Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 153

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 153
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2026E) and the calendar year ending December 31, 2027 (2027E), and certain other financial information and market trading data related to the following selected publicly traded companies that Moelis believed, based on its professional judgment and experience, were generally relevant in certain respects to Essential and American Water for purposes of its analysis. Moelis considered and reviewed TEV/EBITDA trading multiples as part of its Selected Publicly Traded Companies Analysis, but determined not to rely on such multiples in its analysis due to the observed tax repair deductions reducing Essential’s allowed revenue requirements, thereby lowering Essential’s reported EBITDA. 99

The following table summarizes the TEV/EBITDA multiples for the Selected Publicly Traded Water Utility Companies:

| Selected Publicly Traded Water Utility 
 Companies                              |     | TEV             
 ($ in millions) |        |     | TEV/EBITDA 
 Multiple   
 2026E      |       |     | TEV/EBITDA 
 Multiple   
 2027E      |       |
|:---------------------------------------|:----|:----------------|-------:|:----|:-----------|:------|:----|:-----------|:------|
| American Water                         |     | $               | 42,012 |     |            | 13.5x |     |            | 12.5x |
| American States                        |     | $               |  3,893 |     |            | 14.6x |     |            | N/A   |
| California Water                       |     | $               |  4,476 |     |            | 11.9x |     |            | 10.5x |
| H2O                                    |     | $               |  3,662 |     |            | 10.3x |     |            | 9.7x  |

The following table summarizes the TEV/EBITDA multiples for the Selected Publicly Traded Gas Utility Companies:

| Selected Publicly Traded Gas Utility 
 Companies                            |     | TEV             
 ($ in millions) |        |     | TEV/EBITDA 
 Multiple   
 2026E      |       |     | TEV/EBITDA 
 Multiple   
 2027E      |       |
|:-------------------------------------|:----|:----------------|-------:|:----|:-----------|:------|:----|:-----------|:------|
| Atmos