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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.4x - 20.3x | 19.3x |
| Selected Fwd EBIT Multiple | 16.5x - 18.2x | 17.4x |
| Fair Value | $61.85 - $71.74 | $66.80 |
| Upside | 30.8% - 51.7% | 41.3% |
| Benchmarks | Ticker | Full Ticker |
| Atmos Energy Corporation | ATO | NYSE:ATO |
| Chesapeake Utilities Corporation | CPK | NYSE:CPK |
| Northwest Natural Holding Company | NWN | NYSE:NWN |
| UGI Corporation | UGI | NYSE:UGI |
| Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
| New Jersey Resources Corporation | NJR | NYSE:NJR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ATO | CPK | NWN | UGI | SWX | NJR | ||
| NYSE:ATO | NYSE:CPK | NYSE:NWN | NYSE:UGI | NYSE:SWX | NYSE:NJR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.4% | 17.6% | 7.5% | 10.7% | 7.0% | 22.7% | |
| 3Y CAGR | 14.9% | 20.7% | 7.4% | -23.6% | 12.1% | 16.7% | |
| Latest Twelve Months | 17.4% | 28.1% | 25.4% | 12.6% | -1.9% | 50.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 27.2% | 23.8% | 16.8% | 15.1% | 10.1% | 17.2% | |
| Prior Fiscal Year | 24.8% | 24.0% | 15.7% | -6.9% | 9.4% | 20.7% | |
| Latest Fiscal Year | 32.3% | 29.5% | 16.2% | 15.1% | 9.8% | 25.5% | |
| Latest Twelve Months | 33.1% | 28.4% | 19.0% | 17.0% | 9.8% | 27.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.41x | 5.32x | 3.31x | 1.99x | 2.04x | 3.85x | |
| EV / LTM EBITDA | 15.2x | 13.7x | 9.8x | 8.1x | 11.1x | 10.7x | |
| EV / LTM EBIT | 22.4x | 18.7x | 17.4x | 11.7x | 20.9x | 14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.7x | 18.7x | 22.4x | ||||
| Historical EV / LTM EBIT | 16.6x | 20.2x | 26.3x | ||||
| Selected EV / LTM EBIT | 18.4x | 19.3x | 20.3x | ||||
| (x) LTM EBIT | 566 | 566 | 566 | ||||
| (=) Implied Enterprise Value | 10,391 | 10,938 | 11,484 | ||||
| (-) Non-shareholder Claims * | (3,227) | (3,227) | (3,227) | ||||
| (=) Equity Value | 7,163 | 7,710 | 8,257 | ||||
| (/) Shares Outstanding | 100.4 | 100.4 | 100.4 | ||||
| Implied Value Range | 71.37 | 76.82 | 82.26 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 71.37 | 76.82 | 82.26 | 47.28 | |||
| Upside / (Downside) | 50.9% | 62.5% | 74.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATO | CPK | NWN | UGI | SWX | NJR | |
| Enterprise Value | 33,240 | 4,469 | 3,981 | 14,542 | 10,452 | 7,973 | |
| (+) Cash & Short Term Investments | 659 | 1 | 100 | 240 | 364 | 84 | |
| (+) Investments & Other | 0 | 0 | 37 | 0 | 0 | 101 | |
| (-) Debt | (8,506) | (1,511) | (2,391) | (7,264) | (5,193) | (3,412) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (185) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,392 | 2,959 | 1,726 | 7,518 | 5,437 | 4,746 | |
| (/) Shares Outstanding | 158.8 | 23.3 | 40.3 | 214.8 | 71.8 | 100.4 | |
| Implied Stock Price | 159.86 | 126.83 | 42.83 | 35.00 | 75.68 | 47.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 159.86 | 126.83 | 42.83 | 35.00 | 75.68 | 47.28 | |
| 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 | |