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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,3x - 20,3x | 19,3x |
| Selected Fwd EBIT Multiple | 15,3x - 16,9x | 16,1x |
| Fair Value | $70,10 - $84,54 | $77,32 |
| Upside | -5,1% - 14,5% | 4,7% |
| Benchmarks | Ticker | Full Ticker |
| UGI Corporation | UGI | NYSE:UGI |
| Northwest Natural Holding Company | NWN | NYSE:NWN |
| Atmos Energy Corporation | ATO | NYSE:ATO |
| ONE Gas, Inc. | OGS | NYSE:OGS |
| New Jersey Resources Corporation | NJR | NYSE:NJR |
| Southwest Gas Holdings, Inc. | SWX | NYSE:SWX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UGI | NWN | ATO | OGS | NJR | SWX | ||
| NYSE:UGI | NYSE:NWN | NYSE:ATO | NYSE:OGS | NYSE:NJR | NYSE:SWX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.7% | 7.5% | 12.4% | 6.8% | 22.7% | 7.0% | |
| 3Y CAGR | -23.6% | 7.4% | 14.9% | 9.5% | 16.7% | 12.1% | |
| Latest Twelve Months | 11.6% | 25.4% | 17.4% | 15.4% | 50.9% | 17.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.1% | 16.8% | 27.2% | 17.0% | 17.2% | 10.0% | |
| Prior Fiscal Year | -6.9% | 15.7% | 24.8% | 16.1% | 20.7% | 9.4% | |
| Latest Fiscal Year | 15.1% | 16.2% | 32.3% | 19.3% | 25.5% | 9.8% | |
| Latest Twelve Months | 17.0% | 19.0% | 33.1% | 19.3% | 27.3% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.91x | 3.20x | 7.19x | 3.32x | 3.70x | 2.10x | |
| EV / LTM EBITDA | 7.8x | 9.4x | 14.7x | 10.2x | 10.3x | 10.2x | |
| EV / LTM EBIT | 11.3x | 16.8x | 21.7x | 17.2x | 13.6x | 18.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.3x | 16.8x | 21.7x | ||||
| Historical EV / LTM EBIT | 16.4x | 20.6x | 27.8x | ||||
| Selected EV / LTM EBIT | 18.3x | 19.3x | 20.3x | ||||
| (x) LTM EBIT | 543 | 543 | 543 | ||||
| (=) Implied Enterprise Value | 9,952 | 10,476 | 11,000 | ||||
| (-) Non-shareholder Claims * | (4,821) | (4,821) | (4,821) | ||||
| (=) Equity Value | 5,132 | 5,656 | 6,179 | ||||
| (/) Shares Outstanding | 71.9 | 71.9 | 71.9 | ||||
| Implied Value Range | 71.36 | 78.64 | 85.93 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 71.36 | 78.64 | 85.93 | 73.86 | |||
| Upside / (Downside) | -3.4% | 6.5% | 16.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UGI | NWN | ATO | OGS | NJR | SWX | |
| Enterprise Value | 14,010 | 3,851 | 32,239 | 7,513 | 7,673 | 10,132 | |
| (+) Cash & Short Term Investments | 426 | 100 | 659 | 19 | 84 | 406 | |
| (+) Investments & Other | 393 | 37 | 0 | 0 | 101 | 0 | |
| (-) Debt | (7,031) | (2,391) | (8,506) | (3,212) | (3,412) | (5,047) | |
| (-) Other Liabilities | (9) | 0 | 0 | 0 | 0 | (180) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,789 | 1,597 | 24,391 | 4,320 | 4,445 | 5,311 | |
| (/) Shares Outstanding | 214.4 | 40.3 | 158.8 | 59.9 | 100.4 | 71.9 | |
| Implied Stock Price | 36.32 | 39.62 | 153.56 | 72.08 | 44.29 | 73.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.32 | 39.62 | 153.56 | 72.08 | 44.29 | 73.86 | |
| 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 | |