OPAL Fuels Inc. (OPAL)

Industry: Regulated Gas 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
WP.BK	52	WP Energy Public C	561	12.87	12.99	2.50	2.40	-	-
603393.SS	53	Xinjiang Xintai Na	537	10.62	8.59	6.14	5.31	13.47	9.50
MIC	54	Macquarie Infrastr	480	0.12	0.07	0.15	0.11	6.45	-
1265.HK	55	Tianjin Jinran Pub	466	-	-	-	-	-	-
605169.SS	56	Xinjiang Hongtong	437	38.69	40.78	19.12	19.82	33.30	26.56
6828.HK	57	Beijing Gas Blue S	412	6.45	6.45	66.49	66.49	-	-
1940.HK	58	China Gas Industry	397	1.89	1.89	1.05	1.05	1.64	1.94
OPAL	59	OPAL Fuels Inc.	329	5.58	5.58	2.22	2.22	3.73	113.27
600333.SS	60	Changchun Gas Co,.	317	-	-	63.54	77.89	483.86	200.34
ELCP.TA	61	Electra Power (201	293	167.80	309.45	12.14	13.63	-	87.01
000593.SZ	62	Delong Composite E	249	1,737.72	3,321.53	92.34	123.87	87.78	284.23
603080.SS	63	Xinjiang Torch Gas	221	18.45	15.83	13.97	13.08	11.48	11.68
9818.T	64	Daimaru Enawin Co.	216	14.66	14.66	3.73	3.73	9.90	8.86
603706.SS	65	Xinjiang East Univ	210	18.62	16.29	13.28	12.11	71.53	13.23
012320.KS	66	Kyungdong Invest C	177	5.35	3.96	2.97	2.67	-	5.08
3361.T	67	Toell Co.,Ltd.	175	10.08	9.46	3.09	3.10	11.12	5.97

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.62	9.46	4.93	4.52	11.48	9.50
Full Range Median Multiple	12.87	12.99	9.14	8.71	12.47	11.68
Industry Multiple	157.18	289.38	21.47	24.66	73.05	59.49
Market Implied Multiple	6.72	6.72	2.74	2.74	4.62	140.17
Company (OPAL) Multiple	5.58	5.58	2.22	2.22	3.73	113.27
(*) Net Income / EBITDA / Revenue	11	11	24	24	14	0
Winsorized Enterprise Value	N/A	N/A	119	109	165	4
Full Range Median Enterprise Value	N/A	N/A	221	210	179	6
(-) Net Debt	-9	-9	-9	-9	-9	-9
Winsorized Equity Value	118	105	128	118	173	13
Full Range Median Equity Value	143	145	230	219	188	14
(/) Shares Outstanding	28	28	28	28	28	28
Winsorized Fair Value	$4.19	$3.73	$4.52	$4.17	$6.13	$0.46
Full Range Median Fair Value	$5.07	$5.12	$8.12	$7.75	$6.64	$0.50
Current Price	$2.65	$2.65	$2.65	$2.65	$2.65	$2.65
Upside / Downside	58.05%	40.74%	70.67%	57.24%	131.37%	-82.47%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.93	$2.61	$3.17	$2.92	$4.29	$0.33
Buy / Don't Buy	BUY	Don’t Buy	BUY	BUY	BUY	Don’t Buy