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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.6x - 9.5x | 9.0x |
| Selected Fwd EBIT Multiple | 11.8x - 13.1x | 12.5x |
| Fair Value | $45.83 - $52.42 | $49.13 |
| Upside | 23.4% - 41.1% | 32.2% |
| Benchmarks | Ticker | Full Ticker |
| EnBW Energie Baden-Württemberg AG | EBK | DB:EBK |
| Iberdrola, S.A. | IBE1 | XTRA:IBE1 |
| PG&E Corporation | PCG | BRSE:PCG |
| EDP, S.A. | EDP | ENXTLS:EDP |
| Endesa, S.A. | ELE | BME:ELE |
| CEZ, a. s. | CZAV.F | OTCPK:CZAV.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EBK | IBE1 | PCG | EDP | ELE | CZAV.F | ||
| DB:EBK | XTRA:IBE1 | BRSE:PCG | ENXTLS:EDP | BME:ELE | OTCPK:CZAV.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 42.1% | 14.1% | 27.4% | 19.8% | 8.0% | 26.0% | |
| 3Y CAGR | 48.6% | 16.3% | 17.4% | 51.9% | 7.3% | 45.5% | |
| Latest Twelve Months | -39.5% | 24.1% | 48.6% | 43.0% | 74.1% | 7.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.4% | 17.8% | 15.3% | 9.8% | 11.2% | 23.1% | |
| Prior Fiscal Year | 2.5% | 18.3% | 14.1% | 12.5% | 6.6% | 26.5% | |
| Latest Fiscal Year | 9.0% | 25.0% | 21.0% | 19.3% | 13.8% | 28.1% | |
| Latest Twelve Months | 8.2% | 25.0% | 21.0% | 19.3% | 13.8% | 28.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.75x | 3.37x | 3.93x | 2.31x | 1.62x | 2.33x | |
| EV / LTM EBITDA | 6.7x | 9.1x | 10.3x | 7.7x | 7.4x | 5.7x | |
| EV / LTM EBIT | 9.1x | 13.5x | 18.7x | 12.0x | 11.7x | 8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.1x | 12.0x | 18.7x | ||||
| Historical EV / LTM EBIT | 6.4x | 8.3x | 17.4x | ||||
| Selected EV / LTM EBIT | 8.6x | 9.0x | 9.5x | ||||
| (x) LTM EBIT | 95,679 | 95,679 | 95,679 | ||||
| (=) Implied Enterprise Value | 819,333 | 862,456 | 905,579 | ||||
| (-) Non-shareholder Claims * | (206,957) | (206,957) | (206,957) | ||||
| (=) Equity Value | 612,376 | 655,499 | 698,622 | ||||
| (/) Shares Outstanding | 536.8 | 536.8 | 536.8 | ||||
| Implied Value Range | 1,140.77 | 1,221.10 | 1,301.43 | ||||
| FX Rate: CZK/USD | 23.0 | 23.0 | 23.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.61 | 53.11 | 56.60 | 37.15 | |||
| Upside / (Downside) | 33.5% | 43.0% | 52.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EBK | IBE1 | PCG | EDP | ELE | CZAV.F | |
| Enterprise Value | 27,671 | 150,747 | 110,454 | 34,555 | 33,555 | 665,495 | |
| (+) Cash & Short Term Investments | 7,967 | 4,718 | 940 | 3,631 | 840 | 43,407 | |
| (+) Investments & Other | 8,323 | 5,293 | 0 | 2,140 | 334 | 7,425 | |
| (-) Debt | (18,763) | (59,953) | (58,343) | (22,973) | (10,530) | (246,149) | |
| (-) Other Liabilities | (6,888) | (13,926) | (252) | (4,657) | (943) | (11,640) | |
| (-) Preferred Stock | 0 | 0 | (1,579) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,310 | 86,879 | 51,220 | 12,696 | 23,256 | 458,538 | |
| (/) Shares Outstanding | 270.9 | 6,252.5 | 2,441.9 | 4,163.9 | 1,058.6 | 536.8 | |
| Implied Stock Price | 67.60 | 13.90 | 20.98 | 3.05 | 21.97 | 854.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.13 | 1.00 | 1.00 | 22.99 | |
| Implied Stock Price (Trading Cur) | 67.60 | 13.90 | 18.56 | 3.05 | 21.97 | 37.15 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.13 | 1.00 | 1.00 | 22.99 | |