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Overview of Business Valuation Parameters in the Energy

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Overview of Business Valuation Parameters in the Energy Overview of business valuation parameters in the energy industry Edition n.3 - 2017 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 Contents Preface 3 Section I - Methodology 5 Section II - Identification of panels 7 Section III - Simulation for calculation of WACC 11 - Sector comparison 19 Section IV - The multiples 23 Section V - Multiples by geographic area 27 and by segment This edition of the publication aims to provide some of the basic parameters used when valuing companies and/or groups of companies operating in the Energy industry. The Deloitte Financial Advisory Valuation Team performed an analysis of the cost of capital (WACC) and the main Asset Side market multiples estimated on an Italian, European and worldwide level. The purpose is to make a contribution towards the typical work of decision makers in the sector i.e. initial valuation analysis performed for potential M&A transactions and general business valuations in the Energy industry. 2 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 Preface by Marco Vulpiani In light of our extensive experience in the valuation of companies and groups operating in the Energy industry and considering the positive interest gathered from the first issue of this study, we are pleased to present this second edition that represents the natural continuation of our analysis focused on this important industry. The objectives of this periodic publication remain: firstly, to provide insight into the trends in certain value indicators (multiples) and drivers (cost of capital); secondly, to provide average benchmark parameters for the industry to those who have to perform preliminary valuations. This publication is primarily addressed at those In particular, as highlighted in the various sections of operating in the Energy industry. We would like to take this document, our contribution is based on a series the opportunity to thank all the operators that have of analyses performed in accordance with established supported us with constructive feedback and that practice and, in general,drawing on the vast experience with their interest and enthusiasm have contributed accumulated by Deloitte in the Energy Industry. to support this second issue. We hope that the results of our analysis might be appreciated and useful for Finally, we remind that the data used and the methods the purposes of preliminary valuations performed applied herewith are compliant withthe most recent during tricky decision making processes that have to be guidelines in the field of business valuation, including handled in conditions of great volatility, complexity and guidelines of the Italian Valuation Board (Organismo uncertainty. Italiano di Valutazione - OIV) of whose Management Board I am a member. Marco Vulpiani Head of Valuation and Business Modeling Services Deloitte Financial Advisory S.r.l. 3 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 4 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 Section I Methodology With the aim of providing the basic elements for the analysis of the value of companies and/ or groups of companies operating in the Energy industry, we examined a panel of Energy companies and the related market data as of 31/12/2015 and 31/12/2016. We conducted our analysis by looking at companies listed on the Italian market and companies listed on international markets. The method adopted is summarized below: IDENTIFICATION ANALYSIS OF ESTIMATE OF SUMMARY TABLES OF PANELS TO BE IDENTIFIED COMPANIES MAIN VALUATION ANALYZED PARAMETERS FOR EACH IDENTIFIED SEGMENT Step 1 Step 2 Step 3 Identify leading companies For each company, we For each segment, we estimated listed in Italy and analyzed listed price trend, the following parameters: internationally and operating P&L and financial perfomance, • Beta (adjusted) in various segments of the price volatility, etc. • D/E ratio Energy industry. • Cost of Debt • WACC estimated by third The panels of companies parties (Bloomberg) identified were divided into • Market Multiples estimated by various smaller groups based third parties (Bloomberg) on specific business segment • Asset side market multiples (i.e. Oil&Gas, Renewables, etc.). 5 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 6 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 Introduction In order to provide estimates that could reflect as much Section II as possible specific features of market sub-segments, the Energy industry was divided into the following main sub-segments: • Electricity. Identification of • Oil & Gas. • Renewables. • Transmission System Operator (TSO). panels • Multi-utility. Our analysis also took account of the differences in results achieved depending on geographic area. For each sub-segment identified, we identified three different panels of companies: CHART A CHART B • Italian panel. Electricity Electricity • European panel. A2A S.p.A. A2A S.p.A. • Global panel. ACEGAS - APS S.p.A. ENEL S.p.A. For the purposes of our work, the companies ENEL S.p.A. IREN S.p.A. included in the panels were selected based on IREN S.p.A. Oil & Gas size-related parameters (stock market capitalization, Oil & Gas Assopiave S.p.A. revenue, etc.) and geographic location. Ascopiave S.p.A. ACSM - AGAM S.p.A. ACSM - AGAM S.p.A. ENI S.p.A. The European Panel and the Global Panel include both Italian companies with an international presence and ENI S.p.A. ERG S.p.A. the most significant foreign companies in terms of ERG S.p.A. GasPlus S.p.A. revenue and market capitalization1. GasPlus S.p.A. SARAS S.p.A. SARAS S.p.A. Renewables The starting point for selection purposes was the Renewables Alerion Clean Power S.p.A. European Energy Index as produced by Bloomberg. Alerion Clean Power S.p.A. Ergycapital S.p.A. We identified a total of 45 companies for inclusion in the European Panel and 45 companies for the Global ENEL Green Power S.p.A. Falck Renewables S.p.A. Panel. Ergycapital S.p.A. K.R. Energy S.p.A. Falck Renewables S.p.A. Ternienergia S.p.A. Fintel Energia Group TSO Italian panel Frendy Energy S.p.A. SNAM S.p.A. When selecting the Italian Panel, we initially considered all listed Italian companies operating in the Energy K.R. Energy S.p.A. Terna S.p.A. Industry and came up with a Panel of 23 companies Ternienergia S.p.A. Multi - utilities (chart A). TSO Acea S.p.A. SNAM S.p.A. Hera S.p.A. We then excluded (i) companies listed on the AIM Terna S.p.A. Italy market (i.e. Frendy Energy S.p.A. and Fintel), Multi - utilities (ii) companies whose shares have been cancelled following acquisition by another entity (i.e. Acegas-Aps Acque Potabili S.p.A. S.p.A) and (iii) companies recently listed for which there Acea S.p.A. are not sufficient data for robust market Beta estima- Hera S.p.A. tion (i.e. Italgas S.p.a. (IPO October 2016)(iv), companies recently delisted (i.e. ENEL green power S.p.A.). Therefore, the final panel selected for Italy is as indica- ted in chart B. 1 For this purpose, a minimum capitalization requirement of around Euro 2.5 billion. 7 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 EUROPEAN PANEL Electricity Oil & Gas Renewables TSO Multi - utilities Elia System Acea S.p.A. Cez AS BP Group Plc. Albioma SA Operator (SA/ NV) Arise Edf SA ENI S.p.A. Pennon Group Windpower Enagas SA AB Plc. Galp Energia Endesa SA SA Capital Stage Gas Natural United Utilities AG SDG SA Group Plc. ENEL S.p.A. Lukoil PJSC EDP National Gid Veolia Renovaveis SA Plc. Environment ENEL Russia Lundin SA PJSC Petroleum AB Falck Redes Renewebles Energeticas MOL Magyar S.p.A. Nacionais SA ENEA SA Olaj Fersa Energias Red Electrica Renovables SA SA E.ON SE Neste Oyj Voltaria Regr Snam S.p.A. ENGIE OMV AG Terna S.p.A. Fortum Oyl Repsol SA Royal Dutch Iberdrola SA Shell Plc. Tauron Polska Energia SA Statoil ASA RWE AG Total SA Verbund AG Tullow Oil Plc 8 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 GLOBAL PANEL Electricity Oil & Gas Renewables TSO Multi - utilities American EDP Electric Power BP Plc. Renovaveis SA Enagas SA Acea S.p.A. Inc. Federal Grid American China Chevron Corp. Engie Brasil SA Corp. States Water Resources Co. Power Nextera Gas Natural Holdings Ltd. ENI S.p.A. Energy Inc. SA American Water Works Datang EXXON Mobil National Grid Inc. International Corp. NHPC LTD Plc. power Guangdong Generation Power Grid Investment Gazprom OAO Meridian Ltd. Co. Energy Ltd. Corp of India Ltd. Dominion Suez Resources Inc. Lukoil OAO Red Electrica Environment SA Co. Edf SA Petrobas SA United Utilities SSE Plc. Group Plc. ENEL S.p.A. Petrochina Veolia Ltd. Snam S.p.A. Environment ENGIE PTT. Global Chemical Plc. Terna S.p.A. E.ON SE Repsol SA FirstEnergy Royal Dutch Corp. Shell SA Fortum Oyj Statoil ASA Iberdrola SA Tullow Oil Plc. 9 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 10 Overview of business valuation parameters in the energy industry | Edition n.3 - 2017 Section III Simulation for calculation of WACC Deloitte estimate Method used to estimate Cost of Equity (Ke) In order to provide a useful means of valuing companies, we estimated the Cost of Equity by looking MARKET RISK at established practices. PREMIUM (MRP) For the purposes of this analysis we used the Capital Asset Pricing Model (C.A.P.M.) and examined EQUITY the following parameters, with specific focus on PREMIUM company related (in red) and macroeconomic (in blue) parameters: LEVERED COST OF The C.A.P.M.
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