| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| NJR | SR | ATO | CPK | NWN | | OG9 | |
| NYSE:NJR | NYSE:SR | NYSE:ATO | NYSE:CPK | NYSE:NWN | | DB:OG9 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -7.1% | 5.8% | 7.5% | 10.4% | 9.1% | | 4.7% | |
| 3Y CAGR | -5.9% | 5.1% | 6.9% | 11.4% | 10.2% | | 4.8% | |
| Latest Twelve Months | 6.5% | -4.0% | 5.9% | 17.4% | -3.7% | | -12.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 16.3% | 18.9% | 27.0% | 23.5% | 16.7% | | 17.0% | |
| Prior Fiscal Year | 20.7% | 16.0% | 24.8% | 24.0% | 15.7% | | 16.1% | |
| Latest Fiscal Year | 25.5% | 19.2% | 32.3% | 29.5% | 16.2% | | 19.3% | |
| Latest Twelve Months | 25.1% | 20.3% | 33.6% | 29.5% | 16.2% | | 19.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 4.63x | 3.85x | 7.92x | 5.77x | 3.19x | | 3.84x | |
| EV / LTM EBIT | 18.4x | 19.0x | 23.6x | 19.6x | 19.7x | | 19.8x | |
| Price / LTM Sales | 2.72x | 1.80x | 6.06x | 3.88x | 1.52x | | 2.26x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.19x | 4.63x | 7.92x | | | | | |
| Historical EV / LTM Revenue | 2.52x | 3.84x | 4.81x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.61x | 3.80x | 3.99x | | | | | |
| (x) LTM Revenue | 2,084 | 2,084 | 2,084 | | | | | |
| (=) Implied Enterprise Value | 7,521 | 7,917 | 8,312 | | | | | |
| (-) Non-shareholder Claims * | (3,287) | (3,287) | (3,287) | | | | | |
| (=) Equity Value | 4,233 | 4,629 | 5,025 | | | | | |
| (/) Shares Outstanding | 59.9 | 59.9 | 59.9 | | | | | |
| Implied Value Range | 70.64 | 77.24 | 83.85 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 62.37 | 68.21 | 74.04 | | 69.00 | | | |
| Upside / (Downside) | -9.6% | -1.2% | 7.3% | | | | | |