| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| H | DTE1 * | SRE * | WEC | FTS | | CDUA.F | |
| TSX:H | BMV:DTE1* | BMV:SRE* | NYSE:WEC | TSX:FTS | | OTCPK:CDUA.F | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 5.5% | 0.5% | 4.0% | 2.7% | 5.6% | | -0.8% | |
| 3Y CAGR | 5.5% | -5.9% | 0.8% | 1.1% | 6.8% | | 2.1% | |
| Latest Twelve Months | 8.2% | -2.3% | -21.1% | -3.3% | -0.1% | | -1.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 23.0% | 13.1% | 21.5% | 22.8% | 27.4% | | 29.0% | |
| Prior Fiscal Year | 23.5% | 17.7% | 21.6% | 22.4% | 27.3% | | 27.3% | |
| Latest Fiscal Year | 23.2% | 17.0% | 21.7% | 24.2% | 29.2% | | 25.6% | |
| Latest Twelve Months | 23.2% | 17.0% | 21.7% | 24.2% | 29.2% | | 25.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 5.46x | 4.13x | 5.37x | 6.08x | 6.02x | | 5.89x | |
| EV / LTM EBIT | 23.6x | 24.3x | 24.7x | 25.1x | 20.6x | | 23.0x | |
| Price / LTM Sales | 3.44x | 2.27x | 3.47x | 3.91x | 2.79x | | 2.61x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 4.13x | 5.46x | 6.08x | | | | | |
| Historical EV / LTM Revenue | 5.09x | 5.56x | 5.99x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 5.21x | 5.49x | 5.76x | | | | | |
| (x) LTM Revenue | 3,742 | 3,742 | 3,742 | | | | | |
| (=) Implied Enterprise Value | 19,503 | 20,529 | 21,556 | | | | | |
| (-) Non-shareholder Claims * | (12,262) | (12,262) | (12,262) | | | | | |
| (=) Equity Value | 7,241 | 8,267 | 9,294 | | | | | |
| (/) Shares Outstanding | 271.6 | 271.6 | 271.6 | | | | | |
| Implied Value Range | 26.66 | 30.44 | 34.22 | | | | | |
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 18.67 | 21.32 | 23.97 | | 25.41 | | | |
| Upside / (Downside) | -26.5% | -16.1% | -5.7% | | | | | |