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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.1x - 24.4x | 23.2x |
| Selected Fwd EBIT Multiple | 16.9x - 18.7x | 17.8x |
| Fair Value | $118.83 - $142.96 | $130.89 |
| Upside | -13.0% - 4.7% | -4.2% |
| Benchmarks | Ticker | Full Ticker |
| WEC Energy Group, Inc. | WEC | NYSE:WEC |
| NiSource Inc. | NI | NYSE:NI |
| Consolidated Edison, Inc. | ED | NYSE:ED |
| CenterPoint Energy, Inc. | CNP | NYSE:CNP |
| Exelon Corporation | EXC | NasdaqGS:EXC |
| DTE Energy Company | DTE | NYSE:DTE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WEC | NI | ED | CNP | EXC | DTE | ||
| NYSE:WEC | NYSE:NI | NYSE:ED | NYSE:CNP | NasdaqGS:EXC | NYSE:DTE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.8% | 2.4% | 4.8% | 10.6% | -1.2% | 8.6% | |
| 3Y CAGR | 5.2% | 11.4% | 6.9% | 13.1% | 15.5% | 11.9% | |
| Latest Twelve Months | 4.6% | 13.9% | 6.7% | 14.2% | 6.1% | -5.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.8% | 22.5% | 20.1% | 18.3% | 16.2% | 13.1% | |
| Prior Fiscal Year | 22.4% | 23.1% | 21.0% | 19.9% | 18.5% | 17.7% | |
| Latest Fiscal Year | 24.2% | 26.6% | 21.5% | 22.9% | 18.5% | 17.0% | |
| Latest Twelve Months | 24.2% | 26.6% | 21.5% | 22.9% | 18.5% | 17.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.14x | 6.34x | 4.25x | 5.09x | 3.97x | 4.14x | |
| EV / LTM EBITDA | 15.4x | 14.5x | 11.9x | 13.2x | 12.7x | 15.5x | |
| EV / LTM EBIT | 25.4x | 23.8x | 19.8x | 22.2x | 21.4x | 24.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 19.8x | 22.2x | 25.4x | ||||
| Historical EV / LTM EBIT | 21.4x | 25.9x | 27.4x | ||||
| Selected EV / LTM EBIT | 22.1x | 23.2x | 24.4x | ||||
| (x) LTM EBIT | 2,119 | 2,119 | 2,119 | ||||
| (=) Implied Enterprise Value | 46,794 | 49,257 | 51,720 | ||||
| (-) Non-shareholder Claims * | (22,918) | (22,918) | (22,918) | ||||
| (=) Equity Value | 23,876 | 26,339 | 28,802 | ||||
| (/) Shares Outstanding | 207.5 | 207.5 | 207.5 | ||||
| Implied Value Range | 115.06 | 126.92 | 138.79 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 115.06 | 126.92 | 138.79 | 136.57 | |||
| Upside / (Downside) | -15.8% | -7.1% | 1.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WEC | NI | ED | CNP | EXC | DTE | |
| Enterprise Value | 52,831 | 34,483 | 64,366 | 44,009 | 91,435 | 51,259 | |
| (+) Cash & Short Term Investments | 10 | 157 | 1,324 | 607 | 371 | 24 | |
| (+) Investments & Other | 2,109 | 92 | 543 | 0 | 42 | 304 | |
| (-) Debt | (20,369) | (13,988) | (27,829) | (20,991) | (46,905) | (23,241) | |
| (-) Other Liabilities | (407) | (1,984) | 0 | 0 | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 34,174 | 18,760 | 38,404 | 23,625 | 44,943 | 28,341 | |
| (/) Shares Outstanding | 317.8 | 469.9 | 353.1 | 651.7 | 1,005.2 | 207.5 | |
| Implied Stock Price | 107.55 | 39.92 | 108.77 | 36.25 | 44.71 | 136.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 107.55 | 39.92 | 108.77 | 36.25 | 44.71 | 136.57 | |
| 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 | |