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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.1x - 24.4x | 23.2x |
| Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.1x |
| Fair Value | €3.29 - €4.21 | €3.75 |
| Upside | 0.6% - 28.9% | 14.7% |
| Benchmarks | Ticker | Full Ticker |
| Endesa, S.A. | ELE | BME:ELE |
| Redeia Corporación, S.A. | RE21 | DB:RE21 |
| Enel SpA | ENL | DB:ENL |
| Elia Group SA/NV | ELI | ENXTBR:ELI |
| Elmera Group ASA | ELMRA | OB:ELMRA |
| EDP, S.A. | EDP | ENXTLS:EDP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ELE | RE21 | ENL | ELI | ELMRA | EDP | ||
| BME:ELE | DB:RE21 | DB:ENL | ENXTBR:ELI | OB:ELMRA | ENXTLS:EDP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | -10.6% | 6.7% | 7.9% | -2.7% | 6.9% | |
| 3Y CAGR | 7.3% | -13.8% | 14.3% | 41.1% | 0.7% | 25.7% | |
| Latest Twelve Months | 74.1% | -19.3% | 9.6% | 24.3% | 23.5% | -17.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.2% | 44.2% | 12.9% | 18.1% | 5.1% | 9.3% | |
| Prior Fiscal Year | 6.6% | 43.8% | 13.6% | 19.7% | 1.8% | 12.2% | |
| Latest Fiscal Year | 13.8% | 36.2% | 18.5% | 25.0% | 3.5% | 10.9% | |
| Latest Twelve Months | 13.8% | 36.4% | 18.5% | 25.0% | 3.5% | 10.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.84x | 9.12x | 2.00x | 6.14x | 0.38x | 2.43x | |
| EV / LTM EBITDA | 8.4x | 13.0x | 8.2x | 15.5x | 10.9x | 9.4x | |
| EV / LTM EBIT | 13.3x | 25.1x | 10.8x | 24.6x | 11.0x | 22.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.8x | 13.3x | 25.1x | ||||
| Historical EV / LTM EBIT | 20.5x | 33.0x | 39.6x | ||||
| Selected EV / LTM EBIT | 22.1x | 23.2x | 24.4x | ||||
| (x) LTM EBIT | 1,636 | 1,636 | 1,636 | ||||
| (=) Implied Enterprise Value | 36,080 | 37,979 | 39,878 | ||||
| (-) Non-shareholder Claims * | (22,785) | (22,785) | (22,785) | ||||
| (=) Equity Value | 13,295 | 15,194 | 17,093 | ||||
| (/) Shares Outstanding | 4,163.9 | 4,163.9 | 4,163.9 | ||||
| Implied Value Range | 3.19 | 3.65 | 4.10 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.19 | 3.65 | 4.10 | 3.27 | |||
| Upside / (Downside) | -2.2% | 11.8% | 25.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELE | RE21 | ENL | ELI | ELMRA | EDP | |
| Enterprise Value | 38,160 | 15,321 | 151,355 | 23,130 | 4,804 | 36,380 | |
| (+) Cash & Short Term Investments | 840 | 654 | 10,985 | 2,030 | 144 | 3,643 | |
| (+) Investments & Other | 334 | 0 | 3,020 | 657 | 46 | 1,838 | |
| (-) Debt | (10,530) | (6,231) | (71,323) | (14,829) | (1,027) | (23,608) | |
| (-) Other Liabilities | (943) | 0 | (15,440) | (621) | (125) | (4,657) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,861 | 9,744 | 78,597 | 10,367 | 3,843 | 13,595 | |
| (/) Shares Outstanding | 1,058.6 | 540.4 | 10,154.6 | 109.1 | 109.2 | 4,163.9 | |
| Implied Stock Price | 26.32 | 18.03 | 7.74 | 95.05 | 35.20 | 3.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.32 | 18.03 | 7.74 | 95.05 | 35.20 | 3.27 | |
| Trading Currency | EUR | EUR | EUR | EUR | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |