Pacific Gas and Electric Company PFD 1ST 5% (PCG-PC)

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
SOJE	7	Southern Company (	28,912	23.42	21.90	11.94	10.93	16.12	20.69
ALP-PQ	8	Alabama Power Comp	28,689	5.37	3.85	9.30	7.07	9.04	6.10
NEE-PN	9	NextEra Energy, In	26,298	23.88	21.56	17.54	16.36	24.69	30.10
NEE-PR	10	NextEra Energy, In	26,298	23.88	21.56	17.54	16.36	24.69	30.10
5110.SR	11	Saudi Electricity	25,996	10.81	6.69	8.05	7.66	8.84	14.01
PCG	12	Pacific Gas & Elec	24,762	12.24	12.24	9.40	9.40	19.06	17.32
PCG-PA	13	Pacific Gas and El	24,762	12.24	12.24	9.40	9.40	19.06	17.32
PCG-PC	14	Pacific Gas and El	24,762	12.24	12.24	9.40	9.40	19.06	17.32
EXC	15	Exelon Corporation	24,317	16.13	15.59	10.40	10.64	15.50	17.08
0002.HK	16	CLP Holdings Limit	22,838	8.88	8.89	5.28	5.08	8.14	8.37
AEPPZ	17	American Electric	21,441	16.43	14.44	11.78	10.75	17.58	17.15
NTPC.BO	18	NTPC Limited	20,671	13.90	12.06	10.63	9.72	18.03	8.15
IRAO.ME	19	PJSC Inter RAO UES	20,461	1.47	1.29	1.03	0.90	3.02	1.98
EIX	20	Edison Internation	18,088	6.68	4.54	6.89	5.55	10.52	7.91
600027.SS	21	Huadian Power Inte	16,998	9.35	8.57	8.61	8.91	13.04	15.77
ED	22	Consolidated Ediso	16,592	17.82	16.42	8.71	7.97	15.61	20.09

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.24	12.06	9.30	8.91	15.50	15.77
Full Range Median Multiple	12.24	12.24	9.40	9.40	15.61	17.08
Industry Multiple	13.50	12.12	9.77	9.11	14.86	15.48
Market Implied Multiple	15.23	15.23	10.23	10.23	20.73	18.84
Company (PCG-PC) Multiple	12.24	12.24	9.40	9.40	19.06	17.32
(*) Net Income / EBITDA / Revenue	2,707	2,707	9,801	9,801	4,836	5,321
Winsorized Enterprise Value	N/A	N/A	91,174	87,300	74,948	83,924
Full Range Median Enterprise Value	N/A	N/A	92,167	92,167	75,478	90,902
(-) Net Debt	59,021	59,021	59,021	59,021	59,021	59,021
Winsorized Equity Value	33,146	32,651	32,153	28,279	15,927	24,903
Full Range Median Equity Value	33,146	33,146	33,146	33,146	16,457	31,881
(/) Shares Outstanding	2,198	2,198	2,198	2,198	2,198	2,198
Winsorized Fair Value	$15.08	$14.85	$14.63	$12.87	$7.25	$11.33
Full Range Median Fair Value	$15.08	$15.08	$15.08	$15.08	$7.49	$14.50
Current Price	$18.76	$18.76	$18.76	$18.76	$18.76	$18.76
Upside / Downside	-19.62%	-20.82%	-22.02%	-31.42%	-61.38%	-39.61%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.56	$10.40	$10.24	$9.01	$5.07	$7.93
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy