| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| ES | IDA | XEL | AEP | EVRG | | FE7 | |
| NYSE:ES | NYSE:IDA | NasdaqGS:XEL | NasdaqGS:AEP | NasdaqGS:EVRG | | DB:FE7 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 6.9% | 6.3% | 3.1% | 4.9% | 2.6% | | 4.1% | |
| 3Y CAGR | 6.5% | 7.8% | 0.0% | 5.5% | 1.5% | | 6.7% | |
| Latest Twelve Months | 10.8% | 1.4% | -0.6% | 4.4% | 6.3% | | 8.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 21.7% | 19.8% | 17.5% | 21.0% | 23.0% | | 17.9% | |
| Prior Fiscal Year | 21.3% | 17.4% | 18.4% | 20.8% | 22.4% | | 16.5% | |
| Latest Fiscal Year | 23.7% | 17.5% | 17.9% | 23.2% | 24.8% | | 17.6% | |
| Latest Twelve Months | 22.9% | 18.0% | 17.6% | 23.2% | 25.2% | | 17.9% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 4.20x | 5.02x | 5.23x | 5.05x | 5.04x | | 3.64x | |
| EV / LTM EBIT | 18.3x | 27.9x | 29.8x | 21.8x | 20.0x | | 20.3x | |
| Price / LTM Sales | 1.88x | 3.55x | 2.95x | 2.74x | 2.59x | | 1.76x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 4.20x | 5.04x | 5.23x | | | | | |
| Historical EV / LTM Revenue | 3.58x | 3.63x | 4.33x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.66x | 3.85x | 4.04x | | | | | |
| (x) LTM Revenue | 13,764 | 13,764 | 13,764 | | | | | |
| (=) Implied Enterprise Value | 50,310 | 52,958 | 55,605 | | | | | |
| (-) Non-shareholder Claims * | (25,564) | (25,564) | (25,564) | | | | | |
| (=) Equity Value | 24,746 | 27,394 | 30,041 | | | | | |
| (/) Shares Outstanding | 577.2 | 577.2 | 577.2 | | | | | |
| Implied Value Range | 42.88 | 47.46 | 52.05 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 37.76 | 41.81 | 45.85 | | 36.40 | | | |
| Upside / (Downside) | 3.7% | 14.8% | 26.0% | | | | | |