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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.7x - 15.2x | 14.4x |
| Selected Fwd EBITDA Multiple | 10.9x - 12.0x | 11.4x |
| Fair Value | $94.73 - $110.89 | $102.81 |
| Upside | -7.3% - 8.5% | 0.6% |
| Benchmarks | Ticker | Full Ticker |
| Black Hills Corporation | BKH | NYSE:BKH |
| Ameren Corporation | AEE | NYSE:AEE |
| CenterPoint Energy, Inc. | CNP | NYSE:CNP |
| DTE Energy Company | DTE | NYSE:DTE |
| Dominion Energy, Inc. | D | NYSE:D |
| WEC Energy Group, Inc. | WEC | NYSE:WEC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BKH | AEE | CNP | DTE | D | WEC | ||
| NYSE:BKH | NYSE:AEE | NYSE:CNP | NYSE:DTE | NYSE:D | NYSE:WEC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.6% | 6.3% | 9.1% | 7.8% | 2.7% | 6.6% | |
| 3Y CAGR | 6.0% | 6.9% | 10.4% | 9.3% | 6.9% | 6.3% | |
| Latest Twelve Months | 4.9% | 2.1% | 8.7% | 5.4% | 7.5% | 4.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.2% | 43.1% | 32.0% | 21.1% | 48.4% | 36.2% | |
| Prior Fiscal Year | 31.1% | 43.5% | 34.2% | 26.5% | 48.9% | 36.6% | |
| Latest Fiscal Year | 36.2% | 43.7% | 38.5% | 26.7% | 49.9% | 40.0% | |
| Latest Twelve Months | 35.5% | 43.0% | 37.6% | 25.3% | 49.2% | 39.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.87x | 5.98x | 4.94x | 3.73x | 6.27x | 5.67x | |
| EV / LTM EBITDA | 10.9x | 13.9x | 13.1x | 14.7x | 12.7x | 14.3x | |
| EV / LTM EBIT | 16.7x | 24.3x | 21.9x | 22.9x | 19.8x | 23.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.9x | 13.1x | 14.7x | ||||
| Historical EV / LTM EBITDA | 13.3x | 14.3x | 15.1x | ||||
| Selected EV / LTM EBITDA | 13.7x | 14.4x | 15.2x | ||||
| (x) LTM EBITDA | 3,584 | 3,584 | 3,584 | ||||
| (=) Implied Enterprise Value | 49,142 | 51,729 | 54,315 | ||||
| (-) Non-shareholder Claims * | (18,766) | (18,766) | (18,766) | ||||
| (=) Equity Value | 30,377 | 32,963 | 35,550 | ||||
| (/) Shares Outstanding | 319.1 | 319.1 | 319.1 | ||||
| Implied Value Range | 95.19 | 103.29 | 111.39 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 95.19 | 103.29 | 111.39 | 102.24 | |||
| Upside / (Downside) | -6.9% | 1.0% | 9.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BKH | AEE | CNP | DTE | D | WEC | |
| Enterprise Value | 8,541 | 45,337 | 43,998 | 50,641 | 93,505 | 51,394 | |
| (+) Cash & Short Term Investments | 7 | 23 | 1,916 | 33 | 452 | 82 | |
| (+) Investments & Other | 0 | 71 | 0 | 304 | 1,049 | 2,149 | |
| (-) Debt | (4,312) | (19,623) | (22,187) | (23,437) | (44,607) | (20,546) | |
| (-) Other Liabilities | (82) | (129) | 0 | (6) | (3,357) | (451) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (991) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,154 | 25,679 | 23,727 | 27,535 | 46,051 | 32,628 | |
| (/) Shares Outstanding | 72.5 | 270.3 | 652.7 | 207.5 | 852.8 | 319.1 | |
| Implied Stock Price | 57.29 | 95.01 | 36.35 | 132.69 | 54.00 | 102.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 57.29 | 95.01 | 36.35 | 132.69 | 54.00 | 102.24 | |
| 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 | |