
| Latest Fiscal Year | 31.1% | 53.0% | 44.6% | 39.4% | 36.3% | 37.0% | |
| Latest Twelve Months | 31.1% | 53.0% | 44.6% | 39.4% | 36.3% | 37.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.12x | 8.53x | 5.97x | 4.37x | 3.61x | 6.24x | |
| EV / LTM EBITDA | 10.0x | 16.1x | 13.4x | 11.1x | 9.9x | 16.9x | |
| EV / LTM EBIT | 19.3x | 28.7x | 23.4x | 21.1x | 16.4x | 26.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.9x | 11.1x | 16.1x | ||||
| Historical EV / LTM EBITDA | 9.8x | 16.3x | 17.0x | ||||
| Selected EV / LTM EBITDA | 13.4x | 14.1x | 14.8x | ||||
| (x) LTM EBITDA | 3,805 | 3,805 | 3,805 | ||||
| (=) Implied Enterprise Value | 50,824 | 53,499 | 56,174 | ||||
| (-) Non-shareholder Claims * | (22,567) | (22,567) | (22,567) | ||||
| (=) Equity Value | 28,257 | 30,932 | 33,607 | ||||
| (/) Shares Outstanding | 498.6 | 498.6 | 498.6 | ||||
| Implied Value Range | 56.68 | 62.04 | 67.41 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.83 | 54.55 | 59.27 | 73.00 | |||
| Upside / (Downside) | -31.7% | -25.3% | -18.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NWN | NEE | CDUA.F | PNW | EIX | PSE | |
| Enterprise Value | 3,610 | 211,224 | 22,528 | 22,408 | 63,428 | 63,963 | |
| (+) Cash & Short Term Investments | 41 | 1,487 | 397 | 4 | 193 | 125 | |
| (+) Investments & Other | 36 | 18,010 | 242 | 0 | 57 | 196 | |
| (-) Debt | (1,958) | (83,560) | (11,118) | (11,048) | (37,761) | (22,888) | |
| (-) Other Liabilities | 0 | (10,760) | (212) | (103) | (2,175) | 0 | |
| (-) Preferred Stock | 0 | 0 | (1,571) | 0 | (1,645) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,730 | 136,401 | 10,266 | 11,260 | 22,097 | 41,396 | |
| (/) Shares Outstanding | 40.2 | 2,057.0 | 271.6 | 119.2 | 385.0 | 498.6 | |
| Implied Stock Price | 42.99 | 66.31 | 37.80 | 94.45 | 57.39 | 83.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.39 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 42.99 | 66.31 | 27.28 | 94.45 | 57.39 | 73.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.39 | 1.00 | 1.00 | 1.14 | |