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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -8.9x - -9.8x | -9.3x |
| Selected Fwd EBITDA Multiple | 39.5x - 43.7x | 41.6x |
| Fair Value | €4 - €4.44 | €4.22 |
| Upside | 24.3% - 37.8% | 31.0% |
| Benchmarks | Ticker | Full Ticker |
| Voltalia SA | VLTSA | ENXTPA:VLTSA |
| Hydrogène de France Société anonyme | HDF | ENXTPA:HDF |
| Intexa SA | ITXT | ENXTPA:ITXT |
| Uniper SE | 1UN | BIT:1UN |
| EDP Renováveis, S.A. | EDPR | ENXTLS:EDPR |
| Charwood Energy SA | L5Q | DB:L5Q |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VLTSA | HDF | ITXT | 1UN | EDPR | L5Q | ||
| ENXTPA:VLTSA | ENXTPA:HDF | ENXTPA:ITXT | BIT:1UN | ENXTLS:EDPR | DB:L5Q | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.0% | NM- | 1.5% | 3.5% | -5.0% | NM- | |
| 3Y CAGR | 17.4% | NM- | 0.3% | NM- | -4.5% | NM- | |
| Latest Twelve Months | -9.3% | -62.9% | -13.1% | -68.7% | -5.2% | -62.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.8% | -174.3% | 64.6% | 1.4% | 58.4% | -19.0% | |
| Prior Fiscal Year | 43.2% | -130.1% | 64.1% | 8.2% | 46.9% | -5.8% | |
| Latest Fiscal Year | 35.5% | -226.6% | 65.3% | 4.0% | 44.3% | -28.6% | |
| Latest Twelve Months | 35.5% | -386.9% | 58.2% | 4.0% | 44.3% | -39.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.37x | 14.45x | 8.43x | 0.18x | 8.78x | 3.35x | |
| EV / LTM EBITDA | 15.1x | -3.7x | 14.5x | 4.5x | 19.8x | -8.6x | |
| EV / LTM EBIT | 43.2x | -3.2x | 28.3x | 5.5x | 229.4x | -6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.7x | 14.5x | 19.8x | ||||
| Historical EV / LTM EBITDA | -12.8x | -12.8x | -12.8x | ||||
| Selected EV / LTM EBITDA | -8.9x | -9.3x | -9.8x | ||||
| (x) LTM EBITDA | (2) | (2) | (2) | ||||
| (=) Implied Enterprise Value | 19 | 20 | 21 | ||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
| (=) Equity Value | 19 | 20 | 21 | ||||
| (/) Shares Outstanding | 5.2 | 5.2 | 5.2 | ||||
| Implied Value Range | 3.59 | 3.78 | 3.98 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.59 | 3.78 | 3.98 | 3.22 | |||
| Upside / (Downside) | 11.4% | 17.5% | 23.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VLTSA | HDF | ITXT | 1UN | EDPR | L5Q | |
| Enterprise Value | 2,914 | 45 | 2 | 11,746 | 17,769 | 17 | |
| (+) Cash & Short Term Investments | 360 | 48 | 0 | 6,732 | 1,196 | 1 | |
| (+) Investments & Other | 18 | 2 | 0 | 939 | 1,155 | 0 | |
| (-) Debt | (2,302) | (0) | (0) | (1,898) | (10,564) | (2) | |
| (-) Other Liabilities | (106) | 0 | 0 | (162) | (1,272) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 884 | 94 | 3 | 17,357 | 8,282 | 17 | |
| (/) Shares Outstanding | 130.6 | 14.7 | 1.0 | 416.5 | 1,039.9 | 5.2 | |
| Implied Stock Price | 6.77 | 6.42 | 2.60 | 41.68 | 7.97 | 3.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.77 | 6.42 | 2.60 | 41.68 | 7.97 | 3.22 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |