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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.3x - 8.0x | 7.6x |
| Selected Fwd EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | €46.59 - €51.89 | €49.24 |
| Upside | 31.5% - 46.5% | 39.0% |
| Benchmarks | Ticker | Full Ticker |
| EDP Renováveis, S.A. | EDW | DB:EDW |
| ABO Energy GmbH & Co. KGaA | AB9 | XTRA:AB9 |
| clearvise AG | ABO | XTRA:ABO |
| Endesa, S.A. | ENA | XTRA:ENA |
| Centrica plc | CENB | DB:CENB |
| RWE Aktiengesellschaft | RWE | DB:RWE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EDW | AB9 | ABO | ENA | CENB | RWE | ||
| DB:EDW | XTRA:AB9 | XTRA:ABO | XTRA:ENA | DB:CENB | DB:RWE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -33.5% | 19.0% | -0.9% | 8.0% | 17.0% | NM- | |
| 3Y CAGR | -43.8% | 30.0% | 47.6% | 7.3% | 184.8% | 60.7% | |
| Latest Twelve Months | -67.6% | 12.7% | -50.9% | 113.4% | -20.0% | -11.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.8% | 20.4% | 21.9% | 11.3% | 26.4% | 12.0% | |
| Prior Fiscal Year | 10.9% | 18.1% | 22.6% | 6.6% | 49.6% | 19.5% | |
| Latest Fiscal Year | 3.8% | 13.7% | 13.0% | 13.8% | 28.3% | 28.0% | |
| Latest Twelve Months | 3.3% | 13.7% | 10.7% | 14.6% | 27.0% | 24.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.68x | 1.31x | 9.32x | 1.78x | 0.25x | 1.32x | |
| EV / LTM EBITDA | 21.9x | 8.9x | 17.2x | 7.8x | 0.9x | 4.2x | |
| EV / LTM EBIT | 289.7x | 9.5x | 87.2x | 12.2x | 0.9x | 5.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.9x | 12.2x | 289.7x | ||||
| Historical EV / LTM EBIT | 2.9x | 14.4x | 149.3x | ||||
| Selected EV / LTM EBIT | 7.3x | 7.6x | 8.0x | ||||
| (x) LTM EBIT | 5,182 | 5,182 | 5,182 | ||||
| (=) Implied Enterprise Value | 37,586 | 39,564 | 41,542 | ||||
| (-) Non-shareholder Claims * | (2,746) | (2,746) | (2,746) | ||||
| (=) Equity Value | 34,840 | 36,818 | 38,796 | ||||
| (/) Shares Outstanding | 727.8 | 727.8 | 727.8 | ||||
| Implied Value Range | 47.87 | 50.59 | 53.30 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 47.87 | 50.59 | 53.30 | 35.43 | |||
| Upside / (Downside) | 35.1% | 42.8% | 50.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EDW | AB9 | ABO | ENA | CENB | RWE | |
| Enterprise Value | 20,338 | 583 | 316 | 37,662 | 4,964 | 28,533 | |
| (+) Cash & Short Term Investments | 867 | 85 | 4 | 226 | 5,378 | 8,540 | |
| (+) Investments & Other | 1,259 | 9 | 0 | 324 | 813 | 11,079 | |
| (-) Debt | (10,836) | (315) | (204) | (10,459) | (2,928) | (20,079) | |
| (-) Other Liabilities | (1,386) | (0) | 0 | (902) | (382) | (2,286) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,242 | 362 | 116 | 26,851 | 7,845 | 25,787 | |
| (/) Shares Outstanding | 1,051.0 | 9.2 | 75.4 | 1,050.5 | 4,735.2 | 727.8 | |
| Implied Stock Price | 9.75 | 39.30 | 1.54 | 25.56 | 1.66 | 35.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.75 | 39.30 | 1.54 | 25.56 | 1.92 | 35.43 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.00 | |