TXNM Energy, Inc. (TXNM)

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
RIFS.L	76	Reliance Infrastru	2,669	49.42	49.42	4.68	3.82	-	9.99
AQNB	77	Algonquin Power &	2,388	-	-	23.43	22.30	32.71	36.52
KBSB.ME	78	PJSC TNS energo Ku	2,307	10.94	9.99	-	-	1.34	-
EGIE3.SA	79	Engie Brasil Energ	2,303	10.94	10.43	7.83	7.44	10.69	9.82
MRKC.ME	80	PJSC Rosseti Centr	2,143	1.07	0.90	1.81	1.73	1.75	1.75
000966.SZ	81	CHN Energy Changyu	2,126	102.14	148.24	18.36	18.21	25.57	178.29
EQPA3.SA	82	Equatorial Pará D	2,124	7.79	6.52	6.97	6.10	7.50	7.11
TXNM	83	TXNM Energy, Inc.	2,109	29.64	29.64	6.60	6.60	7.78	14.94
CESC.BO	84	CESC Limited	1,982	14.81	14.35	8.33	8.11	11.92	9.59
CLSC3.SA	85	Centrais Elétrica	1,944	5.93	5.16	5.21	4.77	6.99	5.43
MRKP.ME	86	Public Joint stock	1,931	1.49	1.29	1.84	2.18	0.52	1.01
000875.SZ	87	Jilin Electric Pow	1,886	48.17	43.75	13.26	12.43	33.06	41.04
EDN.BA	88	Empresa Distribuid	1,840	6.65	6.65	3.24	3.24	7.45	16.69
IDA	89	IDACORP, Inc.	1,806	22.53	21.42	14.70	13.86	19.70	31.41
NLCINDIA.BO	90	NLC India Limited	1,799	15.14	13.12	11.36	11.07	18.54	6.69
EKTR3.SA	91	Elektro Redes S.A.	1,676	9.78	8.61	6.52	5.55	8.24	6.36

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.36	9.30	6.74	5.83	7.87	8.35
Full Range Median Multiple	10.94	10.21	7.40	6.77	9.46	9.71
Industry Multiple	21.91	24.27	9.11	8.63	13.28	25.84
Market Implied Multiple	31.01	31.01	6.85	6.85	8.08	15.51
Company (TXNM) Multiple	29.64	29.64	6.60	6.60	7.78	14.94
(*) Net Income / EBITDA / Revenue	177	177	954	954	809	421
Winsorized Enterprise Value	N/A	N/A	6,434	5,558	6,361	3,518
Full Range Median Enterprise Value	N/A	N/A	7,062	6,461	7,650	4,088
(-) Net Debt	1,032	1,032	1,032	1,032	1,032	1,032
Winsorized Equity Value	1,838	1,651	5,402	4,526	5,329	2,486
Full Range Median Equity Value	1,941	1,812	6,030	5,430	6,618	3,057
(/) Shares Outstanding	93	93	93	93	93	93
Winsorized Fair Value	$19.76	$17.74	$58.08	$48.66	$57.29	$26.73
Full Range Median Fair Value	$20.87	$19.48	$64.83	$58.37	$71.15	$32.86
Current Price	$59.16	$59.16	$59.16	$59.16	$59.16	$59.16
Upside / Downside	-66.60%	-70.01%	-1.83%	-17.75%	-3.15%	-54.82%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$13.83	$12.42	$40.65	$34.06	$40.11	$18.71
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy