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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,6x - 13,9x | 13,2x |
| Selected Fwd EBITDA Multiple | 9,5x - 10,5x | 10,0x |
| Fair Value | $22,96 - $28,75 | $25,86 |
| Upside | -7,4% - 15,9% | 4,3% |
| Benchmarks | Ticker | Full Ticker |
| Hydro One Limited | H | TSX:H |
| TransAlta Corporation | TA | TSX:TA |
| Public Service Enterprise Group Incorporated | PEG * | BMV:PEG* |
| Emera Incorporated | EMA | TSX:EMA |
| Fortis Inc. | FTS | TSX:FTS |
| Canadian Utilities Limited | CDUA.F | OTCPK:CDUA.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| H | TA | PEG * | EMA | FTS | CDUA.F | ||
| TSX:H | TSX:TA | BMV:PEG* | TSX:EMA | TSX:FTS | OTCPK:CDUA.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.5% | 7.8% | -0.7% | 1.8% | 6.7% | -1.6% | |
| 3Y CAGR | 6.3% | -0.1% | 2.6% | 10.6% | 9.6% | 2.9% | |
| Latest Twelve Months | 6.8% | -32.1% | -20.7% | -13.3% | 7.6% | -5.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.7% | 42.0% | 37.8% | 35.7% | 43.1% | 46.3% | |
| Prior Fiscal Year | 34.3% | 51.0% | 42.7% | 38.2% | 42.7% | 46.4% | |
| Latest Fiscal Year | 33.9% | 40.8% | 37.0% | 34.8% | 46.0% | 44.6% | |
| Latest Twelve Months | 33.9% | 40.8% | 37.0% | 34.8% | 46.0% | 44.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.36x | 3.10x | 6.18x | 5.23x | 5.95x | 5.82x | |
| EV / LTM EBITDA | 15.8x | 7.6x | 16.7x | 15.0x | 12.9x | 13.1x | |
| EV / LTM EBIT | 23.1x | 14.5x | 26.1x | 28.1x | 20.3x | 22.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.6x | 15.0x | 16.7x | ||||
| Historical EV / LTM EBITDA | 10.6x | 11.4x | 14.1x | ||||
| Selected EV / LTM EBITDA | 12.6x | 13.2x | 13.9x | ||||
| (x) LTM EBITDA | 1,668 | 1,668 | 1,668 | ||||
| (=) Implied Enterprise Value | 20,982 | 22,087 | 23,191 | ||||
| (-) Non-shareholder Claims * | (12,262) | (12,262) | (12,262) | ||||
| (=) Equity Value | 8,720 | 9,825 | 10,929 | ||||
| (/) Shares Outstanding | 271.6 | 271.6 | 271.6 | ||||
| Implied Value Range | 32.11 | 36.17 | 40.24 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.82 | 25.71 | 28.59 | 24.80 | |||
| Upside / (Downside) | -8.0% | 3.6% | 15.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | H | TA | PEG * | EMA | FTS | CDUA.F | |
| Enterprise Value | 45,404 | 8,807 | 64,717 | 37,621 | 67,983 | 21,741 | |
| (+) Cash & Short Term Investments | 716 | 337 | 125 | 196 | 220 | 397 | |
| (+) Investments & Other | 46 | 159 | 196 | 654 | 484 | 242 | |
| (-) Debt | (17,741) | (4,559) | (22,888) | (19,864) | (33,723) | (11,118) | |
| (-) Other Liabilities | (84) | (97) | 0 | (14) | (2,045) | (212) | |
| (-) Preferred Stock | 0 | (942) | 0 | (1,422) | (1,623) | (1,571) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,341 | 3,705 | 42,150 | 17,171 | 31,296 | 9,479 | |
| (/) Shares Outstanding | 599.4 | 297.6 | 554.0 | 297.7 | 499.3 | 271.6 | |
| Implied Stock Price | 47.28 | 12.45 | 76.08 | 57.67 | 62.68 | 34.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 1.00 | 1.00 | 1.41 | |
| Implied Stock Price (Trading Cur) | 47.28 | 12.45 | 1,543.88 | 57.67 | 62.68 | 24.80 | |
| Trading Currency | CAD | CAD | MXN | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.05 | 1.00 | 1.00 | 1.41 | |