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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.2x - 5.7x | 5.5x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 4.9x |
| Fair Value | 16.24€ - 19.19€ | 17.72€ |
| Upside | -10.1% - 6.2% | -1.9% |
| Benchmarks | Ticker | Full Ticker |
| Veolia Environnement SA | VIE | ENXTPA:VIE |
| E.ON SE | EOAN | DB:EOAN |
| ATCO Ltd. | 8A6 | DB:8A6 |
| Enagás, S.A. | ENG | BME:ENG |
| EnBW Energie Baden-Württemberg AG | EBK | DB:EBK |
| Engie SA | ENGI | WBAG:ENGI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VIE | EOAN | 8A6 | ENG | EBK | ENGI | ||
| ENXTPA:VIE | DB:EOAN | DB:8A6 | BME:ENG | DB:EBK | WBAG:ENGI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.4% | 27.7% | 0.3% | -8.5% | 20.1% | 8.1% | |
| 3Y CAGR | 21.7% | 6.5% | 6.2% | -6.2% | 27.0% | 9.0% | |
| Latest Twelve Months | 2.6% | 219.8% | -0.7% | -1.8% | -6.7% | -16.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.3% | 8.1% | 40.3% | 62.4% | 10.1% | 16.4% | |
| Prior Fiscal Year | 12.0% | 3.9% | 41.2% | 58.9% | 12.3% | 19.6% | |
| Latest Fiscal Year | 12.5% | 14.5% | 39.2% | 58.0% | 13.6% | 18.3% | |
| Latest Twelve Months | 12.5% | 14.5% | 39.2% | 58.0% | 13.6% | 18.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.90x | 0.79x | 4.08x | 4.78x | 0.94x | 0.98x | |
| EV / LTM EBITDA | 7.2x | 5.4x | 10.4x | 8.2x | 6.9x | 5.4x | |
| EV / LTM EBIT | 12.9x | 7.3x | 16.8x | 15.0x | 12.5x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 7.2x | 10.4x | ||||
| Historical EV / LTM EBITDA | 4.1x | 5.0x | 5.8x | ||||
| Selected EV / LTM EBITDA | 5.2x | 5.5x | 5.7x | ||||
| (x) LTM EBITDA | 13,516 | 13,516 | 13,516 | ||||
| (=) Implied Enterprise Value | 70,015 | 73,699 | 77,384 | ||||
| (-) Non-shareholder Claims * | (28,747) | (28,747) | (28,747) | ||||
| (=) Equity Value | 41,268 | 44,952 | 48,637 | ||||
| (/) Shares Outstanding | 2,425.8 | 2,425.8 | 2,425.8 | ||||
| Implied Value Range | 17.01 | 18.53 | 20.05 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.01 | 18.53 | 20.05 | 18.07 | |||
| Upside / (Downside) | -5.8% | 2.6% | 11.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIE | EOAN | 8A6 | ENG | EBK | ENGI | |
| Enterprise Value | 40,373 | 64,415 | 20,075 | 4,327 | 34,755 | 72,570 | |
| (+) Cash & Short Term Investments | 11,764 | 7,025 | 717 | 1,419 | 8,877 | 17,737 | |
| (+) Investments & Other | 3,006 | 9,996 | 778 | 1,441 | 1,934 | 12,856 | |
| (-) Debt | (29,282) | (39,064) | (11,984) | (3,700) | (19,505) | (52,438) | |
| (-) Other Liabilities | (2,391) | (6,325) | (4,078) | (16) | (7,535) | (6,902) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,470 | 36,047 | 5,508 | 3,470 | 18,526 | 43,823 | |
| (/) Shares Outstanding | 730.0 | 2,613.1 | 112.2 | 261.1 | 270.9 | 2,425.8 | |
| Implied Stock Price | 32.15 | 13.80 | 49.08 | 13.29 | 68.40 | 18.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.55 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.15 | 13.80 | 31.60 | 13.29 | 68.40 | 18.07 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.55 | 1.00 | 1.00 | 1.00 | |