Valuation Multiples by Industry https:// www.eval.tech SIC Sector: (4000-4999) Transportation, Communications, Electric, Gas and Sanitary service Report Date: 31 May 2019 Country: United States of America (U.S.A.) Industry Valuation Multiples The table below provides a summary of median industry enterprise value (EV) valuation multiples, as at the Report Date. The data is grouped by industry SIC code: EV Multiple Max # Rev EBITDA EBIT TotAss TanAss Railroads, Line-Haul Operating (4011) 7 5.32 11.73 15.20 1.79 1.81 Trucking (No Local) (4213) 16 0.74 5.41 11.23 0.88 1.14 Water Transportation (4400) 23 3.67 8.93 14.48 0.75 0.77 Deep Sea Foreign Transportation Of Freight (4412) 40 3.12 10.19 17.29 0.66 0.68 Air Transportation, Scheduled (4512) 19 1.27 7.71 11.86 0.82 0.94 Pipe Lines (No Natural Gas) (4610) 16 3.52 11.18 14.05 1.37 1.56 Transportation Services (4700) 9 1.23 9.86 22.91 0.84 1.12 Arrangement Of Transportation Of Freight & Cargo (4731) 9 0.39 10.56 14.06 1.29 2.08 Radiotelephone Communications (4812) 14 1.27 5.78 18.55 0.69 0.88 Telephone Communications (No Radiotelephone) (4813) 32 1.64 5.31 11.67 0.73 0.98 Radio Broadcasting Stations (4832) 10 1.40 9.28 12.43 0.62 1.98 Television Broadcasting Stations (4833) 13 2.38 8.27 10.37 0.89 2.35 Cable & Other Pay Television Services (4841) 17 2.86 9.46 13.84 1.07 2.20 Communications Services, Nec (4899) 13 1.59 14.09 66.13 1.05 1.38 Electric Services (4911) 45 3.43 11.01 17.98 0.83 0.89 Natural Gas Transmission (4922) 20 3.84 13.07 20.15 0.98 1.19 Natural Gas Distribution (4924) 11 3.73 11.70 17.06 1.06 1.14 Electric & Other Services Combined (4931) 19 3.84 12.30 20.31 0.98 1.00 Water Supply (4941) 13 7.03 18.22 28.25 1.17 1.30 Refuse Systems (4953) 8 3.25 13.63 28.16 1.70 3.46 Hazardous Waste Management (4955) 6 1.28 34.73 - 1.21 1.90 © 2018 eVal 1 03 June 2019 EV/Revenue Valuation Multiple We provide additional data relating to industry EV/Revenue valuation multiples: # Average Median Std. Dev. Std. Err. Railroads, Line-Haul Operating (4011) 7 5.27 5.32 0.96 0.36 Trucking (No Local) (4213) 14 0.74 0.74 0.31 0.08 Water Transportation (4400) 23 4.11 3.67 2.20 0.46 Deep Sea Foreign Transportation Of Freight (4412) 40 3.58 3.12 2.07 0.33 Air Transportation, Scheduled (4512) 19 1.29 1.27 0.45 0.10 Pipe Lines (No Natural Gas) (4610) 15 4.46 3.52 3.18 0.82 Transportation Services (4700) 8 1.87 1.23 1.70 0.60 Arrangement Of Transportation Of Freight & Cargo (4731) 9 0.72 0.39 0.53 0.18 Radiotelephone Communications (4812) 14 1.28 1.27 0.83 0.22 Telephone Communications (No Radiotelephone) (4813) 32 1.62 1.64 1.27 0.22 Radio Broadcasting Stations (4832) 8 1.37 1.40 0.62 0.22 Television Broadcasting Stations (4833) 12 2.27 2.38 0.95 0.27 Cable & Other Pay Television Services (4841) 15 3.07 2.86 0.91 0.24 Communications Services, Nec (4899) 13 3.19 1.59 2.97 0.82 Electric Services (4911) 45 3.87 3.43 2.38 0.36 Natural Gas Transmission (4922) 18 4.53 3.84 3.27 0.77 Natural Gas Distribution (4924) 11 3.34 3.73 1.83 0.55 Electric & Other Services Combined (4931) 19 3.47 3.84 1.41 0.32 Water Supply (4941) 13 7.02 7.03 3.41 0.95 Refuse Systems (4953) 8 2.99 3.25 1.63 0.58 © 2018 eVal 2 03 June 2019 EV/EBITDA Valuation Multiple We provide additional data relating to industry EV/EBITDA valuation multiples: # Average Median Std. Dev. Std. Err. Railroads, Line-Haul Operating (4011) 7 11.84 11.73 0.79 0.30 Trucking (No Local) (4213) 16 6.11 5.41 2.04 0.51 Water Transportation (4400) 20 10.66 8.93 3.99 0.89 Deep Sea Foreign Transportation Of Freight (4412) 31 12.40 10.19 7.52 1.35 Air Transportation, Scheduled (4512) 18 9.16 7.71 4.33 1.02 Pipe Lines (No Natural Gas) (4610) 15 12.43 11.18 5.43 1.40 Transportation Services (4700) 7 10.82 9.86 5.95 2.25 Arrangement Of Transportation Of Freight & Cargo (4731) 7 10.21 10.56 2.38 0.90 Radiotelephone Communications (4812) 12 6.02 5.78 5.36 1.55 Telephone Communications (No Radiotelephone) (4813) 26 4.96 5.31 2.97 0.58 Radio Broadcasting Stations (4832) 8 9.29 9.28 4.28 1.51 Television Broadcasting Stations (4833) 9 8.85 8.27 1.37 0.46 Cable & Other Pay Television Services (4841) 14 9.37 9.46 2.51 0.67 Communications Services, Nec (4899) 9 17.94 14.09 7.39 2.46 Electric Services (4911) 45 10.18 11.01 5.19 0.77 Natural Gas Transmission (4922) 16 13.44 13.07 4.28 1.07 Natural Gas Distribution (4924) 10 10.76 11.70 4.31 1.36 Electric & Other Services Combined (4931) 14 12.06 12.30 1.99 0.53 Water Supply (4941) 12 18.00 18.22 3.85 1.11 Refuse Systems (4953) 6 15.22 13.63 3.33 1.36 © 2018 eVal 3 03 June 2019 EV/EBIT Valuation Multiple We provide additional data relating to industry EV/EBIT valuation multiples: # Average Median Std. Dev. Std. Err. Railroads, Line-Haul Operating (4011) 7 15.71 15.20 1.57 0.59 Trucking (No Local) (4213) 15 10.88 11.23 1.94 0.50 Water Transportation (4400) 17 17.27 14.48 6.91 1.68 Deep Sea Foreign Transportation Of Freight (4412) 21 24.12 17.29 16.71 3.65 Air Transportation, Scheduled (4512) 18 13.32 11.86 6.72 1.58 Pipe Lines (No Natural Gas) (4610) 14 15.44 14.05 6.61 1.77 Transportation Services (4700) 7 22.05 22.91 14.31 5.41 Arrangement Of Transportation Of Freight & Cargo (4731) 5 14.05 14.06 0.90 0.40 Radiotelephone Communications (4812) 12 16.24 18.55 10.80 3.12 Telephone Communications (No Radiotelephone) (4813) 25 12.65 11.67 9.41 1.88 Radio Broadcasting Stations (4832) 7 11.45 12.43 5.70 2.15 Television Broadcasting Stations (4833) 12 10.70 10.37 3.44 0.99 Cable & Other Pay Television Services (4841) 14 15.99 13.84 7.04 1.88 Communications Services, Nec (4899) 5 134.79 66.13 145.93 65.26 Electric Services (4911) 38 16.34 17.98 9.20 1.49 Natural Gas Transmission (4922) 15 26.11 20.15 18.29 4.72 Natural Gas Distribution (4924) 10 14.97 17.06 6.21 1.96 Electric & Other Services Combined (4931) 15 20.77 20.31 3.90 1.01 Water Supply (4941) 12 25.45 28.25 8.86 2.56 Refuse Systems (4953) 6 33.15 28.16 15.07 6.15 © 2018 eVal 4 03 June 2019 EV/Total Assets Valuation Multiple We provide additional data relating to industry EV/Total Assets valuation multiples: # Average Median Std. Dev. Std. Err. Railroads, Line-Haul Operating (4011) 7 1.72 1.79 0.44 0.17 Trucking (No Local) (4213) 14 1.01 0.88 0.41 0.11 Water Transportation (4400) 23 0.76 0.75 0.24 0.05 Deep Sea Foreign Transportation Of Freight (4412) 37 0.67 0.66 0.16 0.03 Air Transportation, Scheduled (4512) 17 0.88 0.82 0.28 0.07 Pipe Lines (No Natural Gas) (4610) 16 1.59 1.37 0.82 0.21 Transportation Services (4700) 9 0.91 0.84 0.46 0.15 Arrangement Of Transportation Of Freight & Cargo (4731) 9 1.45 1.29 0.92 0.31 Radiotelephone Communications (4812) 13 0.65 0.69 0.33 0.09 Telephone Communications (No Radiotelephone) (4813) 31 0.67 0.73 0.39 0.07 Radio Broadcasting Stations (4832) 8 0.65 0.62 0.13 0.05 Television Broadcasting Stations (4833) 13 0.93 0.89 0.31 0.09 Cable & Other Pay Television Services (4841) 15 1.09 1.07 0.22 0.06 Communications Services, Nec (4899) 12 1.02 1.05 0.43 0.12 Electric Services (4911) 44 0.76 0.83 0.30 0.05 Natural Gas Transmission (4922) 19 1.03 0.98 0.38 0.09 Natural Gas Distribution (4924) 11 1.08 1.06 0.32 0.10 Electric & Other Services Combined (4931) 17 0.93 0.98 0.14 0.03 Water Supply (4941) 13 1.23 1.17 0.41 0.11 Refuse Systems (4953) 8 1.69 1.70 0.82 0.29 Hazardous Waste Management (4955) 6 1.21 1.21 0.31 0.13 © 2018 eVal 5 03 June 2019 EV/Tangible Assets Valuation Multiple We provide additional data relating to industry EV/Tangible Assets valuation multiples: # Average Median Std.