water quarterly newsletter · 2020-04-21 · water quarterly newsletter spring 2020 information...

WATER QUARTERLY NEWSLETTER

1

IN THIS ISSUE

Deal in Focus: Desalitech Acquired by

DuPont

Overview of the European Water

Market

COVID-19 and the Water Sector

Sector and Economic Indicators

RJ’s Global Water Team Expansion

Trading and M&A Comparables

Water Quarterly NewsletterSpring 2020

Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James &

Associates' Investment Banking Department and is for information purposes only. This report is not a product of Raymond James & Associates' Research Department; recipients of this report should

not interpret the information herein as sufficient grounds for an investment decision or any other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the

securities mentioned herein; past performance does not guarantee future results. The information in this material is based upon any management forecasts supplied to us and reflects prevailing

conditions and our views as of this date, all of which are accordingly subject to change. Our analyses are not and do not purport to be appraisals of the assets, stock, or business of the Company or

any other entity. © 2020 Raymond James & Associates, Inc., member of New York Stock Exchange/SIPC.

RJ Water

welcomes two

new bankers in

Europe – bios

on page 15

within


2

Your success is our business.

Informed Advice.

Quality Results.

Learn how our deep industry expertise and commitment to each

transaction can help you achieve your business objectives.

Companies developing and utilizing creative solutions to help solve the world’s growing water problems can turn to

the Raymond James Water team for results. The team’s expansive industry relationships and deep market insight

allow us to provide comprehensive service to our clients, particularly those addressing the industry’s biggest secular

trends: water scarcity, water quality and aging infrastructure.

As one of the only investment banking teams with a dedicated focus on the industry, you can expect informed

advice and quality results.


Transaction Represents

Raymond James’ Industry-

Leading 20th Water

Transaction Since 2016

January 2020

Follow-On Offering

$253,500,000

Transaction Represents

Raymond James’ Industry-

Leading 21st Water

Transaction Since 2016

has been acquired by

March 2020

CLANCEY CROWLEY

Vice President

Americas Water

+1 212.885.1821

[email protected]

BRENDAN TIERNEY

Managing Director

Global Head of Water

+1 212.856.4387

[email protected]

ADAM GRAVITT

Associate

Americas Water

+1 212.883.6595

[email protected]

FLORIAN STOEGER

Director

European Water

+49 69.21.93.3722

[email protected]

ALASTAIR ROGERS

Managing Director

European Sustainability

+44 0.203.798.5744

[email protected]


3

Global Water Intelligence

recognized the sale of

Desalitech to DuPont as the

second-best exit valuation for

the 2010s

• Founded in Israel and headquartered near Boston, MA, Desalitech

provides the most advanced closed circuit reverse osmosis (“CCRO”)

systems on the market

• The Company’s systems save more water and energy, are easier to

use, are more flexible and reliable, and operate at a lower cost than

competing solutions

• The CCRO systems are capable of delivering up to 90-98 percent

water recovery with its single-stage configuration at much greater

reliability compared to traditional three-stage RO systems

• Desalitech sells RO systems into U.S. industrial and municipal end

markets and earns licensing revenue from overseas customers

• The Company’s solution has applications in process water, ingredient

water, pure water supply, boiler and cooling tower make up, PFAS

removal, wastewater reuse, and brackish water desalination

• Desalitech possesses a diversified, blue-chip customer base with over

200 systems installed to date

• The Company has recently added remote monitoring (ReFlex Smart)

services through its integrated mobile application, facilitating operation

of its systems

RATIONALE

FIRST QUARTER DEAL IN FOCUS: DESALITECH ACQUIRED

BY DUPONT

• On January 7th, 2020, DuPont Safety & Construction (“DuPont”), a

segment of NYSE-listed DuPont de Nemours, Inc., finalized its

acquisition of Desalitech (the “Company”), a provider of advanced

closed circuit reverse osmosis systems, for an undisclosed amount

• DuPont is a global provider of technology-based materials, ingredients,

and solutions through its Electronics & Imaging, Transportation &

Advanced Polymers, and Safety & Construction segments

• The transaction in the high-growth water purification space reinforces DuPont’s strategic intent to provide a robust portfolio

of technologies to meet its customers’ current and future challenges while advancing its corporate commitment to

sustainability

• Desalitech presents DuPont with the opportunity to work with OEMs, end users and value chain partners around the world,

using business models such as technology licensing, system sales and fabrication partnerships to increase access to

Desalitech’s CCRO technology

• The acquisition enables Desalitech to have an exponentially greater impact on global water scarcity with many more

partners and users able to access this efficient, resilient and flexible water purification and reuse technology

TRANSACTION OVERVIEW

COMPANY OVERVIEW

Second-Best

Exit Valuation

Sources: Capital IQ, Global Water Intelligence, and Desalitech & DuPont websites and

press releases.


4

OVERVIEW OF THE EUROPEAN WATER MARKET

The global water market, encompassing the expenditures

for equipment and operations in the provision and

distribution of water and the treatment of wastewater for

municipal, industrial, agricultural and residential

applications, is estimated to exceed EUR 750bn(1) per

year. The European water market accounts for c. 20%(2)

of the global market, or around EUR 150bn per year, and

is expected to exhibit a growth of 100 to 200 basis

points(3) above GDP growth. In the European Union, GDP

growth has historically exceeded 2.0% and is forecasted

to reach 1.4%(4) this year.

European water market of EUR 150bn growing at

100 to 200 basis points above GDP.

With a share of around two thirds of the market, municipal

utility expenditures are driving the European water

market. This section of the market can be further divided

into municipal capital and operating expenditures that

amount to 40% and 60%, respectively. The remainder of

the European water market is dominated by industrial

capital and operating expenditures (c. 15%) as well as

bottled water (c. 14%), point-of-use equipment (c. 2%)

and irrigation equipment (c. 2%) (5).

Market growth in Europe is driven by increasingly

stringent regulation as well as a growing need to address

the three dominating secular trends: aging infrastructure,

water scarcity and water quality.

THE EUROPEAN WATER MARKET Forecasts of municipal utility capital expenditures for

water and wastewater infrastructure across Europe

expect spending to exceed EUR 500bn between 2016

and 2025. More than EUR 225bn of this investment will

be dedicated to maintaining and expanding Europe’s 6.7

million kilometers of aging and leaking pipe networks.

Further regulatory developments may trigger further

investment(7).

AGING INFRASTRUCTURE

Similar to other developed regions such as the United

States, the European water infrastructure is among the

oldest on the planet with many parts of the system

exceeding their useful life of around 60 - 80 years. In fact,

more than 60% of the water infrastructure across

European nations is older than 40 years, creating an

immediate need for maintenance and repair. In Germany

for instance, more than 15% of the sewer network is older

than 75 years and around 7% is older than 100 years(6).

Most countries currently only rehabilitate around 1% of

their network each year, an insufficient amount to keep

the entire network in fully operational condition.

Increasing urbanization across Europe is further putting

pressure on infrastructure in already tarnished condition,

further accelerating the rate of deterioration.

More than 60% of the European water infrastructure

is older than 40 years.

WATER SCARCITY

Water scarcity is not only a challenge in developing

nations but also prevalent in Europe. According to the

Water Exploitation Index, a withdrawal ratio comparing

yearly water abstraction with long-term water resources

across European nations, a number of Mediterranean

countries such as Greece, Turkey, Cyprus and Malta and

also other European nations such as Portugal and the

Czech Republic are classified as water-stressed.

Analyses from the European Environment Agency find

that around 20% of the European territory inhabited by

around one third of Europe’s population experienced

water scarcity conditions during recent summers(8).

According to a World Bank survey, companies in Europe

experience insufficient water supply for their operations

for around seven days during the year.

~1/3 of Europe’s population experienced water

scarcity conditions.

Additionally, water use is inefficient in many parts of

Europe, further exacerbating water shortages during

water-scarce conditions. In France and Spain, for

example, up to 30% of water is lost before it reaches the

end consumer(9).

These conditions create a strong incentive to increase

water reuse in Europe and to initiate further investments

into the water treatment infrastructure.

>35%

China

>65%

USA

>60%

EU

~1.1% ~1.0% ~0.8%

% of sewer network older than 40 years % renewal rate per year

Over the past six months, the Raymond James Water team has continued its aggressive growth with three new hires.

Alastair Rogers and Florian Stoeger will assist with the European roll-out of the water team's global coverage efforts, and

Adam Gravitt will compliment the team in North America. Full bios can be found on page 15.

(1) Average of various market studies.

(2) Extrapolated from global capital

expenditure based on Equilibrium

Water Market Forecast.

(3) Source: RobecoSAM.

(4) Source: European Commission.

(5) Source: GWI.

(6) Source: Reline Europe CDD.

(7) Source: Bluefield Research.

(8) Source: European Environment

Agency.

(9) Source: RobecoSAM.


5

OVERVIEW OF THE EUROPEAN WATER MARKET (CONT’D)

Similar to the difficulties around water scarcity, insufficient

water quality is another increasing concern in Europe.

According to the latest report from the European

Environment Agency on water quality in Europe, only 40

percent of rivers, lakes, estuaries and coastal waters

reach the ecologically acceptable standard required by

the European Water Directive(1).

The European Union first enacted its Drinking Water

Directive in 1998 and most recently updated its rules in

2018 to improve access to water, upgrade drinking water

standards and increase transparency across its member

states.

While tap water is safe to drink in most European

countries, some Eastern European countries such as

Albania and Montenegro struggle to ensure sufficient

quality of their drinking water. Additionally, several

Southern European nations resort to chlorinating their tap

water in order to make it safe to drink.

Increasing concern on insufficient water quality.

In many European countries, the safest way to consume

water is by resorting to bottled water. Consumption of

bottled water in Europe is especially high in countries with

problematic water supply such as Italy, Hungary, Spain

and Portugal. This circumstance is underpinned by the

fact that 90% of bottled water in Europe is consumed

inside the home. Despite the efforts of the European

Union to increase water quality, the consumption of

bottled water is expected to rise by more than 3.0% per

year in the upcoming years(2).

WATER QUALITY Current trend to focus on strategic core functions.

Suez announced an asset rotation program as part of its

new strategic roadmap in October of 2019, which could

encompass 15% to 20% or up to EUR 4.0bn of overall

assets. In February 2020, the Company declared it would

complete a first wave of divestments amounting to c. EUR

1.5 – 2.0bn during the course of the year. Suez has

begun preparing the sale of selected Northern European

waste and recycling businesses, which includes the

divestment of the Swedish as well as Dutch and Belgian

waste businesses. After exiting these more challenging

businesses, Suez is expected to divest its Spanish water

business Agbar in a transaction that could be valued at c.

EUR 3.0bn (depending on the outcome of the current

legal battle). The Company’s remaining 80% stake in the

Suez North America water business, formerly known as

United Water, is also flagged as a likely divestment

candidate.

Earlier in March 2020, Veolia announced a 20% rotation

of its asset portfolio as part of its “IMPACT 2023” strategic

program. The Company confirmed during its most recent

results conference that it was planning to divest non-

strategic assets worth up to EUR 3.0bn. This

announcement follows already completed sales of its

Chinese municipal utility assets as well as its Swedish

industrial maintenance operations in 2019. Veolia

announced it would remain open to targeted acquisitions

of up to EUR 500m(3).

In the face of the global pandemic surrounding the spread

of the coronavirus that has resulted in M&A activity

grinding to a halt around the globe, the environmental

services sector has shown resilience by marking one of

the largest deals since the beginning of the turmoil. In this

transaction, the buyout of Viridor by KKR, the seller

Pennon Group decided to proceed with KKR’s offer

despite having higher rival bids because it was the most

certain in the current climate. Viridor’s business is

characterized by its resilient and defensive nature that is

supported by long-term contracts with local authorities

that can last up to 25 years. Such traits are common in

the environmental services sector and are expected to

underpin continuing deal activity. Disappointed Viridor

suitors could well make overtures to other participants in

the space such as the aforementioned potential

divestments by Suez and Veolia(4).

CURRENT DEVELOPMENTS IN THE M&A MARKET

After multiple years of market consolidation, major

players in Europe’s water industry recently launched

reorganization strategies by identifying non-core areas

and focusing on strategic core functions. In France, two of

the largest global players – the water and waste

management conglomerates Suez and Veolia – have

recently commenced large-scale portfolio reviews that will

result in divestment programs and refocusing of their

operations by reducing the construction risk. In the UK,

Weir is contemplating disposals, and Pennon Group

recently divested its recycling and waste management

division Viridor after a strategic review of its operations.

Further divestments could come from Engie in France

and EDP in Portugal.

(1) European Environment Agency.

(2) Statista.

(3) Source for the paragraph: MergerMarket Intelligence.

(4) Sources: MergerMarket, Financial Times.


6

COVID-19 AND THE WATER SECTORGovernments worldwide and the nature of the COVID-19 pandemic have deemed water mission critical; however, the sector

is not completely immune to macro windfalls despite proving it is essential and is adapting accordingly.

In order to preserve cash, businesses are postponing

or cancelling projects, reducing hours, deferring

paychecks, furloughing employees, or laying off

personnel

In compliance with Stay-at-Home orders,

organizations are operating remotely or staggering

shifts if office/facility presence is required

Despite historically low interest rates, non-critical

projects are temporarily halted due to demand

concerns / uncertainty; GWI survey indicates over

50% of CapEx projects are delayed more than a

quarter(1)

Increasing adoption of digital technologies to enhance

remote-control, remote-monitoring, and automation

capabilities to provide workplace flexibility

Utilities are increasingly expanding knowledge sharing

within their networks to relay operational best

practices that combat the spread of COVID-19 and

deliver required essential services

Businesses are reporting slower cash collection

cycles and are consequently managing working

capital more strictly to ensure sufficient cash levels

Companies with strong balance sheets and a growth

mindset are seeking opportunistic investment /

acquisition opportunities as valuations decrease and

distressed assets increase (e.g. midstream oil water

services)

Liquidity concerns are tempting many companies to

tap into undrawn credit lines (incl. revolvers) to

maximize cash and meet OpEx requirements normally

covered by operational cash flow

Businesses facing phased, international supply chain

disruptions have to shift production to facilities that

aren’t capacity constrained in order to meet demand

Businesses are identifying opportunistic markets

primed to benefit from increased infrastructure

investment resulting from government stimulus

measures intended to rejuvenate the economy

OPERATIONAL FINANCIAL

STRATEGIC

BUSINESS RECOVERY FORM

(1) Source: Global Water Intelligence; GWI Magazine March 2020.

V-shape: operations in end markets with

binary consumption demand that have

responded largely by OpEx reductions

U-shape: operations in end markets

requiring longer recovery cycles that have

responded by OpEx and CapEx reductions

L-shape: operations in end markets with

mid-term impacts due to longer phased-

out or cancelled projects / investments

Limited exposure

Utilities with limited construction

exposure

Digital technology

Residential filtration

Midstream oil water services

Trenchless rehabilitation / piping

Mining, chemical, automotive

Commercial filtration in heavily

exposed business models

OUTLOOK

WATER SECTOR EVOLUTION PERSPECTIVES ON M&A

Expedited and increased investment in smart digital technologies

and automation

Increased infrastructure projects resulting from government

stimulus

Strengthened focus on both potable / wastewater treatment

technologies protecting public health

Reduced travel as companies look at remote technologies for

customer engagement and project oversight

• Immediate focus on portfolio

companies

• Sub-debt funding uncertain

amid mixed feedback from

lenders

• Open for smaller

opportunistic investments

• Companies with strong

balance sheets actively

identifying targets

• Uncertainty regarding

recovery shape of targets is

primary source of hesitation

• Increased interest in

distressed assets in vertical

operations

Sponsors Strategics


77

MACRO INDICATORS

CHINA ECONOMY

EUROPE ECONOMY

US ECONOMY

Hang Seng IndexGDP Growth (PRC) Inflation vs Unemployment(1)

STOXX 600 IndexGDP Growth (EU) Inflation vs Unemployment(1)

S&P 500 IndexGDP Growth (USA) Inflation vs Unemployment(1)

Source: Bloomberg, FactSet. Market data as of 3/31/2020.

(1) Unemployment data is unavailable for the month of March for the US, for both

February and March 2020 for the EU, and is only available quarterly for China. Data

for the most recent quarter is unavailable for China.


8

AAA 10-Year Muni Index to 10-

Year Treasury RatioMuni Bond Issuance ($ billions)

8

SELECT WATER END-MARKET INDICATORS

US MUNICIPAL

AGRICULTURE

US Corn Futures(1)

INDUSTRIAL

Water Utility Employment (000s)(2)

US Building Permits (000s)(2) US Ductile Iron Pipe Pricing

RESIDENTIAL & CONSTRUCTION

EU PMI(2)

Expanding

Contracting

US PMI

German Building Permits (000s)(3)

Expanding

Contracting

Source: Bloomberg, Municipal Securities Rulemaking Board, Bureau of Labor Statistics, FactSet.

Market data as of 3/31/2020.

(1) Corn Futures Contract from Chicago Board of Trade. Contract size is 5,000 bushels.

(2) Values for March 2020 are extrapolated as the actual values have not yet been made publicly

available.

(3) Values for the months of February and March 2020 are omitted as they are not available.


99

WATER SCARCITY INDICATORS

STATE WATER PROJECT (SWP) LONG-TERM WATER SUPPLY CONTRACT ALLOCATION LEVELS(3)

PALMER DROUGHT SEVERITY (“PDSI”) INDEX(2)

NASDAQ VELES CALIFORNIA WATER INDEX (NQH2O)(1) ($ Per Acre Foot)

The NQH2O Index benchmarks the price of water across California in a way that supports

price discovery and enables the creation of a tradable financial instrument

The PDSI Index uses readily available temperature and precipitation data to

estimate relative dryness nationwide. Positive numbers indicate wet periods, zero is

normal, and negative numbers indicate droughts

The allocation is the % of each long-term water user’s contracted volume that the state will actually

provide during a given year. In dry years, the allocation is lower because less water is available for

delivery. In wet years, the allocation is higher because more water is available for delivery

Wet Periods

Droughts

(1) Bloomberg. Market data as of 3/31/2020. Used with permission from NASDAQ.

(2) U.S. Department of Commerce, National Environmental Satellite, Data, and

Information Service, as of 3/31/2020.

(3) California Department of Water Resources, as of 3/31/2020.


1010

M&A OVERVIEW

MIDDLE MARKET ($50 MILLION OF EBITDA OR LESS) LBO PURCHASE PRICE AND NET LEVERAGE MULTIPLES

RECENT SELECT WATER TRANSACTIONS

Since the Great Economic Recession in 2009, middle market LBO purchase price and net leverage multiples have continued

to increase. It has yet to be determined what effects COVID-19 will have on water-related transaction multiples for 2020.

Sources: S&P LCD, CapIQ, MergerMarket, press releases and Raymond James

internal resources.

Date Transaction EV / LTM

Announced Buyers/Investors Target Target Description Value ($mm) Revenue EBITDA

3/30/20 Morgan Stanley Infrastructure Inc. Seven Seas Water Corporation Water production and wastewater treatment plants - - -

3/18/20 KKR & Co. Inc. Viridor Limited Recycling, renewable energy, and waste management $5,174.8 5.2x 19.5x

3/17/20 Synagro Technologies, Inc. Capital Assets of Pace Dewatering Systems Centrigugal dewatering equipment and services - - -

3/9/20 Primo Water Corporation Mountain Valley Water Company Bottled water production and delivery - - -

3/9/20 Bessemer Investor Services, Inc. Leonard Valve Company Water temperature control valves and monitoring devices - - -

3/9/20 Antelope Water Management, LLC Assets of KMX Membrane Technologies Corp. Membrane distillation technology - - -

2/25/20 WaterBridge Centennial Resource Development Oil and gas production $225.0 - -

2/20/20 Liquid Environmental Solutions Atlas Pumping Water-related pump services - - -

2/6/20 Cambrian Innovation Inc. Baswood Corporation Wastewater and biosolids treatment - - -

2/4/20 Ixom Watercare, Inc. Medora Corporation Water container mixing solutions - - -

2/3/20 Bregal Unternehmerkapital GmbH Relineeurope AG Trenchless rehabilitation solutions - - -

2/3/20 Northwest Pipe Company Geneva Pipe, Inc. Precast concrete pipe manufacturer $49.4 1.1x -

1/23/20 TPG Growth Denali Water Solutions LLC Organic residuals management - - -

1/14/20 Nielsen-Kellerman, Inc. RainWise, Inc. Meteorological equipment manufacturer - - -

1/13/20 Cott Corporation Primo Water Corporation Bottled water delivery and filtration services $778.2 2.5x 16.5x

1/13/20 Sciens Capital Management Integrated Water Services, Inc. Water and wastewater treatment solutions - - -

12/23/19 Culligan AquaVenture Holdings Limited Filtered water coolers and wastewater treatment plants $1,130.8 5.7x 14.0x

12/18/19 DuPont de Nemours, Inc. OxyMem Limited Wastewater treatment solutions - - -

12/18/19 HQIB Rausch GmbH and minCam GmbH CCTV pipeline inspection technology - - -

12/10/19 EQT Partners Recover Nordic Plumbing-related damage control services - - -

12/11/19 DuPont de Nemours, Inc. Desalitech, Inc. Closed-circuit reverse osmosis technology provider - - -

12/9/19 Innovyze, Inc. EMAGIN Clean Technologies Inc. AI-driven asset monitoring software provider - - -

11/20/19 Liberty Utilities Co. New York American Water Company, Inc. Water and wastewater services $608.0 - -

11/25/19 Saur Riventa Limited Pump system optimization - - -

11/18/19 DS Services of America The Water Guy Water bottle delivery services - - -

11/15/19 Almar Water Servicios España Osmoflo SpA Water treatment plant operator - - -

11/13/19 Oldcastle Infrastructure, Inc. Torrent Resources, Inc. Precast concrete stormwater drainage solutions - - -

11/10/19 FSN Capital Partners iMPREG GmbH Trenchless rehabilitation solutions - - -

11/1/19 Waterlogic Plc Pure Water Technology (Ohio & Georgia Dealers) Water cooler provider - - -

10/30/19 Consolidated Water Co. Ltd. PERC Water Corp. Wastewater treatment facility developer $4.1 - -

10/17/19 Holland Pump Company Alpha Pump & Equipment, Inc. Water pump distributor and service provider - - -

10/4/19 Culligan Rayne Corporation Water treatment systems and products - - -

10/3/19 Trimble Cityworks Infrastructure and property management software - - -

10/3/19 DuPont de Nemours, Inc. Memcor Microfiltration membrane technology $110.0 1.6x 12.2x


11

M&A OVERVIEW (CONTINUED)

Sources: S&P LCD, CapIQ, MergerMarket, press releases and Raymond James

internal resources.

Date Transaction EV / LTM

Announced Buyers/Investors Target Target Description Value ($mm) Revenue EBITDA

10/1/19 Evoqua Water Technologies LLC Frontier Water Systems Water treatment solutions - - -

9/30/19 Culligan Oasis International Water cooler provider - - -

9/17/19 Aqua America Assets of DELCORA Municipal wastewater system $276.5 - -

9/5/19 Montrose Environmental Group, Inc. Emerging Compounds Treatment Technologies Environmental treatment technologies - - -

8/27/19 Servelec Technologies Limited Primayer Limited Water network monitoring - - -

8/5/19 Chemed Corporation Substantial Assets of HSW RR, Inc. Plumbing services $120.0 - -

8/1/19 Advanced Drainage Systems, Inc. Infiltrator Water Technologies, LLC Wastewater treatment solutions $1,080.0 3.7x 12.1x

7/23/19 DuPont de Nemours, Inc. inge GmbH Ultrafiltration technology - - -

7/22/19 Hydro International M&N Electrical and Mechanical Services Ltd Wastewater treatment products and services - - -

6/13/19 FCC Aqualia, S.A. SPI Environnement Water treatment solutions - - -

5/17/19 GIC Pte. Ltd. WaterBridge Resources, LLC Midstream development focusing on water infrastructure $2,800.0 - -

4/24/19 XRI Blue Fountain Quail Water management solutions for oil & gas - - -

4/10/19 Behrman Capital Waterline Renewal Technologies, Inc. Undeground pipe restoration services $125.0 - -

4/8/19 A. O. Smith Corporation Water-Right, Inc./Mineral-Right, Inc. Water treatment systems $107.0 - -

3/26/19 Olympus Partners Tank Holdings Corp. Bulk storage and material handling products - - -

3/14/19 Laurel Solutions Servelec Technologies Limited Remote telemetry unit manufacturer - - -

2/25/19 First Reserve Corporation Trillium Flow Technologies Pump and valve technologies $359.3 - -

2/8/19 Kurita Water Industries Ltd. U.S. Water Services, Inc. Water treamtment chemical provider $270.0 - -

2/7/19 Xylem Inc. Aquatune Hydrogren fuel systems - - -

2/8/19 Refresco Group B.V. Cott Beverages LLC Beverage and food services $50.0 0.6x -

1/20/19 Shawcor Ltd. ZCL Composites Inc. Fiberglass underground storage tanks $229.8 1.7x 12.5x

1/10/19 Pentair plc Aqua Membranes LLC Water filtration membrane technology - - -

1/7/19 Pentair plc Pelican Water Systems Water softener and water filter systems $120.0 3.2x -

1/7/19 Pentair plc Aquion, Inc. Water treatment equipment and solutions $160.0 2.2x -

1/2/19 Ostara Nutrient Recovery Technologies Inc. Substantially all Assets of Multiform Harvest Inc. Agricultural run-off treatment systems - - -

12/27/18 J.F. Lehman and Company, LLC Inland Pipe Rehabilitation LLC Undeground pipe restoration services - - -

12/18/18 Quench USA, Inc. Pure Water Technology Water cooler provider $57.0 2.9x N/A

12/1/18 Yantai Jinzheng Eco-Technology Co., Ltd AMS Technologies Ltd. Nanofiltration and ultrafiltration membranes $9.5 - -

11/6/18 Oaktree Capital Management MWH Constructors Water-focused construction services - - -

11/1/18 Platinum Equity, LLC Water Care Business of Lonza Group Water treatment services $630.0 - -

11/1/18 AquaVenture Holdings Limited AUC Group, Inc. Water production and wastewater treatment plants $130.0 - -

10/31/18 WaterBridge Resources, LLC Infrastructure Assets in the Delaware Basin Water infrastructure $325.0 - -

10/1/18 Eurofins Scientific SE TestAmerica Environmental Services, LLC Environmental testing services $175.0 0.8x -

10/1/18 Suez Ventures Optimatics Pty Ltd. Water and wastewater system management software - - -

9/24/18 EQT Partners Saur Water, wastewater, and solid waste management - - -

9/20/18 Ovivo Inc. Filterboxx Modular water and wastewater treatment systems - - -

9/3/18 DuBois Chemicals, Inc. Triwater Holdings - Treatment Water treatment and infrastructure services $165.0 - -

8/30/18 XPV Water Partners Metasphere Ltd Remote telemetry unit manufacturer - - -

8/28/18 Marlowe Plc Suez's UK Water Conditioning Services Unit Water treatment and testing $5.8 - -

8/7/18 Culligan Water Co. Holding LLC Water cooler services - - -

8/6/18 Kao USA Inc. Washing Systems, LLC Commercial laundry processing products - - -

7/30/18 Northwest Pipe Company Ameron Water Transmission Group, LLC Steel and concrete pipe manufacturer $38.3 0.7x -

7/26/18 PGGM Infrastructure Fund SUEZ Water Resources Inc. Waste and waste cycle management $3,005.0 - -

7/23/18 Culligan Aqua Vital Mineral water dispensers and water coolers - - -

7/18/18 Custom Molded Products Aqua Sun Ozone International Water and air sanitizers - - -

7/2/18 United Rentals, Inc. Bakercorp International Holdings, Inc. Liquid contrainment and treatment solutions $715.0 2.4x 9.1x

6/28/18 Bain Capital Private Equity, LP Italmatch Chemicals S.p.A. Performance additive manufacturer - - -

6/20/18 Evoqua Water Technologies LLC ProAct Services Corporation Environmental air and water treatment solutions $132.0 2.4x 11.0x

6/7/18 Milestone Partners Management Co., L.P. RedZone Robotics, Inc. Remote pipeline inspection technology - - -

5/30/18 Kurita Water Industries Ltd. 51% of Fracta, Inc. Potable water distribution monitoring software $37.0 - -

5/3/18 Solenis International BASF Chemical manufacturer - - -

4/23/18 SPX Corporation ELXI Corporation (d/b/a Cues) Remote pipeline inspection technology $189.0 2.1x -

Median $132.0 2.1x 11.0x

Mean $502.4 2.4x 11.3x


12

AGRICULTURE ENGINEERED SOLUTIONS FLOW CONTROL

INFRASTRUCTURE

RESIDENTIAL & COMMERCIAL

SERVICES SMART TECH

SPECIALTY CHEMICAL

PUBLIC COMPANY COMPARABLE UNIVERSE

Set forth below, we have classified select publicly traded companies within the water universe into nine subsectors. We

recently recategorized the sector groups given the growing importance on smart tech, services, and engineered solutions

providers. In addition, we increased the representation of non-U.S. companies to reflect the addition of the water-related

bankers in Europe.

UTILITIESSPECIALTY DISTRIBUTION

This report includes logos or other words or devices that may be registered trademarks of their respective

owners. Such use is solely for purposes of convenience in referring to the trademark owners and their

products/services. This report and its contents are not endorsed, sponsored or affiliated with any trademark

owner. Raymond James & Associates, Inc. and its affiliates are not affiliated with any trademark owner but

may provide certain financial services to one or more trademark owners or their affiliates.


1313

SPECIALTY CHEMICAL SPECIALTY DISTRIBUTION UTILITIES

PUBLIC COMPANY VALUATION: EV / LTM EBITDA

INFRASTRUCTURE RESI & COM SERVICES SMART TECH

AGRICULTURE ENGINEERED SOLUTIONS FLOW CONTROL

Source: Bloomberg market data as of 3/31/2020.

Note: Values represent the median EV / LTM EBITDA multiples for each sector over

the course of the period. For additional detail on the companies within each sector, see

detail pages in the back of the newsletter.


14

INDUSTRY PERFORMANCE OVERVIEW

STOCK PRICE PERFORMANCE

REVENUE CAGR (’20-’22)

GROSS MARGIN (LTM)

Source: CapIQ market data as of 3/31/2020.

Note: Values represent the median price, revenue CAGR, and gross margin for each

sector over the course of the period. For additional detail on the companies within each

sector, see detail pages in the back of the newsletter.


15

Over the past six months, the Raymond James Water team has continued its focus on growth with three new hires.

Alastair Rogers and Florian Stoeger will assist with the European roll-out of the water team's global coverage efforts and

Adam Gravitt will compliment the Americas team.

WATER INVESTMENT BANKING TEAM

Broc Edwards

Analyst

Americas Water, New York City

Previous Experience:

Keefe, Bruyette & Woods

Education:

Michigan State University

O: +1 212 883 6585

E: [email protected]

Robert Weiner

Analyst



Skyway Group

Education:

University of Virginia

O: +1 212 883 6582


The broader team is excited about leveraging the leading transaction experience in the Americas and Europe with

increasing coverage in all geographies where our clients have operations.


Canaccord Genuity

Hawkpoint

UBS Investment Bank

Education:

University of Cambridge

Alastair Rogers

Managing Director

European Sustainability, London

O: +44 0.203.798.5744



Robert W. Baird

Deloitte Financial Services

Education:

Lancaster University

Vienna University

Florian Stoeger

Director

European Water, Frankfurt

O: +49 69 21 93 3722



Unilever

U.S. Navy

Education:

Columbia Business School

Texas A&M

Adam Gravitt

Associate


O: +1 212 883 6595


Brendan E. Tierney

Managing Director

Global Head of Water, New York City


Janney Montgomery Scott

Rabobank

Citigroup

Education:

Cornell University

Tufts University

O: +1 212 856 4387


Clancey W. Crowley

Vice President



Citigroup

AllianceBernstein

U.S. Navy

Education:

New York University

Georgetown University

O: +1 212 885 1821



16

• Full-service financial services firm with investment banking, equity research, institutional sales & trading and asset

management operations

• Founded in 1962 and public since 1983 (NYSE: RJF)

• Fiscal 2019 net revenue of over $7.7 billion; net income of approximately $1.1 billion

• Total market capitalization of approximately $9.0 billion; client assets of approximately $840 billion

• More than 125 consecutive quarters of profitability

• Over 8,000 financial advisors in more than 3,000 retail offices serving approximately 3 million accounts throughout the

United States, Canada and overseas

• European operations in the United Kingdom, France, Belgium, Germany and Switzerland

• 29 North American and international investment banking and institutional sales offices with over 420 bankers

INVESTMENT BANKING OVERVIEW

RAYMOND JAMES AWARDS & RECOGNITION

M&A Advisory Public OfferingsPrivate

Placements

MIDDLE MARKET

INVESTMENT BANK OF THE

YEAR

(2010)

AMONG THE “MOST

ADMIRED” SECURITIES

COMPANIES

(2011)

RANKED

2nd PLACE

“BEST ON THE STREET”

(2011)

INVESTMENT

BANKING

FIRM OF THE YEAR

(2016)

USA MIDDLE MARKET

M&A INVESTMENT BANK

OF THE YEAR

(2016)

RECEIVED

16 STARMINE

ANALYST AWARDS

(2017)

INVESTMENT SERVICES

PROVIDER OF THE YEAR –

USA

(2014)

INDUSTRIALS DEAL

OF THE YEAR

(2019)

PRACTICE OVERVIEW

RAYMOND JAMES OVERVIEW

• Exclusive Sales

• Acquisition Advisory

• Management Buyouts

• Leveraged Buyouts

• Fairness Opinions

• Initial Public Offerings

• Follow-On Offerings

• At-the-Market Offerings (ATMs)

• Senior & High Yield Debt

• Convertible Securities

• PIPEs

• Private Equity

• Senior Debt

• Subordinated Debt

Criteria for the awards can be found at

https://www.raymondjames.com/corporations-and-institutions/accolades.

Raymond James Overview information as of 3/31/20.

https://www.raymondjames.com/corporations-and-institutions/accolades


17

REPRESENTATIVE CREDENTIALSRaymond James has participated in many industry-shaping transactions, including mergers and acquisitions, strategic

advisory, fairness opinions and equity and debt capital raises, within the water and wastewater space.

Initial Public Offering

$134,550,000

October 2016 September 2015

$13,000,000

Private Placement

Environmental

Disposal

Corporation

January 2016


July 2015

$43,480,000

has been acquired by has been acquired by

May 2015


June 2017 April 2017

$26,000,000

Private Placement

August 2017

has been acquired byhas sold its assets to

Heart of Texas

Suppliers

October 2017

$59,000,000

June 2018

has acquired

November 2017

$575,000,000

Initial Public Offering

$442,750,000

Follow On Offering

March 2018June 2018


$132,000,000

June 2018

has acquired

by way of an MBO backed by

Carve-out Sale of

March 2019 December 2018

a portfolio company of


$58,000,000

April 2019


C$312,000,000

Follow-On Offering

$79,600,000

July 2019

June 2014

has completed a

recapitalization led by has been acquired by

October 2014

$10,000,000

April 2014

Common Stock

Private Placement

March 2014

has sold substantially all of

its OCTG assets to an

affiliate of

SB International Inc.

$42,720,000

January 2015

$160,000,000



July 2019



September 2019



October 2019

has received a majority

investment from

November 2019



January 2020


October 2017


March 2020

Follow-On Offering

$253,500,000

Note: Includes transactions completed by Raymond James or senior bankers while at

previous firms.


18

WATER CONFERENCE CALENDAR: NEXT 12 MONTHS

30 August – 1 September 2020 Madrid, Spain

Major annual international

business meeting for the water

industry

7 – 11 September 2020 Munich, Germany

The largest platform water,

wastewater, waste and raw

materials management

3 – 7 October 2020 New Orleans, LA

The largest event of its kind in

North America, offering water

quality education and training

27 – 29 October 2020 Los Angeles, CA

Important annual meeting point for

senior executives working within

the North American water sector

22 – 25 February 2021 Indianapolis, IN

World’s largest annual trade show

for wastewater and environmental

service professionals

27 – 29 April 2021 Las Vegas, NV

International trade association

representing the residential,

commercial and industrial water

treatment industry

TBD TBDThe largest trenchless technology

conference in North America


19

Appendix ADetail for Comparable Companies


20

As o

f 03/3

1/2

020.

(In m

illio

ns o

f U

SD

, except

per

share

data

)M

ark

et

Sta

tisti

cs

LT

M F

ina

ncia

l P

erf

orm

an

ce

Gro

wth

Le

vera

ge

Valu

ati

on

Metr

ics

Lis

tin

gS

toc

k

% o

f 52 W

eek

Div

ide

nd

En

terp

rise

Mark

et

Gro

ss

EB

ITD

AR

even

ue

CA

GR

LT

ME

V /

Reven

ue

EV

/ E

BIT

DA

Co

mp

an

yC

ou

ntr

yP

rice

Hig

hL

ow

Yie

ldV

alu

eC

ap

Reven

ue

EB

ITD

AM

arg

inM

arg

in'1

8 -

'2

0'2

0 -

'2

2G

ross

Net

LT

M

NT

ML

TM

N

TM

Ag

ricu

ltu

re

Lin

dsay C

orp

ora

tio

nU

nited S

tate

s$91.5

882%

127%

1.3

%$1,0

15

$990

$446

$46

28.9

%10.3

%(1

4.0

%)

7.5

%3.2

x0.6

x2.3

x2.2

x22.1

x16.6

x

Raven I

ndustr

ies,

Inc.

United S

tate

s$21.2

353%

133%

2.4

%768

762

383

55

32.5

%14.5

%(1

0.4

%)

-0.1

x-

2.0

x2.1

x13.9

x19.5

x

Th

e T

oro

Com

pany

United S

tate

s$65.0

977%

125%

1.5

%7,6

46

6,9

63

3,3

03

516

35.4

%15.6

%-

5.3

%1.5

x1.3

x2.3

x2.1

x14.8

x12.9

x

Valm

ont

Industr

ies,

Inc.

United S

tate

s$105.9

868%

128%

1.6

%2,8

61

2,2

81

2,7

67

323

25.0

%11.7

%1.5

%2.0

%2.7

x1.7

x1.0

x1.0

x8.8

x8.9

x

Mean

1.7

%30.5

%13.0

%(7

.6%

)4.9

%1.9

x1.2

x1.9

x1.9

x14.9

x14.5

x

Med

ian

1.6

%30.7

%13.1

%(1

0.4

%)

5.3

%2.1

x1.3

x2.1

x2.1

x14.3

x14.7

x

En

gin

eere

d S

olu

tio

ns

A.

O.

Sm

ith C

orp

ora

tio

nU

nited S

tate

s$37.8

167%

112%

2.4

%$5,9

09

$6,1

25

$2,9

93

$538

39.5

%18.0

%(8

.5%

)1.3

%0.6

x-

2.0

x2.0

x11.0

x10.9

x

Advanced D

rain

age S

yste

ms,

Inc.

United S

tate

s$29.4

457%

133%

1.0

%3,3

10

2,0

25

1,5

75

277

28.2

%17.6

%-

-3.9

x3.6

x2.1

x1.9

x12.0

x8.4

x

Alfa L

aval A

B (

publ)

Sw

eden

172.2

5 k

r66%

118%

-8,1

25

7,2

73

4,9

79

920

32.9

%18.5

%(4

.7%

)1.7

%1.7

x1.0

x1.6

x1.8

x8.8

x9.7

x

Danaher

Corp

ora

tio

nU

nited S

tate

s$138.4

182%

116%

0.5

%100,6

82

96,4

57

17,9

11

4,4

71

55.7

%25.0

%4.4

%7.5

%5.0

x0.6

x5.6

x4.9

x22.5

x18.3

x

DuP

ont

de N

em

ours

, In

c.

United S

tate

s$34.1

029%

120%

3.1

%42,2

43

25,2

13

21,5

12

5,1

81

35.8

%24.1

%-

2.6

%3.5

x3.2

x2.0

x2.0

x8.2

x8.4

x

Evoqua W

ate

r T

echnolo

gie

s C

orp

.U

nited S

tate

s$11.2

144%

158%

-2,1

65

1,3

07

1,4

68

216

30.9

%14.7

%5.7

%3.0

%4.9

x4.0

x1.5

x1.5

x10.0

x9.4

x

Halm

a p

lcU

nited K

ingdom

£19.2

185%

116%

0.8

%9,4

57

9,0

70

1,5

73

365

49.9

%23.2

%-

5.7

%1.3

x1.0

x-

5.5

x-

22.6

x

IDE

X C

orp

ora

tio

nU

nited S

tate

s$138.1

178%

132%

1.3

%10,8

31

10,5

29

2,4

95

678

45.2

%27.2

%(3

.3%

)3.1

%1.4

x0.4

x4.3

x4.5

x16.0

x17.1

x

ME

TA

WA

TE

R C

o.,

Ltd

.Japan

¥3,8

65.0

087%

126%

1.5

%760

780

1,1

38

87

22.3

%7.6

%12.1

%-

1.3

x-

0.7

x0.6

x8.7

x7.9

x

Penta

ir p

lcU

nited S

tate

s$29.7

663%

135%

2.4

%6,0

16

4,9

89

2,9

57

527

35.6

%17.8

%0.2

%2.9

%2.1

x1.9

x2.0

x2.0

x11.4

x10.8

x

Mean

1.6

%37.6

%19.4

%0.8

%3.5

%2.6

x2.0

x2.4

x2.7

x12.1

x12.3

x

Med

ian

1.4

%35.7

%18.2

%0.2

%3.0

%1.9

x1.5

x2.0

x2.0

x11.0

x10.2

x

Flo

w C

on

tro

l

Flo

wserv

e C

orp

ora

tio

nU

nited S

tate

s$23.8

944%

126%

3.1

%$4,0

47

$3,1

27

$3,9

45

$500

33.3

%12.7

%0.0

%2.2

%3.1

x1.8

x1.0

x1.0

x8.1

x7.5

x

Fra

nklin

Ele

ctr

ic C

o.,

Inc.

United S

tate

s$47.1

377%

114%

1.2

%2,2

70

2,1

89

1,3

15

163

32.6

%12.4

%0.9

%-

0.9

x0.5

x1.7

x1.7

x13.9

x14.3

x

Gra

co I

nc.

United S

tate

s$48.7

386%

127%

1.5

%8,1

93

8,2

10

1,6

46

468

52.2

%28.5

%(0

.9%

)1.8

%0.4

x-

5.0

x5.1

x17.5

x18.1

x

Muelle

r W

ate

r P

roducts

, In

c.

United S

tate

s$8.0

163%

121%

2.3

%1,6

05

1,2

66

988

194

34.4

%19.6

%3.5

%-

2.5

x1.8

x1.6

x1.6

x8.3

x7.6

x

Roto

rk p

lcU

nited K

ingdom

£2.1

562%

121%

2.5

%2,2

02

2,3

34

886

224

43.3

%25.2

%(7

.0%

)3.7

%0.1

x-

2.5

x2.9

x9.8

x11.1

x

SP

X F

LO

W,

Inc.

United S

tate

s$28.4

257%

181%

-1,6

94

1,2

12

1,5

07

169

34.5

%11.2

%(1

9.0

%)

-4.6

x2.8

x1.1

x1.2

x10.0

x10.7

x

Sulz

er

Ltd

Sw

itzerla

nd

61.1

0 C

HF

54%

152%

5.7

%2,5

41

2,1

57

3,8

50

410

30.1

%10.7

%8.5

%3.1

%3.6

x0.9

x0.7

x0.6

x6.2

x-

Th

e G

orm

an-R

upp C

om

pany

United S

tate

s$31.2

179%

145%

2.0

%735

814

398

57

25.8

%14.3

%0.0

%-

0.0

x-

1.8

x1.8

x12.9

x11.8

x

Th

e W

eir G

roup P

LC

United K

ingdom

£7.2

140%

118%

5.3

%3,7

71

2,3

29

3,5

25

512

31.1

%14.5

%(0

.1%

)4.8

%3.7

x3.0

x1.1

x1.2

x7.4

x7.6

x

Watt

s W

ate

r T

echnolo

gie

s,

Inc.

United S

tate

s$84.6

574%

123%

1.1

%2,9

99

2,8

63

1,6

01

249

42.3

%15.6

%2.0

%3.2

%1.4

x0.5

x1.9

x1.8

x12.0

x11.5

x

Xyle

m I

nc.

United S

tate

s$65.1

373%

119%

1.5

%13,5

86

11,7

38

5,2

49

952

39.1

%18.1

%0.5

%4.2

%2.7

x1.9

x2.6

x2.6

x14.3

x14.3

x

Mean

2.6

%35.8

%16.8

%(1

.7%

)2.7

%1.9

x1.5

x1.9

x2.0

x10.8

x11.6

x

Med

ian

2.3

%33.9

%13.5

%0.0

%2.7

%1.7

x1.8

x1.7

x1.7

x9.9

x11.1

x

Infr

astr

uctu

re

AE

CO

MU

nited S

tate

s$29.8

557%

137%

-$8,5

84

$4,7

35

$20,0

53

$949

4.3

%4.7

%(1

7.9

%)

-4.6

x3.9

x0.4

x0.6

x9.0

x11.3

x

Aegio

n C

orp

ora

tio

nU

nited S

tate

s$17.9

376%

135%

-848

552

1,2

14

96

20.5

%7.9

%(3

.5%

)3.0

%3.7

x3.0

x0.7

x0.7

x8.8

x8.0

x

Fo

rterr

a,

Inc.

United S

tate

s$5.9

839%

173%

-1,6

68

388

1,5

30

179

19.4

%11.7

%1.0

%2.1

%7.4

x7.2

x1.1

x1.1

x9.3

x7.7

x

H2O

Innovatio

n I

nc.

Canada

C$0.6

348%

117%

-53

34

97

524.1

%5.6

%13.8

%-

4.7

x3.8

x0.5

x0.5

x9.8

x7.6

x

Nort

hw

est

Pip

e C

om

pany

United S

tate

s$22.2

561%

123%

-195

217

279

37

15.1

%13.2

%-

-0.3

x-

0.7

x0.6

x-

-

Orio

n G

roup H

old

ings,

Inc.

United S

tate

s$2.6

043%

170%

-193

77

708

34

9.0

%4.7

%13.1

%4.3

%3.5

x3.4

x0.3

x0.3

x-

-

Prim

oris S

erv

ices C

orp

ora

tio

nU

nited S

tate

s$15.9

066%

169%

1.4

%1,2

51

767

3,1

06

226

10.7

%7.3

%7.7

%-

2.7

x2.1

x0.4

x0.4

x-

-

Sta

nte

c I

nc.

Canada

C$36.0

085%

135%

1.6

%3,7

80

2,8

38

2,8

61

339

54.1

%11.9

%2.7

%2.4

%3.6

x3.0

x1.3

x1.4

x11.1

x8.9

x

Suez S

AF

rance

€9.2

858%

115%

4.6

%20,7

99

6,3

69

20,2

17

2,9

73

28.4

%14.7

%(0

.9%

)2.5

%5.3

x3.9

x1.0

x1.1

x7.0

x6.0

x

Te

tra T

ech,

Inc.

United S

tate

s$70.6

271%

119%

0.7

%4,3

38

3,8

62

2,4

50

242

17.1

%9.9

%7.4

%-

2.4

x2.0

x1.8

x1.7

x17.9

x-

Veolia

Environnem

ent

S.A

.F

rance

€19.4

867%

122%

2.6

%24,7

78

11,8

70

30,5

11

3,4

88

15.9

%11.4

%1.0

%3.2

%5.5

x3.4

x0.8

x0.8

x7.1

x-

Mean

2.2

%19.9

%9.4

%2.5

%2.9

%4.0

x3.6

x0.8

x0.8

x10.0

x8.3

x

Med

ian

1.6

%17.1

%9.9

%1.9

%2.7

%3.7

x3.4

x0.7

x0.7

x9.2

x7.9

x

Va

lue

s t

ha

t e

xce

ed

or

fail to

re

ach

an

ap

pro

pri

ate

th

resh

old

fo

r e

ach

ca

teg

ory

are

exclu

de

d.

COMPARABLE COMPANIES DETAIL


21

COMPARABLE COMPANIES DETAIL

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s$19.9

742%

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12.1

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Com

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LC

United K

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£12.6

459%

146%

3.2

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24,9

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30,5

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2,5

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nc.

United S

tate

s$155.8

374%

125%

1.0

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45,0

61

14,9

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3,3

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41.7

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%(2

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x2.0

x3.5

x3.6

x15.6

x16.3

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Prim

o W

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orp

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anada

C$12.7

760%

138%

2.5

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69

1,4

10

2,3

95

308

51.3

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4.6

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5.4

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Serv

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United S

tate

s$27.0

046%

153%

-5,2

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3,6

57

2,0

77

396

43.3

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4.8

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Mean

2.2

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%(3

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x3.5

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Med

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2.2

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Sm

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17.0

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69%

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32.2

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Badger

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United S

tate

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076%

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425

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3.6

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x17.7

x17.7

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Danaher

Corp

ora

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tate

s$138.4

182%

116%

0.5

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96,4

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17,9

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55.7

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Em

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lectr

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United S

tate

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29,1

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18,3

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3,7

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Energ

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United S

tate

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462%

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3.9

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Itro

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Inc.

United S

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2,5

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Schneid

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Fra

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€78.5

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5,4

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x1.8

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Trim

ble

Inc.

United S

tate

s$31.8

368%

159%

-9,7

61

7,9

63

3,2

64

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57.5

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x2.8

x3.0

x3.1

x15.5

x13.4

x

Xyle

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nc.

United S

tate

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373%

119%

1.5

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86

11,7

38

5,2

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39.1

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%0.5

%4.2

%2.7

x1.9

x2.6

x2.6

x14.3

x14.3

x

Mean

2.5

%45.6

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x1.8

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Med

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2.3

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x1.7

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Sp

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16.2

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68%

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31.5

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Ecola

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nc.

United S

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1.0

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41.7

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x3.6

x15.6

x16.3

x

Haw

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tate

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Kem

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£8.8

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2,9

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Mean

2.9

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Med

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2.7

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Sp

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£50.5

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HD

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tate

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825

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x1.2

x8.7

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x

Pool C

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x21.1

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W.W

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tate

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1,6

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x

Mean

2.2

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x2.3

x1.5

x1.5

x13.8

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Med

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2.2

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x1.9

x1.2

x1.2

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Uti

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Am

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x-

7.3

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x20.6

x

Am

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37

3,6

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1,8

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8.2

x17.3

x15.9

x

Art

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esourc

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36

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x13.9

x-

Calif

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tate

s$50.3

288%

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1.6

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2,4

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715

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x4.7

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x

Consolid

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16

37.7

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0.3

x-

3.2

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x22.3

x

Essentia

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tilit

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Inc.

United S

tate

s$40.7

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2.1

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9,9

72

890

514

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x2.4

x-

6.7

x21.8

x13.7

x

Glo

bal W

ate

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Inc.

United S

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s$10.1

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120%

2.6

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230

35

15

81.1

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7.5

x7.0

x-

9.0

x22.0

x18.8

x

Mid

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United S

tate

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286%

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5.3

x5.2

x-

9.4

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Pennon G

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lcU

nited K

ingdom

£10.8

690%

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5,6

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1,7

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x5.7

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x15.1

x14.5

x

Severn

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Plc

United K

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£22.8

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4.4

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6,7

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x-

6.5

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x

SJW

Gro

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tate

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56

1,6

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420

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5.7

x22.1

x14.1

x

Th

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Wate

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tate

s$43.4

687%

135%

1.7

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566

52

30

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3.4

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x-

12.6

x22.3

x-

United U

tilit

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roup P

LC

United K

ingdom

£9.0

384%

122%

4.7

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89

7,6

64

2,2

60

1,3

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50.2

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x-

7.7

x12.8

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x

Mean

2.5

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x5.1

x4.9

x7.1

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x

Med

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2.1

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x5.2

x5.2

x6.7

x17.1

x14.3

x

water quarterly newsletter · 2020-04-21 · water quarterly newsletter spring 2020 information...

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