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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.4x - 13.8x | 13.1x |
| Selected Fwd EBITDA Multiple | 9.3x - 10.3x | 9.8x |
| Fair Value | $21.71 - $27.31 | $24.51 |
| Upside | -14.7% - 7.4% | -3.7% |
| Benchmarks | Ticker | Full Ticker |
| Hydro One Limited | H | TSX:H |
| DTE Energy Company | DTE1 * | BMV:DTE1* |
| Sempra | SRE * | BMV:SRE* |
| WEC Energy Group, Inc. | WEC | NYSE:WEC |
| Fortis Inc. | FTS | TSX:FTS |
| Canadian Utilities Limited | CDUA.F | OTCPK:CDUA.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| H | DTE1 * | SRE * | WEC | FTS | CDUA.F | ||
| TSX:H | BMV:DTE1* | BMV:SRE* | NYSE:WEC | TSX:FTS | OTCPK:CDUA.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.5% | 7.8% | 5.5% | 6.6% | 6.7% | -1.6% | |
| 3Y CAGR | 6.3% | 9.3% | 4.6% | 6.3% | 9.6% | 2.9% | |
| Latest Twelve Months | 6.8% | -1.8% | -9.2% | 5.6% | 7.6% | -5.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.7% | 20.9% | 36.1% | 36.2% | 43.1% | 46.3% | |
| Prior Fiscal Year | 34.3% | 26.5% | 34.9% | 36.6% | 42.7% | 46.4% | |
| Latest Fiscal Year | 33.9% | 26.7% | 40.2% | 40.0% | 46.0% | 44.6% | |
| Latest Twelve Months | 33.9% | 26.7% | 40.2% | 40.0% | 46.0% | 44.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.41x | 4.14x | 5.34x | 6.14x | 6.04x | 5.94x | |
| EV / LTM EBITDA | 16.0x | 15.5x | 13.3x | 15.4x | 13.1x | 13.3x | |
| EV / LTM EBIT | 23.3x | 24.3x | 24.6x | 25.4x | 20.7x | 23.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.1x | 15.4x | 16.0x | ||||
| Historical EV / LTM EBITDA | 10.6x | 11.4x | 14.1x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.1x | 13.8x | ||||
| (x) LTM EBITDA | 1,668 | 1,668 | 1,668 | ||||
| (=) Implied Enterprise Value | 20,759 | 21,851 | 22,944 | ||||
| (-) Non-shareholder Claims * | (12,262) | (12,262) | (12,262) | ||||
| (=) Equity Value | 8,497 | 9,589 | 10,682 | ||||
| (/) Shares Outstanding | 271.6 | 271.6 | 271.6 | ||||
| Implied Value Range | 31.29 | 35.31 | 39.33 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.85 | 24.66 | 27.47 | 25.44 | |||
| Upside / (Downside) | -14.1% | -3.0% | 8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | H | DTE1 * | SRE * | WEC | FTS | CDUA.F | |
| Enterprise Value | 45,854 | 45,789 | 70,027 | 52,831 | 69,052 | 22,153 | |
| (+) Cash & Short Term Investments | 716 | 24 | 1,584 | 10 | 220 | 397 | |
| (+) Investments & Other | 46 | 304 | 18,208 | 2,109 | 484 | 242 | |
| (-) Debt | (17,741) | (23,241) | (37,310) | (20,369) | (33,723) | (11,118) | |
| (-) Other Liabilities | (84) | (5) | (6,566) | (407) | (2,045) | (212) | |
| (-) Preferred Stock | 0 | 0 | (889) | 0 | (1,623) | (1,571) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,791 | 22,871 | 45,054 | 34,174 | 32,365 | 9,891 | |
| (/) Shares Outstanding | 599.4 | 207.5 | 651.5 | 317.8 | 499.3 | 271.6 | |
| Implied Stock Price | 48.03 | 110.21 | 69.16 | 107.55 | 64.82 | 36.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | 1.43 | |
| Implied Stock Price (Trading Cur) | 48.03 | 2,249.48 | 1,411.57 | 107.55 | 64.82 | 25.44 | |
| Trading Currency | CAD | MXN | MXN | USD | CAD | USD | |
| FX Rate to Reporting Currency | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | 1.43 | |