Ameren Illinois Company PFD 4.20% Financial Ratios — AILIP

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	40.63	36.72	41.56	39.37	29.81	28.12	24.34	21.92	20.05	18.34	17.24	17.49	17.48	15.46	16.33
Return on Assets (%)	2.68	1.99	2.21	2.61	2.54	2.78	2.73	2.83	2.94	2.97	2.99	3.27	3.52	3.33	3.7
Return on Capital (%)	12.27	10.33	10.9	10.13	9.51	9.72	9.17	9.17	8.68	8.42	8.15	8.22	8.51	8.13	8.92
Return on Invested Capital (%)	6.53	5.52	5.81	5.69	5.71	5.8	5.94	5.81	5.6	5.46	5.26	5.32	5.42	5.36	6.12
Gross Margin (%)	51.74	55.92	64.17	64.93	68.45	38.97	41.43	39.98	43.49	46.39	44.66	38.37	45.03	48.53	47.74
EBITDA Margin (%)	23.82	23.41	28.26	28.38	30.74	33.63	36.01	34.43	37.79	40.87	39.34	34.08	40.87	44.01	43.34
Operating Margin (%)	16.43	14.93	17.96	18.01	18.9	20.85	22.52	19.88	21.76	23.75	23.07	20.39	24.87	26.18	26.38
Incremental Operating Margin (%)	17.62	30.92	-17.76	18.72	-50	230.43	131.58	-116.33	-77.55	650	18.33	11.38	-36.5	-430	28.23
Pretax Margin (%)	11.59	9.43	11.81	13.89	13.95	16.59	17.29	15.72	18.05	19.96	19.69	18.48	23.49	23.47	23.15
Profit Margin (%)	7.03	5.7	7.05	8.17	8.8	10.25	10.72	11.92	13.69	15.07	14.75	13.71	17.49	17.91	19.17
Net Income to Common Margin (%)	6.93	5.58	6.92	8.05	8.68	10.12	10.61	11.8	13.57	14.95	14.68	13.66	17.43	17.86	19.12
Effective Tax Rate (%)	39.32	39.5	40.29	41.21	36.92	38.26	37.99	24.2	24.12	24.51	25.09	25.79	25.55	23.68	17.19
Dvd Payout Ratio (%)	169.43	134.04	68.75	- -	- -	43.65	- -	- -	- -	2.37	- -	- -	6.75	17.74	36.05
Sustainable Growth Rate (%)	-28.21	-12.5	12.99	39.37	29.81	15.85	24.34	21.92	20.05	17.9	17.24	17.49	16.3	12.72	10.44

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	1,658	1,751	1,912	2,271	2,471	2,639	2,892	3,368	3,628	3,965	4,495	5,099	5,733	5,977	6,276
ST Debt	1	174	56	47	129	301	519	72	53	19	503	364	501	425	17
LT Debt	1,657	1,577	1,856	2,224	2,342	2,338	2,373	3,296	3,575	3,946	3,992	4,735	5,232	5,552	6,259
Total Debt/EBITDA	2.5	2.96	2.93	3.2	3.26	3.15	3.18	3.8	3.8	3.83	3.95	3.98	4.03	3.91	3.77
Net Debt/EBITDA	2.47	2.96	2.93	3.2	3.17	3.15	3.18	3.8	3.8	3.83	3.95	3.98	4.03	3.91	3.77
Total Debt/EBIT	3.62	4.64	4.61	5.05	5.3	5.08	5.08	6.58	6.6	6.59	6.73	6.66	6.62	6.58	6.19
Net Debt/EBIT	3.57	4.64	4.6	5.04	5.15	5.08	5.08	6.58	6.6	6.59	6.73	6.66	6.62	6.58	6.19
EBITDA to Interest Expense	4.88	4.58	4.57	6.33	5.79	5.98	6.32	5.95	6.5	6.68	6.95	7.62	6.98	6.34	6.41
EBITDA-CapEx/Interest Expense	4.88	4.58	4.57	6.33	5.79	5.98	6.32	5.95	6.5	6.68	6.95	7.62	6.98	6.34	6.41
EBIT to Interest Expense	3.37	2.92	2.9	4.02	3.56	3.71	3.95	3.44	3.74	3.88	4.07	4.56	4.25	3.77	3.9
Interest Expense	136	129	143	112	131	140	144	149	147	155	164	168	204	241	260
Common Equity/Total Assets	5.66	4.94	5.5	7.45	9.27	10.21	11.94	13.6	15.45	16.64	17.81	19.4	20.73	22.18	22.99
Long-Term Debt/Equity (%)	67.58	65.68	75.82	83.58	80.84	77.06	71.69	87.33	86.52	79.46	70.78	76.77	76.66	75.32	79.8
Long-Term Debt/Capital (%)	77.87	72.57	77.85	75.54	69.74	63.74	56.65	66.33	64.16	62.84	55.28	56.79	54.85	53.94	56.59
Long-Term Debt/Total Assets (%)	22.97	21.66	24.9	27.11	26.31	24.68	22.94	29.12	29.34	29.15	26.55	28.8	28.87	28.87	30.38
Total Debt/Equity (%)	67.62	72.93	78.1	85.34	85.3	86.98	87.37	89.24	87.8	79.84	79.7	82.67	84	81.09	80.02
Total Debt/Capital (%)	77.91	80.58	80.2	77.14	73.59	71.95	69.04	67.78	65.11	63.15	62.25	61.15	60.11	58.07	56.74
Total Debt/Total Assets (%)	22.99	24.05	25.65	27.68	27.75	27.86	27.96	29.76	29.77	29.29	29.9	31.01	31.64	31.08	30.47
Net Debt to Equity	66.76	72.93	78.06	85.31	82.84	86.98	87.37	89.24	87.8	79.84	79.7	82.67	84	81.09	79.98
Net Debt/Capital (%)	77.69	80.58	80.19	77.13	73.01	71.95	69.04	67.78	65.11	63.15	62.25	61.15	60.11	58.07	56.73
EBITDA	664	591	653	709	758	837	910	887	955	1,036	1,139	1,280	1,423	1,528	1,666
EBITDA-CapEx	664	591	653	709	758	837	910	887	955	1,036	1,139	1,280	1,423	1,528	1,666
Operating Income (Loss)	458	377	415	450	466	519	569	512	550	602	668	766	866	909	1,014

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.02	- -	- -	- -	0.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	1.19	0.94	0.82	0.98	1.01	0.7	0.49	0.85	0.73	0.79	0.67	0.82	0.73	0.84	1.09
Quick Ratio	0.45	0.45	0.45	0.52	0.57	0.43	0.32	0.53	0.48	0.55	0.33	0.49	0.35	0.39	0.6
CFO/Avg Current Liab	0.54	0.63	0.83	0.61	1.05	0.92	0.71	0.61	1.17	0.82	0.65	0.83	0.81	1	1.24
Common Equity/Total Assets	5.66	4.94	5.5	7.45	9.27	10.21	11.94	13.6	15.45	16.64	17.81	19.4	20.73	22.18	22.99
Long-Term Debt/Equity (%)	67.58	65.68	75.82	83.58	80.84	77.06	71.69	87.33	86.52	79.46	70.78	76.77	76.66	75.32	79.8
Long-Term Debt/Capital (%)	77.87	72.57	77.85	75.54	69.74	63.74	56.65	66.33	64.16	62.84	55.28	56.79	54.85	53.94	56.59
Long-Term Debt/Total Assets (%)	22.97	21.66	24.9	27.11	26.31	24.68	22.94	29.12	29.34	29.15	26.55	28.8	28.87	28.87	30.38
Total Debt/Equity (%)	67.62	72.93	78.1	85.34	85.3	86.98	87.37	89.24	87.8	79.84	79.7	82.67	84	81.09	80.02
Total Debt/Capital (%)	77.91	80.58	80.2	77.14	73.59	71.95	69.04	67.78	65.11	63.15	62.25	61.15	60.11	58.07	56.74
Total Debt/Total Assets (%)	22.99	24.05	25.65	27.68	27.75	27.86	27.96	29.76	29.77	29.29	29.9	31.01	31.64	31.08	30.47
CFO/Total Liabilities	10.59	10.63	13	8.03	12.7	12.36	11.77	8.73	11.95	7.92	7.05	10.2	9.72	11.54	11.74
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.74	0.61	0.58	0.62	0.61	0.57	0.53	0.58	0.57	0.57	0.57	0.65	0.63	0.65	0.69

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	10.06	12.29	11.06	11.49	11.11	10.22	9.97	10.56	10.36	9.37	10.53	12.42	10.54	11.15	11.03
Days Sales Outstanding	36.28	29.71	33.01	31.78	32.86	35.71	36.62	34.57	35.24	38.95	34.67	29.4	34.64	32.75	33.09
Inventory Turnover	6.78	5.98	4.77	4.99	4.74	10.62	11	11.94	11.61	10.62	10.4	11.4	8.36	7.62	7.7
Days Inventory Outstanding	53.87	61	76.48	73.12	76.94	34.36	33.17	30.57	31.44	34.38	35.09	32.01	43.67	47.9	47.42
Accounts Payable Turnover	6.78	7.79	4.26	3.91	3.3	5.86	4.41	4.01	3.84	3.45	3.91	4.9	3.95	4.4	4.81
Accounts Payable Turnover Days	53.83	46.84	85.64	93.43	110.66	62.29	82.8	91.07	94.97	105.67	93.36	74.46	92.49	82.86	75.93
Cash Conversion Cycle	36.32	43.86	23.86	11.48	-0.87	7.78	-13.01	-25.92	-28.28	-32.35	-23.61	-13.06	-14.18	-2.22	4.58
Inventory to Cash Days	-17.59	-31.29	-43.47	-41.34	-44.08	1.35	3.44	4	3.8	4.57	-0.42	-2.61	-9.03	-15.15	-14.33
Inventories	199	173	174	177	151	135	134	125	121	135	173	233	225	244	278
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	199	173	174	177	151	135	134	125	121	135	173	233	225	244	278

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	21	- -	1	1	71	- -	- -	- -	- -	- -	- -	- -	- -	- -	3
+ Preferred Equity and Hybrid Capital	62	62	62	62	62	62	62	62	62	62	49	49	49	49	49
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,658	1,751	1,912	2,271	2,471	2,639	2,892	3,368	3,628	3,965	4,495	5,099	5,733	5,977	6,276
Enterprise Value	1,699	1,813	1,973	2,332	2,462	2,701	2,954	3,430	3,690	4,027	4,544	5,148	5,782	6,026	6,322
Total Capital	2,128	2,173	2,384	2,944	3,358	3,668	4,189	4,969	5,572	6,279	7,221	8,338	9,538	10,292	11,061
Total Debt/Capital (%)	77.91	80.58	80.2	77.14	73.59	71.95	69.04	67.78	65.11	63.15	62.25	61.15	60.11	58.07	56.74
Total Debt / EV	0.98	0.97	0.97	0.97	1	0.98	0.98	0.98	0.98	0.98	0.99	0.99	0.99	0.99	0.99
EV/Sales	0.61	0.72	0.85	0.93	1	1.09	1.17	1.33	1.46	1.59	1.57	1.37	1.66	1.74	1.64
EV/EBITDA	2.56	3.07	3.02	3.29	3.25	3.23	3.25	3.87	3.86	3.89	3.99	4.02	4.06	3.94	3.79
EV/EBIT	3.71	4.81	4.75	5.18	5.28	5.2	5.19	6.7	6.71	6.69	6.8	6.72	6.68	6.63	6.23
EV/Cash Flow to Firm	2.9	3.04	2.68	4.56	2.91	3.06	3.22	4.44	3.44	5.06	5.79	4.39	4.63	3.88	3.69
EV/Free Cash Flow to Firm	2.9	3.04	2.68	4.56	2.91	3.06	3.22	4.44	3.44	5.06	5.79	4.39	4.63	3.88	3.69
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,699	1,813	1,973	2,332	2,462	2,701	2,954	3,430	3,690	4,027	4,544	5,148	5,782	6,026	6,322
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,787	2,525	2,311	2,498	2,466	2,489	2,527	2,576	2,527	2,535	2,895	3,756	3,482	3,472	3,844
TTM EBITDA	664	591	653	709	758	837	910	887	955	1,036	1,139	1,280	1,423	1,528	1,666
TTM Operating Income	458	377	415	450	466	519	569	512	550	602	668	766	866	909	1,014
TTM Cash Flow to Firm	587	597	736	511	846	882	917	772	1,074	796	785	1,173	1,250	1,553	1,713
TTM Free Cash Flow to Firm	587	597	736	511	846	882	917	772	1,074	796	785	1,173	1,250	1,553	1,713

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	3.71	4.81	4.75	5.18	5.28	5.2	5.19	6.7	6.71	6.69	6.8	6.72	6.68	6.63	6.23
Enterprise Value	1,699	1,813	1,973	2,332	2,462	2,701	2,954	3,430	3,690	4,027	4,544	5,148	5,782	6,026	6,322
Low Price	66	83.72	87.55	85	92.75	93	90	93	94	93.25	95.2	81	72	66.8	66
EV/Sales	0.61	0.72	0.85	0.93	1	1.09	1.17	1.33	1.46	1.59	1.57	1.37	1.66	1.74	1.64
EV/EBITDA	2.56	3.07	3.02	3.29	3.25	3.23	3.25	3.87	3.86	3.89	3.99	4.02	4.06	3.94	3.79
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.61	0.72	0.85	0.93	1	1.09	1.17	1.33	1.46	1.59	1.57	1.37	1.66	1.74	1.64
EV/Sales High	0.61	0.72	0.85	0.93	1	1.09	1.17	1.33	1.46	1.59	1.57	1.37	1.66	1.74	1.64
EV/Sales Low	0.61	0.72	0.85	0.93	1	1.09	1.17	1.33	1.46	1.59	1.57	1.37	1.66	1.74	1.64
EV/EBITDA Average	2.56	3.07	3.02	3.29	3.25	3.23	3.25	3.87	3.86	3.89	3.99	4.02	4.06	3.94	3.79
EV/EBITDA High	2.56	3.07	3.02	3.29	3.25	3.23	3.25	3.87	3.86	3.89	3.99	4.02	4.06	3.94	3.79
EV/EBITDA Low	2.56	3.07	3.02	3.29	3.25	3.23	3.25	3.87	3.86	3.89	3.99	4.02	4.06	3.94	3.79
EV/EBIT Average	3.71	4.81	4.75	5.18	5.28	5.2	5.19	6.7	6.71	6.69	6.8	6.72	6.68	6.63	6.23
EV/EBIT High	3.71	4.81	4.75	5.18	5.28	5.2	5.19	6.7	6.71	6.69	6.8	6.72	6.68	6.63	6.23
EV/EBIT Low	3.71	4.81	4.75	5.18	5.28	5.2	5.19	6.7	6.71	6.69	6.8	6.72	6.68	6.63	6.23
Last Price	47.09	52.95	52.25	59.19	62.46	64.62	69	70.63	73.24	81.95	83.61	71.18	66.78	67.21	66.98
High Price	87.5	96	98.5	98	98.88	99	98	98	98	104.3	102	99.75	81	75	72.5
Enterprise Value Average	1,699	1,813	1,973	2,332	2,462	2,701	2,954	3,430	3,690	4,027	4,544	5,148	5,782	6,026	6,322
Enterprise Value High	1,699	1,813	1,973	2,332	2,462	2,701	2,954	3,430	3,690	4,027	4,544	5,148	5,782	6,026	6,322
Enterprise Value Low	1,699	1,813	1,973	2,332	2,462	2,701	2,954	3,430	3,690	4,027	4,544	5,148	5,782	6,026	6,322

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	25	26	26	26	26	26	26	26	26	26	26	26	26	25	25
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Ameren Illinois Company PFD 4.20%

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)