| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| AVA | NWE | DTE | WEC | CNP | | CSG | |
| NYSE:AVA | NasdaqGS:NWE | NYSE:DTE | NYSE:WEC | NYSE:CNP | | DB:CSG | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 7.6% | 3.8% | 0.5% | 2.7% | 2.7% | | 2.6% | |
| 3Y CAGR | 10.4% | 3.3% | -5.9% | 1.1% | 1.1% | | 0.8% | |
| Latest Twelve Months | 2.1% | 4.9% | 19.4% | 11.9% | 6.4% | | 11.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 15.0% | 20.3% | 13.4% | 22.6% | 18.8% | | 19.4% | |
| Prior Fiscal Year | 14.7% | 20.9% | 17.7% | 22.4% | 19.9% | | 19.0% | |
| Latest Fiscal Year | 15.9% | 21.6% | 17.0% | 24.2% | 22.9% | | 22.0% | |
| Latest Twelve Months | 17.5% | 22.8% | 15.5% | 24.4% | 22.4% | | 22.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.24x | 4.65x | 3.63x | 5.83x | 5.21x | | 4.97x | |
| EV / LTM EBIT | 18.5x | 20.4x | 23.4x | 23.9x | 23.3x | | 21.7x | |
| Price / LTM Sales | 1.71x | 2.55x | 1.93x | 3.81x | 2.84x | | 2.74x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.24x | 4.65x | 5.83x | | | | | |
| Historical EV / LTM Revenue | 3.93x | 4.58x | 5.04x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 4.29x | 4.51x | 4.74x | | | | | |
| (x) LTM Revenue | 8,295 | 8,295 | 8,295 | | | | | |
| (=) Implied Enterprise Value | 35,573 | 37,445 | 39,318 | | | | | |
| (-) Non-shareholder Claims * | (18,438) | (18,438) | (18,438) | | | | | |
| (=) Equity Value | 17,135 | 19,007 | 20,880 | | | | | |
| (/) Shares Outstanding | 304.3 | 304.3 | 304.3 | | | | | |
| Implied Value Range | 56.31 | 62.46 | 68.61 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 48.39 | 53.68 | 58.96 | | 64.50 | | | |
| Upside / (Downside) | -25.0% | -16.8% | -8.6% | | | | | |