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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.5x - 13.8x | 13.1x |
| Selected Fwd EBITDA Multiple | 10.4x - 11.5x | 11.0x |
| Fair Value | $65.07 - $80.21 | $72.64 |
| Upside | 6.5% - 31.2% | 18.8% |
| Benchmarks | Ticker | Full Ticker |
| American Electric Power Company, Inc. | AEP | NasdaqGS:AEP |
| The Southern Company | SO | NYSE:SO |
| Xcel Energy Inc. | XEL | NasdaqGS:XEL |
| Duke Energy Corporation | DUK | NYSE:DUK |
| IDACORP, Inc. | IDA | NYSE:IDA |
| Eversource Energy | ES | NYSE:ES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AEP | SO | XEL | DUK | IDA | ES | ||
| NasdaqGS:AEP | NYSE:SO | NasdaqGS:XEL | NYSE:DUK | NYSE:IDA | NYSE:ES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.7% | 7.7% | 5.8% | 5.7% | 3.5% | 9.1% | |
| 3Y CAGR | 7.2% | 16.2% | 5.8% | 7.3% | 3.5% | 10.2% | |
| Latest Twelve Months | 12.1% | 13.5% | 2.0% | 7.1% | 8.1% | 10.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.0% | 41.3% | 35.1% | 46.2% | 32.0% | 32.6% | |
| Prior Fiscal Year | 36.8% | 45.2% | 36.5% | 46.9% | 28.7% | 32.2% | |
| Latest Fiscal Year | 39.7% | 48.4% | 39.3% | 48.0% | 30.0% | 35.8% | |
| Latest Twelve Months | 39.7% | 48.4% | 39.3% | 48.0% | 30.0% | 35.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.20x | 6.31x | 5.22x | 6.01x | 4.79x | 4.35x | |
| EV / LTM EBITDA | 13.1x | 13.0x | 13.3x | 12.5x | 16.0x | 12.2x | |
| EV / LTM EBIT | 22.4x | 22.0x | 29.1x | 22.7x | 27.4x | 18.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.5x | 13.1x | 16.0x | ||||
| Historical EV / LTM EBITDA | 12.2x | 14.6x | 16.2x | ||||
| Selected EV / LTM EBITDA | 12.5x | 13.1x | 13.8x | ||||
| (x) LTM EBITDA | 4,255 | 4,255 | 4,255 | ||||
| (=) Implied Enterprise Value | 52,987 | 55,775 | 58,564 | ||||
| (-) Non-shareholder Claims * | (28,889) | (28,889) | (28,889) | ||||
| (=) Equity Value | 24,098 | 26,887 | 29,675 | ||||
| (/) Shares Outstanding | 366.8 | 366.8 | 366.8 | ||||
| Implied Value Range | 65.70 | 73.30 | 80.91 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 65.70 | 73.30 | 80.91 | 61.12 | |||
| Upside / (Downside) | 7.5% | 19.9% | 32.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AEP | SO | XEL | DUK | IDA | ES | |
| Enterprise Value | 102,579 | 167,209 | 69,760 | 179,657 | 8,755 | 51,307 | |
| (+) Cash & Short Term Investments | 418 | 1,070 | 190 | 314 | 369 | 27 | |
| (+) Investments & Other | 0 | 1,416 | 378 | 353 | 160 | 479 | |
| (-) Debt | (45,998) | (66,277) | (30,270) | (85,438) | (3,074) | (29,239) | |
| (-) Other Liabilities | (42) | (3,466) | 0 | (1,129) | (7) | (156) | |
| (-) Preferred Stock | 0 | 0 | 0 | (973) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 56,957 | 99,952 | 40,058 | 92,784 | 6,204 | 22,418 | |
| (/) Shares Outstanding | 532.5 | 1,096.8 | 574.6 | 777.0 | 54.0 | 366.8 | |
| Implied Stock Price | 106.96 | 91.13 | 69.72 | 119.41 | 114.94 | 61.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 106.96 | 91.13 | 69.72 | 119.41 | 114.94 | 61.12 | |
| 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 | |