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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,1x - 17,8x | 16,9x |
| Selected Fwd EBIT Multiple | 17,9x - 19,8x | 18,8x |
| Fair Value | €26,22 - €30,03 | €28,12 |
| Upside | 72,4% - 97,4% | 84,9% |
| Benchmarks | Ticker | Full Ticker |
| XPLR Infrastructure, LP | 1N6 | DB:1N6 |
| Brookfield Renewable Partners L.P. | BEP.PRR | TSX:BEP.PRR |
| Clearway Energy, Inc. | NY4B | DB:NY4B |
| Ellomay Capital Ltd. | NUR | DB:NUR |
| Energix - Renewable Energies Ltd. | ENRG | TASE:ENRG |
| Alerion Clean Power S.p.A. | FCW3 | BST:FCW3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1N6 | BEP.PRR | NY4B | NUR | ENRG | FCW3 | ||
| DB:1N6 | TSX:BEP.PRR | DB:NY4B | DB:NUR | TASE:ENRG | BST:FCW3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -15.1% | -4.5% | -8.3% | NM- | 26.3% | 36.9% | |
| 3Y CAGR | 8.3% | 4.7% | -10.0% | NM- | 56.5% | 20.2% | |
| Latest Twelve Months | 1409.1% | 14.1% | 12.4% | 45.1% | 36.4% | 41.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 23.8% | 22.0% | -8.3% | 43.8% | 47.9% | |
| Prior Fiscal Year | -2.3% | 20.8% | 21.2% | 0.4% | 32.9% | 46.9% | |
| Latest Fiscal Year | 8.4% | 18.4% | 14.9% | -4.9% | 45.0% | 54.0% | |
| Latest Twelve Months | 11.5% | 17.5% | 16.7% | -2.6% | 38.1% | 54.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.49x | 12.30x | 10.52x | 16.03x | 17.08x | 7.10x | |
| EV / LTM EBITDA | 17.0x | 23.4x | 14.1x | 45.9x | 28.6x | 9.4x | |
| EV / LTM EBIT | 91.5x | 70.2x | 63.0x | -608.6x | 44.9x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -608.6x | 63.0x | 91.5x | ||||
| Historical EV / LTM EBIT | 13.1x | 16.2x | 36.0x | ||||
| Selected EV / LTM EBIT | 16.1x | 16.9x | 17.8x | ||||
| (x) LTM EBIT | 130 | 130 | 130 | ||||
| (=) Implied Enterprise Value | 2,082 | 2,192 | 2,302 | ||||
| (-) Non-shareholder Claims * | (532) | (532) | (532) | ||||
| (=) Equity Value | 1,550 | 1,660 | 1,769 | ||||
| (/) Shares Outstanding | 53.5 | 53.5 | 53.5 | ||||
| Implied Value Range | 28.95 | 31.00 | 33.04 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.95 | 31.00 | 33.04 | 15.21 | |||
| Upside / (Downside) | 90.3% | 103.8% | 117.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1N6 | BEP.PRR | NY4B | NUR | ENRG | FCW3 | |
| Enterprise Value | 12,555 | 69,203 | 14,639 | 652 | 14,212 | 1,347 | |
| (+) Cash & Short Term Investments | 1,530 | 2,423 | 317 | 71 | 545 | 516 | |
| (+) Investments & Other | 2,070 | 5,804 | 407 | 40 | 0 | 72 | |
| (-) Debt | (6,505) | (35,907) | (8,221) | (566) | (7,366) | (1,114) | |
| (-) Other Liabilities | (9,437) | (24,254) | (3,477) | (12) | (1) | (6) | |
| (-) Preferred Stock | 0 | (634) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 213 | 16,635 | 3,665 | 186 | 7,390 | 814 | |
| (/) Shares Outstanding | 24.1 | 1,084.0 | 117.9 | 12.9 | 551.1 | 53.5 | |
| Implied Stock Price | 8.84 | 15.35 | 31.10 | 14.50 | 13.41 | 15.21 | |
| FX Conversion Rate to Trading Currency | 1.17 | 0.73 | 1.17 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.56 | 21.00 | 26.60 | 14.50 | 13.41 | 15.21 | |
| Trading Currency | EUR | CAD | EUR | EUR | ILS | EUR | |
| FX Rate to Reporting Currency | 1.17 | 0.73 | 1.17 | 1.00 | 1.00 | 1.00 | |