	Mar'20 Actual	Mar'21 Actual	Mar'22 Actual	Mar'23 Actual	Mar'24 Actual	Mar'25 Estimate	Mar'26 Estimate	Mar'27 Estimate	Mar'28 Estimate	Mar'29 Estimate	Mar'30 Estimate	Mar'31 Estimate	Mar'32 Estimate	Mar'33 Estimate	Mar'34 Estimate	Mar'35 Terminal
Revenue % growth	14,540.0 (2.6%)	13,665.0 (6.0%)	18,449.0 35.0%	21,659.0 17.4%	19,850.0 (8.4%)	26,680.5 34.4%	26,742.0 0.2%	29,448.0 10.1%	34,326.1 16.6%	37,730.5 9.9%	40,943.1 8.5%	43,854.9 7.1%	46,358.5 5.7%	48,354.6 4.3%	49,758.3 2.9%	50,504.7 1.5%
Operating income (EBIT) % margin	3,238.0 22.3%	2,369.0 17.3%	3,838.0 20.8%	4,044.0 18.7%	4,475.0 22.5%	5,051.8 18.9%	5,063.4 18.9%	5,575.8 18.9%	6,499.5 18.9%	7,144.1 18.9%	7,752.4 18.9%	8,303.7 18.9%	8,777.7 18.9%	9,155.7 18.9%	9,421.5 18.9%	9,562.8 18.9%
NOPAT % effective tax rate	2,382.2 16.4%	1,838.0 13.5%	2,396.3 13.0%	3,057.2 14.1%	3,254.9 16.4%	3,674.5 13.8%	3,683.0 13.8%	4,055.6 13.8%	4,727.5 13.8%	5,196.3 13.8%	5,638.8 13.8%	6,039.8 13.8%	6,384.6 13.8%	6,659.5 13.8%	6,852.8 13.8%	6,955.6 13.8%
D&A % of revenue	1,710.0 11.8%	1,558.0 11.4%	1,900.0 10.3%	2,066.0 9.5%	2,061.0 10.4%	2,687.6 10.1%	2,693.8 10.1%	2,966.4 10.1%	3,457.8 10.1%	3,800.8 10.1%	4,124.4 10.1%	4,417.7 10.1%	4,669.9 10.1%	4,871.0 10.1%	5,012.4 10.1%	5,087.6 10.1%
Capex % of revenue	(4,900.0) (33.7%)	(4,608.0) (33.7%)	(5,544.0) (30.1%)	(6,325.0) (29.2%)	(7,453.0) (37.5%)	(8,608.9) (32.3%)	(8,628.7) (32.3%)	(9,501.8) (32.3%)	(11,075.9) (32.3%)	(12,174.3) (32.3%)	(13,210.9) (32.3%)	(14,150.5) (32.3%)	(14,958.3) (32.3%)	(15,602.4) (32.3%)	(16,055.3) (32.3%)	(16,296.1) (32.3%)
Change in Working Capital % of revenue	394.0 2.7%	263.0 1.9%	(223.0) (1.2%)	547.0 2.5%	(172.0) (0.9%)	40.0 0.2%	40.1 0.2%	44.2 0.2%	51.5 0.2%	56.6 0.2%	61.5 0.2%	65.8 0.2%	69.6 0.2%	72.6 0.2%	74.7 0.2%	75.8 0.2%
Free Cash Flow to Firm (FCFF) % of revenue	(413.8) (2.8%)	(949.0) (6.9%)	(1,470.7) (8.0%)	(654.8) (3.0%)	(2,309.1) (11.6%)	(2,206.7) (8.3%)	(2,211.8) (8.3%)	(2,435.6) (8.3%)	(2,839.1) (8.3%)	(3,120.6) (8.3%)	(3,386.3) (8.3%)	(3,627.2) (8.3%)	(3,834.2) (8.3%)	(3,999.3) (8.3%)	(4,115.4) (8.3%)	(4,177.2) (8.3%)
% of FCFF used in calculation
Discount period
Discount factor
Discounted FCFF (DFCFF)

NGG DCF Value

Crunching data... Almost there!

NGG Earnings Power Value and Enterprise Value

Annual

LTM

Enterprise Value Breakdown

EPV and MIVoG as % of EV

NGG Reverse DCF

Implied FCF growth

Implied Revenue growth

Reverse DCF Assumptions and Outputs

as of Mar 31, 2024

LTM Free Cash Flow

(677.2M)

Long-Term growth rate

1.5%

Discount rate

N/A

FX rate

1.0

Reverse DCF Value

N/A

Last share price

60.4

Implied FCF growth 1-10Y

0.0%

Implied Free Cash Flow growth vs Historical average vs Industry growth

Competing with NGG 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)
National Grid plcNGG NGG	$46.3B	$100.7B	$200.4 224.7% undervalued	N/A 0.0% overvalued	$200.4 224.7% undervalued	N/A 0.0% overvalued	$2,828.7 4,483.2% undervalued	N/A	N/A	0.0%	0.0%
NextEra Energy, Inc.NEE NEE	$145.9B	$226.7B	$46.4 35.2% overvalued	N/A 0.0% overvalued	$46.4 35.2% overvalued	$213.6 198.3% undervalued	$128.6 79.5% undervalued	53.9%	46.1%	4.2%	4.6%
The Southern CompanySO SO	$99.0B	$164.2B	$65.2 28.2% overvalued	Negative 110.0% overvalued	$65.2 28.2% overvalued	$43.7 51.9% overvalued	$40.5 55.4% overvalued	76.0%	24.0%	22.0%	50.1%
Duke Energy CorporationDUK DUK	$91.0B	$99.6B	$160.2 35.0% undervalued	N/A 0.0% overvalued	$160.2 35.0% undervalued	$370.2 212.0% undervalued	$225.1 89.7% undervalued	97.3%	2.7%	60.2%	(100.0%)
American Electric Power Company, Inc.AEP AEP	$56.5B	$101.8B	$95.2 11.7% overvalued	Negative 175.0% overvalued	$95.2 11.7% overvalued	$185.8 72.5% undervalued	$117.4 9.0% undervalued	106.9%	(6.9%)	(100.0%)	(100.0%)
Dominion Energy, Inc.D D	$48.6B	$90.0B	$52.9 7.0% overvalued	N/A 0.0% overvalued	$52.9 7.0% overvalued	$48.0 15.7% overvalued	$59.5 4.6% undervalued	77.1%	22.9%	(100.0%)	(100.0%)
Exelon CorporationEXC EXC	$44.5B	$90.4B	$54.6 22.5% undervalued	Negative 126.0% overvalued	$54.6 22.5% undervalued	$30.3 31.9% overvalued	$24.4 45.2% overvalued	117.9%	(17.9%)	(100.0%)	(100.0%)
Public Service Enterprise Group IncorporatedPEG PEG	$41.1B	$41.1B	$82.4 0.8% undervalued	N/A 0.0% overvalued	$82.4 0.8% undervalued	Negative 168.2% overvalued	Negative 136.9% overvalued	65.9%	34.1%	(100.0%)	(100.0%)
Xcel Energy Inc.XEL XEL	$40.3B	$70.3B	$102.9 43.2% undervalued	$140.3 95.0% undervalued	$65.6 8.8% overvalued	$53.9 25.1% overvalued	$43.8 39.1% overvalued	95.9%	4.1%	(100.0%)	(100.0%)
PG&E CorporationPCG PCG	$35.5B	$92.9B	$26.7 62.8% undervalued	N/A 0.0% overvalued	$26.7 62.8% undervalued	$31.7 92.9% undervalued	$20.0 21.9% undervalued	98.1%	1.9%	(18.6%)	(5.2%)
Entergy CorporationETR ETR	$28.1B	$56.1B	$86.2 2.0% overvalued	N/A 0.0% overvalued	$86.2 2.0% overvalued	Negative 364.1% overvalued	Negative 241.3% overvalued	140.1%	(40.1%)	(100.0%)	(100.0%)