| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ENL | EVN | ELE | EDP | VER | | FORTUM | |
| DB:ENL | DB:EVN | BME:ELE | ENXTLS:EDP | WBAG:VER | | HLSE:FORTUM | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 0.1% | 8.1% | 1.7% | 0.9% | 16.2% | | 1.3% | |
| 3Y CAGR | -1.7% | 10.7% | 0.7% | 0.0% | 19.9% | | -3.3% | |
| Latest Twelve Months | -16.2% | -4.5% | -16.5% | -7.6% | -21.1% | | -13.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.0% | 10.7% | 11.2% | 9.3% | 29.3% | | 15.3% | |
| Prior Fiscal Year | 13.6% | 15.3% | 6.6% | 12.2% | 37.7% | | 23.0% | |
| Latest Fiscal Year | 19.6% | 12.1% | 13.8% | 10.9% | 35.1% | | 19.3% | |
| Latest Twelve Months | 19.6% | 11.5% | 13.8% | 10.9% | 35.1% | | 19.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.96x | 0.25x | 1.75x | 2.41x | 3.00x | | 2.23x | |
| EV / LTM EBIT | 10.0x | 2.2x | 12.7x | 22.0x | 8.6x | | 11.6x | |
| Price / LTM Sales | 0.97x | 1.18x | 1.25x | 0.88x | 2.80x | | 2.35x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.25x | 1.96x | 3.00x | | | | | |
| Historical EV / LTM Revenue | 0.84x | 1.66x | 2.76x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.67x | 1.75x | 1.84x | | | | | |
| (x) LTM Revenue | 5,800 | 5,800 | 5,800 | | | | | |
| (=) Implied Enterprise Value | 9,660 | 10,169 | 10,677 | | | | | |
| (-) Non-shareholder Claims * | 675 | 675 | 675 | | | | | |
| (=) Equity Value | 10,335 | 10,844 | 11,352 | | | | | |
| (/) Shares Outstanding | 897.3 | 897.3 | 897.3 | | | | | |
| Implied Value Range | 11.52 | 12.09 | 12.65 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 11.52 | 12.09 | 12.65 | | 15.19 | | | |
| Upside / (Downside) | -24.1% | -20.4% | -16.7% | | | | | |