Rational Investing

	Total Market Capitalization of All Firms	$589,614 mm
	Average Market Capitalization	$28,077 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0.5
	Average Beta	0.8
	Average EV To Revenue	3.3
	Average EV To EBITDAM	25.3
	Average Price To Free Cash Flow	32.2

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
EDF.PA	Electricite de France SA	2.05	45,435	1.8	12.4	26.9	3	0.9	Jun 20
AES	The Aes Corp	1.94	17,987	4.0	27.1	22.7	-6	0.9	Sep 20
SRE	Sempra Energy	1.93	35,706	5.5	99	30	5	0.7	Sep 20
NG.L	National Grid	1.90	42,018	5.3	8.8	30	-1	0.6	Sep 20
NGG	National Grid Plc	1.77	40,983	4.6	60.1	30	-2	0.6	Sep 20
D	Dominion Resources Inc.	1.72	58,003	5.9	72.3	17.8	1	0.7	Sep 20
ACO-X.TO	ATCO Ltd	1.70	3,385	3.3	37.5	15.5	-13	0.8	Sep 20
EOAN.DE	E.on SE	1.60	27,979	1.6	8.7	30	39	0.5	Sep 20
EXC	Exelon Corp.	1.53	41,548	2.5	42.6	28.6	-1	0.5	Sep 20
SSE.L	SSE PLC	1.35	21,420	4.9	15.5	30	-5	0.7	Sep 20
EDP.LS	Energias de Portugal, S.A.	1.30	23,515	3.5	5.3	20.4	-19	1.1	Sep 20
BIP	Brookfield Infrastructure Part	1.26	17,348	5.2	52.9	17.9	21	0.8	Sep 20
CNA.L	Centrica Plc	1.25	3,914	0.4	2	30	-7	1.4	Jun 20
ENGI.PA	Engie SA	1.16	38,922	1.4	13.1	46.7	-9	1.1	Jun 20
CU.TO	Canadian Utilities Ltd	1.00	6,903	4.9	32.1	21.8	-15	0.7	Sep 20
PEG	Public Service Enterprise Grou	0.97	29,497	4.9	58.4	48.0	-2	0.7	Sep 20
9508	Kyushu Electric Power Company,	0.75	4,572	1.7	99	30	1	0.6	Jun 20
HER.MI	Hera S.p.A.	0.65	5,138	1.2	2.9	18.3	0	0.7	Sep 20
IBE.MC	Iberdrola SA	0.56	92,616	3.7	11.7	18.5	0	0.5	Sep 20
A2A.MI	A2A S.p.A.	0.54	5,115	1.3	2	10.8	-7	0.9	Jun 20
RWE.DE	RWE AG	0.43	27,611	2.3	12.2	7.6	11	0.7	Sep 20