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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBITDA Multiple | 8.0x - 8.9x | 8.5x |
| Fair Value | $12.50 - $15.42 | $13.96 |
| Upside | 12.4% - 38.7% | 25.5% |
| Benchmarks | Ticker | Full Ticker |
| IDACORP, Inc. | IDA | NYSE:IDA |
| MGE Energy, Inc. | MGEE | NasdaqGS:MGEE |
| Spire Inc. | SR | NYSE:SR |
| ONE Gas, Inc. | OGS | NYSE:OGS |
| New Jersey Resources Corporation | NJR | NYSE:NJR |
| Hawaiian Electric Industries, Inc. | HE | NYSE:HE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IDA | MGEE | SR | OGS | NJR | HE | ||
| NYSE:IDA | NasdaqGS:MGEE | NYSE:SR | NYSE:OGS | NYSE:NJR | NYSE:HE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.5% | 7.1% | 9.5% | 8.3% | 19.7% | -4.3% | |
| 3Y CAGR | 3.5% | 7.4% | 4.8% | 10.8% | 15.6% | -9.3% | |
| Latest Twelve Months | 8.1% | 5.0% | 17.4% | 5.7% | 18.9% | -10.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.0% | 35.5% | 29.0% | 28.6% | 22.8% | 17.8% | |
| Prior Fiscal Year | 28.7% | 35.9% | 25.6% | 27.9% | 28.6% | 17.1% | |
| Latest Fiscal Year | 30.0% | 38.5% | 29.9% | 33.6% | 34.8% | 15.5% | |
| Latest Twelve Months | 30.0% | 38.5% | 31.6% | 33.6% | 34.6% | 15.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.79x | 6.14x | 3.87x | 3.76x | 4.64x | 1.41x | |
| EV / LTM EBITDA | 16.0x | 15.9x | 12.2x | 11.2x | 13.4x | 9.1x | |
| EV / LTM EBIT | 27.4x | 25.9x | 19.0x | 19.5x | 18.4x | 22.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.2x | 13.4x | 16.0x | ||||
| Historical EV / LTM EBITDA | 7.3x | 10.1x | 11.4x | ||||
| Selected EV / LTM EBITDA | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBITDA | 501 | 501 | 501 | ||||
| (=) Implied Enterprise Value | 4,854 | 5,109 | 5,365 | ||||
| (-) Non-shareholder Claims * | (2,638) | (2,638) | (2,638) | ||||
| (=) Equity Value | 2,216 | 2,471 | 2,727 | ||||
| (/) Shares Outstanding | 172.5 | 172.5 | 172.5 | ||||
| Implied Value Range | 12.85 | 14.33 | 15.81 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.85 | 14.33 | 15.81 | 11.12 | |||
| Upside / (Downside) | 15.5% | 28.9% | 42.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IDA | MGEE | SR | OGS | NJR | HE | |
| Enterprise Value | 8,755 | 4,049 | 9,603 | 7,836 | 8,430 | 4,556 | |
| (+) Cash & Short Term Investments | 369 | 21 | 12 | 58 | 2 | 751 | |
| (+) Investments & Other | 160 | 118 | 88 | 0 | 102 | 0 | |
| (-) Debt | (3,074) | (797) | (4,898) | (3,345) | (3,582) | (3,354) | |
| (-) Other Liabilities | (7) | 0 | 0 | 0 | 0 | (34) | |
| (-) Preferred Stock | 0 | 0 | (242) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,204 | 3,392 | 4,563 | 4,548 | 4,951 | 1,918 | |
| (/) Shares Outstanding | 54.0 | 36.5 | 58.3 | 59.9 | 100.3 | 172.5 | |
| Implied Stock Price | 114.94 | 92.91 | 78.20 | 75.96 | 49.37 | 11.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 114.94 | 92.91 | 78.20 | 75.96 | 49.37 | 11.12 | |
| 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 | |