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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.4x - 9.3x | 8.9x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.9x | 7.5x |
| Fair Value | 2.63€ - 3.14€ | 2.88€ |
| Upside | 23.3% - 47.4% | 35.4% |
| Benchmarks | Ticker | Full Ticker |
| RWE Aktiengesellschaft | RWE | XTRA:RWE |
| ABO Energy GmbH & Co. KGaA | AB9 | XTRA:AB9 |
| Enefit Green AS | I6B | DB:I6B |
| Corporación Acciona Energías Renovables, S.A. | 5BP | MUN:5BP |
| Ecoener, S.A. | 89W | DB:89W |
| 7C Solarparken AG | HRPK | XTRA:HRPK |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RWE | AB9 | I6B | 5BP | 89W | HRPK | ||
| XTRA:RWE | XTRA:AB9 | DB:I6B | MUN:5BP | DB:89W | XTRA:HRPK | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 45.9% | 12.8% | 3.5% | 4.6% | 16.6% | 11.9% | |
| 3Y CAGR | 20.3% | 19.8% | -3.6% | 3.0% | 23.3% | 13.2% | |
| Latest Twelve Months | 15.9% | 5.4% | 4.7% | -16.2% | 23.2% | -27.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.3% | 22.3% | 57.2% | 32.6% | 52.5% | 80.8% | |
| Prior Fiscal Year | 25.6% | 24.7% | 45.7% | 32.2% | 50.2% | 83.1% | |
| Latest Fiscal Year | 34.9% | 19.6% | 52.3% | 27.6% | 44.4% | 83.3% | |
| Latest Twelve Months | 34.9% | 21.9% | 52.3% | 27.6% | 44.4% | 73.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.96x | 2.23x | 6.29x | 2.73x | 9.14x | 5.65x | |
| EV / LTM EBITDA | 2.7x | 10.2x | 12.0x | 9.9x | 20.6x | 7.7x | |
| EV / LTM EBIT | 3.4x | 10.9x | 18.8x | 18.8x | 37.6x | 24.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.7x | 10.2x | 20.6x | ||||
| Historical EV / LTM EBITDA | 8.2x | 11.6x | 13.0x | ||||
| Selected EV / LTM EBITDA | 8.4x | 8.9x | 9.3x | ||||
| (x) LTM EBITDA | 47 | 47 | 47 | ||||
| (=) Implied Enterprise Value | 398 | 419 | 440 | ||||
| (-) Non-shareholder Claims * | (183) | (183) | (183) | ||||
| (=) Equity Value | 215 | 236 | 257 | ||||
| (/) Shares Outstanding | 81.4 | 81.4 | 81.4 | ||||
| Implied Value Range | 2.64 | 2.90 | 3.15 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.64 | 2.90 | 3.15 | 2.13 | |||
| Upside / (Downside) | 23.9% | 36.0% | 48.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RWE | AB9 | I6B | 5BP | 89W | HRPK | |
| Enterprise Value | 23,245 | 647 | 1,264 | 10,807 | 802 | 357 | |
| (+) Cash & Short Term Investments | 11,941 | 27 | 44 | 541 | 76 | 69 | |
| (+) Investments & Other | 9,753 | 1 | 1 | 297 | 5 | 2 | |
| (-) Debt | (18,670) | (301) | (734) | (5,367) | (615) | (236) | |
| (-) Other Liabilities | (2,074) | (0) | 0 | (394) | (13) | (19) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,195 | 373 | 574 | 5,884 | 255 | 173 | |
| (/) Shares Outstanding | 736.3 | 9.2 | 264.3 | 324.4 | 56.9 | 81.4 | |
| Implied Stock Price | 32.86 | 40.50 | 2.17 | 18.14 | 4.48 | 2.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.86 | 40.50 | 2.17 | 18.14 | 4.48 | 2.13 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |