PPL Corporation (PPL)

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
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
CMS	48	CMS Energy Corpora	8,295	20.89	19.61	11.86	11.13	20.53	21.65
CMS-PB	49	Consumers Energy C	8,295	20.89	19.61	11.86	11.13	20.53	21.65
CMSA	50	CMS Energy Corpora	8,295	20.89	19.61	11.86	11.13	20.53	21.65
CMSC	51	CMS Energy Corpora	8,295	6.78	6.37	7.95	7.44	12.86	13.49
CMSD	52	CMS Energy Corpora	8,295	6.88	6.46	7.63	7.19	12.91	13.62
FTS	53	Fortis Inc.	8,131	21.61	20.58	12.80	12.10	27.85	20.47

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.90	7.02	7.95	7.44	12.86	13.49
Full Range Median Multiple	12.35	10.88	8.28	8.62	12.91	13.62
Industry Multiple	13.48	12.14	8.39	7.83	15.30	13.30
Market Implied Multiple	24.93	26.72	12.70	12.33	19.65	21.75
Company (PPL) Multiple	22.94	24.59	12.08	11.73	18.70	20.69
(*) Net Income / EBITDA / Revenue	1,092	1,019	3,523	3,627	2,276	2,057
Winsorized Enterprise Value	N/A	N/A	28,025	27,006	29,265	27,741
Full Range Median Enterprise Value	N/A	N/A	29,174	31,274	29,393	28,009
(-) Net Debt	17,503	17,503	17,503	17,503	17,503	17,503
Winsorized Equity Value	8,631	7,152	10,522	9,503	11,762	10,238
Full Range Median Equity Value	13,481	11,085	11,671	13,771	11,890	10,506
(/) Shares Outstanding	739	739	739	739	739	739
Winsorized Fair Value	$11.68	$9.67	$14.23	$12.85	$15.91	$13.85
Full Range Median Fair Value	$18.24	$14.99	$15.79	$18.63	$16.08	$14.21
Current Price	$36.83	$36.83	$36.83	$36.83	$36.83	$36.83
Upside / Downside	-68.30%	-73.73%	-61.36%	-65.10%	-56.80%	-62.40%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.17	$6.77	$9.96	$9.00	$11.14	$9.69
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy