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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,7x - 11,9x | 11,3x |
| Selected Fwd EBITDA Multiple | 8,6x - 9,5x | 9,0x |
| Fair Value | $13,10 - $15,46 | $14,28 |
| Upside | -3,7% - 13,6% | 4,9% |
| Benchmarks | Ticker | Full Ticker |
| Ormat Technologies, Inc. | ORA | NYSE:ORA |
| Chesapeake Utilities Corporation | CPK | NYSE:CPK |
| Algonquin Power & Utilities Corp. | AQN | TSX:AQN |
| Pinnacle West Capital Corporation | PNW | NYSE:PNW |
| PG&E Corporation | PCG * | BMV:PCG* |
| Caribbean Utilities Company, Ltd. | CUP.U | TSX:CUP.U |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ORA | CPK | AQN | PNW | PCG * | CUP.U | ||
| NYSE:ORA | NYSE:CPK | TSX:AQN | NYSE:PNW | BMV:PCG* | TSX:CUP.U | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.0% | 14.7% | 5.5% | 8.2% | 14.4% | 5.7% | |
| 3Y CAGR | 6.6% | 15.3% | 3.1% | 7.2% | 12.4% | 7.4% | |
| Latest Twelve Months | 9.8% | 23.0% | 2.1% | 15.3% | 20.9% | 7.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 50.8% | 35.9% | 35.9% | 39.9% | 32.9% | 31.3% | |
| Prior Fiscal Year | 47.3% | 35.5% | 34.0% | 36.6% | 29.4% | 28.0% | |
| Latest Fiscal Year | 50.1% | 39.9% | 35.8% | 39.4% | 38.1% | 29.2% | |
| Latest Twelve Months | 49.9% | 38.8% | 35.6% | 38.9% | 38.2% | 30.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.18x | 5.11x | 4.89x | 4.41x | 3.66x | 3.35x | |
| EV / LTM EBITDA | 16.4x | 13.2x | 13.7x | 11.4x | 9.6x | 11.1x | |
| EV / LTM EBIT | 44.2x | 18.0x | 24.1x | 22.0x | 17.6x | 23.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 13.2x | 16.4x | ||||
| Historical EV / LTM EBITDA | 10.2x | 12.1x | 13.1x | ||||
| Selected EV / LTM EBITDA | 10.7x | 11.3x | 11.9x | ||||
| (x) LTM EBITDA | 87 | 87 | 87 | ||||
| (=) Implied Enterprise Value | 936 | 985 | 1,035 | ||||
| (-) Non-shareholder Claims * | (391) | (391) | (391) | ||||
| (=) Equity Value | 545 | 594 | 644 | ||||
| (/) Shares Outstanding | 42.2 | 42.2 | 42.2 | ||||
| Implied Value Range | 12.92 | 14.09 | 15.25 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.92 | 14.09 | 15.25 | 13.61 | |||
| Upside / (Downside) | -5.1% | 3.5% | 12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ORA | CPK | AQN | PNW | PCG * | CUP.U | |
| Enterprise Value | 7,244 | 4,296 | 11,168 | 22,972 | 89,907 | 965 | |
| (+) Cash & Short Term Investments | 113 | 1 | 72 | 10 | 2,023 | 13 | |
| (+) Investments & Other | 159 | 0 | 225 | 0 | 0 | 0 | |
| (-) Debt | (2,592) | (1,511) | (6,343) | (12,132) | (59,968) | (404) | |
| (-) Other Liabilities | (134) | 0 | (456) | (107) | (252) | 0 | |
| (-) Preferred Stock | 0 | 0 | (184) | 0 | (1,579) | (0) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,789 | 2,785 | 4,482 | 10,742 | 30,131 | 574 | |
| (/) Shares Outstanding | 60.7 | 23.3 | 767.8 | 119.4 | 2,197.7 | 42.2 | |
| Implied Stock Price | 78.94 | 119.39 | 5.84 | 89.97 | 13.71 | 13.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.74 | 1.00 | 0.05 | 1.00 | |
| Implied Stock Price (Trading Cur) | 78.94 | 119.39 | 7.94 | 89.97 | 260.00 | 13.61 | |
| Trading Currency | USD | USD | CAD | USD | MXN | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.74 | 1.00 | 0.05 | 1.00 | |