Entergy Mississippi, Inc. 1M BD 66 (EMP)

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
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
EMP	39	Entergy Mississipp	10,441	5.30	3.18	3.73	8.62	2.91	1.87
ENJ	40	Entergy New Orlean	10,197	6.29	3.06	1.55	0.71	2.12	0.96
ENO	41	Entergy New Orlean	10,197	6.29	3.06	1.55	0.71	2.12	0.96
WEC	42	WEC Energy Group,	9,547	21.87	20.42	13.86	12.87	32.37	22.83
CNP-PB	43	CenterPoint Energy	9,087	25.46	25.46	13.60	10.29	25.37	20.91
NEOE3.SA	44	Neoenergia S.A.	9,016	7.90	7.02	6.40	5.46	7.91	6.81
PPL	45	PPL Corporation	8,979	22.94	24.59	12.08	11.73	18.70	20.69
EQTL3.SA	46	Equatorial Energia	8,774	13.79	13.37	8.28	7.26	10.45	10.90
AGR	47	Avangrid, Inc.	8,722	12.35	10.88	10.72	10.04	28.17	19.79

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.35	10.88	8.28	7.26	10.45	10.90
Full Range Median Multiple	13.79	13.37	10.72	9.93	15.74	17.72
Industry Multiple	14.28	13.35	8.39	7.51	14.16	13.00
Market Implied Multiple	5.13	3.08	3.65	8.42	2.85	1.82
Company (EMP) Multiple	5.30	3.18	3.73	8.62	2.91	1.87
(*) Net Income / EBITDA / Revenue	1,822	3,037	3,492	1,512	4,476	6,986
Winsorized Enterprise Value	N/A	N/A	28,917	10,988	46,757	76,158
Full Range Median Enterprise Value	N/A	N/A	37,445	15,013	70,442	123,756
(-) Net Debt	3,390	3,390	3,390	3,390	3,390	3,390
Winsorized Equity Value	22,494	33,037	25,527	7,598	43,367	72,768
Full Range Median Equity Value	25,124	40,617	34,055	11,623	67,052	120,366
(/) Shares Outstanding	447	447	447	447	447	447
Winsorized Fair Value	$50.37	$73.99	$57.17	$17.02	$97.12	$162.96
Full Range Median Fair Value	$56.27	$90.96	$76.27	$26.03	$150.16	$269.56
Current Price	$20.93	$20.93	$20.93	$20.93	$20.93	$20.93
Upside / Downside	140.68%	253.49%	173.14%	-18.70%	364.02%	678.61%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$35.26	$51.79	$40.02	$11.91	$67.98	$114.07
Buy / Don't Buy	BUY	BUY	BUY	Don’t Buy	BUY	BUY