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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.6x - 10.6x | 10.1x |
| Selected Fwd EBITDA Multiple | 8.0x - 8.8x | 8.4x |
| Fair Value | $14.09 - $18.41 | $16.25 |
| Upside | -17.9% - 7.3% | -5.3% |
| Benchmarks | Ticker | Full Ticker |
| Edison International | EIX | NYSE:EIX |
| IDACORP, Inc. | IDA | NYSE:IDA |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| FirstEnergy Corp. | FE | NYSE:FE |
| American Electric Power Company, Inc. | AEP | NasdaqGS:AEP |
| PG&E Corporation | PCG | NYSE:PCG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EIX | IDA | PNW | FE | AEP | PCG | ||
| NYSE:EIX | NYSE:IDA | NYSE:PNW | NYSE:FE | NasdaqGS:AEP | NYSE:PCG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.5% | 3.5% | 8.2% | 5.8% | 8.7% | 14.4% | |
| 3Y CAGR | 7.5% | 3.5% | 7.2% | -0.9% | 7.2% | 12.4% | |
| Latest Twelve Months | 7.1% | 8.1% | 17.3% | 14.1% | 12.1% | 29.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.6% | 32.0% | 40.0% | 30.4% | 37.0% | 32.5% | |
| Prior Fiscal Year | 36.5% | 28.7% | 36.6% | 28.7% | 36.8% | 29.4% | |
| Latest Fiscal Year | 36.3% | 30.0% | 39.4% | 31.3% | 39.7% | 38.1% | |
| Latest Twelve Months | 36.3% | 30.0% | 39.4% | 31.3% | 39.7% | 38.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.60x | 4.92x | 4.36x | 3.70x | 5.18x | 3.97x | |
| EV / LTM EBITDA | 9.9x | 16.4x | 11.1x | 11.8x | 13.1x | 10.4x | |
| EV / LTM EBIT | 16.3x | 28.1x | 21.0x | 21.1x | 22.3x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.9x | 11.8x | 16.4x | ||||
| Historical EV / LTM EBITDA | 10.4x | 10.8x | 14.8x | ||||
| Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBITDA | 9,313 | 9,313 | 9,313 | ||||
| (=) Implied Enterprise Value | 89,327 | 94,029 | 98,730 | ||||
| (-) Non-shareholder Claims * | (59,234) | (59,234) | (59,234) | ||||
| (=) Equity Value | 30,093 | 34,795 | 39,496 | ||||
| (/) Shares Outstanding | 2,193.6 | 2,193.6 | 2,193.6 | ||||
| Implied Value Range | 13.72 | 15.86 | 18.01 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.72 | 15.86 | 18.01 | 17.16 | |||
| Upside / (Downside) | -20.1% | -7.6% | 4.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EIX | IDA | PNW | FE | AEP | PCG | |
| Enterprise Value | 63,239 | 9,007 | 22,386 | 48,712 | 102,430 | 96,876 | |
| (+) Cash & Short Term Investments | 193 | 369 | 4 | 111 | 418 | 940 | |
| (+) Investments & Other | 57 | 160 | 0 | 376 | 0 | 0 | |
| (-) Debt | (37,761) | (3,074) | (11,048) | (24,266) | (45,998) | (58,343) | |
| (-) Other Liabilities | (2,175) | (7) | (103) | (1,265) | (42) | (252) | |
| (-) Preferred Stock | (1,645) | 0 | 0 | 0 | 0 | (1,579) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,908 | 6,456 | 11,238 | 23,668 | 56,808 | 37,642 | |
| (/) Shares Outstanding | 385.0 | 54.0 | 119.2 | 576.7 | 532.5 | 2,193.6 | |
| Implied Stock Price | 56.90 | 119.51 | 94.27 | 41.04 | 106.68 | 17.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 56.90 | 119.51 | 94.27 | 41.04 | 106.68 | 17.16 | |
| 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 | |