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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 38,9x - 43,0x | 41,0x |
| Selected Fwd EBIT Multiple | 39,6x - 43,8x | 41,7x |
| Fair Value | €57,15 - €59,54 | €58,34 |
| Upside | -18,4% - -14,9% | -16,7% |
| Benchmarks | Ticker | Full Ticker |
| EnBW Energie Baden-Württemberg AG | EBK | DB:EBK |
| Distribuzione Elettrica Adriatica S.p.a. | DEA | BIT:DEA |
| naturenergie holding AG | NEAG | SWX:NEAG |
| Électricite de Strasbourg Société Anonyme | 7Z2 | DB:7Z2 |
| Redeia Corporación, S.A. | RE21 | DB:RE21 |
| Lechwerke AG | LEC | DB:LEC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EBK | DEA | NEAG | 7Z2 | RE21 | LEC | ||
| DB:EBK | BIT:DEA | SWX:NEAG | DB:7Z2 | DB:RE21 | DB:LEC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.6% | NM- | 41.3% | 15.3% | -10.6% | -28.7% | |
| 3Y CAGR | 10.8% | NM- | 32.9% | 32.8% | -13.8% | -6.1% | |
| Latest Twelve Months | 143.5% | 200.7% | 43.9% | 57.0% | -14.5% | -53.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.4% | 22.6% | 8.0% | 9.4% | 43.8% | 2.1% | |
| Prior Fiscal Year | 1.0% | 16.4% | 6.5% | 7.2% | 43.8% | 2.8% | |
| Latest Fiscal Year | 4.4% | 23.6% | 13.1% | 13.3% | 36.2% | 1.7% | |
| Latest Twelve Months | 1.4% | 23.6% | 12.9% | 13.3% | 36.6% | 1.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.01x | 1.80x | 0.66x | 0.57x | 8.02x | 1.07x | |
| EV / LTM EBITDA | 15.7x | 4.8x | 4.0x | 3.5x | 11.4x | 40.0x | |
| EV / LTM EBIT | 73.6x | 7.6x | 5.1x | 4.2x | 21.9x | 64.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.2x | 7.6x | 73.6x | ||||
| Historical EV / LTM EBIT | 30.6x | 64.8x | 130.6x | ||||
| Selected EV / LTM EBIT | 38.9x | 41.0x | 43.0x | ||||
| (x) LTM EBIT | 19 | 19 | 19 | ||||
| (=) Implied Enterprise Value | 755 | 795 | 835 | ||||
| (-) Non-shareholder Claims * | 1,223 | 1,223 | 1,223 | ||||
| (=) Equity Value | 1,979 | 2,018 | 2,058 | ||||
| (/) Shares Outstanding | 35.4 | 35.4 | 35.4 | ||||
| Implied Value Range | 55.82 | 56.94 | 58.06 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.82 | 56.94 | 58.06 | 70.00 | |||
| Upside / (Downside) | -20.3% | -18.7% | -17.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EBK | DEA | NEAG | 7Z2 | RE21 | LEC | |
| Enterprise Value | 34,107 | 66 | 1,106 | 806 | 13,387 | 1,258 | |
| (+) Cash & Short Term Investments | 7,019 | 12 | 126 | 333 | 614 | 1 | |
| (+) Investments & Other | 8,863 | 0 | 0 | 51 | 1,285 | 1,222 | |
| (-) Debt | (20,283) | (15) | 0 | (11) | (6,206) | 0 | |
| (-) Other Liabilities | (7,645) | (1) | (17) | (9) | (108) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,060 | 62 | 1,215 | 1,169 | 8,971 | 2,481 | |
| (/) Shares Outstanding | 324.4 | 7.9 | 33.1 | 7.2 | 540.4 | 35.4 | |
| Implied Stock Price | 68.00 | 7.85 | 36.74 | 163.00 | 16.60 | 70.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.06 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.00 | 7.85 | 34.50 | 163.00 | 16.60 | 70.00 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.06 | 1.00 | 1.00 | 1.00 | |