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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.5x - 1.6x | 1.5x |
| Historical Pb Multiple | 0.7x - 2.1x | 1.7x |
| Fair Value | $12.54 - $13.86 | $13.20 |
| Upside | 14.4% - 26.5% | 20.4% |
| Benchmarks | - | Full Ticker |
| ALLETE, Inc. | - | NYSE:ALE |
| IDACORP, Inc. | - | NYSE:IDA |
| Portland General Electric Company | - | NYSE:POR |
| Alliant Energy Corporation | - | NasdaqGS:LNT |
| Pinnacle West Capital Corporation | - | NYSE:PNW |
| Hawaiian Electric Industries, Inc. | - | NYSE:HE |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| ALE | IDA | POR | LNT | PNW | HE | |||
| NYSE:ALE | NYSE:IDA | NYSE:POR | NasdaqGS:LNT | NYSE:PNW | NYSE:HE | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -0.7% | 4.4% | 7.9% | 4.4% | 2.5% | NM- | ||
| 3Y CAGR | 2.0% | 5.6% | 8.7% | 1.5% | -0.5% | NM- | ||
| Latest Twelve Months | -27.4% | 10.7% | 37.3% | -1.8% | 21.4% | -1006.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.3% | 16.4% | 8.9% | 17.2% | 14.0% | 0.6% | ||
| Prior Fiscal Year | 13.1% | 14.8% | 7.8% | 17.5% | 10.7% | 4.4% | ||
| Latest Fiscal Year | 11.7% | 15.8% | 9.1% | 17.3% | 11.9% | -41.1% | ||
| Latest Twelve Months | 11.7% | 15.8% | 9.1% | 17.3% | 11.9% | -41.1% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 7.6% | 9.4% | 8.0% | 11.0% | 9.4% | -2.4% | ||
| Prior Fiscal Year | 9.0% | 9.1% | 7.5% | 10.8% | 8.2% | 6.4% | ||
| Latest Twelve Months | 6.3% | 9.3% | 8.8% | 10.0% | 9.4% | -69.2% | ||
| Next Fiscal Year | 7.9% | 9.5% | 9.2% | 11.5% | 8.1% | 9.3% | ||
| Two Fiscal Years Forward | 8.8% | 10.6% | 10.0% | 11.9% | 9.2% | 9.3% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.5x | 3.5x | 1.4x | 4.2x | 2.2x | 0.6x | ||
| Price / LTM EPS | 21.0x | 21.9x | 15.7x | 24.0x | 18.7x | -1.4x | ||
| Price / Book | 1.3x | 1.9x | 1.3x | 2.4x | 1.7x | 1.3x | ||
| Price / Fwd Book | 1.3x | 1.8x | 1.2x | 2.3x | 1.6x | 1.2x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.3x | 1.7x | 2.4x | |||||
| Historical P/B Ratio | 0.7x | 1.7x | 2.1x | |||||
| Selected P/B Multiple | 1.5x | 1.5x | 1.6x | |||||
| (x) Book Value | 1,479 | 1,479 | 1,479 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALE | IDA | POR | LNT | PNW | HE | |
| Value of Common Equity | 3,771 | 6,336 | 4,900 | 16,536 | 11,362 | 1,890 | |
| (/) Shares Outstanding | 57.9 | 54.0 | 109.5 | 256.7 | 119.2 | 172.5 | |
| Implied Stock Price | 65.13 | 117.39 | 44.75 | 64.42 | 95.28 | 10.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 65.13 | 117.39 | 44.75 | 64.42 | 95.28 | 10.96 | |
| 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 | |