	Dec'19 Actual	Dec'20 Actual	Dec'21 Actual	Dec'22 Actual	Dec'23 Actual	Dec'24 Estimate	Dec'25 Estimate	Dec'26 Estimate	Dec'27 Estimate	Dec'28 Estimate	Dec'29 Estimate	Dec'30 Estimate	Dec'31 Estimate	Dec'32 Estimate	Dec'33 Estimate	Dec'34 Terminal
Revenue % growth	1,011.5 (3.1%)	1,013.3 0.2%	1,211.7 19.6%	1,102.0 (9.1%)	1,099.9 (0.2%)	1,120.1 1.8%	1,172.6 4.7%	1,211.4 3.3%	1,226.0 1.2%	1,241.3 1.2%	1,257.3 1.3%	1,274.0 1.3%	1,291.5 1.4%	1,309.8 1.4%	1,328.9 1.5%	1,348.9 1.5%
Operating income (EBIT) % margin	500.4 49.5%	373.1 36.8%	353.9 29.2%	277.7 25.2%	342.0 31.1%	404.6 36.1%	423.6 36.1%	437.6 36.1%	442.9 36.1%	448.4 36.1%	454.2 36.1%	460.2 36.1%	466.6 36.1%	473.2 36.1%	480.1 36.1%	487.3 36.1%
NOPAT % effective tax rate	353.7 35.0%	150.8 14.9%	(152.7) (12.6%)	49.2 4.5%	334.7 30.4%	396.0 35.4%	414.6 35.4%	428.3 35.4%	433.5 35.4%	438.9 35.4%	444.5 35.4%	450.5 35.4%	456.7 35.4%	463.1 35.4%	469.9 35.4%	476.9 35.4%
D&A % of revenue	310.8 30.7%	400.8 39.6%	421.2 34.8%	436.4 39.6%	418.3 38.0%	419.7 37.5%	439.3 37.5%	453.8 37.5%	459.3 37.5%	465.0 37.5%	471.0 37.5%	477.3 37.5%	483.9 37.5%	490.7 37.5%	497.9 37.5%	505.3 37.5%
Capex % of revenue	0.0 0.0%	(3.0) (0.3%)	(7.0) (0.6%)	(36.8) (3.3%)	(84.2) (7.7%)	(43.2) (3.9%)	(45.2) (3.9%)	(46.7) (3.9%)	(47.3) (3.9%)	(47.9) (3.9%)	(48.5) (3.9%)	(49.2) (3.9%)	(49.8) (3.9%)	(50.5) (3.9%)	(51.3) (3.9%)	(52.0) (3.9%)
Change in Working Capital % of revenue	(113.4) (11.2%)	(33.2) (3.3%)	(3.1) (0.3%)	78.8 7.2%	(95.8) (8.7%)	(6.8) (0.6%)	(7.1) (0.6%)	(7.4) (0.6%)	(7.4) (0.6%)	(7.5) (0.6%)	(7.6) (0.6%)	(7.7) (0.6%)	(7.8) (0.6%)	(8.0) (0.6%)	(8.1) (0.6%)	(8.2) (0.6%)
Free Cash Flow to Firm (FCFF) % of revenue	551.1 54.5%	515.3 50.9%	258.4 21.3%	527.7 47.9%	573.0 52.1%	765.7 68.4%	801.6 68.4%	828.1 68.4%	838.1 68.4%	848.5 68.4%	859.5 68.4%	870.9 68.4%	882.9 68.4%	895.4 68.4%	908.4 68.4%	922.0 68.4%
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

AY DCF Value

Crunching data... Almost there!

AY Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

AY Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Sep 30, 2024

LTM Free Cash Flow

234.0M

Long-Term growth rate

1.5%

Discount rate

N/A

FX rate

1.0

Reverse DCF Value

N/A

Last share price

21.8

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with AY Intrinsic Value

Overview

Ratings

Intrinsic Value

Valuation

Growth

Profitability

Health

Capital allocation

Momentum

Earnings

Dividends

Company name	Market Cap	Enterprise Value	Intrinsic Value	DCF Value	Relative value	Ben Graham Revised fair value	Peter Lynch fair value	Earnings Power Value (EPV), % of EV	Market-Implied Value of Growth (MIVoG), % of EV	Reverse DCF (implied FCF growth)	Reverse DCF (implied Revenue growth)
Atlantica Sustainable Infrastructure plcAY AY	$2,554.3M	$7,459.8M	$17.9 18.6% overvalued	N/A 0.0% overvalued	$17.9 18.6% overvalued	Negative 131.4% overvalued	$1.6 92.8% overvalued	N/A	N/A	0.0%	0.0%
Constellation Energy CorporationCEG CEG	$65.4B	$70.8B	$246.2 18.0% undervalued	N/A 0.0% overvalued	$246.2 18.0% undervalued	Negative 175.6% overvalued	Negative 135.7% overvalued	69.4%	30.6%	(100.0%)	(100.0%)
ReNew Energy Global PlcRNW RNW	$9,595.5M	$17.0B	$1.2 81.0% overvalued	N/A 0.0% overvalued	$1.2 81.0% overvalued	Negative 106.4% overvalued	$0.5 91.0% overvalued	N/A	N/A	0.0%	0.0%
Brookfield Renewable CorporationBEPC BEPC	$8,519.2M	$22.2B	$239.5 746.3% undervalued	$407.4 1,340.0% undervalued	$71.6 153.1% undervalued	Negative 1,008.7% overvalued	N/A 0.0% overvalued	43.2%	56.8%	(100.0%)	(100.0%)
Brookfield Renewable Partners L.P.BEP BEP	$6,527.8M	$38.9B	$41.6 82.4% undervalued	N/A 0.0% overvalued	$41.6 82.4% undervalued	$17.4 23.6% overvalued	$6.4 72.2% overvalued	(18.5%)	118.5%	(100.0%)	(100.0%)
NuScale Power CorporationSMR SMR	$5,373.6M	$4,932.0M	$2.1 87.0% overvalued	N/A 0.0% overvalued	$2.1 87.0% overvalued	$88.3 444.8% undervalued	$20.4 25.8% undervalued	(18.4%)	118.4%	(100.0%)	(100.0%)
Ormat Technologies, Inc.ORA ORA	$4,321.3M	$6,678.7M	$44.1 38.0% overvalued	N/A 0.0% overvalued	$44.1 38.0% overvalued	$14.2 80.1% overvalued	$18.6 73.9% overvalued	44.0%	56.0%	(100.0%)	(100.0%)
Algonquin Power & Utilities Corp.AQN AQN	$3,629.0M	$11.0B	$7.5 59.6% undervalued	N/A 0.0% overvalued	$7.5 59.6% undervalued	Negative 29,000.1% overvalued	Negative 6,430.9% overvalued	116.4%	(16.4%)	(100.0%)	(100.0%)
Clearway Energy, Inc.CWEN CWEN	$3,400.8M	$10.8B	$261.2 807.4% undervalued	$494.0 1,616.0% undervalued	$28.4 1.2% overvalued	$5.7 80.1% overvalued	$12.3 57.4% overvalued	124.8%	(24.8%)	(24.5%)	(23.0%)
Enlight Renewable Energy LtdENLT ENLT	$2,178.8M	$4,824.9M	$18.4 9.0% undervalued	N/A 0.0% overvalued	$18.4 9.0% undervalued	$0.5 96.9% overvalued	$18.6 10.5% undervalued	71.5%	28.5%	(100.0%)	(100.0%)
Excelerate Energy, Inc.EE EE	$684.0M	($289.6B)	$9,582.3 34,085.8% undervalued	$452.4 1,514.0% undervalued	$18.7K 66,657.7% undervalued	$30.6K 109,109.0% undervalued	$22.3 20.3% overvalued	125,385.7%	(125,285.7%)	(17.9%)	(100.0%)