National Fuel Gas Company (NFG)

Industry: Oil & Gas Integrated 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
BANE.ME	26	Public Joint Stock	14,150	4.18	4.13	2.32	2.30	3.67	3.10
ELPE.AT	27	HELLENiQ ENERGY Ho	13,506	14.34	14.34	7.40	7.40	5.98	13.20
TANNZ	28	TravelCenters of A	10,787	7.32	4.72	6.36	5.35	1,255.79	12.31
PETB.L	29	OMV Petrom S.A.	10,521	9.69	9.48	1.99	1.88	2.20	2.90
EQNR.OL	30	Equinor ASA	10,484	11.56	11.56	2.26	1.87	4.32	3.18
0346.HK	31	Yanchang Petroleum	7,128	1.86	1.86	0.65	0.57	-	25.12
600256.SS	32	Guanghui Energy Co	4,624	16.35	14.58	9.17	8.74	21.73	15.55
NFG	33	National Fuel Gas	2,268	16.10	16.10	8.52	6.43	15.49	7.07
SNGR.L	34	SNGN Romgaz S.A.	1,845	60.82	53.81	37.68	32.77	40.27	26.62
TGSU2.BA	35	Transportadora de	1,038	11.57	11.57	5.99	5.99	7.80	8.12
1251.HK	36	SPT Energy Group I	503	-	-	-	-	-	-
002259.SZ	37	Sichuan Shengda Fo	133	59.14	59.14	36.70	36.70	41.39	41.16
YAKG.ME	38	PJSC Yakutsk Fuel	133	75.26	109.53	16.38	19.39	35.90	15.91
TELZ	39	Tellurian Inc. 8.2	109	-	-	-	-	-	-
0228.HK	40	China Energy Devel	75	8.22	8.22	2.37	2.37	2.69	2.78
SLNG	41	Stabilis Solutions	72	79.96	79.96	9.98	7.73	18.74	448.52

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.56	11.56	5.99	5.35	6.89	12.31
Full Range Median Multiple	11.57	11.57	6.36	5.99	13.27	13.20
Industry Multiple	27.71	29.45	10.71	10.24	120.04	47.58
Market Implied Multiple	14.15	14.15	7.75	5.84	14.09	6.43
Company (NFG) Multiple	16.10	16.10	8.52	6.43	15.49	7.07
(*) Net Income / EBITDA / Revenue	519	519	1,306	1,733	719	1,575
Winsorized Enterprise Value	N/A	N/A	7,820	9,275	4,954	19,387
Full Range Median Enterprise Value	N/A	N/A	8,311	10,372	9,543	20,795
(-) Net Debt	2,790	2,790	2,790	2,790	2,790	2,790
Winsorized Equity Value	5,995	5,995	5,030	6,485	2,164	16,597
Full Range Median Equity Value	5,998	5,998	5,521	7,582	6,753	18,005
(/) Shares Outstanding	90	90	90	90	90	90
Winsorized Fair Value	$66.35	$66.35	$55.66	$71.77	$23.95	$183.66
Full Range Median Fair Value	$66.37	$66.37	$61.09	$83.90	$74.73	$199.25
Current Price	$81.21	$81.21	$81.21	$81.21	$81.21	$81.21
Upside / Downside	-18.30%	-18.30%	-31.46%	-11.63%	-70.51%	126.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$46.44	$46.44	$38.96	$50.24	$16.77	$128.56
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY