| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| EMA | PEG * | NI | CNP | H | | CDUA.F | |
| TSX:EMA | BMV:PEG* | NYSE:NI | NYSE:CNP | TSX:H | | OTCPK:CDUA.F | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.3% | 0.4% | 0.9% | 2.7% | 5.5% | | -0.8% | |
| 3Y CAGR | 7.7% | 1.9% | 3.6% | 1.1% | 5.5% | | 2.1% | |
| Latest Twelve Months | 9.9% | 5.0% | 13.1% | 4.8% | 10.0% | | -0.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 20.8% | 24.0% | 22.5% | 18.5% | 23.2% | | 29.0% | |
| Prior Fiscal Year | 24.2% | 30.9% | 23.1% | 19.9% | 23.5% | | 27.3% | |
| Latest Fiscal Year | 18.6% | 23.6% | 26.6% | 22.9% | 23.2% | | 25.6% | |
| Latest Twelve Months | 23.3% | 23.6% | 27.4% | 22.5% | 23.7% | | 26.0% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 5.41x | 5.80x | 5.96x | 5.01x | 5.64x | | 6.01x | |
| EV / LTM EBIT | 29.1x | 24.5x | 21.7x | 22.2x | 23.8x | | 23.5x | |
| Price / LTM Sales | 2.55x | 3.69x | 3.14x | 2.74x | 3.61x | | 2.73x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 5.01x | 5.64x | 5.96x | | | | | |
| Historical EV / LTM Revenue | 4.74x | 5.32x | 5.86x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 5.30x | 5.58x | 5.86x | | | | | |
| (x) LTM Revenue | 3,736 | 3,736 | 3,736 | | | | | |
| (=) Implied Enterprise Value | 19,803 | 20,846 | 21,888 | | | | | |
| (-) Non-shareholder Claims * | (12,279) | (12,279) | (12,279) | | | | | |
| (=) Equity Value | 7,524 | 8,567 | 9,609 | | | | | |
| (/) Shares Outstanding | 271.8 | 271.8 | 271.8 | | | | | |
| Implied Value Range | 27.68 | 31.52 | 35.35 | | | | | |
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 19.87 | 22.62 | 25.38 | | 26.71 | | | |
| Upside / (Downside) | -25.6% | -15.3% | -5.0% | | | | | |