| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| ETR | OGE | PCG | PNW | LNT | | EIX | |
| NYSE:ETR | NYSE:OGE | NYSE:PCG | NYSE:PNW | NasdaqGS:LNT | | DB:EIX | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.8% | 6.0% | 7.3% | 8.1% | 1.8% | | 7.3% | |
| 3Y CAGR | 0.4% | -6.5% | 5.8% | 10.4% | 2.8% | | 5.7% | |
| Latest Twelve Months | -0.2% | 15.6% | 1.9% | 10.7% | 2.4% | | 5.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 18.6% | 21.2% | 15.8% | 21.1% | 22.5% | | 21.0% | |
| Prior Fiscal Year | 22.2% | 24.5% | 14.1% | 18.4% | 22.8% | | 22.1% | |
| Latest Fiscal Year | 23.8% | 24.9% | 21.0% | 20.7% | 23.4% | | 22.0% | |
| Latest Twelve Months | 26.4% | 25.4% | 20.8% | 20.0% | 23.7% | | 22.2% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 5.54x | 4.73x | 3.72x | 4.43x | 6.32x | | 3.53x | |
| EV / LTM EBIT | 21.0x | 18.6x | 17.9x | 22.1x | 26.7x | | 15.9x | |
| Price / LTM Sales | 3.05x | 2.87x | 1.28x | 2.08x | 3.88x | | 1.10x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.72x | 4.73x | 6.32x | | | | | |
| Historical EV / LTM Revenue | 3.62x | 3.89x | 4.12x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.62x | 3.81x | 4.00x | | | | | |
| (x) LTM Revenue | 17,332 | 17,332 | 17,332 | | | | | |
| (=) Implied Enterprise Value | 62,720 | 66,021 | 69,322 | | | | | |
| (-) Non-shareholder Claims * | (42,003) | (42,003) | (42,003) | | | | | |
| (=) Equity Value | 20,717 | 24,018 | 27,319 | | | | | |
| (/) Shares Outstanding | 384.8 | 384.8 | 384.8 | | | | | |
| Implied Value Range | 53.84 | 62.42 | 71.00 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 46.50 | 53.91 | 61.32 | | 42.63 | | | |
| Upside / (Downside) | 9.1% | 26.5% | 43.8% | | | | | |