| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| LNT | PNW | EVRG | XEL | EIX | | PCG | |
| NasdaqGS:LNT | NYSE:PNW | NasdaqGS:EVRG | NasdaqGS:XEL | NYSE:EIX | | DB:PCG | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.8% | 8.1% | 2.6% | 3.1% | 7.3% | | 7.3% | |
| 3Y CAGR | 2.8% | 10.4% | 1.5% | 0.0% | 5.7% | | 5.8% | |
| Latest Twelve Months | 2.4% | 10.7% | 6.3% | -0.6% | 5.4% | | 1.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 22.5% | 21.1% | 23.0% | 17.5% | 21.0% | | 15.8% | |
| Prior Fiscal Year | 22.8% | 18.4% | 22.4% | 18.4% | 22.1% | | 14.1% | |
| Latest Fiscal Year | 23.4% | 20.7% | 24.8% | 17.9% | 22.0% | | 21.0% | |
| Latest Twelve Months | 23.7% | 20.0% | 25.2% | 17.6% | 22.2% | | 20.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 6.36x | 4.44x | 5.03x | 5.22x | 3.66x | | 3.95x | |
| EV / LTM EBIT | 26.9x | 22.1x | 20.0x | 29.8x | 16.5x | | 19.0x | |
| Price / LTM Sales | 3.91x | 2.09x | 2.59x | 2.94x | 1.23x | | 1.51x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.66x | 5.03x | 6.36x | | | | | |
| Historical EV / LTM Revenue | 3.39x | 4.13x | 4.17x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.81x | 4.01x | 4.22x | | | | | |
| (x) LTM Revenue | 24,541 | 24,541 | 24,541 | | | | | |
| (=) Implied Enterprise Value | 93,600 | 98,526 | 103,453 | | | | | |
| (-) Non-shareholder Claims * | (59,776) | (59,776) | (59,776) | | | | | |
| (=) Equity Value | 33,824 | 38,750 | 43,677 | | | | | |
| (/) Shares Outstanding | 2,197.7 | 2,197.7 | 2,197.7 | | | | | |
| Implied Value Range | 15.39 | 17.63 | 19.87 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 13.56 | 15.54 | 17.51 | | 15.10 | | | |
| Upside / (Downside) | -10.2% | 2.9% | 16.0% | | | | | |