DTE Energy Company JR SUB DB 2017 E (DTW)

Industry: Regulated Electric 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
GPJA	23	Georgia Power Comp	16,556	0.06	0.04	6.62	5.44	6.41	6.16
D	24	Dominion Energy, I	15,813	22.32	22.32	9.01	8.85	13.66	16.30
5347.KL	25	Tenaga Nasional Be	15,077	17.60	16.29	11.67	11.23	74.44	21.13
DTJ	26	DTE Energy Company	14,886	1.36	1.11	0.36	0.26	2.43	2.49
DTB	27	DTE Energy Company	14,822	2.77	2.76	7.16	6.73	11.73	12.23
DTE	28	DTE Energy Company	14,822	30.24	32.37	12.79	12.25	22.01	23.49
DTG	29	DTE Energy Company	14,822	2.71	2.70	7.14	6.71	11.70	12.19
DTW	30	DTE Energy Company	14,822	30.24	32.37	12.79	12.25	22.01	23.49
FE	31	FirstEnergy Corp.	14,469	19.98	17.70	11.47	10.36	15.86	17.87
2380.HK	32	China Power Intern	13,520	4.66	4.46	4.70	3.80	7.65	8.40
RSTIP.ME	33	Rosseti, Public Jo	13,385	2.92	2.89	2.39	2.31	3.90	4.18
ES	34	Eversource Energy	13,149	19.69	19.20	10.93	9.93	20.34	17.72
ELC	35	Entergy Louisiana,	12,730	22.52	21.37	11.70	11.10	15.74	18.75
ETR	36	Entergy Corporatio	12,730	22.52	21.37	11.70	11.10	15.74	18.75
PEG	37	Public Service Ent	11,718	20.00	19.66	14.14	13.97	18.98	21.33
EAI	38	Entergy Arkansas,	10,555	5.06	3.42	2.17	1.44	2.87	2.01

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.06	4.46	7.16	6.73	11.73	12.23
Full Range Median Multiple	17.60	16.29	9.01	8.85	13.66	16.30
Industry Multiple	12.96	12.51	8.26	7.70	16.23	13.53
Market Implied Multiple	4.70	5.03	6.99	6.69	12.02	12.83
Company (DTW) Multiple	30.24	32.37	12.79	12.25	22.01	23.49
(*) Net Income / EBITDA / Revenue	968	904	4,261	4,448	2,476	2,320
Winsorized Enterprise Value	N/A	N/A	30,530	29,919	29,049	28,357
Full Range Median Enterprise Value	N/A	N/A	38,381	39,370	33,829	37,820
(-) Net Debt	25,217	25,217	25,217	25,217	25,217	25,217
Winsorized Equity Value	4,900	4,037	5,313	4,702	3,832	3,140
Full Range Median Equity Value	17,037	14,730	13,164	14,153	8,612	12,603
(/) Shares Outstanding	207	207	207	207	207	207
Winsorized Fair Value	$23.67	$19.50	$25.67	$22.72	$18.51	$15.17
Full Range Median Fair Value	$82.30	$71.16	$63.59	$68.37	$41.60	$60.89
Current Price	$21.98	$21.98	$21.98	$21.98	$21.98	$21.98
Upside / Downside	7.70%	-11.28%	16.77%	3.34%	-15.79%	-30.98%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$16.57	$13.65	$17.97	$15.90	$12.96	$10.62
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy