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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.8x - 11.9x | 11.3x |
| Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | $69.74 - $88.38 | $79.06 |
| Upside | 21.9% - 54.5% | 38.2% |
| Benchmarks | Ticker | Full Ticker |
| PG&E Corporation | PCG | NYSE:PCG |
| Entergy Corporation | ETR | NYSE:ETR |
| IDACORP, Inc. | IDA | NYSE:IDA |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Exelon Corporation | EXC | NasdaqGS:EXC |
| Edison International | EIX | NYSE:EIX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PCG | ETR | IDA | XEL | EXC | EIX | ||
| NYSE:PCG | NYSE:ETR | NYSE:IDA | NasdaqGS:XEL | NasdaqGS:EXC | NYSE:EIX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.4% | 7.9% | 3.5% | 5.8% | -5.5% | 10.5% | |
| 3Y CAGR | 12.4% | 8.1% | 3.5% | 5.8% | -9.7% | 7.5% | |
| Latest Twelve Months | 29.6% | 6.6% | 8.1% | 2.0% | 5.6% | 7.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.5% | 34.8% | 32.0% | 35.1% | 35.7% | 34.6% | |
| Prior Fiscal Year | 29.4% | 39.0% | 28.7% | 36.5% | 31.3% | 36.5% | |
| Latest Fiscal Year | 38.1% | 42.5% | 30.0% | 39.3% | 31.2% | 36.3% | |
| Latest Twelve Months | 38.1% | 42.5% | 30.0% | 39.3% | 31.2% | 36.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.95x | 5.43x | 4.87x | 5.21x | 4.07x | 3.60x | |
| EV / LTM EBITDA | 10.3x | 12.8x | 16.2x | 13.3x | 13.0x | 9.9x | |
| EV / LTM EBIT | 18.8x | 22.8x | 27.8x | 29.1x | 22.0x | 16.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.3x | 13.0x | 16.2x | ||||
| Historical EV / LTM EBITDA | 9.9x | 10.9x | 11.3x | ||||
| Selected EV / LTM EBITDA | 10.8x | 11.3x | 11.9x | ||||
| (x) LTM EBITDA | 6,395 | 6,395 | 6,395 | ||||
| (=) Implied Enterprise Value | 68,865 | 72,489 | 76,114 | ||||
| (-) Non-shareholder Claims * | (41,331) | (41,331) | (41,331) | ||||
| (=) Equity Value | 27,534 | 31,158 | 34,783 | ||||
| (/) Shares Outstanding | 385.0 | 385.0 | 385.0 | ||||
| Implied Value Range | 71.51 | 80.93 | 90.34 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 71.51 | 80.93 | 90.34 | 57.22 | |||
| Upside / (Downside) | 25.0% | 41.4% | 57.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PCG | ETR | IDA | XEL | EXC | EIX | |
| Enterprise Value | 96,656 | 64,262 | 8,995 | 70,340 | 93,705 | 63,362 | |
| (+) Cash & Short Term Investments | 940 | 860 | 369 | 190 | 371 | 193 | |
| (+) Investments & Other | 0 | 82 | 160 | 378 | 42 | 57 | |
| (-) Debt | (58,343) | (29,311) | (3,074) | (30,270) | (46,905) | (37,761) | |
| (-) Other Liabilities | (252) | (320) | (7) | 0 | 0 | (2,175) | |
| (-) Preferred Stock | (1,579) | 0 | 0 | 0 | 0 | (1,645) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 37,422 | 35,573 | 6,444 | 40,638 | 47,213 | 22,031 | |
| (/) Shares Outstanding | 2,193.6 | 430.8 | 54.0 | 574.6 | 1,007.5 | 385.0 | |
| Implied Stock Price | 17.06 | 82.58 | 119.28 | 70.73 | 46.86 | 57.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.06 | 82.58 | 119.28 | 70.73 | 46.86 | 57.22 | |
| 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 | |