Definitive Analysis

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
0K4C.L	1	NRG Energy, Inc.	29,779	21.69	26.69	11.23	9.90	25.24	14.65
0M1R.L	2	Xcel Energy Inc.	14,228	24.43	23.19	19.33	18.19	37.53	46.97
0L5A.L	3	Sempra	13,705	26.98	26.22	14.07	12.97	36.64	22.44
0QQ0.L	4	BKW AG	11,111	9.51	5.85	5.30	4.46	8.35	6.74
OEWA.DE	5	Verbund AG	9,727	12.65	10.21	7.17	5.94	10.96	8.16
0HE2.L	6	Ameren Corporation	8,958	19.99	18.06	12.26	11.26	14.64	23.99
0HCT.L	7	Alliant Energy Cor	4,275	21.12	20.24	14.39	13.63	20.56	24.80
0QW7.L	8	Voltalia S.A.	1,292	-	-	6.22	3.50	81.23	8.66
0QV6.L	9	7C Solarparken AG	155	-	-	3.61	2.64	6.92	10.31

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.32	14.13	6.69	5.20	12.80	9.48
Full Range Median Multiple	20.84	20.63	9.20	7.92	19.94	12.48
Industry Multiple	19.21	18.37	9.90	8.61	27.69	17.74
Market Implied Multiple	21.18	20.30	14.42	13.65	20.59	24.84
Company (0HCT.L) Multiple	21.12	20.24	14.39	13.63	20.56	24.80
(*) Net Income / EBITDA / Revenue	818	854	1,994	2,106	1,396	1,157
Winsorized Enterprise Value	N/A	N/A	13,344	10,947	17,866	10,969
Full Range Median Enterprise Value	N/A	N/A	18,340	16,675	27,833	14,435
(-) Net Debt	11,418	11,418	11,418	11,418	11,418	11,418
Winsorized Equity Value	13,348	12,065	1,926	-471	6,448	-449
Full Range Median Equity Value	17,047	17,607	6,922	5,257	16,415	3,017
(/) Shares Outstanding	257	257	257	257	257	257
Winsorized Fair Value	$51.94	$46.94	$7.50	$-1.83	$25.09	$-1.75
Full Range Median Fair Value	$66.33	$68.51	$26.93	$20.46	$63.87	$11.74
Current Price	$67.42	$67.42	$67.42	$67.42	$67.42	$67.42
Upside / Downside	-22.96%	-30.37%	-88.88%	-102.72%	-62.79%	-102.59%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$36.36	$32.86	$5.25	$-1.28	$17.56	$-1.22
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy