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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.7x - 12.9x | 12.3x |
| Selected Fwd EBITDA Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | $44.06 - $51.54 | $47.80 |
| Upside | -1.6% - 15.1% | 6.7% |
| Benchmarks | Ticker | Full Ticker |
| MGE Energy, Inc. | MGEE | NasdaqGS:MGEE |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| TXNM Energy, Inc. | TXNM | NYSE:TXNM |
| Evergy, Inc. | EVRG | NasdaqGS:EVRG |
| Alliant Energy Corporation | LNT | NasdaqGS:LNT |
| OGE Energy Corp. | OGE | NYSE:OGE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MGEE | PNW | TXNM | EVRG | LNT | OGE | ||
| NasdaqGS:MGEE | NYSE:PNW | NYSE:TXNM | NasdaqGS:EVRG | NasdaqGS:LNT | NYSE:OGE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.1% | 8.2% | 14.8% | 5.1% | 5.3% | 8.3% | |
| 3Y CAGR | 7.4% | 7.2% | 12.0% | 5.3% | 5.7% | 10.1% | |
| Latest Twelve Months | 5.0% | 17.3% | 50.9% | 10.6% | 6.8% | 10.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.5% | 40.0% | 35.6% | 41.4% | 39.7% | 36.2% | |
| Prior Fiscal Year | 35.9% | 36.6% | 30.0% | 43.0% | 39.6% | 42.2% | |
| Latest Fiscal Year | 38.5% | 39.4% | 44.6% | 44.8% | 42.8% | 41.9% | |
| Latest Twelve Months | 38.5% | 39.4% | 44.6% | 44.8% | 42.8% | 41.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.03x | 4.36x | 5.23x | 5.09x | 6.47x | 4.89x | |
| EV / LTM EBITDA | 15.7x | 11.1x | 11.7x | 11.4x | 15.1x | 11.7x | |
| EV / LTM EBIT | 25.5x | 21.0x | 22.6x | 20.5x | 27.7x | 19.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.1x | 11.7x | 15.7x | ||||
| Historical EV / LTM EBITDA | 10.5x | 11.4x | 13.4x | ||||
| Selected EV / LTM EBITDA | 11.7x | 12.3x | 12.9x | ||||
| (x) LTM EBITDA | 1,250 | 1,250 | 1,250 | ||||
| (=) Implied Enterprise Value | 14,582 | 15,349 | 16,117 | ||||
| (-) Non-shareholder Claims * | (5,431) | (5,431) | (5,431) | ||||
| (=) Equity Value | 9,151 | 9,919 | 10,686 | ||||
| (/) Shares Outstanding | 201.3 | 201.3 | 201.3 | ||||
| Implied Value Range | 45.45 | 49.27 | 53.08 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.45 | 49.27 | 53.08 | 44.78 | |||
| Upside / (Downside) | 1.5% | 10.0% | 18.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MGEE | PNW | TXNM | EVRG | LNT | OGE | |
| Enterprise Value | 3,971 | 22,386 | 10,297 | 29,839 | 25,708 | 14,446 | |
| (+) Cash & Short Term Investments | 21 | 4 | 4 | 22 | 81 | 1 | |
| (+) Investments & Other | 118 | 0 | 476 | 0 | 640 | 124 | |
| (-) Debt | (797) | (11,048) | (5,828) | (14,216) | (10,617) | (5,555) | |
| (-) Other Liabilities | 0 | (103) | (58) | (34) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,313 | 11,238 | 4,891 | 15,611 | 15,812 | 9,016 | |
| (/) Shares Outstanding | 36.5 | 119.2 | 92.7 | 230.0 | 256.7 | 201.3 | |
| Implied Stock Price | 90.76 | 94.27 | 52.78 | 67.87 | 61.60 | 44.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 90.76 | 94.27 | 52.78 | 67.87 | 61.60 | 44.78 | |
| 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 | |