Energy & Power Industry Update - Harris Williams · 2012. 1. 3. · Energy & Power Industry Update November 2011 Gasoline and Ethanol1 Oil1 Natural Gas1 U.S. Rig Counts3 Coal1 Electricity

Energy & Power Industry UpdateNovember 2011

Member FINRA/SIPC

November 2011

www.harriswilliams.com

Energy & Power Industry Update November 2011

What We’ve Been Reading

page 1

• Nancy Pfund, a Managing Partner of DBL Investors, and Ben Healey asked a question we find

ourselves asking all too often in Virginia, What Would Jefferson Do?. While this general

question can be applied in any number of contexts (e.g., drafting a declaration, establishing a

state university, selecting the right wine with dinner), Pfund and Healey pose the question in

reference to a rather specific topic, “The Historical Role of Federal Subsidies in Shaping

America‟s Energy Future.” Through their research of a wide range of historical data, they

attempt to tackle the challenge of comparing energy subsidies on an apples-to-apples basis by

focusing on historical subsidies that had an impact as a particular energy source emerged. The

results are not particularly surprising – historical government subsidies for oil, gas, and nuclear

far exceeded those currently (and recently) in place for renewables.

• Harold Hamm, the founder and CEO of Continental Resources (and the original discoverer of

the Bakken oil fields), seems to offer a rebuttal to the point above in an interview with The

Wall Street Journal, stating, “We can‟t come anywhere near the scale of energy production to

achieve energy independence by pouring tax dollars into „green energy‟ sources like wind and

solar. It has to come from oil and gas.” Interview topics range from U.S. oil and gas potential

to the current regulatory landscape to the potential royalty stream the federal government could

realize if federal lands were open to exploration (Hamm estimates $18 trillion, or more than the

U.S. national debt).

• In “The Fallout – Seven months later: Japan‟s nuclear predicament” (subscription required),

The New Yorker’s Evan Osnos explores Japan‟s tangled relationship with nuclear power with a

detailed retelling of the events in March, their aftermath, and the potential implications for

nuclear power in Japan and abroad. Osnos writes, “On balance, the Fukushima disaster handed

no easy victories to either side of the nuclear debate: defenders can no longer pretend to have

engineered away the risks of generating a billion watts in a concrete building, and opponents

cannot easily suggest that a meltdown will produce the huge number of immediate casualties

that the public imagines. Even after Fukushima, several influential environmentalists have

renewed their contention that nuclear power is an unavoidable part of weaning the planet from

the burning of fossil fuels.”

• The U.S. Department of Energy (“DOE”) released its first Quadrennial Technology Review

(“QTR”), which was launched at the recommendation of President Obama‟s Council of

Advisors on Science and Technology. Introducing the report, Secretary of Energy Stephen

Chu writes, “Traditionally, the Department‟s strategy has been organized along individual

program lines and based on annual budgets. With this QTR, we bind together multiple energy

technologies, as well as multiple DOE energy technology programs, in the common purpose of

solving our energy problems. In addition, the QTR provides a multi-year framework for our

planning. Energy investments are multi-year, multi-decade investments. Given this time

horizon, we need to take a longer view.” While the U.S. may be no closer to a formal energy

policy, it at least appears to be organizing its resources more holistically and efficiently.

http://www.dblinvestors.com/documents/What-Would-Jefferson-Do-Final-Version.pdf







http://online.wsj.com/article/SB10001424052970204226204576602524023932438.html

http://www.newyorker.com/reporting/2011/10/17/111017fa_fact_osnos


















http://energy.gov/sites/prod/files/ReportOnTheFirstQTR.pdf







LTM EBITDA Multiples1

Industry Observations

LTM Indexed Stock Performance1

Indexed LTM EBITDA Multiples1

• The Energy, Power, and Infrastructure and Industrial Services indices rebounded following

increased turbulence in August and September.

• The North American rotary rig count continued its climb, again setting a new three-year high

water mark.

• Third quarter M&A activity experienced a slight decline as the macroeconomic circumstances

added an additional element of uncertainty to many processes.

• Commodity prices have stabilized following late-summer declines.

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Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11

S&P 500 Energy Power Industrial & Infrastructure Services

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Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11

Energy Power Industrial & Infrastructure Services

page 2

Index

%

Change

S&P 5.78

Energy 12.93

Power (3.83)

I & IS 8.80

Index

%

Change

Energy 52.02

Power 1.51

I & IS 97.97


Key Trading Statistics1

Current Valuations Versus Historical 5-Year Average1

Note: Based upon current EV / LTM EBITDA versus 5-year historical average. For Cleantech and Renewables, valuation is based upon EV /

LTM Sales.

5-Year

Average

0.0%

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Storage and

Transportation

Electric Utilities

Independent Power

Producers

Industrial & Infrastructure

Services

Refining Exploration and

Production

Integrateds Engineering and

Construction

Mid-Cap Power

Energy Services and

Equipment

Coal Producers

Diversified Power

Cleantech Renewables

page 3

0.0%

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200.0%

Enegy Power Industrial & Infrastructure Services

Enegy Power Industrial & Infrastructure Services

Stock Price % Change TEV / 2011 P/E Ratio

Industry Segment 1 Month 12 Month 10/25/10 4/25/11 Current EBITDA Current 2009

Energy

Integrateds 16.1% 11.1% 4.8x 5.3x 4.3x 3.8x 9.2x 8.6x

Energy Services and Equipment 13.8% 7.8% 8.9x 10.1x 7.7x 5.2x 19.7x 9.1x

Exploration and Production 14.0% 0.8% 6.8x 9.6x 8.0x 5.1x 20.3x 13.1x

Coal Producers 9.0% (29.0%) 9.3x 9.2x 7.3x 4.3x 11.8x 10.5x

Refining 13.1% 35.2% 8.3x 7.8x 5.1x 3.2x NM 5.6x

Storage & Transportation 10.1% 9.2% 13.8x 14.1x 14.6x 10.7x 21.9x 18.8x

Power

Diversified Power 16.4% (12.0%) 10.1x 10.3x 8.1x 7.3x 13.8x 11.2x

Mid-Cap Power 18.1% 7.6% 8.3x 9.7x 7.5x 6.5x 15.6x 12.9x

Independent Power Producers (1.1%) 0.7% 7.1x 11.7x 9.5x 7.7x 15.1x 21.6x

Electric Utilities 1.7% 10.0% 7.9x 8.7x 9.0x 8.2x 13.1x 14.0x

Renewables (2.4%) (26.2%) 1.4x 1.4x 0.9x 0.7x 9.4x 6.9x

Cleantech (11.0%) (53.3%) 1.7x 1.3x 0.8x 0.8x 12.5x 12.1x

Industrial & Infrastructure Services

Engineering & Construction 14.6% (0.0%) 7.4x 10.2x 7.8x 5.6x 16.0x 12.5x

Industrial & Infrastructure Services 19.3% 8.5% 8.5x 10.5x 8.0x 6.6x 17.5x 12.4x

2011 Revenue

TEV /

TEV / LTM EBITDA Multiple as of

LTM Revenue


Gasoline and Ethanol1

Oil1 Natural Gas1

U.S. Rig Counts3

Electricity Prices1 Coal1

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No

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er M

MB

tu)

0.00

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3.75

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No

v-1

0

Dec-1

0

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-11

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r-1

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($ p

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all

on

)

Gasoline Ethanol

0

500

1,000

1,500

2,000

2,500

3,000

Au

g-1

0

Sep

-10

Oct-

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No

v-1

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Jan

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(# r

igs)

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40.0

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per t

on

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lach

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)

Central Appalachian Rotterdam

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r-1

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-11

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($ p

er M

Wg

)

$91.27 per bbl

$41.25 per MWg

page 4

$3.92 per MMBtu

$2.59 per gallon

$2.67 per gallon

CAPP:

$73.47 per ton

Rotterdam:

$117.65 per ton

2,488 rigs


Quarterly United States E&P M&A Activity1

Select Recently Announced Energy & Power Transactions1,2

page 5

Date Target Business Description Acquirer

10/18/2011 Oil Lift Technology, Inc. Canada based manufacturer of progressive cavity pump

products for the artificial lift market

Dover Corporation

10/17/2011 TEC, Inc. US based provider of environmental management

consulting services

Cardno Limited

10/13/2011 Kline Oilfield Equipment, Inc. US based manufacturer of completion and workover

tools used in the oil and gas industry

Logan International Inc.

10/12/2011 Rising Star Services, Inc. US based provider of oilfield cementing and acidizing

services

Complete Production Services,

Inc.

10/10/2011 Complete Production Services, Inc. US based provider of completion and production

services for the development of hydrocarbon reserves

Superior Energy Services, Inc.

9/23/2011 First Choice, Power, L.P. US based provider of renewable energy plans and meter-

based and prepaid electricity services

Direct Energy, LP

9/12/2011 Axis Energy Services Holdings Inc. Canada based provider of directional drilling and MWD

services

Precision Drilling Corporation

9/12/2011 Global Industries, Ltd. US based provider of construction and subsea services

to the offshore oil and gas industry

Technip

9/7/2011 Total Safety U.S., Inc. US based provider of integrated safety and compliance

solutions to the power industry

Warburg Pincus LLC

9/6/2011 Quinn's Oilfield Supply Ltd. Canada based manufacturer and distributor of

reciprocating pumps for oil and gas production

Lufkin Industries, Inc.

9/2/2011 Power Holdings Inc. US based manufacturer of specialized power

distribution, conditioning, and monitoring systems

Smiths Interconnect

8/25/2011 APS Energy Services US based provider of energy conservation and

renewable energy solutions

Ameresco, Inc

8/24/2011 Confluence Solar, Inc. US based manufacturer of single crystal silicon

substrates for the solar photovoltaic industry

GT Advanced Technologies Inc.

8/22/2011 AMES Group LLC US based provider of maintenance and engineering

services to the nuclear power industry

Bartlett Holdings, Inc.

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Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Nu

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s


Member FINRA/SIPC

November 2011

Stock Performance Net Debt / Current Price Change from Change from % of TEV / 2011 P/ERatio EBITDATEV / LTM EBITDA Multiple as ofCurrent Price Change from Change from % of TEV / 2011 P/E Ratio EBITDA

TEV 10/25/11 Prior Month Prior Year LTM High 10/25/10 4/25/11 Current EBITDA Current 2011 4/25/2011TEV / LTM EBITDA Multiple as of

Energy

IntegratedsExxon Mobil Corporation $402,526.8 $79.89 15.3% 20.7% 90.5% 7.1x 7.3x 6.1x 4.4x 10.6x 9.3x 0.1xChevron Corporation $207,190.0 $105.20 16.9% 24.0% 95.7% 4.6x 5.1x 4.5x 3.5x 9.3x 8.1x (0.2x)p $ , $ ( )ConocoPhillips $119,263.6 $70.74 13.2% 15.3% 86.5% 4.4x 4.9x 4.1x 4.0x 9.1x 8.6x 0.7xOccidental Petroleum Corporation $73,218.0 $85.50 18.3% 6.8% 72.5% 6.3x 7.4x 5.9x 4.8x 12.7x 10.4x 0.2xHess Corporation $24,207.8 $59.02 14.6% (5.6%) 67.5% 3.5x 4.6x 3.4x 3.2x 7.4x 8.6x 0.5xMarathon Oil Corporation $18,733.6 $25.85 17.2% (28.0%) 47.6% 4.9x 5.5x 2.3x 2.4x 8.0x 7.2x 0.0x

Median 16.1% 11.1% 79.5% 4.8x 5.3x 4.3x 3.8x 9.2x 8.6x 0.2x

Energy Services and EquipmentLarge Cap Diversified

S hl b Li i d $99 712 8 $68 28 11 6% (0 4%) 71 4% 14 9 15 8 10 6 7 9 21 7 14 1 0 7Schlumberger Limited $99,712.8 $68.28 11.6% (0.4%) 71.4% 14.9x 15.8x 10.6x 7.9x 21.7x 14.1x 0.7xHalliburton Company $34,167.2 $35.17 11.1% 2.6% 60.9% 9.4x 10.6x 6.1x 4.6x 11.9x 8.6x 0.4xBaker Hughes Incorporated $27,572.5 $55.59 12.1% 19.3% 68.6% 10.4x 10.9x 7.8x 4.8x 18.8x 9.8x 0.8xNational Oilwell Varco, Inc. $26,171.8 $67.73 27.2% 41.2% 78.1% 6.3x 10.6x 8.0x 6.4x 15.5x 12.2x (1.1x)Weatherford International Ltd. $18,431.6 $14.81 14.8% (13.3%) 52.7% 11.2x 11.4x 8.3x 5.3x 42.7x 9.3x 3.8x

Median 12.1% 2.6% 68.6% 10.4x 10.9x 8.0x 5.3x 18.8x 9.8x 0.7x

Mid and Small Cap Equipment and Service ProvidersCameron International Corporation $12,699.3 $51.01 16.6% 17.7% 80.8% 10.3x 12.3x 12.1x 8.5x 22.8x 14.1x (0.1x)p , ( )Oil States International Inc. $4,509.7 $67.51 31.8% 31.9% 77.6% 7.1x 11.0x 8.8x 5.5x 16.5x 10.2x 2.2xComplete Production Services, Inc. $3,008.7 $31.30 57.8% 25.3% 73.4% 8.5x 7.2x 5.9x 3.7x 15.3x 7.7x 1.1xRPC Inc. $2,804.2 $17.32 (0.8%) 11.5% 59.6% 8.8x 8.9x 5.2x 3.3x 10.9x 6.6x 0.4xExterran Holdings, Inc. $2,559.7 $9.12 11.0% (63.7%) 33.8% 7.7x 8.5x 6.7x 5.4x NM NM 4.1xDril-Quip, Inc. $2,382.6 $63.97 14.4% (5.8%) 76.3% 14.2x 16.9x 15.3x 11.5x 28.6x 19.4x (1.5x)Key Energy Services Inc. $2,272.0 $11.53 26.9% 12.5% 55.5% 16.6x 15.9x 9.2x 3.4x 258.5x 6.9x 3.3xBasic Energy Services, Inc. $1,244.9 $15.69 18.3% 38.4% 41.5% 11.0x 10.1x 4.6x 3.1x 30.7x 6.6x 3.5x

Median 17.5% 15.1% 66.5% 9.6x 10.5x 7.7x 4.6x 22.8x 7.7x 1.6x

page 6


Member FINRA/SIPC

November 2011



Construction and Equipment ContractorsTransocean Ltd. $25,608.9 $55.29 8.0% (14.6%) 64.3% 6.1x 8.8x 7.8x 5.7x NM 9.7x 2.2xNoble Corp. $13,530.4 $35.00 12.0% 2.2% 74.9% 6.2x 13.3x 14.1x 6.6x 26.4x 8.8x 3.5xDiamond Offshore Drilling Inc. $9,322.8 $64.30 11.5% (7.5%) 79.2% 5.4x 6.7x 5.3x 6.7x 8.8x 12.9x 0.2xTechnip $8,808.5 $95.55 21.7% 9.1% 88.0% 7.8x 9.1x 7.6x NA 17.2x NA (1.5x)Nabors Industries Ltd. $8,354.9 $15.84 12.6% (18.1%) 48.8% 6.6x 8.5x 5.2x 3.6x 27.9x 6.9x 2.4xSubsea 7 SA $8,065.7 $22.83 20.7% 11.6% 81.2% 8.4x 17.5x 16.0x NA 17.6x NA (0.1x)Helmerich & Payne Inc. $5,379.5 $49.23 10.4% 19.2% 67.1% 6.6x 8.8x 5.8x 4.5x 13.6x 10.5x 0.1xRowan Companies Inc. $4,961.0 $34.51 7.6% 5.8% 77.0% 6.4x 12.5x 11.8x 6.4x 24.7x 9.6x 0.9xOceaneering International, Inc. $4,639.7 $42.95 12.5% 59.0% 93.0% 6.0x 9.9x 10.2x 8.3x 23.3x 17.9x (0.3x)Patterson-UTI Energy Inc. $3,415.5 $19.57 9.1% (1.7%) 57.4% 7.4x 7.9x 4.4x 2.8x 13.1x 7.1x 0.5xHercules Offshore, Inc. $1,283.3 $3.69 12.0% 69.8% 52.7% 8.8x 7.7x 7.2x 8.2x NM NM 4.1xPi D illi C $786 8 $9 18 16 8% 46 6% 51 0% 7 5 8 3 5 1 3 1 NM 11 2 2 1Pioneer Drilling Co. $786.8 $9.18 16.8% 46.6% 51.0% 7.5x 8.3x 5.1x 3.1x NM 11.2x 2.1xCal Dive International Inc $374.4 $1.97 4.8% (63.0%) 24.1% 12.6x 13.3x 5.8x 2.9x NM 5.5x 2.7x

Median 12.0% 5.8% 67.1% 6.6x 8.8x 7.2x 5.7x 17.6x 9.7x 0.9x

Exploration and ProductionLarge Cap

Anadarko Petroleum Corporation $50,118.5 $78.02 17.2% 24.3% 91.3% 6.2x 9.1x 7.9x 5.4x 47.0x 22.6x 1.8xApache Corp. $45,316.7 $95.05 14.9% (6.0%) 70.9% 4.9x 5.7x 4.2x 3.4x 9.8x 8.0x 0.7xChesapeake Energy Corporation $31,042.2 $27.41 5.2% 29.5% 76.2% 4.2x 12.6x 9.0x 5.5x 18.9x 10.4x 3.5xp gy p ,Devon Energy Corporation $27,681.7 $61.77 11.6% (5.0%) 66.0% 5.1x 8.1x 4.9x 3.8x 18.6x 9.1x 0.2xEOG Resources, Inc. $28,179.5 $87.94 19.3% (9.8%) 72.4% 12.5x 14.2x 9.0x 5.1x 57.3x 19.9x 1.6xNoble Energy, Inc. $18,468.1 $87.59 24.7% 11.8% 86.5% 7.5x 11.1x 8.3x 5.5x 20.4x 13.8x 1.6xSouthwestern Energy Co. $15,509.2 $40.35 19.0% 18.8% 81.9% 8.1x 9.6x 9.2x 7.3x 23.4x 18.1x 0.8xPioneer Natural Resources Co. $12,207.6 $83.07 23.0% 13.5% 78.3% 7.4x 15.3x 10.8x 6.1x 35.6x 18.1x 2.4xMurphy Oil Corporation $10,993.2 $54.54 21.6% (17.0%) 69.8% 4.1x 4.9x 3.7x 3.2x 11.3x 9.2x 0.1xNewfield Exploration Co. $7,876.3 $37.04 (8.1%) (38.3%) 47.5% 5.9x 9.8x 4.9x 4.1x 10.2x 8.0x 2.5xUltra Petroleum Corp. $6,626.8 $31.15 5.4% (24.9%) 60.8% 6.9x 10.4x 7.2x 5.8x 13.3x 12.0x 2.0xQuicksilver Resources Inc. $3,343.8 $7.65 (6.1%) (49.6%) 47.9% 8.9x 7.7x 6.4x 6.5x 3.7x 35.7x 3.6x

Median 16.0% (5.5% ) 71.6% 6.5x 9.7x 7.5x 5.4x 18.7x 12.9x 1.7x

page 7


Member FINRA/SIPC

November 2011



Mid and Small CapCabot Oil & Gas Corporation $8,434.7 $66.31 8.5% 114.5% 84.0% 7.9x 13.0x 15.6x 8.0x 62.0x 27.1x 2.1xPlains Exploration & Production Company $7,890.3 $29.50 28.3% 7.1% 70.3% 7.0x 9.4x 8.4x 4.7x 21.9x 10.3x 4.1xSandRidge Energy Inc $6 401 2 $7 28 21 1% 26 2% 54 6% 8 9x NM 24 5x 6 6x NM 23 1x 35 2xSandRidge Energy, Inc. $6,401.2 $7.28 21.1% 26.2% 54.6% 8.9x NM 24.5x 6.6x NM 23.1x 35.2xForest Oil Corp. $3,090.8 $11.48 (23.0%) (63.0%) 28.5% 6.5x 9.6x 5.0x 4.6x 11.4x 9.0x 2.9xSwift Energy Co. $1,732.6 $28.85 12.0% (10.7%) 59.9% 5.9x 7.0x 5.1x 3.8x 19.0x 14.4x 1.5xPetroQuest Energy Inc. $579.2 $7.27 23.2% 25.6% 74.6% 3.6x 5.5x 5.2x 4.1x 213.3x 12.0x 0.9xDelta Petroleum Corp. $432.7 $2.25 (11.1%) (69.9%) 16.9% 39.5x NM 15.6x 20.6x NM NM 27.5x

Median 12.0% 7.1% 59.9% 7.0x 9.4x 8.4x 4.7x 21.9x 13.2x 2.9x

Coal ProducersCONSOL Energy Inc. $13,224.9 $40.99 20.2% 6.4% 72.8% 10.1x 10.9x 8.6x 6.0x 21.7x 10.5x 2.5x

$ $Peabody Energy Corp. $12,377.5 $39.86 8.4% (24.0%) 53.9% 9.4x 10.5x 6.7x 4.4x 11.8x 7.3x 0.6xArch Coal Inc. $7,883.6 $16.56 8.5% (33.9%) 44.8% 9.2x 9.5x 9.5x 5.0x 18.4x 6.0x 5.5xAlpha Natural Resources, Inc. $7,538.5 $22.31 9.4% (51.3%) 32.8% 6.8x 8.6x 8.0x 4.2x 83.6x 11.6x 2.7xAlliance Resource Partners LP $2,728.0 $69.95 3.8% 14.7% 83.2% 5.3x 5.4x 5.0x 4.3x 9.8x 8.6x 0.7xPatriot Coal Corporation $1,216.8 $10.67 13.6% (21.3%) 36.5% 14.8x 39.2x 12.6x 3.5x NM 13.6x 3.3xJames River Coal Co. $707.1 $9.07 26.3% (45.0%) 33.5% 3.7x 5.8x 5.3x 3.6x 10.1x 32.3x 2.9xFarmacol SA $205.3 $7.34 6.8% (53.2%) 52.7% 10.8x 9.0x 6.0x NA 8.0x NA 1.1x

Median 9.0% (29.0% ) 48.7% 9.3x 9.2x 7.3x 4.3x 11.8x 10.5x 2.6x

RefiningValero Energy Corporation $16,828.1 $21.86 18.3% 23.0% 70.2% 5.5x 6.0x 4.2x 2.8x 10.0x 5.6x 1.0xSunoco, Inc. $5,714.6 $35.84 9.6% (9.3%) 76.3% 7.2x 6.4x 6.5x 6.9x NM 17.0x 0.9xTesoro Corporation $5,097.3 $24.08 27.2% 81.3% 83.8% 14.5x 6.4x 4.6x 3.5x 9.6x 6.5x 1.3xWestern Refining Inc. $2,360.2 $14.70 13.1% 120.7% 67.6% 8.3x 7.4x 5.1x 3.0x 13.5x 5.2x 2.4xCVR Energy, Inc. $2,204.7 $23.29 3.1% 141.6% 78.7% 7.6x 8.3x 4.7x 2.8x 11.5x 5.5x (0.6x)Hochschild Mining PLC $2,164.9 $7.05 (2.0%) (7.7%) 64.2% 8.3x 7.8x 4.2x NA 10.5x NA (0.9x)Alon USA Energy, Inc. $1,429.9 $7.24 13.1% 27.9% 46.5% NM 17.5x 8.6x 3.3x NM 3.4x 10.0xDelek US Holdings Inc. $1,206.0 $14.28 17.3% 94.3% 81.6% 23.0x 9.5x 6.5x 3.2x NM 5.6x 3.0xFortune Oil plc $346.7 $0.16 (1.9%) 35.2% 66.1% 8.6x 14.2x 11.2x NA 9.6x NA (1.0x)

Median 13.1% 35.2% 70.2% 8.3x 7.8x 5.1x 3.2x NM 5.6x 1.0x

page 8


Member FINRA/SIPC

November 2011



Storage & TransportationKinder Morgan Energy Partners LP $38,801.4 $76.77 12.7% 8.9% 98.4% 14.2x 13.5x 15.3x 10.4x NM 33.9x 4.9xEl Paso Corp. $37,058.5 $25.50 48.5% 95.2% 100.4% 7.7x 12.7x 13.9x 10.7x 36.4x 20.7x 5.6xPlains All American Pipeline, L.P. $15,972.2 $64.17 10.0% 1.0% 97.3% 14.7x 14.6x 13.4x 11.3x 21.6x 16.3x 5.1xEnbridge Energy Partners LP $14,016.2 $29.41 7.5% (3.3%) 85.0% 23.0x 30.2x 28.5x 10.7x NM 18.9x 11.2xMagellan Midstream Partners LP $9,197.7 $63.70 5.9% 20.9% 98.9% 15.4x 16.2x 16.5x 14.3x 21.2x 17.9x 3.7xBuckeye Partners LP $8,722.5 $66.75 7.9% 6.3% 93.1% 13.4x 21.0x 21.9x 14.4x 22.7x 18.6x 6.6xSunoco Logistics Partners L.P. $4,932.9 $95.08 10.1% 19.0% 95.1% 12.4x 11.7x 11.6x 10.2x 9.4x 15.1x 4.0xHolly Energy Partners L.P $1,589.8 $55.00 13.0% 9.6% 90.1% 13.3x 12.5x 12.0x 9.3x 22.2x 19.0x 4.1x

Median 10.1% 9.2% 96.2% 13.8x 14.1x 14.6x 10.7x 21.9x 18.8x 5.0x

Power

Diversified PowerGeneral Electric Co. $504,975.5 $16.18 6.4% 0.7% 74.7% 21.1x 19.5x 15.9x 16.5x 13.3x 10.5x 11.6xSiemens AG $96,096.2 $104.74 18.3% (10.1%) 75.9% 8.0x 8.0x 6.1x 6.0x 12.3x 10.2x 0.3xABB Ltd. $44,003.9 $19.51 16.1% (13.8%) 71.8% 9.8x 10.4x 8.2x 6.9x 15.5x 11.9x (0.3x)Emerson Electric Co. $39,081.6 $46.62 10.1% (15.2%) 74.9% 10.4x 10.2x 8.0x 7.7x 15.8x 13.0x 0.7xSchneider Electric S.A. $38,409.4 $59.44 16.8% (16.5%) 69.2% 9.5x 10.0x 7.3x NA 12.9x NA 1.3xEaton Corporation $18,070.9 $43.30 24.7% (1.9%) 76.7% 10.5x 11.1x 8.4x 6.9x 12.0x 9.9x 1.6xAlstom SA $13,619.5 $37.55 17.5% (28.3%) 59.6% 4.6x 7.2x 4.5x NA 17.3x NA 0.8x$ , $ ( )Cooper Industries plc $9,780.9 $52.29 15.8% (1.3%) 74.7% 11.3x 13.2x 11.2x 9.5x 14.3x 12.5x 1.2x

Median 16.4% (12.0% ) 74.7% 10.1x 10.3x 8.1x 7.3x 13.8x 11.2x 1.0x

Mid-Cap PowerAmetek Inc. $7,457.3 $39.03 18.6% 16.4% 83.0% 12.1x 13.9x 10.8x 9.7x 17.8x 15.3x 1.5xThomas & Betts Corp. $2,679.1 $47.70 22.0% 7.6% 77.1% 8.3x 9.7x 7.5x 6.5x 15.2x 12.5x 0.3xValmont Industries, Inc. $2,480.1 $85.30 3.0% 6.4% 73.5% 9.9x 10.5x 7.3x 6.6x 15.6x 12.9x 0.6xLittelfuse Inc. $1,016.2 $46.93 18.1% 10.1% 70.7% 6.3x 8.3x 6.3x 6.0x 12.0x 11.3x (0.6x)P ll I d t i I $263 7 $32 04 4 2% (3 0%) 77 0% 4 2 7 3 8 4 4 8 218 9 15 7 (2 8 )Powell Industries, Inc. $263.7 $32.04 4.2% (3.0%) 77.0% 4.2x 7.3x 8.4x 4.8x 218.9x 15.7x (2.8x)

Median 18.1% 7.6% 77.0% 8.3x 9.7x 7.5x 6.5x 15.6x 12.9x 0.3x

Independent Power ProducersNRG Energy, Inc. $14,023.1 $21.02 (3.4%) 4.2% 81.9% 5.3x 5.9x 6.5x 7.4x 9.6x 21.6x 3.7xDynegy Inc. $5,006.8 $3.56 (24.4%) (25.7%) 51.4% 9.0x 17.5x 12.5x 11.5x NM NM 15.7xGenOn Energy, Inc. $4,234.3 $2.83 1.3% NA 64.9% NA NA 9.5x 7.7x NM NA 8.8xMirrabooka Investments Limited $214.6 $1.74 11.8% 0.7% 83.1% NM NM NM NA 20.7x NA NM

Median (1.1% ) 0.7% 73.4% 7.1x 11.7x 9.5x 7.7x 15.1x 21.6x 8.8x

page 9


Member FINRA/SIPC

November 2011

Stock Performance Net Debt / Current Price Change from Change from % of TEV / 2011 P/ERatio EBITDATEV / LTM EBITDA Multiple as of

Electric UtilitiesSouthern Company $58,610.0 $43.16 1.7% 13.0% 98.2% 9.4x 9.6x 9.9x 9.4x 18.5x 16.1x 3.6xDominion Resources, Inc. $48,527.3 $50.84 1.7% 14.3% 97.6% 10.5x 8.8x 9.3x 9.5x 17.7x 15.8x 3.9xNextEra Energy, Inc. $44,895.5 $55.23 2.6% 0.7% 93.6% 7.8x 9.3x 9.0x 8.2x 12.7x 11.8x 4.5x

Current Price Change from Change from % of TEV / 2011 P/E Ratio EBITDATEV 10/25/11 Prior Month Prior Year LTM High 10/25/10 4/25/11 Current EBITDA Current 2011 4/25/2011

TEV / LTM EBITDA Multiple as of

Duke Energy Corporation $44,844.9 $20.21 2.1% 13.7% 98.2% 7.9x 8.3x 9.0x 8.0x 13.2x 14.4x 3.5xExelon Corporation $41,537.7 $42.39 (0.1%) 2.6% 93.6% 5.5x 5.7x 6.2x 8.0x 10.7x 14.0x 2.0xFirstEnergy Corp. $37,743.3 $45.04 (0.2%) 21.3% 96.8% 8.4x 9.9x 11.9x 8.5x 26.1x 13.7x 6.2xAmerican Electric Power Co., Inc. $36,650.8 $38.84 3.7% 6.5% 98.7% 7.5x 7.4x 7.6x 7.5x 13.1x 12.1x 3.7xPPL Corporation $34,316.9 $28.94 1.6% 7.6% 97.7% 8.1x 9.2x 9.6x 8.3x 12.0x 11.8x 5.7xProgress Energy Inc. $28,135.6 $51.61 0.5% 14.9% 98.3% 8.5x 8.7x 9.6x 9.2x 18.0x 16.2x 4.2xEdison International $26,372.1 $39.65 6.8% 10.0% 98.8% 6.3x 6.5x 6.8x 6.8x 12.3x 15.0x 3.3xEntergy Corporation $24,310.5 $68.39 4.8% (7.2%) 88.7% 6.6x 6.2x 6.6x 7.5x 9.8x 11.3x 3.2x

M di 1 7% 10 0% 97 7% 7 9 8 7 9 0 8 2 13 1 14 0 3 7Median 1.7% 10.0% 97.7% 7.9x 8.7x 9.0x 8.2x 13.1x 14.0x 3.7x

Renewables 10/25/10 4/25/11 CurrentVestas Wind Systems A/S $5,504.6 $19.78 30.4% (47.3%) 45.6% 1.4x 0.8x 0.5x NA 9.4x NA 1.7xFirst Solar, Inc. $4,898.4 $43.43 (38.2%) (70.5%) 24.8% 4.6x 4.3x 2.0x 1.1x 9.9x 6.0x (0.1x)Suntech Power Holdings Co. Ltd. $2,233.9 $2.30 (12.9%) (73.8%) 21.2% 1.0x 0.9x 0.7x 0.7x 2.5x 28.0x 4.7xSunPower Corporation $1,549.0 $9.14 0.2% (33.3%) 39.1% 1.1x 0.8x 0.6x 0.5x 43.0x 7.9x 2.0xClean Energy Fuels Corp. $899.8 $11.36 (0.9%) (19.0%) 63.6% 4.8x 4.9x 3.4x 2.4x NM NM 1.6x

RevenueTEV / LTM Revenue Multiple as of TEV / 2011

gy p ( ) ( )GT Advanced Technologies Inc. $562.7 $7.17 (8.1%) (13.7%) 41.0% 1.3x 1.1x 0.6x 0.5x 4.8x 4.5x (1.3x)Rentech, Inc. $365.0 $1.19 38.6% 0.8% 80.4% 2.4x 2.0x 2.1x 1.9x NM NM 17.6xFuelCell Energy Inc. $168.3 $0.97 (3.9%) (14.1%) 40.3% 2.2x 2.7x 1.6x 1.0x NM NM 0.5xEnergy Conversion Devices, Inc. $156.7 $0.44 (46.5%) (90.3%) 8.3% 1.1x 0.8x 0.7x 0.6x NM NM (6.0x)Ballard Power Systems Inc. $79.0 $1.41 7.0% (18.5%) 58.4% 1.4x 1.6x 1.1x 0.7x NM NM 0.9x

Median (2.4% ) (26.2% ) 40.6% 1.4x 1.4x 0.9x 0.7x 9.4x 6.9x 1.3x

CleantechItron Inc $1 788 1 $32 26 (2 6%) (48 5%) 47 7% 1 5x 1 1x 0 8x 0 8x 12 0x 8 6x 1 2xItron, Inc. $1,788.1 $32.26 (2.6%) (48.5%) 47.7% 1.5x 1.1x 0.8x 0.8x 12.0x 8.6x 1.2xESCO Technologies Inc. $892.2 $29.08 12.9% (16.1%) 67.4% 1.7x 1.5x 1.3x 1.2x 13.0x 13.0x 0.9xAmeresco, Inc. $676.5 $10.47 5.2% NA 60.0% 1.2x 1.3x 1.0x 0.8x 14.3x 11.2x 3.4xEchelon Corporation $257.0 $6.57 (13.1%) (23.8%) 61.3% 2.8x 2.9x 1.9x 1.4x NM NM 1.7xEnerNOC, Inc. $132.0 $8.08 (22.0%) (73.4%) 25.7% 2.2x 1.0x 0.5x 0.5x NM NM (4.6x)PowerSecure International, Inc. $59.5 $4.11 (11.0%) (58.0%) 41.5% 2.0x 1.4x 0.6x 0.4x 5.2x 15.8x 17.1xComverge, Inc. $46.9 $1.60 (22.7%) (80.3%) 19.7% 1.4x 0.7x 0.3x 0.3x NM NM (0.2x)

Median (11.0% ) (53.3% ) 47.7% 1.7x 1.3x 0.8x 0.8x 12.5x 12.1x 1.2x

page 10


Member FINRA/SIPC

November 2011



Industrial & Infrastructure Services

Engineering & ConstructionFluor Corporation $7,746.1 $55.90 11.1% 12.8% 73.8% 7.6x 13.4x 10.0x 5.8x 27.6x 14.0x (2.9x)D R d G I $4 967 0 $50 26 16 7% 31 5% 88 9% 9 8 15 8 18 5 9 2 41 8 16 2 3 1Dresser-Rand Group Inc. $4,967.0 $50.26 16.7% 31.5% 88.9% 9.8x 15.8x 18.5x 9.2x 41.8x 16.2x 3.1xJacobs Engineering Group Inc. $4,745.4 $38.07 12.8% (2.5%) 68.3% 7.4x 10.1x 7.3x 6.9x 15.7x 12.9x (0.4x)Quanta Services, Inc. $4,039.9 $20.37 7.0% 2.5% 84.2% 8.4x 11.4x 11.9x 7.1x 40.3x 17.8x (1.1x)KBR, Inc. $3,754.6 $28.67 18.0% 15.2% 72.9% 5.0x 8.8x 6.9x 5.0x 11.8x 10.6x (1.1x)Chicago Bridge & Iron Company N.V. $3,312.0 $34.07 17.7% 32.2% 75.5% 6.8x 10.2x 8.7x 6.2x 16.0x 12.0x (0.8x)URS Corporation $3,262.0 $34.46 18.5% (12.3%) 71.3% 5.6x 6.0x 5.2x 4.4x 10.9x 9.1x 0.5xMcDermott International Inc. $3,145.9 $14.12 26.4% (9.0%) 54.0% 7.3x 11.3x 7.3x 5.7x 14.8x 9.8x (0.9x)Shaw Group Inc. $1,506.3 $20.80 (0.2%) (34.6%) 50.0% 5.4x 8.1x 8.2x 4.5x NM 9.5x (0.3x)MYR Group Inc $376 1 $19 17 16 4% 19 9% 72 2% 8 3x 10 0x 7 8x 5 4x 22 6x 13 9x (0 5x)MYR Group, Inc. $376.1 $19.17 16.4% 19.9% 72.2% 8.3x 10.0x 7.8x 5.4x 22.6x 13.9x (0.5x)Pike Electric Corporation $347.0 $6.89 (0.6%) (7.6%) 65.7% 11.1x 10.5x 7.2x 4.7x NM 15.1x 2.7xENGlobal Corp. $78.0 $2.48 (14.5%) (17.1%) 43.7% NM NM NM 2.8x NM 4.9x (1.0x)

Median 14.6% (0.0% ) 71.8% 7.4x 10.2x 7.8x 5.6x 16.0x 12.5x (0.7x)

Industrial & Infrastructure ServicesEMCOR Group Inc. $1,314.2 $22.46 19.3% (17.0%) 68.6% 5.1x 5.5x 4.9x 4.2x NM 10.4x (0.9x)Cape plc $1,052.3 $7.77 NA NA 81.1% NA NA 7.1x NA 12.6x NA 0.8xMistras Group Inc $650 7 $22 29 17 4% 102 3% 94 8% 8 3x 11 6x 12 7x 8 7x 34 2x 21 9x 0 6xMistras Group, Inc. $650.7 $22.29 17.4% 102.3% 94.8% 8.3x 11.6x 12.7x 8.7x 34.2x 21.9x 0.6xTeam Inc. $553.7 $24.36 16.4% 30.3% 84.8% 8.6x 10.5x 8.9x 6.7x 17.6x 13.8x 1.0xFurmanite Corporation $264.4 $6.47 25.4% 2.9% 75.2% 13.5x 10.5x 9.1x 6.6x 17.5x 12.4x 0.2xMatrix Service Co. $230.4 $10.32 28.2% 8.5% 70.3% NA 8.5x 5.5x 3.8x 15.4x 9.9x NM

Median 19.3% 8.5% 78.1% 8.5x 10.5x 8.0x 6.6x 17.5x 12.4x 0.6x

page 11


page 12

Harris Williams & Co. is the premier middle market advisor

with a two-decade legacy of sell side excellence serving

clients worldwide.

Experience

Focus

Market Intelligence

Stability

Global Reach

Exceptional Results

Middle market leader – closed nearly 200 transactions in the last four years.

Execution focus with unparalleled senior-level attention.

Over 10,000 conversations with buyers and lenders each year.

Unparalleled retention of senior professionals.

Approximately 20% of our transactions are cross-border.

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page 13

Harris Williams & Co.’s Energy & Power Group has a broad

range of experience including products, services, and

technologies that support or enhance the overall energy and

power infrastructure.

Key Niches:

• Cleantech, Energy Efficiency, and Renewables

• Power Products, Services, and Technologies

• Oil & Gas Products, Services, and Technologies

• Industrial & Infrastructure Services

• Engineering & Construction

For more information on Harris Williams & Co.’s Energy & Power Group as well as archived

copies of the Energy & Power Industry Update, please visit our website. Archived copies of the

Group’s industry whitepapers, including Transmission & Distribution Infrastructure and ESCOs

– Enabling Energy Efficiency, can also be found on the site.

http://www.harriswilliams.com/industry-energy.html


page 14

Mr. Armstrong co-leads the Energy & Power Group and was Harris Williams & Co.’s second employee, joining the

firm in 1993. In 1999, Mr. Armstrong founded the San Francisco office and has over 19 years of transactional

experience focused in middle market mergers and acquisitions assignments. Having directed over 125 mergers and

acquisitions transactions during his career, Mr. Armstrong has worked across industries including energy and power,

consumer products, building products, business services, distribution, retailing, specialty chemicals, and technology.

As Co-Head of the Energy & Power Group, Mr. Armstrong specializes on the Power segment. Prior to joining Harris

Williams & Co., Mr. Armstrong was with Wheat First Butcher Singer (now Wells Fargo). He earned a B.S. with a

concentration in Finance from the University of Virginia's McIntire School of Commerce and is also a Chartered

Financial Analyst. Mr. Armstrong was past president and director of the San Francisco Chapter of ACG and is

currently a director of the Greater Richmond YMCA.

Mr. Spitzer founded and co-leads the Energy & Power Group at Harris Williams & Co. Over his investment banking

career, Mr. Spitzer has advised clients on a variety of merger and acquisition and strategic advisory assignments, as

well as corporate financings. Mr. Spitzer has advised a diverse range of manufacturing and service businesses in the

energy and power industries. Key niche focus areas have included demand response solutions, power quality

equipment, infrastructure and industrial services, and oilfield products and services. Prior to focusing on energy and

power companies, Mr. Spitzer developed experience in numerous industries including industrial manufacturing,

chemicals, automotive, aerospace and defense, business services, and consumer products. Prior to joining Harris

Williams & Co., Mr. Spitzer worked in the General Industrial Group at Banc of America Securities, LLC and in the

Investment Banking Group at Goldman Sachs & Co. Mr. Spitzer earned an M.B.A. with Honors from Columbia

Business School, where he served as the Caplan Fellow. Mr. Spitzer earned a B.A. in Economics from the University

of Virginia.

Mr. Lucas re-joined Harris Williams & Co. following the completion of an M.B.A. from The Wharton School at the

University of Pennsylvania. Prior to business school, Mr. Lucas served as an Associate with Harris Williams & Co.,

working on mergers and acquisitions transactions in a broad range of industries, including general industrial,

consumer products, plastics, and waste equipment/services. Before re-joining Harris Williams & Co., Mr. Lucas

worked as an Associate with Graham Partners, a private equity group in Philadelphia. Previous experience also

includes work as an Investment Banking Analyst with JP Morgan. Mr. Lucas earned a B.S. in Commerce, with a

concentration in Finance from The McIntire School of Commerce at the University of Virginia.

Prior to joining Harris Williams & Co., Mr. White worked as an Associate in the Equity Capital Markets Group at

SunTrust Robinson Humphrey. Previous experience also includes work in the Capital Finance Group at Wachovia

Securities (now Wells Fargo) where he focused on acquisition financing, growth capital, and workout situations. Mr.

White earned an M.B.A. from the Goizueta Business School at Emory University and a B.S. in Business

Administration from the University of North Carolina at Chapel Hill.

Tiff B. Armstrong

Managing Director [email protected]

+1 (804) 648-0072

Andrew G. Spitzer

Managing Director [email protected]

+1 (804) 915-0174

Brian S. Lucas

Director [email protected]

+1 (804) 932-1323

Matthew G. White

Vice President [email protected]

+1 (804) 915-0131

Prior to joining Harris Williams & Co., Mr. Semple worked as a Global Banking Associate at Deutsche Bank. Within

energy and power, Mr. Semple has advised a diverse range of businesses, including providers of energy efficiency

and clean technology products and services, oilfield products and services, transmission distribution products and

services, and power generation equipment. He earned an M.B.A. from the Darden School of Business at the

University of Virginia and a B.A. from Trinity College in Hartford, Connecticut.

Luke R. Semple

Vice President [email protected]

+1 (804) 648-1158

Sources:

1. Capital IQ.

2. MergerMarket.

3. Baker Hughes.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc.

(NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving

clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition

advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of

FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which

is Authorised and Regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under

which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS

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CONTACT US AT +1 804-648-0072.

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It is not a research report, as such term is defined by applicable law and regulations, and is provided for

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investors must make their own investment decisions using their own independent advisors as they believe

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Philadelphia, PA 19103

Phone: +1 (267) 675-5900

Fax: +1 (267) 675-5901

575 Market Street

31st Floor

San Francisco, CA 94105

Phone: +1 (415) 288-4260

Fax: +1 (415) 288-4269

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© 2011. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams &

Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the FSA. Harris Williams & Co. is a trade name under

which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.


Documents

Energy & Power Industry Update - Harris Williams · 2012. 1. 3. · Energy & Power Industry Update November 2011 Gasoline and Ethanol1 Oil1 Natural Gas1 U.S. Rig Counts3 Coal1 Electricity