Industry Leaders Trading Multiples

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Industry Leaders Trading MultiplesCANADA & UNITED STATES Q1 2021

Page 2 | www.oaklins.com/eca Industry Trading Multiples Q1 – 2021 | Oaklins E. Canada

Oaklins E. Canada Inc.

Based in Montreal, Oaklins E. Canada is the largest independent

investment bank in Eastern Canada specializing in mergers & acquisitions

and corporate finance in the mid-market. Oaklins E. Canada is the

exclusive Canadian member of Oaklins, a global investment bank with 850

professionals in 45 countries that have completed over 1,500 transactions

over the past 5 years. Oaklins E. Canada is a Canadian one-stop-shop to

help clients achieve their goal to sell, acquire or finance their business in

Canada and internationally.

Experience & Expertise: Our team consists of highly qualified

professionals and a talented back office. Our partners have accumulated

extensive transactional experience within different prestigious institutions

in various industries. Our team also has strong business relations with

industry leaders, governments and investors.

ABOUT US

OUR SERVICES

• Mergers & Acquisitions

• Management Buy-Outs

• Business Valuations and Strategic Planning

• Financings and Capital Restructurings

• Leveraged Buy-Outs

OUR CONTACTS

Montreal Office418, Sherbrooke Street EastMontreal, QC H2L 2J6Canada

Phone: 1.514.954.0070

Toronto Office365, Bay Street, Suite 805

Toronto, ON, M5H 2V1Canada

Phone: 1.416.508.0110

First Quarter of 2021

* Index companies based on industry leaders, Outliers have been excluded from the multiples calculation

Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Aerospace & Defense

TEV/Revenue Multiples

Average as of Last 3 Last 6 Last 9 Last 12

March 31, 2021 Months Months Months Months

Low 1.47x 1.39x 1.39x 1.31x

Mean 3.58x 3.42x 3.26x 3.12x

Median 1.72x 1.76x 1.82x 1.88x

High 10.15x 10.15x 10.15x 10.15x

TEV/EBITDA Multiples



Low 10.08x 8.60x 8.60x 8.60x

Mean 15.47x 14.62x 14.00x 13.52x

Median 12.13x 12.31x 12.53x 12.49x

High 25.12x 25.12x 25.12x 25.12x

Ticker

NYSE:HON Honeywell International Inc. 150,972

NYSE: RTX Raytheon Technologies Corporation 116,681

NYSE: LMT Lockheed Martin Corporation 102,984

NYSE: NOC Northrop Grumman Corporation 53,957

NYSE: GD General Dynamics Corporation 51,886

NYSE: TDG TransDigm Group Incorporated 32,153

3.74x

16.15x

Company Name Market Cap (US$M)

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40

2.60

2.80

3.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e




Low 0.69x 0.53x 0.50x 0.41x

Mean 2.09x 1.88x 1.73x 1.64x

Median 1.48x 1.30x 1.24x 1.21x

High 4.01x 4.01x 4.01x 4.01x




Low 5.53x 3.89x 3.60x 2.94x

Mean 11.86x 10.76x 10.30x 10.10x

Median 10.41x 9.43x 9.74x 9.64x

High 21.52x 21.52x 21.52x 21.52x

Ticker

TSX:CAE CAE Inc. 10,502

TSX:MAXR Maxar Technologies Inc. 3,409

TSX:BBD.B Bombardier Inc. 2,403

TSX:MAL Magellan Aerospace Corporation 596

TSX: HRX Héroux-Devtek Inc. 624

2.25x

12.54x

Company Name Market Cap (CA$M)



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Automotive




Low 0.59x 0.57x 0.46x 0.38x

Mean 0.84x 0.77x 0.71x 0.65x

Median 0.88x 0.76x 0.67x 0.61x

High 0.97x 0.97x 0.97x 0.97x




Low 5.77x 5.37x 3.89x 2.97x

Mean 7.40x 6.95x 6.35x 5.70x

Median 7.35x 6.98x 6.52x 5.87x

High 8.37x 8.37x 8.37x 8.37x

Ticker

TSX:MG Magna International Inc. 33,355

TSX:LNR Linamar Corporation 4,849

TSX:MRE Martinrea International Inc. 985

TSX:XTC Exco Technologies Limited 417

Market Cap (CA$M)Company Name

0.86x

7.22x




Low 0.66x 0.59x 0.44x 0.34x

Mean 1.46x 1.42x 1.36x 1.25x

Median 1.34x 1.27x 1.23x 1.08x

High 3.42x 3.42x 3.42x 3.42x




Low 8.02x 7.46x 4.47x 3.42x

Mean 14.93x 14.43x 13.76x 12.42x

Median 11.93x 11.85x 11.66x 10.71x

High 34.14x 34.14x 34.14x 34.14x

Ticker

NYSE:GM General Motors Company 82,795

NYSE:F Ford Motor Company 48,739

NYSE:LEA Lear Corporation 10,896

NYSE:BWA BorgWarner Inc. 11,081

NYSE:HOG Harley-Davidson, Inc. 6,148

NasdaqGS:GT The Goodyear Tire & Rubber Company 4,099

Market Cap (US$M)

1.53x

15.25x

Company Name

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

0.00

0.25

0.50

0.75

1.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

0.00

0.50

1.00

1.50

2.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Construction & Engineering




Low 0.32x 0.26x 0.22x 0.13x

Mean 1.15x 1.09x 1.03x 0.98x

Median 0.66x 0.61x 0.60x 0.58x

High 2.88x 2.88x 2.88x 2.88x




Low 6.26x 5.78x 5.78x 4.64x

Mean 13.32x 11.56x 10.69x 10.13x

Median 11.86x 11.06x 10.61x 10.28x

High 33.15x 33.15x 33.15x 33.15x

Ticker

TSX: WSP WSP Global Inc. 13,601

TSX: SNC SNC-Lavalin Group Inc. 4,722

TSX: BAD Badger Daylighting Ltd. 1,494

TSX: ARE Aecon Group Inc. 1,171

TSX: BDT Bird Construction Inc. 475

1.21x

15.35x





Low 0.18x 0.11x 0.08x 0.07x

Mean 0.81x 0.75x 0.68x 0.64x

Median 0.93x 0.82x 0.68x 0.59x

High 1.28x 1.28x 1.28x 1.28x




Low 5.62x 4.96x 3.94x 3.25x

Mean 8.70x 8.25x 7.69x 7.33x

Median 8.85x 7.77x 6.87x 6.63x

High 13.16x 13.16x 13.16x 13.16x

Ticker

NYSE: J Jacobs Engineering Group Inc. 16,816

NYSE: PWR Quanta Services, Inc. 12,173

NYSE: ACM AECOM 9,470

NYSE: EME EMCOR Group, Inc. 6,146

NYSE: DY Dycom Industries, Inc. 2,843

NYSE: FLR Fluor Corporation 3,252

0.86x

9.05x


0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Consumer & Retail




Low 1.26x 1.26x 1.16x 0.85x

Mean 3.47x 3.41x 3.31x 3.15x

Median 3.07x 3.07x 2.86x 2.37x

High 6.87x 6.87x 6.87x 6.87x




Low 9.62x 9.62x 9.39x 7.34x

Mean 16.80x 16.94x 16.21x 14.70x

Median 16.93x 17.24x 16.58x 15.46x

High 22.76x 24.47x 24.47x 24.47x

Ticker

TSX: QSR Restaurant Brands International Inc. 24,949

TSX: DOL Dollarama Inc. 17,226

TSX: CTC.A Canadian Tire Corporation, Limited 10,960

TSX: GIL Gildan Activewear Inc. 7,631

TSX: TOY Spin Master Corp. 3,580

3.61x

16.84x





Low 2.54x 2.26x 2.02x 1.55x

Mean 4.02x 4.14x 4.15x 3.97x

Median 4.49x 4.58x 4.56x 4.39x

High 5.81x 6.41x 6.64x 6.64x




Low 13.91x 13.68x 12.30x 7.85x

Mean 20.34x 20.63x 20.08x 18.67x

Median 17.37x 17.54x 17.39x 16.91x

High 36.18x 38.80x 38.80x 38.80x

Ticker

NYSE: PG The Procter & Gamble Company 333,493

NYSE: HD The Home Depot, Inc. 328,775

NYSE: NKE NIKE, Inc. 209,500

NASDAQGS: BKNG Booking Holdings Inc. 95,434

NYSE: CL Colgate-Palmolive Company 66,810

NYSE: TJX The TJX Companies, Inc. 79,775

3.96x

20.34x


3.00

6.00

9.00

12.00

15.00

18.00

21.00

24.00

1.00

2.00

3.00

4.00

5.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

3.00

6.00

9.00

12.00

15.00

18.00

21.00

24.00

2.00

3.00

4.00

5.00

6.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Food & Beverage




Low 0.56x 0.56x 0.56x 0.56x

Mean 0.88x 0.89x 0.89x 0.89x

Median 0.85x 0.86x 0.85x 0.85x

High 1.31x 1.31x 1.31x 1.31x




Low 7.85x 7.85x 7.85x 7.85x

Mean 9.44x 9.78x 10.20x 10.45x

Median 8.22x 8.85x 9.02x 9.28x

High 13.23x 14.36x 20.13x 20.40x

Ticker

TSX: ATD.B Alimentation Couche-Tard Inc. 44,091

TSX: L Loblaw Companies Limited 24,333

TSX: SAP Saputo Inc. 15,544

TSX: WN George Weston Limited 16,928

TSX: MRU Metro Inc. 14,224

TSX: EMP.A Empire Company Limited 10,442

TSX: MFI Maple Leaf Foods Inc. 3,531

0.89x

9.33x





Low 0.58x 0.52x 0.52x 0.52x

Mean 3.40x 3.36x 3.31x 3.24x

Median 3.20x 3.34x 3.31x 3.28x

High 7.77x 7.84x 7.84x 7.84x




Low 8.31x 7.47x 7.47x 7.05x

Mean 14.14x 14.17x 14.11x 13.85x

Median 12.35x 12.36x 12.37x 12.34x

High 20.11x 21.28x 21.41x 21.41x

Ticker

NYSE: WMT Walmart Inc. 382,643

NYSE: KO The Coca-Cola Company 227,144

NASDAQGS: PEP PepsiCo, Inc. 195,208

NASDAQGS: COST Costco Wholesale Corporation 156,027

NYSE: PM Philip Morris International Inc. 138,302

NYSE: MO Altria Group, Inc. 95,091

NASDAQGS: WBA Walgreens Boots Alliance, Inc. 47,455

3.48x

14.07x


6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

7.00

9.00

11.00

13.00

15.00

17.00

2.00

2.50

3.00

3.50

4.00

4.50

5.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Health & Pharmaceuticals




Low 0.84x 0.81x 0.78x 0.78x

Mean 2.43x 2.32x 2.23x 2.16x

Median 2.80x 2.77x 2.59x 2.48x

High 4.39x 4.39x 4.39x 4.39x




Low 4.34x 3.91x 3.36x 3.36x

Mean 9.41x 9.06x 8.84x 8.69x

Median 10.33x 9.22x 8.96x 8.93x

High 15.28x 15.28x 15.28x 15.28x

Ticker

TSX: BHC Bausch Health Companies Inc. 14,200

TSX: SIA Sienna Senior Living Inc. 960

TSX: EXE Extendicare Inc. 689

TSX: DR Medical Facilities Corporation 226

TSX: CRH CRH Medical Corporation 356

2.56x

10.26x





Low 1.33x 1.33x 1.28x 1.19x

Mean 4.75x 4.70x 4.73x 4.66x

Median 5.29x 5.12x 4.98x 4.83x

High 6.65x 6.65x 7.16x 7.16x




Low 8.05x 8.05x 8.05x 8.05x

Mean 13.08x 13.10x 13.20x 13.06x

Median 12.98x 13.12x 13.13x 13.11x

High 16.15x 16.15x 16.15x 16.15x

Ticker

NYSE: JNJ Johnson & Johnson 432,685

NYSE: UNH UnitedHealth Group Incorporated 351,725

NYSE: MRK Merck & Co., Inc. 195,062

NYSE: PFE Pfizer Inc. 202,097

NYSE: ABBV AbbVie Inc. 190,989

NASDAQGS: AMGN Amgen Inc. 143,704

NASDAQGS: GILD Gilead Sciences, Inc. 81,373

4.70x

12.55x


0.00

3.00

6.00

9.00

12.00

15.00

1.00

2.00

3.00

4.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

3.00

6.00

9.00

12.00

15.00

2.00

3.00

4.00

5.00

6.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Information Technology




Low 0.20x 0.18x 0.18x 0.14x

Mean 5.82x 5.58x 5.53x 5.37x

Median 6.06x 5.25x 4.84x 4.74x

High 14.37x 14.37x 14.37x 14.37x




Low 4.59x 3.95x 3.95x 3.61x

Mean 23.31x 22.05x 22.20x 21.98x

Median 20.16x 19.91x 21.67x 22.24x

High 45.34x 45.34x 45.34x 45.34x

Ticker

TSX: CSU Constellation Software Inc. 37,192

TSX: GIB.A CGI Inc. 25,935

NASDAQGS: OTEX Open Text Corporation 16,311

TSX: DSG The Descartes Systems Group Inc 6,478

TSX: BB BlackBerry Limited 5,961

TSX: ENGH Enghouse Systems Limited 3,227

TSX: CLS Celestica Inc. 1,353

5.76x

22.19x





Low 3.07x 2.64x 2.64x 2.64x

Mean 6.36x 6.29x 6.24x 6.02x

Median 6.17x 5.77x 5.59x 5.31x

High 11.49x 11.49x 11.49x 11.49x




Low 6.50x 5.56x 5.56x 5.56x

Mean 18.83x 18.80x 18.68x 17.97x

Median 21.72x 21.51x 20.12x 18.20x

High 33.15x 36.36x 37.37x 37.37x

Ticker

NASDAQGS: AAPL Apple Inc. 2,050,666

NASDAQGS: MSFT Microsoft Corporation 1,778,228

NASDAQ: AMZN Amazon.com, Inc. 1,558,070

NASDAQGS: GOOG.L Alphabet Inc. 1,392,422

NASDAQ: FB Facebook, Inc. 838,724

NASDAQGS: INTC Intel Corporation 260,630

NYSE: ORCL Oracle Corporation 202,338

NASDAQGS: CSCO Cisco Systems, Inc. 218,309

6.34x

18.43x


5.00

10.00

15.00

20.00

25.00

30.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

10.00

12.00

14.00

16.00

18.00

20.00

22.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Mining & Metal




Low 2.34x 1.79x 1.41x 1.03x

Mean 8.41x 9.08x 9.81x 9.95x

Median 4.59x 4.82x 5.37x 5.65x

High 23.00x 27.25x 29.86x 30.50x




Low 4.82x 4.82x 3.24x 1.07x

Mean 13.81x 14.77x 15.67x 15.55x

Median 11.26x 10.57x 10.43x 10.37x

High 28.36x 34.35x 37.62x 37.99x

Ticker

TSX: ABX Barrick Gold Corporation 44,332

TSX: FNV Franco-Nevada Corporation 30,074

TSX: WPM Wheaton Precious Metals Corp. 21,589

NYSE: AEM Agnico Eagle Mines Limited 17,721

TSX: FM First Quantum Minerals Ltd. 16,483

TSX: KL Kirkland Lake Gold Ltd. 11,334

TSX: TECK.B Teck Resources Limited 12,841

7.95x

13.02x





Low 0.72x 0.51x 0.50x 0.40x

Mean 2.71x 2.55x 2.43x 2.29x

Median 1.19x 1.06x 1.03x 0.98x

High 7.76x 7.76x 7.76x 7.76x




Low 6.21x 5.00x 4.28x 2.86x

Mean 10.53x 10.13x 9.90x 9.42x

Median 9.05x 8.88x 8.82x 8.45x

High 18.30x 18.30x 20.51x 20.51x

Ticker

NYSE: SCCO Southern Copper Corporation 52,468

NYSE: NEM Newmont Corporation 48,235

NYSE: FCX Freeport-McMoRan Inc. 48,028

NYSE: NUE Nucor Corporation 23,976

NASDAQGS: STLD Steel Dynamics, Inc. 10,721

NYSE: RS Reliance Steel & Aluminum Co. 9,686

NYSE: AA Alcoa Corporation 6,054

NYSE: WOR Worthington Industries, Inc. 3,476

2.78x

10.87x


4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

0.00

2.00

4.00

6.00

8.00

10.00

12.00

0.40

0.90

1.40

1.90

2.40

2.90

3.40

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Oil & Gas




Low 0.98x 0.64x 0.62x 0.50x

Mean 4.14x 3.95x 3.86x 3.77x

Median 4.01x 3.64x 3.54x 3.40x

High 8.48x 8.48x 8.87x 8.91x




Low 7.77x 6.50x 5.03x 3.98x

Mean 13.69x 13.00x 12.54x 11.64x

Median 12.02x 11.70x 11.65x 11.59x

High 31.57x 31.57x 31.57x 31.57x

Ticker

TSX: ENB Enbridge Inc. 92,729

NYSE: TRP TC Energy Corporation 56,354

TSX: CNQ Canadian Natural Resources Limited 46,086

TSX: SU Suncor Energy Inc. 39,987

TSX: IMO Imperial Oil Limited 22,345

TSX: PPL Pembina Pipeline Corporation 19,963

4.35x

14.26x





Low 0.62x 0.42x 0.41x 0.37x

Mean 3.06x 2.71x 2.53x 2.42x

Median 2.89x 2.57x 2.26x 2.10x

High 6.08x 6.08x 6.08x 6.08x




Low 7.79x 4.48x 3.77x 3.13x

Mean 12.50x 10.82x 9.66x 8.86x

Median 10.75x 9.69x 8.68x 8.26x

High 22.73x 22.73x 22.73x 22.73x

Ticker

NYSE: XOM Exxon Mobil Corporation 236,358

NYSE: CVX Chevron Corporation 202,030

NYSE: EPD Enterprise Products Partners L.P. 48,039

NYSE: COP ConocoPhillips 71,623

NYSE: KMI Kinder Morgan, Inc. 37,703

NYSE: PSX Phillips 66 35,627

NYSE: EOG EOG Resources, Inc. 42,332

NYSE: OXY Occidental Petroleum Corporation 24,849

3.41x

13.62x


4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

1.50

2.50

3.50

4.50

5.50

6.50

7.50

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Power & Utilities




Low 4.08x 3.94x 3.83x 3.54x

Mean 7.34x 7.22x 7.05x 6.91x

Median 5.85x 5.87x 5.93x 5.94x

High 16.15x 16.15x 16.15x 16.15x




Low 9.55x 9.29x 9.22x 8.53x

Mean 15.54x 15.33x 15.01x 14.74x

Median 13.30x 13.50x 13.48x 13.50x

High 26.15x 26.15x 26.15x 26.15x

Ticker

TSX: FTS Fortis Inc. 25,574

NYSE: BIP Brookfield Infrastructure Partners L.P. 19,790

TSX: EMA Emera Incorporated 14,174

TSX: AQN Algonquin Power & Utilities Corp. 11,920

TSX: CU Canadian Utilities Limited 9,210

TSX: ACO.X ATCO Ltd. 4,780

TSX: RNW TransAlta Renewables Inc. 5,489

7.11x

15.22x





Low 2.43x 2.37x 2.26x 2.23x

Mean 5.93x 5.88x 5.76x 5.65x

Median 5.71x 5.70x 5.60x 5.41x

High 11.82x 11.82x 11.82x 11.82x




Low 8.48x 8.48x 8.35x 7.69x

Mean 13.74x 13.55x 13.28x 13.00x

Median 12.56x 12.66x 12.57x 12.57x

High 26.22x 26.22x 26.22x 26.22x

Ticker

NYSE: NEE NextEra Energy, Inc. 148,305

NYSE: DUK Duke Energy Corporation 74,252

NYSE: SO The Southern Company 65,679

NYSE: D Dominion Energy, Inc. 61,224

NasdaqGS:AEP American Electric Power Company, Inc. 42,067

NasdaqGS:EXC Exelon Corporation 42,723

NYSE: SRE Sempra Energy 40,133

NYSE: PEG Public Service Enterprise Group Incorporated 30,412

6.00x

14.00x


0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e



Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Real Estate




Low 8.40x 7.57x 7.25x 6.82x

Mean 14.71x 14.40x 14.20x 14.08x

Median 14.84x 14.84x 13.99x 13.76x

High 20.94x 22.37x 23.26x 23.70x




Low 14.01x 10.56x 9.67x 9.08x

Mean 22.10x 21.45x 21.12x 20.91x

Median 21.66x 21.55x 21.29x 20.77x

High 30.69x 32.73x 34.75x 35.57x

Ticker

NYSE: AMT American Tower Corporation (REIT) 106,235

NYSE: PLD Prologis, Inc. 78,387

NYSE: CCI Crown Castle International Corp. (REIT) 74,392

NYSE: PSA Public Storage 43,131

NYSE: SPG Simon Property Group, Inc. 37,338

NYSE: WELL Welltower Inc. 29,897

NYSE: AVB AvalonBay Communities, Inc. 25,693

NYSE: EQR Equity Residential 26,694

15.13x

23.09x


9.00

11.00

13.00

15.00

17.00

19.00

21.00

23.00

25.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

0.00

5.00

10.00

15.00

20.00

25.00

30.00

7.00

9.00

11.00

13.00

15.00

17.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e




Low 7.31x 6.99x 6.93x 6.93x

Mean 11.61x 11.39x 11.20x 11.11x

Median 11.89x 11.70x 11.66x 11.01x

High 16.66x 16.66x 16.66x 16.66x




Low 15.34x 14.36x 14.17x 14.01x

Mean 20.85x 20.58x 20.33x 20.21x

Median 20.25x 19.33x 18.72x 18.35x

High 27.15x 27.15x 27.15x 28.18x

Ticker

TSX: CAR.UN Canadian Apartment Properties REIT 9,292

TSX: REI.UN RioCan Real Estate Investment Trust 6,183

TSX: AP.UN Allied Properties REIT 5,172

TSX: CHP.UN Choice Properties REIT 4,433

TSX: HR.UN H&R Real Estate Investment Trust 4,091

TSX: FCR.UN First Capital REIT 3,618

TSX: CUF.UN Cominar Real Estate Investment Trust 1,702

11.93x

21.35x




Source: Capital IQ

CA

NA

DA

UN

IT

ED

S

TA

TE

S


Telecommunications




Low 3.45x 3.27x 3.23x 3.22x

Mean 3.51x 3.46x 3.43x 3.40x

Median 3.53x 3.49x 3.46x 3.44x

High 3.58x 3.58x 3.58x 3.58x




Low 8.21x 8.13x 7.99x 7.99x

Mean 9.60x 9.56x 9.41x 9.27x

Median 8.92x 8.94x 8.92x 8.92x

High 12.08x 12.08x 12.08x 12.08x

Ticker

TSX: BCE BCE Inc. 51,316

TSX: T TELUS Corporation 33,761

TSX: RCI.B Rogers Communications Inc. 29,489

3.55x

9.51x





Low 1.23x 1.19x 1.19x 1.19x

Mean 5.48x 5.65x 5.75x 5.76x

Median 2.57x 2.58x 2.57x 2.58x

High 20.75x 23.22x 23.33x 23.33x




Low 4.03x 3.94x 3.94x 3.94x

Mean 9.64x 9.90x 10.09x 10.12x

Median 6.98x 6.98x 7.00x 6.99x

High 25.80x 28.47x 28.61x 28.61x

Ticker

NYSE: VZ Verizon Communications Inc. 240,633

NYSE: T AT&T Inc. 216,081

NASDAQGS: TMUS T-Mobile US, Inc. 155,711

NASDAQGS: SBAC SBA Communications Corporation 30,343

NYSE:LUMN Lumen Technologies, Inc. 14,643

NYSE: USM United States Cellular Corporation 3,141

5.42x

9.48x


5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

2.50

3.00

3.50

4.00

4.50

5.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

2017 2018 2019 2020 2021

TE

V/E

BIT

DA

TE

V/R

eve

nu

e

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