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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,5x - 10,5x | 10,0x |
| Selected Fwd EBITDA Multiple | 8,2x - 9,0x | 8,6x |
| Fair Value | €3,53 - €4,52 | €4,02 |
| Upside | -6,0% - 20,4% | 7,2% |
| Benchmarks | Ticker | Full Ticker |
| Endesa, S.A. | ELE | BME:ELE |
| Redeia Corporación, S.A. | RE21 | DB:RE21 |
| Elia Group SA/NV | ELI | ENXTBR:ELI |
| Elmera Group ASA | ELMRA | OB:ELMRA |
| PG&E Corporation | PCG | BRSE:PCG |
| EDP, S.A. | EDP | DB:EDP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ELE | RE21 | ELI | ELMRA | PCG | EDP | ||
| BME:ELE | DB:RE21 | ENXTBR:ELI | OB:ELMRA | BRSE:PCG | DB:EDP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.6% | -5.9% | 8.9% | -4.3% | 14.4% | 8.8% | |
| 3Y CAGR | 7.7% | -6.9% | 25.0% | -11.0% | 12.4% | 16.9% | |
| Latest Twelve Months | 60.8% | 0.3% | 75.3% | -28.1% | 12.1% | 4.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.8% | 70.7% | 33.3% | 5.8% | 33.3% | 21.1% | |
| Prior Fiscal Year | 12.7% | 70.7% | 32.9% | 2.5% | 29.4% | 24.0% | |
| Latest Fiscal Year | 21.9% | 69.7% | 39.7% | 3.5% | 38.1% | 26.0% | |
| Latest Twelve Months | 22.9% | 70.3% | 46.0% | 3.3% | 38.5% | 25.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.78x | 7.98x | 5.37x | 0.42x | 3.85x | 2.52x | |
| EV / LTM EBITDA | 7.8x | 11.3x | 11.7x | 12.5x | 10.0x | 10.2x | |
| EV / LTM EBIT | 12.1x | 21.8x | 16.9x | 12.3x | 18.3x | 26.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.8x | 11.3x | 12.5x | ||||
| Historical EV / LTM EBITDA | 9.5x | 14.2x | 15.3x | ||||
| Selected EV / LTM EBITDA | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBITDA | 3,954 | 3,954 | 3,954 | ||||
| (=) Implied Enterprise Value | 37,552 | 39,529 | 41,505 | ||||
| (-) Non-shareholder Claims * | (24,208) | (24,208) | (24,208) | ||||
| (=) Equity Value | 13,344 | 15,321 | 17,297 | ||||
| (/) Shares Outstanding | 4,133.9 | 4,133.9 | 4,133.9 | ||||
| Implied Value Range | 3.23 | 3.71 | 4.18 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.23 | 3.71 | 4.18 | 3.75 | |||
| Upside / (Downside) | -14.0% | -1.2% | 11.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELE | RE21 | ELI | ELMRA | PCG | EDP | |
| Enterprise Value | 37,694 | 13,348 | 22,281 | 4,640 | 102,239 | 39,719 | |
| (+) Cash & Short Term Investments | 226 | 614 | 4,974 | 312 | 494 | 2,348 | |
| (+) Investments & Other | 324 | 1,285 | 644 | 75 | 0 | 1,728 | |
| (-) Debt | (10,459) | (6,195) | (16,224) | (1,144) | (59,675) | (23,803) | |
| (-) Other Liabilities | (902) | (108) | (618) | (125) | (252) | (4,481) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1,579) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,883 | 8,944 | 11,057 | 3,756 | 41,227 | 15,510 | |
| (/) Shares Outstanding | 1,050.5 | 540.4 | 109.0 | 109.2 | 1,796.9 | 4,133.9 | |
| Implied Stock Price | 25.59 | 16.55 | 101.40 | 34.40 | 22.94 | 3.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.24 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.59 | 16.55 | 101.40 | 34.40 | 18.52 | 3.75 | |
| Trading Currency | EUR | EUR | EUR | NOK | CHF | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.24 | 1.00 | |