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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.1x - 15.5x | 14.8x |
| Selected Fwd EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | $115.67 - $139.47 | $127.57 |
| Upside | -14.2% - 3.5% | -5.3% |
| Benchmarks | Ticker | Full Ticker |
| IDACORP, Inc. | IDA | NYSE:IDA |
| Edison International | EIX | NYSE:EIX |
| ONE Gas, Inc. | OGS | NYSE:OGS |
| FirstEnergy Corp. | FE | NYSE:FE |
| American Water Works Company, Inc. | AWK | NYSE:AWK |
| DTE Energy Company | DTE | NYSE:DTE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IDA | EIX | OGS | FE | AWK | DTE | ||
| NYSE:IDA | NYSE:EIX | NYSE:OGS | NYSE:FE | NYSE:AWK | NYSE:DTE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.5% | 10.5% | 8.3% | 5.8% | 6.9% | 7.8% | |
| 3Y CAGR | 3.5% | 7.5% | 10.8% | -0.9% | 9.9% | 9.3% | |
| Latest Twelve Months | 8.1% | 7.1% | 5.7% | 13.8% | 13.1% | -1.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.0% | 34.6% | 28.6% | 30.7% | 51.5% | 20.9% | |
| Prior Fiscal Year | 28.7% | 36.5% | 27.9% | 28.7% | 52.9% | 26.5% | |
| Latest Fiscal Year | 30.0% | 36.3% | 33.6% | 31.3% | 54.1% | 26.7% | |
| Latest Twelve Months | 30.0% | 36.3% | 33.6% | 31.3% | 54.1% | 26.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.84x | 3.62x | 3.82x | 3.62x | 8.97x | 4.11x | |
| EV / LTM EBITDA | 16.1x | 10.0x | 11.4x | 11.6x | 16.6x | 15.4x | |
| EV / LTM EBIT | 27.7x | 16.5x | 19.8x | 20.1x | 24.1x | 24.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.0x | 11.6x | 16.6x | ||||
| Historical EV / LTM EBITDA | 13.6x | 15.8x | 16.3x | ||||
| Selected EV / LTM EBITDA | 14.1x | 14.8x | 15.5x | ||||
| (x) LTM EBITDA | 3,320 | 3,320 | 3,320 | ||||
| (=) Implied Enterprise Value | 46,686 | 49,143 | 51,600 | ||||
| (-) Non-shareholder Claims * | (22,918) | (22,918) | (22,918) | ||||
| (=) Equity Value | 23,768 | 26,225 | 28,682 | ||||
| (/) Shares Outstanding | 207.5 | 207.5 | 207.5 | ||||
| Implied Value Range | 114.53 | 126.37 | 138.21 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 114.53 | 126.37 | 138.21 | 134.76 | |||
| Upside / (Downside) | -15.0% | -6.2% | 2.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IDA | EIX | OGS | FE | AWK | DTE | |
| Enterprise Value | 8,843 | 63,647 | 7,952 | 48,591 | 41,989 | 50,883 | |
| (+) Cash & Short Term Investments | 369 | 193 | 58 | 111 | 167 | 24 | |
| (+) Investments & Other | 160 | 57 | 0 | 0 | 44 | 304 | |
| (-) Debt | (3,074) | (37,761) | (3,345) | (24,266) | (14,124) | (23,241) | |
| (-) Other Liabilities | (7) | (2,175) | 0 | 0 | 0 | (5) | |
| (-) Preferred Stock | 0 | (1,645) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,291 | 22,316 | 4,665 | 24,436 | 28,076 | 27,965 | |
| (/) Shares Outstanding | 54.0 | 385.0 | 59.9 | 577.1 | 195.0 | 207.5 | |
| Implied Stock Price | 116.46 | 57.96 | 77.84 | 42.34 | 143.97 | 134.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 116.46 | 57.96 | 77.84 | 42.34 | 143.97 | 134.76 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |