| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| MGEE | PNW | TXNM | EVRG | LNT | | OGE | |
| NasdaqGS:MGEE | NYSE:PNW | NYSE:TXNM | NasdaqGS:EVRG | NasdaqGS:LNT | | NYSE:OGE | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.5% | 8.1% | 6.2% | 2.6% | 1.8% | | 6.0% | |
| 3Y CAGR | 3.6% | 10.4% | 3.5% | 1.5% | 2.8% | | -6.5% | |
| Latest Twelve Months | -2.1% | 9.1% | 1.7% | 6.2% | -1.1% | | 11.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 22.8% | 21.1% | 16.9% | 22.9% | 22.4% | | 21.1% | |
| Prior Fiscal Year | 22.6% | 18.4% | 11.8% | 22.4% | 22.8% | | 24.5% | |
| Latest Fiscal Year | 23.6% | 20.7% | 23.1% | 24.8% | 23.4% | | 24.9% | |
| Latest Twelve Months | 23.6% | 20.7% | 23.1% | 24.8% | 23.4% | | 24.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 5.92x | 4.30x | 5.15x | 5.04x | 6.44x | | 4.81x | |
| EV / LTM EBIT | 25.0x | 20.7x | 22.3x | 20.3x | 27.6x | | 19.3x | |
| Price / LTM Sales | 4.92x | 2.12x | 2.41x | 2.60x | 3.96x | | 2.95x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 4.30x | 5.15x | 6.44x | | | | | |
| Historical EV / LTM Revenue | 3.53x | 4.17x | 4.81x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 4.41x | 4.64x | 4.87x | | | | | |
| (x) LTM Revenue | 2,985 | 2,985 | 2,985 | | | | | |
| (=) Implied Enterprise Value | 13,164 | 13,857 | 14,549 | | | | | |
| (-) Non-shareholder Claims * | (5,431) | (5,431) | (5,431) | | | | | |
| (=) Equity Value | 7,733 | 8,426 | 9,119 | | | | | |
| (/) Shares Outstanding | 201.3 | 201.3 | 201.3 | | | | | |
| Implied Value Range | 38.41 | 41.85 | 45.29 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 38.41 | 41.85 | 45.29 | | 46.00 | | | |
| Upside / (Downside) | -16.5% | -9.0% | -1.5% | | | | | |