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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.2x - 10.2x | 9.7x |
| Selected Fwd EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Fair Value | €3.14 - €3.71 | €3.43 |
| Upside | -29.2% - -16.4% | -22.8% |
| Benchmarks | Ticker | Full Ticker |
| Veolia Environnement SA | VEOE.F | OTCPK:VEOE.F |
| Gallant Venture Ltd. | 5IG | SGX:5IG |
| Unitil Corporation | UTL | NYSE:UTL |
| E.ON SE | EOAN | DB:EOAN |
| Canadian Utilities Limited | CU | TSX:CU |
| Sembcorp Industries Ltd | SBOA | DB:SBOA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VEOE.F | 5IG | UTL | EOAN | CU | SBOA | ||
| OTCPK:VEOE.F | SGX:5IG | NYSE:UTL | DB:EOAN | TSX:CU | DB:SBOA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.4% | 7.7% | 6.5% | 27.7% | -1.6% | 0.1% | |
| 3Y CAGR | 21.7% | 26.9% | 7.3% | 6.5% | 2.9% | 23.4% | |
| Latest Twelve Months | 2.6% | 22.0% | 8.2% | 219.8% | -5.2% | -5.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.3% | 14.1% | 28.8% | 8.1% | 46.3% | 20.3% | |
| Prior Fiscal Year | 12.0% | 24.1% | 28.0% | 3.9% | 46.4% | 22.9% | |
| Latest Fiscal Year | 12.5% | 28.2% | 34.1% | 14.5% | 44.6% | 23.8% | |
| Latest Twelve Months | 12.5% | 28.2% | 34.1% | 14.5% | 44.6% | 23.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.91x | 2.47x | 3.39x | 0.81x | 6.03x | 2.72x | |
| EV / LTM EBITDA | 7.3x | 8.8x | 10.0x | 5.6x | 13.5x | 11.5x | |
| EV / LTM EBIT | 13.0x | 19.7x | 18.1x | 7.5x | 23.6x | 15.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 8.8x | 13.5x | ||||
| Historical EV / LTM EBITDA | 7.2x | 9.5x | 11.5x | ||||
| Selected EV / LTM EBITDA | 9.2x | 9.7x | 10.2x | ||||
| (x) LTM EBITDA | 1,525 | 1,525 | 1,525 | ||||
| (=) Implied Enterprise Value | 14,056 | 14,796 | 15,535 | ||||
| (-) Non-shareholder Claims * | (5,848) | (5,848) | (5,848) | ||||
| (=) Equity Value | 8,208 | 8,948 | 9,687 | ||||
| (/) Shares Outstanding | 1,779.4 | 1,779.4 | 1,779.4 | ||||
| Implied Value Range | 4.61 | 5.03 | 5.44 | ||||
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.12 | 3.40 | 3.69 | 4.44 | |||
| Upside / (Downside) | -29.7% | -23.3% | -17.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VEOE.F | 5IG | UTL | EOAN | CU | SBOA | |
| Enterprise Value | 40,085 | 472 | 1,692 | 66,650 | 22,557 | 17,518 | |
| (+) Cash & Short Term Investments | 11,764 | 118 | 6 | 7,025 | 397 | 979 | |
| (+) Investments & Other | 3,006 | 360 | 6 | 9,996 | 242 | 2,871 | |
| (-) Debt | (29,282) | (515) | (756) | (39,064) | (11,118) | (9,400) | |
| (-) Other Liabilities | (2,391) | (9) | (0) | (6,325) | (212) | (298) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1,571) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,182 | 426 | 949 | 38,282 | 10,295 | 11,670 | |
| (/) Shares Outstanding | 730.0 | 5,463.2 | 16.2 | 2,613.1 | 271.6 | 1,779.4 | |
| Implied Stock Price | 31.76 | 0.08 | 58.39 | 14.65 | 37.91 | 6.56 | |
| FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 1.48 | |
| Implied Stock Price (Trading Cur) | 34.95 | 0.08 | 58.39 | 14.65 | 37.91 | 4.44 | |
| Trading Currency | USD | SGD | USD | EUR | CAD | EUR | |
| FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 1.48 | |