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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 25,3x - 28,0x | 26,7x |
Selected Fwd EBIT Multiple | 17,1x - 18,9x | 18,0x |
Fair Value | €41,97 - €50,97 | €46,47 |
Upside | -13,6% - 4,9% | -4,4% |
Benchmarks | Ticker | Full Ticker |
Alliant Energy Corporation | LNT | NasdaqGS:LNT |
Evergy, Inc. | EVRG | NasdaqGS:EVRG |
Portland General Electric Company | POR | NYSE:POR |
Pinnacle West Capital Corporation | PNW | NYSE:PNW |
IDACORP, Inc. | IDA | NYSE:IDA |
TXNM Energy, Inc. | 98P | DB:98P |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
LNT | EVRG | POR | PNW | IDA | 98P | ||
NasdaqGS:LNT | NasdaqGS:EVRG | NYSE:POR | NYSE:PNW | NYSE:IDA | DB:98P | ||
Historical EBIT Growth | |||||||
5Y CAGR | 4.5% | 5.1% | 8.4% | 8.8% | 2.2% | 26.8% | |
3Y CAGR | 5.8% | 3.8% | 11.7% | 4.9% | 0.6% | 14.3% | |
Latest Twelve Months | 12.0% | 17.3% | 9.6% | 1.1% | 4.8% | 82.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 22.6% | 23.1% | 14.5% | 21.0% | 19.6% | 17.4% | |
Prior Fiscal Year | 22.8% | 22.4% | 13.8% | 18.4% | 17.4% | 11.8% | |
Latest Fiscal Year | 23.4% | 24.8% | 15.1% | 20.7% | 17.5% | 23.1% | |
Latest Twelve Months | 24.1% | 25.0% | 15.1% | 19.5% | 17.9% | 20.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.64x | 5.35x | 2.88x | 4.76x | 5.51x | 5.59x | |
EV / LTM EBITDA | 15.2x | 11.8x | 9.5x | 12.4x | 17.7x | 13.1x | |
EV / LTM EBIT | 27.6x | 21.4x | 19.1x | 24.3x | 30.8x | 27.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 19.1x | 24.3x | 30.8x | ||||
Historical EV / LTM EBIT | 21.5x | 24.5x | 29.0x | ||||
Selected EV / LTM EBIT | 25.3x | 26.7x | 28.0x | ||||
(x) LTM EBIT | 412 | 412 | 412 | ||||
(=) Implied Enterprise Value | 10,449 | 10,999 | 11,549 | ||||
(-) Non-shareholder Claims * | (5,382) | (5,382) | (5,382) | ||||
(=) Equity Value | 5,068 | 5,618 | 6,168 | ||||
(/) Shares Outstanding | 105.4 | 105.4 | 105.4 | ||||
Implied Value Range | 48.09 | 53.31 | 58.53 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 41.04 | 45.49 | 49.94 | 48.60 | |||
Upside / (Downside) | -15.6% | -6.4% | 2.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LNT | EVRG | POR | PNW | IDA | 98P | |
Enterprise Value | 27,521 | 31,465 | 10,044 | 24,997 | 9,967 | 11,383 | |
(+) Cash & Short Term Investments | 329 | 28 | 56 | 19 | 474 | 22 | |
(+) Investments & Other | 666 | 0 | 0 | 0 | 158 | 487 | |
(-) Debt | (11,307) | (14,812) | (5,380) | (14,005) | (3,673) | (5,833) | |
(-) Other Liabilities | 0 | (40) | 0 | (101) | (7) | (58) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 17,209 | 16,640 | 4,720 | 10,910 | 6,919 | 6,002 | |
(/) Shares Outstanding | 257.0 | 230.2 | 109.6 | 119.4 | 54.0 | 105.4 | |
Implied Stock Price | 66.97 | 72.30 | 43.08 | 91.35 | 128.05 | 56.96 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 66.97 | 72.30 | 43.08 | 91.35 | 128.05 | 48.60 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |