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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,4x - 13,7x | 13,0x |
| Selected Fwd EBITDA Multiple | 10,2x - 11,3x | 10,7x |
| Fair Value | $98,60 - $117,99 | $108,29 |
| Upside | -6,2% - 12,3% | 3,0% |
| Benchmarks | Ticker | Full Ticker |
| Eversource Energy | ES | NYSE:ES |
| Duke Energy Corporation | DUK | NYSE:DUK |
| Entergy Corporation | ETR | NYSE:ETR |
| The Southern Company | SO | NYSE:SO |
| IDACORP, Inc. | IDA | NYSE:IDA |
| American Electric Power Company, Inc. | AEP | NasdaqGS:AEP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ES | DUK | ETR | SO | IDA | AEP | ||
| NYSE:ES | NYSE:DUK | NYSE:ETR | NYSE:SO | NYSE:IDA | NasdaqGS:AEP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.1% | 5.7% | 7.9% | 7.7% | 3.5% | 8.7% | |
| 3Y CAGR | 10.2% | 7.3% | 8.1% | 16.2% | 3.5% | 7.2% | |
| Latest Twelve Months | 10.9% | 7.1% | 6.6% | 13.5% | 8.1% | 12.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.6% | 46.2% | 34.8% | 41.3% | 32.0% | 37.0% | |
| Prior Fiscal Year | 32.2% | 46.9% | 39.0% | 45.2% | 28.7% | 36.8% | |
| Latest Fiscal Year | 35.8% | 48.0% | 42.5% | 48.4% | 30.0% | 39.7% | |
| Latest Twelve Months | 35.8% | 48.0% | 42.5% | 48.4% | 30.0% | 39.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.35x | 6.01x | 5.46x | 6.24x | 4.77x | 5.15x | |
| EV / LTM EBITDA | 12.2x | 12.5x | 12.9x | 12.9x | 15.9x | 13.0x | |
| EV / LTM EBIT | 18.3x | 22.7x | 23.0x | 21.7x | 27.3x | 22.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.2x | 12.9x | 15.9x | ||||
| Historical EV / LTM EBITDA | 12.2x | 13.0x | 13.8x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBITDA | 7,824 | 7,824 | 7,824 | ||||
| (=) Implied Enterprise Value | 96,821 | 101,917 | 107,013 | ||||
| (-) Non-shareholder Claims * | (45,622) | (45,622) | (45,622) | ||||
| (=) Equity Value | 51,199 | 56,295 | 61,391 | ||||
| (/) Shares Outstanding | 532.5 | 532.5 | 532.5 | ||||
| Implied Value Range | 96.15 | 105.72 | 115.29 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 96.15 | 105.72 | 115.29 | 105.11 | |||
| Upside / (Downside) | -8.5% | 0.6% | 9.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ES | DUK | ETR | SO | IDA | AEP | |
| Enterprise Value | 51,237 | 179,416 | 64,822 | 165,267 | 8,718 | 101,594 | |
| (+) Cash & Short Term Investments | 27 | 314 | 860 | 1,070 | 369 | 418 | |
| (+) Investments & Other | 479 | 353 | 82 | 1,416 | 160 | 0 | |
| (-) Debt | (29,239) | (85,438) | (29,311) | (66,277) | (3,074) | (45,998) | |
| (-) Other Liabilities | (156) | (1,129) | (320) | (3,466) | (7) | (42) | |
| (-) Preferred Stock | 0 | (973) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,348 | 92,543 | 36,133 | 98,010 | 6,166 | 55,972 | |
| (/) Shares Outstanding | 366.8 | 777.0 | 430.8 | 1,096.8 | 54.0 | 532.5 | |
| Implied Stock Price | 60.93 | 119.10 | 83.88 | 89.36 | 114.24 | 105.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 60.93 | 119.10 | 83.88 | 89.36 | 114.24 | 105.11 | |
| 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 | |