MGE Energy, Inc. (MGEE)

Industry: Diversified 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
NWE	34	Northwestern Energ	1,570	16.59	15.64	10.97	10.22	21.00	17.63
ALE	35	ALLETE, Inc.	1,500	23.28	23.59	12.68	12.35	50.81	44.87
OTTR	36	Otter Tail Corpora	1,299	12.30	9.97	8.55	7.39	10.74	10.20
AST.AX	37	AusNet Services Lt	1,272	-	-	6.94	6.72	11.22	10.94
600509.SS	38	Xinjiang Tianfu En	1,197	94.98	94.98	15.59	15.22	39.88	106.93
YU.L	39	Yü Group PLC	901	8.78	8.78	4.47	4.47	4.87	4.61
QEWS.QA	40	Qatar Electricity	829	13.93	14.44	12.49	12.66	29.26	23.21
MGEE	41	MGE Energy, Inc.	726	24.01	22.31	13.31	12.38	19.17	22.15
ZOREN.IS	42	Zorlu Enerji Elekt	715	-	-	41.93	42.78	59.33	36.81
600396.SS	43	Huadian Liaoning E	622	71.99	81.43	86.40	71.26	30.30	44.24
600969.SS	44	Hunan Chendian Int	574	-	-	25.55	28.80	62.07	96.29
UTL	45	Unitil Corporation	502	18.05	16.52	8.80	8.04	53.72	16.21
600101.SS	46	Sichuan Mingxing E	431	31.08	27.25	19.92	20.87	10.19	25.72
000692.SZ	47	Shenyang Huitian T	298	-	-	-	-	-	-
MNTK	48	Montauk Renewables	161	-	-	15.01	15.32	20.51	-
3825.T	49	Remixpoint, Inc.	160	15.64	15.64	14.97	14.97	5.05	20.39

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.59	15.64	12.58	12.50	20.76	20.39
Full Range Median Multiple	17.32	16.08	13.82	13.82	25.13	23.21
Industry Multiple	30.66	30.82	20.31	19.36	29.21	35.24
Market Implied Multiple	21.60	20.07	12.23	11.38	17.61	20.35
Company (MGEE) Multiple	24.01	22.31	13.31	12.38	19.17	22.15
(*) Net Income / EBITDA / Revenue	135	145	300	322	208	180
Winsorized Enterprise Value	N/A	N/A	3,776	4,032	4,324	3,677
Full Range Median Enterprise Value	N/A	N/A	4,148	4,455	5,235	4,185
(-) Net Debt	762	762	762	762	762	762
Winsorized Equity Value	2,233	2,266	3,014	3,271	3,562	2,915
Full Range Median Equity Value	2,331	2,329	3,386	3,693	4,473	3,423
(/) Shares Outstanding	37	37	37	37	37	37
Winsorized Fair Value	$61.11	$62.01	$82.50	$89.51	$97.49	$79.78
Full Range Median Fair Value	$63.80	$63.74	$92.67	$101.08	$122.43	$93.69
Current Price	$79.58	$79.58	$79.58	$79.58	$79.58	$79.58
Upside / Downside	-23.21%	-22.08%	3.66%	12.48%	22.51%	0.25%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$42.78	$43.41	$57.75	$62.66	$68.25	$55.84
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy