Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 157

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 157
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purposes, the implied range of share prices for Essential common stock derived from the selected precedent transactions analysis for Essential based on the selected reference range of TEV / Rate Base

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multiples described above was $38.74 to $49.01 per share for 2025E. The implied range of share prices was compared to the closing trading price for Essential common stock of $41.30 per share as
of October 23, 2025.

Based on
its professional judgment and experience, Moelis selected a reference range of 1.6x to 1.8x for American Water’s TEV / 2025E Rate Base multiples. Moelis then applied such multiple range to American Water’s estimated Rate Base for the
calendar year ended December 31, 2025 (2025E) based on the American Water Financial Projections.

Solely for informational purposes, the implied
range of share prices for American Water common stock derived from the selected precedent transactions analysis for American Water based on the selected reference range of TEV / Rate Base multiples described above was $126.60 to $151.44 per share
for 2025E. The implied range of share prices was compared to the closing trading price for American Water common stock of $142.58 per share as of October 23, 2025.

Moelis reviewed the historical trading performance of the Essential common stock over a 52-week period ending
October 23, 2025, which ranged from a closing low trading price of $33.18 per share to a closing high trading price of $42.37 per share. The range of share prices was compared to the closing trading price of Essential common stock of $41.30 per
share on October 23, 2025.

Moelis reviewed the historical trading performance of the American Water common stock over a 52-week period ending October 23, 2025, which ranged from a closing low trading price of $118.74 per share to a closing high trading price of $155.50 per share. The range of share prices was compared to the
closing trading price of American Water common stock of $142.58 per share on October 23, 2025.

Moelis reviewed publicly available consensus estimate share price targets for Essential common stock published as of October 23, 2025, which ranged from
$43.00 to $56.00 per share. This range of share price targets was compared to the