Constellation Energy Corporation (CEG)

Industry: Renewable Utilities Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
RNW	1	ReNew Energy Globa	164,218	25.93	25.93	9.90	8.45	12.08	13.74
9501.T	2	Tokyo Electric Pow	43,316	-	-	11.03	9.14	25.73	27.73
RAIZ4.SA	3	Raízen S.A.	43,238	-	-	15.21	13.91	15.90	42.40
GEV	4	GE Vernova Inc.	37,670	98.15	98.15	59.09	59.09	108.82	115.44
9503.T	5	The Kansai Electri	27,036	5.56	4.37	5.95	5.34	9.15	10.39
CEG	6	Constellation Ener	25,455	37.60	30.54	18.56	17.51	18.18	21.64
600795.SS	7	GD Power Developme	24,203	11.98	9.67	10.23	10.23	12.62	17.68
CEZ.PR	8	CEZ, a. s.	16,216	24.03	20.88	6.12	5.12	14.43	9.35
9506.T	9	Tohoku Electric Po	16,074	3.27	2.79	6.57	6.01	9.92	10.61
ORSTED.CO	10	Ørsted A/S	10,106	9.65	9.38	6.43	6.27	8.53	12.33
9504.T	11	The Chugoku Electr	9,723	2.72	2.20	10.21	8.99	14.19	16.24
600886.SS	12	SDIC Power Holding	7,664	15.88	15.40	9.47	9.17	9.91	14.08
000539.SZ	13	Guangdong Electric	7,431	297.79	524.69	18.72	19.30	23.39	122.46
E0E.F	14	Ariston Holding N.	6,555	10.59	10.59	4.45	4.45	6.28	7.31
ENGI11.SA	15	Energisa S.A.	6,481	35.22	30.73	13.54	11.10	20.63	19.25
BEP-PM.TO	16	Brookfield Renewab	6,300	-	-	10.85	9.16	55.89	45.67

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.28	10.13	9.90	8.99	12.62	14.08
Full Range Median Multiple	13.93	12.99	10.21	9.14	14.19	16.24
Industry Multiple	45.06	62.90	13.18	12.38	23.16	32.31
Market Implied Multiple	35.16	28.55	17.45	16.46	17.09	20.35
Company (CEG) Multiple	37.60	30.54	18.56	17.51	18.18	21.64
(*) Net Income / EBITDA / Revenue	2,739	3,373	6,031	6,391	6,156	5,171
Winsorized Enterprise Value	N/A	N/A	59,690	57,452	77,665	72,803
Full Range Median Enterprise Value	N/A	N/A	61,555	58,393	87,380	83,960
(-) Net Debt	8,917	8,917	8,917	8,917	8,917	8,917
Winsorized Equity Value	30,907	34,178	50,773	48,535	68,748	63,886
Full Range Median Equity Value	38,151	43,830	52,638	49,476	78,463	75,043
(/) Shares Outstanding	313	313	313	313	313	313
Winsorized Fair Value	$98.75	$109.19	$162.21	$155.06	$219.64	$204.11
Full Range Median Fair Value	$121.89	$140.03	$168.17	$158.07	$250.68	$239.75
Current Price	$307.71	$307.71	$307.71	$307.71	$307.71	$307.71
Upside / Downside	-67.91%	-64.51%	-47.28%	-49.61%	-28.62%	-33.67%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$69.12	$76.44	$113.55	$108.54	$153.75	$142.88
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy