NSTAR Electric Company PFD 4.25% Financial Ratios — NSARP

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 (%)	21.06	15.53	20.41	20.98	26.02	20.29	19.78	18.95	19.44	18.26	18.17	17.46	17.98	20.32	19.56
Return on Assets (%)	3.61	2.66	3.84	4.26	5.37	3.99	3.66	3.55	3.76	3.59	3.57	3.41	3.47	3.71	3.27
Return on Capital (%)	9.5	7.35	9.52	10.04	12.63	9.96	8.78	8.57	9.21	8.95	8.91	8.66	8.97	9.61	9.03
Return on Invested Capital (%)	6.72	5.38	7.12	7.7	9.81	7.43	6.52	6.16	6.7	6.38	6.14	5.31	5.36	5.64	5.2
Gross Margin (%)	62.33	65.74	65.95	55.76	57.27	47.9	49.4	44.77	49.66	51.95	51.06	46.81	48.16	52.15	51.49
EBITDA Margin (%)	27.03	24.01	27.61	30.24	31.21	30.35	32.29	27.64	30.33	33.11	32.7	28.32	31.15	34.02	33.36
Operating Margin (%)	20.23	16.58	20.38	22.8	23.71	21.82	23.1	18.76	20.59	22.25	21.66	18.21	20.56	23.07	22.18
Incremental Operating Margin (%)	-4.89	102.65	65.85	162.74	27.17	60.15	-40.53	-78.85	-62.63	-26.5	6.76	-1.8	-103.68	66.07	9.69
Pretax Margin (%)	17.4	13.66	17.7	19.91	20.82	18.96	20.69	17.09	18.3	19.58	19.33	17.65	19.84	22.22	20.59
Profit Margin (%)	10.51	8.27	10.77	11.95	12.54	11.53	12.57	12.31	14.19	15.13	15.59	13.74	15.49	17.1	15.82
Net Income to Common Margin (%)	10.51	8.27	10.77	11.95	12.54	11.53	12.57	12.31	14.19	15.13	15.59	13.74	15.49	17.1	15.82
Effective Tax Rate (%)	39.62	39.45	39.16	39.99	39.79	39.16	39.25	27.99	22.49	22.72	19.35	22.13	21.93	23.05	23.16
Dvd Payout Ratio (%)	68.06	115.1	21.64	84.12	59.14	90.73	71.67	58.87	41.81	59.32	59.84	58.8	60.49	101.49	69.45
Sustainable Growth Rate (%)	6.73	-2.34	15.99	3.33	10.63	1.88	5.6	7.79	11.31	7.43	7.3	7.19	7.1	-0.3	5.98

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	1,874	1,922	1,905	2,088	2,092	2,822	3,178	3,223	3,383	3,860	4,148	4,425	4,863	5,600	6,191
ST Debt	543	278	405	307	262	578	234	278	136	466	562	80	366	755	545
LT Debt	1,331	1,644	1,499	1,782	1,830	2,245	2,944	2,945	3,247	3,393	3,585	4,345	4,497	4,845	5,646
Total Debt/EBITDA	2.89	3.48	2.77	2.72	2.1	3.06	3.3	3.75	3.66	3.96	4.15	4.36	4.44	4.42	4.65
Net Debt/EBITDA	2.87	3.45	2.75	2.71	2.09	3.05	3.3	3.74	3.66	3.96	4.15	4.04	4.43	4.42	4.65
Total Debt/EBIT	3.86	5.04	3.75	3.61	2.76	4.25	4.62	5.52	5.4	5.9	6.26	6.78	6.73	6.52	7
Net Debt/EBIT	3.84	5	3.73	3.59	2.75	4.25	4.61	5.52	5.4	5.9	6.26	6.28	6.72	6.52	6.99
EBITDA to Interest Expense	6.68	7.89	9.78	9.85	9.97	8.51	9.1	8.18	8.09	7.46	6.84	6.23	5.79	5.68	5.19
EBITDA-CapEx/Interest Expense	2.66	1.98	3.01	3.88	3.94	2.38	2.3	1.28	0.54	0.51	0.26	0.37	-1.48	-1.33	-0.9
EBIT to Interest Expense	5	5.44	7.22	7.43	7.57	6.12	6.51	5.55	5.49	5.01	4.53	4.01	3.82	3.85	3.45
Interest Expense	97	70	70	78	100	108	106	105	114	131	146	163	189	223	256
Common Equity/Total Assets	17.11	17.14	20.56	20.06	21.22	18.52	18.46	18.95	19.74	19.61	19.7	19.35	19.28	17.3	16.17
Long-Term Debt/Equity (%)	58.52	73.21	61.04	72.32	70.12	67.15	84.37	78.05	77.26	74.34	71.48	75.65	72.61	69.62	74.27
Long-Term Debt/Capital (%)	42.17	51.78	44.51	49.48	49.38	48.1	56.99	54.9	56.25	52.77	51.89	58.8	55.92	55.25	59.09
Long-Term Debt/Total Assets (%)	18.39	23.29	21.7	24.33	24.07	22.54	27.94	26.6	27.31	26.33	25.98	28.78	27.64	26.8	27.5
Total Debt/Equity (%)	82.4	85.58	77.53	84.77	80.18	84.42	91.08	85.43	80.49	84.56	82.69	77.04	78.51	80.47	81.44
Total Debt/Capital (%)	59.38	60.53	56.54	58	56.46	60.48	61.52	60.09	58.61	60.03	60.03	59.88	60.46	63.85	64.8
Total Debt/Total Assets (%)	25.89	27.22	27.56	28.52	27.52	28.34	30.16	29.12	28.46	29.95	30.06	29.31	29.89	30.98	30.15
Net Debt to Equity	81.99	84.97	77.21	84.25	80.05	84.32	91.03	85.39	80.49	84.55	82.68	71.34	78.41	80.46	81.33
Net Debt/Capital (%)	59.26	60.36	56.44	57.85	56.42	60.45	61.5	60.08	58.61	60.03	60.03	58.02	60.43	63.85	64.77
EBITDA	650	552	688	767	998	923	962	860	923	974	1,000	1,015	1,095	1,266	1,330
EBITDA-CapEx	259	138	212	302	394	258	243	135	62	67	39	60	-281	-297	-231
Operating Income (Loss)	486	381	508	578	758	664	688	584	627	654	662	653	723	858	884

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	0.01	0.01	0.01	0.01	- -	- -	- -	- -	- -	- -	- -	0.22	- -	- -	- -
Current Ratio	0.71	0.8	0.63	0.85	1.01	0.66	0.87	0.66	0.75	0.78	0.69	1.06	0.83	0.87	1
Quick Ratio	0.46	0.42	0.34	0.53	0.44	0.29	0.42	0.34	0.38	0.38	0.35	0.58	0.34	0.34	0.41
CFO/Avg Current Liab	0.66	0.48	0.54	0.6	0.85	0.79	0.55	0.68	0.58	0.41	0.45	0.49	0.43	0.34	0.43
Common Equity/Total Assets	17.11	17.14	20.56	20.06	21.22	18.52	18.46	18.95	19.74	19.61	19.7	19.35	19.28	17.3	16.17
Long-Term Debt/Equity (%)	58.52	73.21	61.04	72.32	70.12	67.15	84.37	78.05	77.26	74.34	71.48	75.65	72.61	69.62	74.27
Long-Term Debt/Capital (%)	42.17	51.78	44.51	49.48	49.38	48.1	56.99	54.9	56.25	52.77	51.89	58.8	55.92	55.25	59.09
Long-Term Debt/Total Assets (%)	18.39	23.29	21.7	24.33	24.07	22.54	27.94	26.6	27.31	26.33	25.98	28.78	27.64	26.8	27.5
Total Debt/Equity (%)	82.4	85.58	77.53	84.77	80.18	84.42	91.08	85.43	80.49	84.56	82.69	77.04	78.51	80.47	81.44
Total Debt/Capital (%)	59.38	60.53	56.54	58	56.46	60.48	61.52	60.09	58.61	60.03	60.03	59.88	60.46	63.85	64.8
Total Debt/Total Assets (%)	25.89	27.22	27.56	28.52	27.52	28.34	30.16	29.12	28.46	29.95	30.06	29.31	29.89	30.98	30.15
CFO/Total Liabilities	15.03	12.28	11.46	10.97	14.02	12.28	9.07	10.7	9.09	6.32	7.98	8.25	7.08	6.19	7.58
CFO/CapEx	1.91	1.43	1.07	1.15	1.16	1.22	0.89	1.08	0.81	0.58	0.73	0.81	0.52	0.44	0.63
Altman's Z-Score	0.72	0.71	0.83	0.87	1.05	0.73	0.74	0.67	0.68	0.64	0.61	0.66	0.61	0.59	0.56

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	5.66	5.58	12.11	11.42	13.78	11.21	8.58	8.04	7.91	7.26	6.75	7.45	6.69	5.91	5
Days Sales Outstanding	64.52	65.39	30.14	31.96	26.5	32.55	42.53	45.42	46.12	50.25	54.11	48.98	54.56	61.79	72.96
Inventory Turnover	36.59	27.19	23.92	18.96	18.26	21.65	18.13	16.4	12.87	10.96	11.94	14.94	11.68	9.03	8.96
Days Inventory Outstanding	9.97	13.42	15.26	19.26	19.98	16.86	20.14	22.26	28.37	33.31	30.58	24.43	31.26	40.43	40.72
Accounts Payable Turnover	2.11	1.88	4.68	5.49	6.14	6.11	4.26	3.84	3.3	3.03	2.69	2.99	2.63	2.55	2.66
Accounts Payable Turnover Days	173.01	194.09	78.07	66.43	59.44	59.7	85.72	95.08	110.5	120.44	135.75	122.07	138.79	143.12	137.03
Cash Conversion Cycle	-98.51	-115.27	-32.67	-15.22	-12.96	-10.29	-23.05	-27.4	-36.02	-36.88	-51.06	-48.66	-52.98	-40.9	-23.35
Inventory to Cash Days	54.55	51.97	14.88	12.7	6.51	15.69	22.39	23.16	17.75	16.94	23.53	24.55	23.3	21.36	32.25
Inventories	31	27	44	74	75	71	96	114	124	134	117	138	174	221	211
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	31	27	44	74	75	71	96	114	124	134	117	138	174	221	211

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	9	14	8	13	3	3	2	2	- -	- -	1	328	7	1	8
+ Preferred Equity and Hybrid Capital	43	43	43	43	- -	- -	43	43	43	43	43	43	43	43	43
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,874	1,922	1,905	2,088	2,092	2,822	3,178	3,223	3,383	3,860	4,148	4,425	4,863	5,600	6,191
Enterprise Value	1,908	1,951	1,940	2,118	2,089	2,819	3,219	3,265	3,426	3,902	4,190	4,140	4,899	5,642	6,226
Total Capital	3,156	3,175	3,368	3,600	3,706	4,666	5,166	5,364	5,772	6,430	6,909	7,390	8,042	8,770	9,554
Total Debt/Capital (%)	59.38	60.53	56.54	58	56.46	60.48	61.52	60.09	58.61	60.03	60.03	59.88	60.46	63.85	64.8
Total Debt / EV	0.98	0.98	0.98	0.99	1	1	0.99	0.99	0.99	0.99	0.99	1.07	0.99	0.99	0.99
EV/Sales	0.79	0.85	0.78	0.84	0.65	0.93	1.08	1.05	1.13	1.33	1.37	1.16	1.39	1.52	1.56
EV/EBITDA	2.94	3.53	2.82	2.76	2.09	3.05	3.34	3.79	3.71	4.01	4.19	4.08	4.47	4.46	4.68
EV/EBIT	3.92	5.12	3.82	3.66	2.75	4.25	4.68	5.59	5.46	5.96	6.33	6.34	6.78	6.57	7.04
EV/Cash Flow to Firm	2.37	3.08	3.51	3.65	2.75	3.21	4.58	3.81	4.35	6.23	5.12	4.61	5.69	6.57	5.29
EV/Free Cash Flow to Firm	1.6	1.86	1.88	2.03	1.53	1.83	2.26	2.06	2.08	2.54	2.35	2.23	2.19	2.33	2.27
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,908	1,951	1,940	2,118	2,089	2,819	3,219	3,265	3,426	3,902	4,190	4,140	4,899	5,642	6,226
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,403	2,301	2,493	2,537	3,199	3,042	2,981	3,113	3,045	2,941	3,056	3,583	3,516	3,721	3,987
TTM EBITDA	650	552	688	767	998	923	962	860	923	974	1,000	1,015	1,095	1,266	1,330
TTM Operating Income	486	381	508	578	758	664	688	584	627	654	662	653	723	858	884
TTM Cash Flow to Firm	805	634	553	580	760	878	704	856	787	627	819	898	861	859	1,177
TTM Free Cash Flow to Firm	1,195	1,048	1,030	1,045	1,364	1,543	1,423	1,582	1,648	1,534	1,780	1,853	2,237	2,422	2,738

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	3.92	5.12	3.82	3.66	2.75	4.25	4.68	5.59	5.46	5.96	6.33	6.34	6.78	6.57	7.04
Enterprise Value	1,908	1,951	1,940	2,118	2,089	2,819	3,219	3,265	3,426	3,902	4,190	4,140	4,899	5,642	6,226
Low Price	77	85.36	90	86	92	94	91.05	95.01	97.01	95.1	99.71	78	61	67.5	67.25
EV/Sales	0.79	0.85	0.78	0.84	0.65	0.93	1.08	1.05	1.13	1.33	1.37	1.16	1.39	1.52	1.56
EV/EBITDA	2.94	3.53	2.82	2.76	2.09	3.05	3.34	3.79	3.71	4.01	4.19	4.08	4.47	4.46	4.68
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	0.79	0.85	0.78	0.84	0.65	0.93	1.08	1.05	1.13	1.33	1.37	1.16	1.39	1.52	1.56
EV/Sales High	0.79	0.85	0.78	0.84	0.65	0.93	1.08	1.05	1.13	1.33	1.37	1.16	1.39	1.52	1.56
EV/Sales Low	0.79	0.85	0.78	0.84	0.65	0.93	1.08	1.05	1.13	1.33	1.37	1.16	1.39	1.52	1.56
EV/EBITDA Average	2.94	3.53	2.82	2.76	2.09	3.05	3.34	3.79	3.71	4.01	4.19	4.08	4.47	4.46	4.68
EV/EBITDA High	2.94	3.53	2.82	2.76	2.09	3.05	3.34	3.79	3.71	4.01	4.19	4.08	4.47	4.46	4.68
EV/EBITDA Low	2.94	3.53	2.82	2.76	2.09	3.05	3.34	3.79	3.71	4.01	4.19	4.08	4.47	4.46	4.68
EV/EBIT Average	3.92	5.12	3.82	3.66	2.75	4.25	4.68	5.59	5.46	5.96	6.33	6.34	6.78	6.57	7.04
EV/EBIT High	3.92	5.12	3.82	3.66	2.75	4.25	4.68	5.59	5.46	5.96	6.33	6.34	6.78	6.57	7.04
EV/EBIT Low	3.92	5.12	3.82	3.66	2.75	4.25	4.68	5.59	5.46	5.96	6.33	6.34	6.78	6.57	7.04
Last Price	48.4	54.4	55.87	59	61.05	64.79	71.33	72.52	77.21	83.77	85.03	70.98	62	72.49	71.63
High Price	91.1	97.5	100.25	97.5	97.5	101	100.75	100.75	102	104.8	106.2	101.33	83	78	75.5
Enterprise Value Average	1,908	1,951	1,940	2,118	2,089	2,819	3,219	3,265	3,426	3,902	4,190	4,140	4,899	5,642	6,226
Enterprise Value High	1,908	1,951	1,940	2,118	2,089	2,819	3,219	3,265	3,426	3,902	4,190	4,140	4,899	5,642	6,226
Enterprise Value Low	1,908	1,951	1,940	2,118	2,089	2,819	3,219	3,265	3,426	3,902	4,190	4,140	4,899	5,642	6,226

	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

NSTAR Electric Company PFD 4.25%

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)