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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17,8x - 19,7x | 18,7x |
| Selected Fwd EBIT Multiple | 14,3x - 15,9x | 15,1x |
| Fair Value | €58,28 - €74,54 | €66,41 |
| Upside | 18,9% - 52,1% | 35,5% |
| Benchmarks | Ticker | Full Ticker |
| NextEra Energy, Inc. | NEE | NYSE:NEE |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| Entergy Corporation | ETR | NYSE:ETR |
| Alliant Energy Corporation | LNT | NasdaqGS:LNT |
| PG&E Corporation | PCG | NYSE:PCG |
| Edison International | EIX | DB:EIX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NEE | PNW | ETR | LNT | PCG | EIX | ||
| NYSE:NEE | NYSE:PNW | NYSE:ETR | NasdaqGS:LNT | NYSE:PCG | DB:EIX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.5% | 8.8% | 11.0% | 4.5% | 27.4% | 11.3% | |
| 3Y CAGR | 33.5% | 4.9% | 11.0% | 5.8% | 17.4% | 6.9% | |
| Latest Twelve Months | -16.1% | 18.1% | 20.4% | 5.2% | 25.5% | 3.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 25.9% | 21.1% | 18.6% | 22.5% | 15.8% | 21.0% | |
| Prior Fiscal Year | 35.8% | 18.4% | 22.2% | 22.8% | 14.1% | 22.1% | |
| Latest Fiscal Year | 29.7% | 20.7% | 23.8% | 23.4% | 21.0% | 22.0% | |
| Latest Twelve Months | 30.2% | 20.0% | 26.4% | 23.7% | 20.8% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.95x | 4.44x | 5.50x | 6.36x | 3.95x | 3.66x | |
| EV / LTM EBITDA | 16.7x | 11.4x | 12.2x | 14.7x | 10.3x | 9.9x | |
| EV / LTM EBIT | 29.7x | 22.2x | 20.8x | 26.9x | 19.0x | 16.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 19.0x | 22.2x | 29.7x | ||||
| Historical EV / LTM EBIT | 17.5x | 18.2x | 19.7x | ||||
| Selected EV / LTM EBIT | 17.8x | 18.7x | 19.7x | ||||
| (x) LTM EBIT | 3,848 | 3,848 | 3,848 | ||||
| (=) Implied Enterprise Value | 68,424 | 72,025 | 75,626 | ||||
| (-) Non-shareholder Claims * | (42,003) | (42,003) | (42,003) | ||||
| (=) Equity Value | 26,421 | 30,022 | 33,623 | ||||
| (/) Shares Outstanding | 384.8 | 384.8 | 384.8 | ||||
| Implied Value Range | 68.67 | 78.03 | 87.39 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 60.48 | 68.73 | 76.97 | 49.02 | |||
| Upside / (Downside) | 23.4% | 40.2% | 57.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEE | PNW | ETR | LNT | PCG | EIX | |
| Enterprise Value | 226,174 | 23,123 | 65,520 | 25,939 | 96,873 | 63,417 | |
| (+) Cash & Short Term Investments | 2,419 | 10 | 1,513 | 25 | 2,023 | 1,318 | |
| (+) Investments & Other | 17,061 | 0 | 83 | 650 | 0 | 59 | |
| (-) Debt | (89,678) | (12,132) | (30,925) | (10,629) | (59,968) | (39,560) | |
| (-) Other Liabilities | (10,554) | (107) | (316) | 0 | (252) | (2,175) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1,579) | (1,645) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 145,422 | 10,893 | 35,875 | 15,985 | 37,097 | 21,414 | |
| (/) Shares Outstanding | 2,058.6 | 119.4 | 430.8 | 256.9 | 2,197.7 | 384.8 | |
| Implied Stock Price | 70.64 | 91.23 | 83.28 | 62.23 | 16.88 | 55.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 70.64 | 91.23 | 83.28 | 62.23 | 16.88 | 49.02 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |