Southern California Gas Company PFD 6% Financial Ratios — SOCGM

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 (%)	23.77	21.48	23.92	18.5	20	14.18	12.09	9.8	14.24	10.18	-8.05	9.86	11.49	12.26	10.18
Return on Assets (%)	3.5	3.31	4.01	3.4	3.73	2.74	2.88	2.71	3.95	2.84	-2.2	2.81	3.48	3.85	3.27
Return on Capital (%)	12.46	12.56	14.02	10.86	11.15	7.98	7.37	6.62	8.87	6.62	- -	6.25	- -	7.98	- -
Return on Invested Capital (%)	9.13	9.16	10.63	8.33	8.92	6.67	6.59	6.43	9.78	9.56	- -	8.01	- -	7.78	- -
Gross Margin (%)	24.71	27.54	28.1	28.15	34.59	60.62	59.31	59.52	65.1	69.73	62.19	56.23	50.5	69.9	66.4
EBITDA Margin (%)	21.41	23.83	24.68	24.7	30.9	30.22	30.17	28.95	35.25	36.77	31.6	28.63	26.36	40.25	39.91
Operating Margin (%)	12.74	12.8	14.43	13.51	17.68	16.51	16.57	14.92	21.94	23	18.62	17.5	13.11	20.55	19
Incremental Operating Margin (%)	500	12.36	26.21	-15.13	-26.23	244.44	17.2	-20.34	71.4	44.39	-8.47	12.83	-7.59	-9.09	-98.78
Pretax Margin (%)	11.29	11.24	12.87	12.24	15.99	14.2	14.72	12.44	16.84	12.66	-13.35	10.79	9.74	15.9	13.16
Profit Margin (%)	7.55	8.84	9.77	8.64	12.04	10.08	10.49	10.12	14.19	10.64	-7.72	8.77	9.8	15.4	13.77
Net Income to Common Margin (%)	7.52	8.81	9.74	8.61	12.01	10.05	10.46	10.1	14.17	10.61	-7.74	8.76	9.78	15.38	13.75
Effective Tax Rate (%)	33.18	21.41	24.12	29.45	24.73	29.01	28.73	18.66	15.75	15.97	- -	18.7	- -	3.14	- -
Dvd Payout Ratio (%)	17.42	86.51	13.74	30.12	11.93	- -	- -	12.5	23.4	19.84	-17.56	- -	12.21	23.46	23.01
Sustainable Growth Rate (%)	19.63	2.9	20.63	12.92	17.61	14.18	12.09	8.58	10.91	8.16	-9.47	9.86	10.09	9.39	7.84

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	1,321	1,413	1,453	1,941	2,490	3,044	3,102	3,686	4,424	4,886	5,169	6,998	7,757	8,441	9,051
ST Debt	257	4	294	50	9	62	617	259	636	123	396	1,218	1,469	1,410	1,432
LT Debt	1,064	1,409	1,159	1,891	2,481	2,982	2,485	3,427	3,788	4,763	4,773	5,780	6,288	7,031	7,619
Total Debt/EBITDA	1.62	1.81	1.58	2.04	2.31	2.9	2.72	3.21	2.77	2.8	2.97	3.57	3.55	3.38	3.6
Net Debt/EBITDA	1.57	1.7	1.55	1.95	2.26	2.89	2.71	3.2	2.77	2.8	2.94	3.56	3.55	3.37	3.6
Total Debt/EBIT	2.72	3.36	2.7	3.73	4.04	5.31	4.95	6.24	4.46	4.47	5.03	5.85	7.14	6.62	7.57
Net Debt/EBIT	2.64	3.17	2.65	3.56	3.94	5.29	4.93	6.21	4.45	4.47	5	5.83	7.13	6.61	7.56
EBITDA to Interest Expense	11.84	11.5	13.36	13.8	12.83	10.81	11.2	9.8	11.31	11.05	11.1	9.89	7.67	7.74	6.84
EBITDA-CapEx/Interest Expense	1.94	2.1	2.32	-2.2	-3.26	-2.78	-2.21	-3.34	1.11	-0.61	11.1	9.89	7.67	7.74	6.84
EBIT to Interest Expense	7.04	6.18	7.81	7.55	7.35	5.91	6.15	5.05	7.04	6.91	6.54	6.05	3.81	3.95	3.26
Interest Expense	69	68	69	69	84	97	102	117	141	158	157	198	285	323	367
Common Equity/Total Assets	15.65	15.05	18.36	18.29	18.84	19.7	27.59	27.66	27.81	27.91	26.82	29.98	30.54	32.2	31.89
Long-Term Debt/Equity (%)	48.52	63.04	45.47	68	78.79	84.96	63.6	80.48	79.78	92.59	87.71	86.29	84.86	86.15	86.23
Long-Term Debt/Capital (%)	39.87	50.32	36.75	48.81	51.77	52.22	35.35	43.03	41.2	47.34	44.85	42.13	41.4	42.28	42.55
Long-Term Debt/Total Assets (%)	12.55	15.53	12.67	18.1	20.5	22.21	17.55	22.27	22.18	25.8	23.48	25.87	25.91	27.73	27.52
Total Debt/Equity (%)	60.24	63.22	57	69.8	79.07	86.72	79.4	86.57	93.18	94.98	94.98	104.48	104.68	103.43	102.43
Total Debt/Capital (%)	49.49	50.46	46.07	50.1	51.96	53.31	44.13	46.28	48.11	48.56	48.57	51.01	51.07	50.76	50.55
Total Debt/Total Assets (%)	15.59	15.58	15.88	18.58	20.57	22.68	21.91	23.95	25.91	26.47	25.43	31.32	31.97	33.29	32.69
Net Debt to Equity	58.6	59.51	55.94	66.74	77.23	86.38	79.19	86.14	92.97	94.91	94.3	104.17	104.66	103.28	102.27
Net Debt/Capital (%)	48.8	48.95	45.6	48.98	51.37	53.21	44.06	46.16	48.06	48.54	48.39	50.93	51.06	50.73	50.51
EBITDA	817	782	922	952	1,078	1,049	1,142	1,147	1,595	1,746	1,743	1,958	2,185	2,499	2,511
EBITDA-CapEx	134	143	160	-152	-274	-270	-225	-391	156	-97	1,743	1,958	2,185	2,499	2,511
Operating Income (Loss)	486	420	539	521	617	573	627	591	993	1,092	1,027	1,197	1,087	1,276	1,195

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	0.03	0.09	0.02	0.08	0.05	0.01	- -	0.01	- -	- -	0.01	0.01	- -	- -	- -
Current Ratio	0.8	1.03	0.72	0.91	0.78	0.67	0.48	0.55	0.56	0.71	0.37	0.57	0.6	0.47	0.57
Quick Ratio	0.64	0.83	0.63	0.67	0.68	0.57	0.3	0.43	0.45	0.42	0.29	0.45	0.25	0.3	0.31
CFO/Avg Current Liab	0.47	0.8	0.63	0.66	0.76	0.54	0.79	0.53	0.44	0.72	0.32	-0.11	0.48	0.53	0.49
Common Equity/Total Assets	15.65	15.05	18.36	18.29	18.84	19.7	27.59	27.66	27.81	27.91	26.82	29.98	30.54	32.2	31.89
Long-Term Debt/Equity (%)	48.52	63.04	45.47	68	78.79	84.96	63.6	80.48	79.78	92.59	87.71	86.29	84.86	86.15	86.23
Long-Term Debt/Capital (%)	39.87	50.32	36.75	48.81	51.77	52.22	35.35	43.03	41.2	47.34	44.85	42.13	41.4	42.28	42.55
Long-Term Debt/Total Assets (%)	12.55	15.53	12.67	18.1	20.5	22.21	17.55	22.27	22.18	25.8	23.48	25.87	25.91	27.73	27.52
Total Debt/Equity (%)	60.24	63.22	57	69.8	79.07	86.72	79.4	86.57	93.18	94.98	94.98	104.48	104.68	103.43	102.43
Total Debt/Capital (%)	49.49	50.46	46.07	50.1	51.96	53.31	44.13	46.28	48.11	48.56	48.57	51.01	51.07	50.76	50.55
Total Debt/Total Assets (%)	15.59	15.58	15.88	18.58	20.57	22.68	21.91	23.95	25.91	26.47	25.43	31.32	31.97	33.29	32.69
CFO/Total Liabilities	8.82	12.38	10.32	9.98	9.83	6.77	12.74	9.1	7.04	11.46	6.94	-2.9	11.49	12.05	8.83
CFO/CapEx	0.81	1.32	0.89	0.69	0.65	0.51	0.96	0.66	0.6	0.83	- -	- -	- -	- -	- -
Altman's Z-Score	0.83	0.73	0.82	0.78	0.69	0.64	0.62	0.63	0.71	0.74	0.54	0.67	0.7	0.65	0.64

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	6.24	5.33	5.83	6.03	5.71	5.58	6.73	6.88	6.73	6.35	5.9	5.75	7.27	6.48	6.66
Days Sales Outstanding	58.54	68.45	62.62	60.5	63.87	65.36	54.24	53.02	54.21	57.5	61.88	63.47	50.2	56.35	54.83
Inventory Turnover	22.45	15.75	24.42	22.16	17.55	19.96	16.92	12.43	11.7	9.94	12.83	18.09	18.82	6.63	7.28
Days Inventory Outstanding	16.26	23.18	14.95	16.47	20.79	18.29	21.57	29.35	31.21	36.7	28.45	20.18	19.39	55.07	50.16
Accounts Payable Turnover	7.31	5.54	5.85	6.02	4.57	2.98	3.27	3.05	2.87	2.54	3.06	3.45	4.79	2.4	2.87
Accounts Payable Turnover Days	49.95	65.85	62.38	60.6	79.86	122.43	111.7	119.63	127.09	143.72	119.27	105.79	76.27	151.81	127.26
Cash Conversion Cycle	24.84	25.78	15.2	16.37	4.8	-38.79	-35.89	-37.26	-41.68	-49.51	-28.94	-22.14	-6.68	-40.39	-22.27
Inventory to Cash Days	42.28	45.27	47.68	44.03	43.07	47.07	32.68	23.66	23	20.8	33.43	43.3	30.81	1.27	4.67
Inventories	151	151	69	181	79	58	124	134	136	153	172	159	277	287	294
Raw Materials	- -	- -	- -	181	79	58	49	42	46	59	58	85	122	139	138
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	75	92	90	94	114	74	155	148	156
Other Inventory	151	151	69	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	36	83	27	85	58	12	8	18	10	4	37	21	2	12	14
+ Preferred Equity and Hybrid Capital	22	22	22	22	22	22	22	22	22	22	22	22	22	22	22
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,321	1,413	1,453	1,941	2,490	3,044	3,102	3,686	4,424	4,886	5,169	6,998	7,757	8,441	9,051
Enterprise Value	1,307	1,352	1,448	1,878	2,454	3,054	3,116	3,690	4,436	4,904	5,154	6,999	7,777	8,451	9,059
Total Capital	2,669	2,800	3,154	3,874	4,792	5,710	7,030	7,964	9,195	10,061	10,642	13,720	15,190	16,629	17,904
Total Debt/Capital (%)	49.49	50.46	46.07	50.1	51.96	53.31	44.13	46.28	48.11	48.56	48.57	51.01	51.07	50.76	50.55
Total Debt / EV	1.01	1.05	1	1.03	1.01	1	1	1	1	1	1	1	1	1	1
EV/Sales	0.34	0.41	0.39	0.49	0.7	0.88	0.82	0.93	0.98	1.03	0.93	1.02	0.94	1.36	1.44
EV/EBITDA	1.6	1.73	1.57	1.97	2.28	2.91	2.73	3.22	2.78	2.81	2.96	3.57	3.56	3.38	3.61
EV/EBIT	2.69	3.22	2.69	3.6	3.98	5.33	4.97	6.24	4.47	4.49	5.02	5.85	7.15	6.62	7.58
EV/Cash Flow to Firm	2.18	1.5	1.97	2.31	2.6	4.13	2.26	3.33	4.5	2.96	4.59	- -	3.5	3.54	4.42
EV/Free Cash Flow to Firm	1.02	0.88	0.97	0.98	1.07	1.48	1.13	1.39	1.83	1.4	4.59	- -	3.5	3.54	4.42
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,307	1,352	1,448	1,878	2,454	3,054	3,116	3,690	4,436	4,904	5,154	6,999	7,777	8,451	9,059
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	3,816	3,282	3,736	3,855	3,489	3,471	3,785	3,962	4,525	4,748	5,515	6,840	8,289	6,209	6,291
TTM EBITDA	817	782	922	952	1,078	1,049	1,142	1,147	1,595	1,746	1,743	1,958	2,185	2,499	2,511
TTM Operating Income	486	420	539	521	617	573	627	591	993	1,092	1,027	1,197	1,087	1,276	1,195
TTM Cash Flow to Firm	600	899	733	814	943	740	1,379	1,108	987	1,659	1,124	-293	2,223	2,386	2,048
TTM Free Cash Flow to Firm	1,283	1,538	1,495	1,918	2,295	2,059	2,746	2,646	2,426	3,502	1,124	-293	2,223	2,386	2,048

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	2.69	3.22	2.69	3.6	3.98	5.33	4.97	6.24	4.47	4.49	5.02	5.85	7.15	6.62	7.58
Enterprise Value	1,307	1,352	1,448	1,878	2,454	3,054	3,116	3,690	4,436	4,904	5,154	6,999	7,777	8,451	9,059
Low Price	23	25	26.6	25.54	26.81	29.5	26.3	27.48	27.63	30	31.04	25.3	24.81	24.82	24.41
EV/Sales	0.34	0.41	0.39	0.49	0.7	0.88	0.82	0.93	0.98	1.03	0.93	1.02	0.94	1.36	1.44
EV/EBITDA	1.6	1.73	1.57	1.97	2.28	2.91	2.73	3.22	2.78	2.81	2.96	3.57	3.56	3.38	3.61
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	0.34	0.41	0.39	0.49	0.7	0.88	0.82	0.93	0.98	1.03	0.93	1.02	0.94	1.36	1.44
EV/Sales High	0.34	0.41	0.39	0.49	0.7	0.88	0.82	0.93	0.98	1.03	0.93	1.02	0.94	1.36	1.44
EV/Sales Low	0.34	0.41	0.39	0.49	0.7	0.88	0.82	0.93	0.98	1.03	0.93	1.02	0.94	1.36	1.44
EV/EBITDA Average	1.6	1.73	1.57	1.97	2.28	2.91	2.73	3.22	2.78	2.81	2.96	3.57	3.56	3.38	3.61
EV/EBITDA High	1.6	1.73	1.57	1.97	2.28	2.91	2.73	3.22	2.78	2.81	2.96	3.57	3.56	3.38	3.61
EV/EBITDA Low	1.6	1.73	1.57	1.97	2.28	2.91	2.73	3.22	2.78	2.81	2.96	3.57	3.56	3.38	3.61
EV/EBIT Average	2.69	3.22	2.69	3.6	3.98	5.33	4.97	6.24	4.47	4.49	5.02	5.85	7.15	6.62	7.58
EV/EBIT High	2.69	3.22	2.69	3.6	3.98	5.33	4.97	6.24	4.47	4.49	5.02	5.85	7.15	6.62	7.58
EV/EBIT Low	2.69	3.22	2.69	3.6	3.98	5.33	4.97	6.24	4.47	4.49	5.02	5.85	7.15	6.62	7.58
Last Price	26.7	29.11	27	30	34	30.16	30	27.63	30	37	31.6	25.85	26.2	26.01	26.9
High Price	26.99	35.39	32.9	42	35	34	34.9	31	33	45	38	35	27.5	27	30
Enterprise Value Average	1,307	1,352	1,448	1,878	2,454	3,054	3,116	3,690	4,436	4,904	5,154	6,999	7,777	8,451	9,059
Enterprise Value High	1,307	1,352	1,448	1,878	2,454	3,054	3,116	3,690	4,436	4,904	5,154	6,999	7,777	8,451	9,059
Enterprise Value Low	1,307	1,352	1,448	1,878	2,454	3,054	3,116	3,690	4,436	4,904	5,154	6,999	7,777	8,451	9,059

	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	91	91	91	91	91	91	91	91	91	91	91	91	91	91	91
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Southern California Gas Company PFD 6%

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)