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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8.7x - 9.7x | 9.2x |
Selected Fwd EBIT Multiple | 7.8x - 8.6x | 8.2x |
Fair Value | €32.90 - €47.93 | €40.41 |
Upside | 4.8% - 52.6% | 28.7% |
Benchmarks | Ticker | Full Ticker |
RGC Resources, Inc. | RGCO | NasdaqGM:RGCO |
Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
Northwest Natural Holding Company | NWN | NYSE:NWN |
Chesapeake Utilities Corporation | CPK | NYSE:CPK |
UGI Corporation | UGI | NYSE:UGI |
Brookfield Infrastructure Corporation | RG5 | DB:RG5 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
RGCO | SWX | NWN | CPK | UGI | RG5 | ||
NasdaqGM:RGCO | NYSE:SWX | NYSE:NWN | NYSE:CPK | NYSE:UGI | DB:RG5 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.2% | 7.0% | 7.5% | 17.6% | 10.7% | 16.4% | |
3Y CAGR | 2.4% | 12.1% | 7.4% | 20.7% | -23.6% | 27.5% | |
Latest Twelve Months | -4.2% | -1.9% | -0.7% | 44.4% | 110.1% | 33.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 19.5% | 10.1% | 16.7% | 23.5% | 14.8% | 64.3% | |
Prior Fiscal Year | 17.5% | 9.4% | 15.7% | 24.0% | -6.9% | 66.2% | |
Latest Fiscal Year | 19.4% | 9.8% | 16.2% | 29.5% | 15.1% | 60.4% | |
Latest Twelve Months | 19.9% | 9.8% | 16.2% | 29.5% | 18.3% | 60.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.00x | 2.00x | 3.19x | 5.75x | 1.92x | 5.29x | |
EV / LTM EBITDA | 12.5x | 10.9x | 10.3x | 14.4x | 7.4x | 6.5x | |
EV / LTM EBIT | 20.1x | 20.5x | 19.7x | 19.5x | 10.5x | 8.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 10.5x | 19.7x | 20.5x | ||||
Historical EV / LTM EBIT | 7.2x | 9.2x | 14.9x | ||||
Selected EV / LTM EBIT | 8.7x | 9.2x | 9.7x | ||||
(x) LTM EBIT | 2,213 | 2,213 | 2,213 | ||||
(=) Implied Enterprise Value | 19,357 | 20,376 | 21,395 | ||||
(-) Non-shareholder Claims * | (14,882) | (14,882) | (14,882) | ||||
(=) Equity Value | 4,475 | 5,494 | 6,513 | ||||
(/) Shares Outstanding | 119.0 | 119.0 | 119.0 | ||||
Implied Value Range | 37.60 | 46.16 | 54.72 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 33.04 | 40.57 | 48.09 | 31.40 | |||
Upside / (Downside) | 5.2% | 29.2% | 53.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RGCO | SWX | NWN | CPK | UGI | RG5 | |
Enterprise Value | 350 | 10,250 | 3,625 | 4,524 | 13,678 | 19,135 | |
(+) Cash & Short Term Investments | 3 | 364 | 41 | 8 | 240 | 742 | |
(+) Investments & Other | 22 | 0 | 36 | 0 | 389 | 164 | |
(-) Debt | (157) | (5,193) | (1,958) | (1,495) | (7,264) | (12,313) | |
(-) Other Liabilities | 0 | (185) | 0 | 0 | (8) | (3,475) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 219 | 5,236 | 1,745 | 3,037 | 7,035 | 4,253 | |
(/) Shares Outstanding | 10.3 | 71.8 | 40.3 | 23.0 | 214.8 | 119.0 | |
Implied Stock Price | 21.28 | 72.87 | 43.29 | 131.98 | 32.75 | 35.73 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
Implied Stock Price (Trading Cur) | 21.28 | 72.87 | 43.29 | 131.98 | 32.75 | 31.40 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 |