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["Table of Contents"]
["CapRate_AC F ATS",null,"AIR CARRIER - FREIGHT - AIR TRANSPORT SERVICES"]
["S&D_AC F ATS",null,"AIR CARRIER - FREIGHT - AIR TRANSPORT SERVICES"]
["Debt_AC F ATS",null,"AIR CARRIER - FREIGHT - AIR TRANSPORT SERVICES"]
["CF Multiples_AC F ATS",null,"AIR CARRIER - FREIGHT - AIR TRANSPORT SERVICES"]
["CapRate_AC F Atlas Air",null,"AIR CARRIER - FREIGHT - ATLAS AIR"]
["S&D_AC F Atlas Air",null,"AIR CARRIER - FREIGHT - ATLAS AIR"]
["Debt_AC F Atlas Air",null,"AIR CARRIER - FREIGHT - ATLAS AIR"]
["CF Multiples_AC F Atlas Air",null,"AIR CARRIER - FREIGHT - ATLAS AIR"]
["CapRate_AC F FEDEX",null,"AIR CARRIER - FREIGHT - FEDEX"]
["S&D_AC F FEDEX",null,"AIR CARRIER - FREIGHT - FEDEX"]
["Debt_AC F FEDEX",null,"AIR CARRIER - FREIGHT - FEDEX"]
["CF Multiples_AC F FEDEX",null,"AIR CARRIER - FREIGHT - FEDEX"]
["CapRate_AC F UPS",null,"AIR CARRIER - FREIGHT - UPS"]
["S&D_AC F UPS",null,"AIR CARRIER - FREIGHT - UPS"]
["Debt_AC F UPS",null,"AIR CARRIER - FREIGHT - UPS"]
["CF Multiples_AC F UPS",null,"AIR CARRIER - FREIGHT - UPS"]
["CapRate_AC F ALL",null,"AIR CARRIER - FREIGHT - ALL"]
["S&D_AC F ALL",null,"AIR CARRIER - FREIGHT - ALL"]
["Debt_AC F ALL",null,"AIR CARRIER - FREIGHT - ALL"]
["CF Multiples_AC F ALL",null,"AIR CARRIER - FREIGHT - ALL"]
["CapRate_AC P ALL",null,"AIR CARRIER - PASSENGER - ALL"]
["S&D_AC P ALL",null,"AIR CARRIER - PASSENGER - ALL"]
["Debt_AC P ALL",null,"AIR CARRIER - PASSENGER - ALL"]
["CF Multiples_AC P ALL",null,"AIR CARRIER - PASSENGER - ALL"]
["CapRate_AC P American",null,"AIR CARRIER - PASSENGER - AMERICAN"]
["S&D_AC P American",null,"AIR CARRIER - PASSENGER - AMERICAN"]
["Debt_AC P American",null,"AIR CARRIER - PASSENGER - AMERICAN"]
["CF Multiples_AC P American",null,"AIR CARRIER - PASSENGER - AMERICAN"]
["CapRate_AC P Delta",null,"AIR CARRIER - PASSENGER - DELTA"]
["S&D_AC P Delta",null,"AIR CARRIER - PASSENGER - DELTA"]
["Debt_AC P Delta",null,"AIR CARRIER - PASSENGER - DELTA"]
["CF Multiples_AC P Delta",null,"AIR CARRIER - PASSENGER - DELTA"]
["CapRate_AC P Skywest",null,"AIR CARRIER - PASSENGER - SKYWEST"]
["S&D_AC P Skywest",null,"AIR CARRIER - PASSENGER - SKYWEST"]
["Debt_AC P Skywest",null,"AIR CARRIER - PASSENGER - SKYWEST"]
["CF Multiples_AC P Skywest",null,"AIR CARRIER - PASSENGER - SKYWEST"]
["CapRate_AC P Southwest",null,"AIR CARRIER - PASSENGER - SOUTHWEST"]
["S&D_AC P Southwest",null,"AIR CARRIER - PASSENGER - SOUTHWEST"]
["Debt_AC P Southwest",null,"AIR CARRIER - PASSENGER - SOUTHWEST"]
["CF Multiples_AC P Southwest",null,"AIR CARRIER - PASSENGER - SOUTHWEST"]
["CapRate_AC P United",null,"AIR CARRIER - PASSENGER - UNITED CONTINENTAL"]
["S&D_AC P United",null,"AIR CARRIER - PASSENGER - UNITED CONTINENTAL"]
["Debt_AC P United",null,"AIR CARRIER - PASSENGER - UNITED CONTINENTAL"]
["CF Multiples_AC P United",null,"AIR CARRIER - PASSENGER - UNITED CONTINENTAL"]
["CapRate_EU",null,"ELECTRIC UTILITIES"]
["S&D_EU",null,"ELECTRIC UTILITIES"]
["Debt_EU",null,"ELECTRIC UTILITIES"]
["CF Multiples_EU",null,"ELECTRIC UTILITIES"]
["CapRate_EU Wholesale",null,"ELECTRIC UTILITIES - WHOLESALE"]
["S&D_EU Wholesale",null,"ELECTRIC UTILITIES - WHOLESALE"]
["Debt_EU Wholesale",null,"ELECTRIC UTILITIES - WHOLESALE"]
["CF Multiples_EU Wholesale",null,"ELECTRIC UTILITIES - WHOLESALE"]
["CapRate_Gas Dist",null,"GAS DISTRIBUTION COMPANIES"]
["S&D_Gas Dist",null,"GAS DISTRIBUTION COMPANIES"]
["Debt_Gas Dist",null,"GAS DISTRIBUTION COMPANIES"]
["CF Multiples_Gas Dist",null,"GAS DISTRIBUTION COMPANIES"]
["CapRate_GP",null,"GAS PIPELINE COMPANIES"]
["S&D_GP",null,"GAS PIPELINE COMPANIES"]
["Debt_GP",null,"GAS PIPELINE COMPANIES"]
["CF Multiples_GP",null,"GAS PIPELINE COMPANIES"]
["CapRate_LQ PL",null,"LIQUID PIPELINE COMPANIES"]
["S&D_LQ PL",null,"LIQUID PIPELINE COMPANIES"]
["Debt_LQ PL",null,"LIQUID PIPELINE COMPANIES"]
["CF Multiples_LQ PL",null,"LIQUID PIPELINE COMPANIES"]
["CapRate_Private Water",null,"PRIVATE WATER COMPANIES"]
["S&D_Private Water",null,"PRIVATE WATER COMPANIES"]
["Debt_Private Water",null,"PRIVATE WATER COMPANIES"]
["CF Multiples_Private Water",null,"PRIVATE WATER COMPANIES"]
["CapRate_RR",null,"RAILROAD COMPANIES"]
["S&D_RR",null,"RAILROAD COMPANIES"]
["Debt_RR",null,"RAILROAD COMPANIES"]
["CF Multiples_RR",null,"RAILROAD COMPANIES"]

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["EQUITY",0.48,0.19989999999999999," ",{"$f":"+C18","v":0.19989999999999999},{"$f":"+E18*B18","v":9.5951999999999996E-2}," "]
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[null,null,null,null,"SAY",0.1195]

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[null,null,null,null,null," ",null,"Dec. 31, 2019"," "," "]
[null,null,null,"4TH Qtr",null,"Average",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price",null,"4th Qtr","Dec. 31, 2019","Shares Outstanding","Preferred Stock","Long Term Debt **"]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","10K / SEC","10K / SEC","10K / SEC","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
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["Air Transport Services Group","ATSG","Air Trans",25.19,19.100000000000001,{"$f":"AVERAGE(D17:E17)","v":22.145000000000003},23.46,59329431,0,{"$f":"1469677000+14707000","v":1484384000}]
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[null,null,null,null,null,null,null,null,null," "," "]
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[null,null,null,null," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"]
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["Company","Symbol","Group","FMV","FMV","FMV","FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","10K / SEC","10K / SEC","10K / SEC","Calculated","Calculated","Calculated"]
[null,null,null,null,null," "," "]
[{"$f":"+A17","v":"Air Transport Services Group"},{"$f":"+B17","v":"ATSG"},{"$f":"+C17","v":"Air Trans"},{"$f":"(+H17)*G17","v":1391868451.26},{"$f":"+K17","v":0},44302000,{"$f":"(1481.7/1484.4)*J17","v":1481684029.1026676},{"$f":"+D30+E30+F30+G30","v":2917854480.3626676},{"$f":"+D30/H30","v":0.47701777474762935},{"$f":"(+E30+F30+G30)/H30","v":0.5229822252523707}," "]
[null,null,null,null,null," "]
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[]
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["* Operating lease rents included are for aircraft, engines, office and facilities, purchased capacity, vehicles, real property, and other operating leased property.",null,null,null,null,null,null,"RANGE","19.35% - 77.04%","22.96% - 80.65%"]
["** Long Term Debt includes the capital lease debt  plus current maturities. ",null,null,null,null,null,null,"Median",{"$f":"MEDIAN(I30:I30)","v":0.47701777474762935},{"$f":"MEDIAN(J30:J30)","v":0.5229822252523707}]
["Any difference between the lease liability value and lease asset value is prepayments, lease incentives, and/or other direct costs.",null,null,null,null,null," ","Average",{"$f":"AVERAGE(I30:I30)","v":0.47701777474762935},{"$f":"AVERAGE(J30:J30)","v":0.5229822252523707}]
["Maintenance, real estate taxes,insurance and other operating expenses associated with the leases are excluded from the ROU measurement."]
[null,null,null,null,null,null,null,"SAY",0.48,0.52," "]
[null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,null," "," "," ",null," "]
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[null,301984000,{"$f":"+A30","v":"Air Transport Services Group"},44302000,43191000]
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[]
[null,null," "]
[null,null," "]
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[null,null,"Median",{"$f":"MEDIAN(D11:D11)","v":1.2},{"$f":"MEDIAN(E11:E11)","v":0.19},null,null,null,{"$f":"MEDIAN(I11:I11)","v":6.13E-2}]
[null,null,"Average",{"$f":"AVERAGE(D11:D11)","v":1.2},{"$f":"AVERAGE(E11:E11)","v":0.19},null,null,null,{"$f":"AVERAGE(I11:I11)","v":6.13E-2}]
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[null,null,null,null,null,null,null,"Say",6.13E-2," "]

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["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":0.12598542000000001}," "]
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[null,null,null,null,"SAY",0.126]

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[null,null,null,null,null," ",null,"Dec. 31, 2019"," "," "]
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[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"]
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["Company","Symbol","Group","FMV","FMV","FMV","FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","10K / SEC","10K / SEC","10K / SEC","Calculated","Calculated","Calculated"]
[null,null,null,null,null," "," "]
[{"$f":"+A17","v":"Atlas Air"},{"$f":"+B17","v":"AAWW"},{"$f":"+C17","v":"Air Trans"},{"$f":"(+H17)*G17","v":713260051.32000005},{"$f":"+K17","v":0},{"$f":"+E47","v":534805000},{"$f":"+J17*(2464338/2364517)","v":2438965245.8138385},{"$f":"+D30+E30+F30+G30","v":3687030297.1338387},{"$f":"+D30/H30","v":0.19345109582485995},{"$f":"(+E30+F30+G30)/H30","v":0.80654890417514002}," "]
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["** Long Term Debt includes the capital lease debt  plus current maturities. ",null,null,null,null,null,null,"Median",{"$f":"MEDIAN(I30:I30)","v":0.19345109582485995},{"$f":"MEDIAN(J30:J30)","v":0.80654890417514002}]
["Any difference between the lease liability value and lease asset value is prepayments, lease incentives, and/or other direct costs.",null,null,null,null,null," ","Average",{"$f":"AVERAGE(I30:I30)","v":0.19345109582485995},{"$f":"AVERAGE(J30:J30)","v":0.80654890417514002}]
["Maintenance, real estate taxes,insurance and other operating expenses associated with the leases are excluded from the ROU measurement."]
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["FedEx Corp ***","FDX","Air Trans",{"$f":"((+H19)*G19)-9225000000","v":41670900000},{"$f":"+K19","v":0},{"$f":"+E55","v":14360000000},{"$f":"+J19*(19600/18600)","v":19712752688.172043},75743652688.172043,{"$f":"+D35/H35","v":0.55015699033626397},0.44984300966373603," "]
["United Parcel Service ","UPS","Air Trans",{"$f":"(+H20)*G20","v":100273596000},{"$f":"+K20","v":0},{"$f":"+E56","v":2929000000},{"$f":"+J20*(26949/25238)","v":26948999999.999996},130151596000,{"$f":"+D36/H36","v":0.77043692956327636},0.22956307043672361," "]
[null,null,null,null,null," "]
[]
[]
[]
["* Operating lease rents included are for aircraft, engines, office and facilities, purchased capacity, vehicles, real property, and other operating leased property.",null,null,null,null,null,null,"RANGE","19.35% - 77.04%","22.96% - 80.65%"]
["** Long Term Debt includes the capital lease debt  plus current maturities. ",null,null,null,null,null,null,"Median",{"$f":"MEDIAN(I33:I36)","v":0.51358738254194669},{"$f":"MEDIAN(J33:J36)","v":0.48641261745805336}]
["*** FedEx balance sheet came from 10Q Nov. 30, 2019",null,null,null,null,null," ","Average",{"$f":"AVERAGE(I33:I36)","v":0.49776569761800737},{"$f":"AVERAGE(J33:J36)","v":0.50223430238199263}]
["Any difference between the lease liability value and lease asset value is prepayments, lease incentives, and/or other direct costs."]
["Maintenance, real estate taxes,insurance and other operating expenses associated with the leases are excluded from the ROU measurement.",null,null,null,null,null,null,"SAY",0.51,0.49," "]
[null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,null," "," "," ",null," "]
[null,null,null,null,null,null,null,null,{"$f":"+I33","v":0.47701777474762935},{"$f":"+J33","v":0.5229822252523707}]
[null,null,null,null,null,null,null,null,{"$f":"+I35","v":0.55015699033626397},{"$f":"+J35","v":0.44984300966373603}]
[null,null,null,null,null,null,null,null,{"$f":"+I36","v":0.77043692956327636},{"$f":"+J36","v":0.22956307043672361}]
[null,null,null,null,null,null,null,"Median",{"$f":"MEDIAN(I48:I50)","v":0.55015699033626397},{"$f":"MEDIAN(J48:J50)","v":0.44984300966373603}]
[null,"Op Lese Expense","Company","ROU Values Assets","ROU Values Liab.",null,null,"Average",{"$f":"AVERAGE(I48:I50)","v":0.59920389821572329},{"$f":"AVERAGE(J48:J50)","v":0.40079610178427677}]
[null,301984000,{"$f":"+A33","v":"Air Transport Services Group"},44302000,43191000,null,null,"SAY",0.55000000000000004,0.45,"Without Atlas"]
[null,155639000,{"$f":"+A34","v":"Atlas Air"},231133000,{"$f":"141973000+392832000","v":534805000}]
[null,2875000000,{"$f":"+A35","v":"FedEx Corp ***"},14097000000,14360000000]
[null,959000000,{"$f":"+A36","v":"United Parcel Service "},2856000000,2929000000,null,null,null," "," "]
[null,null,null,null,null,null,null,null,{"$f":"+I35","v":0.55015699033626397},{"$f":"+J35","v":0.44984300966373603}]
[null,null,null," ",null,null,null,null,{"$f":"+I36","v":0.77043692956327636},{"$f":"+J36","v":0.22956307043672361}]
[null,null,null,null,null,null,null,"Median",{"$f":"MEDIAN(I56:I58)","v":0.66029695994977011},{"$f":"MEDIAN(J56:J58)","v":0.33970304005022983}]
[null,null,null,null,null,null,null,"Average",{"$f":"AVERAGE(I56:I58)","v":0.66029695994977011},{"$f":"AVERAGE(J56:J58)","v":0.33970304005022983}]
[null,null,null,null,null,null,null,"SAY",0.66,0.34,"Without Atlas& Air Transport"]
[]
[]
[null,null," "]
[null,null," "]
[null,null,null," "]

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["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
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[null,null,null,null,null," "]
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[" "," "," ",null,null," "," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P","Moody's /Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
["Air Transport Services Group","ATSG","AirTrans",1.2,0.19,"B",null,"Ba2",6.13E-2]
["Atlas Air Worldwide Holdings","AAWW","AirTrans",1.75,0.15,"B+",null,"Baa",3.9300000000000002E-2,null,null," "]
["FedEx Corp ","FDX","AirTrans",1.4,0.255,"A++","BBB","Baa2",3.9300000000000002E-2," "]
["United Parcel Service ","UPS","AirTrans",1,0.23,"A","A+","A2 / A1",3.3700000000000001E-2," ",null,null," "]
[]
[null,null,"RANGE","1.00- 1.75","15.00 - 25.50",null,null,null,"3.37% - 6.13%"]
[null,null,"Median",{"$f":"MEDIAN(D11:D14)","v":1.2999999999999998},{"$f":"MEDIAN(E11:E14)","v":0.21000000000000002},null,null,null,{"$f":"MEDIAN(I11:I14)","v":3.9300000000000002E-2}]
[null,null,"Average",{"$f":"AVERAGE(D11:D14)","v":1.3374999999999999},{"$f":"AVERAGE(E11:E14)","v":0.20624999999999999},null,null,null,{"$f":"AVERAGE(I11:I14)","v":4.3400000000000001E-2}]
[]
[null,null,null,null,null,null,null,"Say",3.9300000000000002E-2," "]

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["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
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[null,null,null," "]
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[]
[null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,"YEAR END 12/31/2019"]
[null,null,null," "]
[" "," "," "," "," "," "]
[" ","Ticker"," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol","Price","Per Share","Multiple","Inverse"]
[" "," ","VL","VL Actual 2019 CF"," "," "]
[]
[" "," "," "," "," "," "]
["Air Transport Services Group","ATSG",23.46,4.6900000000000004,{"$f":"C16/D16","v":5.0021321961620471},{"$f":"1/E16","v":0.19991474850809887}]
["Atlas Air Worldwide Holdings","AAWW",27.08,14.6,{"$f":"C17/D17","v":1.854794520547945},0.53914327917282134]
["FedEx Corp ","FDX",158,28.67,{"$f":"C18/D18","v":5.5109870945238919},0.18145569620253166]
["United Parcel Service ","UPS",104.87,10.38,10.103082851637765,9.8979689138933916E-2]
[]
[null,"RANGE","23.46-158.00","4.69-28.67","1.85-10.10","9.90-53.91%"]
[null,"Median",{"$f":"MEDIAN(C16:C19)","v":65.974999999999994},{"$f":"MEDIAN(D16:D19)","v":12.49},{"$f":"MEDIAN(E16:E19)","v":5.2565596453429695},{"$f":"MEDIAN(F16:F19)","v":0.19068522235531526}]
[null,"Average",{"$f":"AVERAGE(C16:C19)","v":78.352499999999992},{"$f":"AVERAGE(D16:D19)","v":14.585000000000001},{"$f":"AVERAGE(E16:E19)","v":5.6177491657179122},{"$f":"AVERAGE(F16:F19)","v":0.25487335325559646}]
[]
[null,null,null,null,"SAY",0.19070000000000001]
[]
["WITHOUT ATLAS AIR"]
[]
["Air Transport Services Group","ATSG",23.46,4.6900000000000004,{"$f":"C29/D29","v":5.0021321961620471},{"$f":"1/E29","v":0.19991474850809887}]
["FedEx Corp ","FDX",158,28.67,{"$f":"C30/D30","v":5.5109870945238919},0.18145569620253166]
["United Parcel Service ","UPS",104.87,10.38,10.103082851637765,9.8979689138933916E-2]
[]
[null,"RANGE","23.46-158.00","4.69-28.67","5.00-10.10","9.90-19.99%"]
[null,"Median",{"$f":"MEDIAN(C29:C31)","v":104.87},{"$f":"MEDIAN(D29:D31)","v":10.38},{"$f":"MEDIAN(E29:E31)","v":5.5109870945238919},{"$f":"MEDIAN(F29:F31)","v":0.18145569620253166}]
[null,"Average",{"$f":"AVERAGE(C29:C31)","v":95.443333333333342},{"$f":"AVERAGE(D29:D31)","v":14.58},{"$f":"AVERAGE(E29:E31)","v":6.8720673807745678},{"$f":"AVERAGE(F29:F31)","v":0.16011671128318813}]
[]
[null,null,null,null,"SAY",0.18149999999999999]

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[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"AIR CARRIER - All"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"," "]
["Capital","Structure","Capital","Rate","After Tax","Cost"," "]
[" "," "," "," "," "," "," "]
[]
["EQUITY",0.57999999999999996,0.19370000000000001," ",{"$f":"+C18","v":0.19370000000000001},{"$f":"+E18*B18","v":0.112346}," "]
[" "," "," "," "," "," "," "]
["DEBT",0.42,5.6899999999999999E-2,0.26,{"$f":"+C20*(1-D20)","v":4.2105999999999998E-2},{"$f":"+B20*E20","v":1.7684519999999999E-2}," "]
[" "," "," "," "," "," "," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":0.13003052000000001}," "]
[]
[null,null,null,null,"SAY",0.13]

{"sheet":"S&D_AC P ALL","index":22,"n_rows":65,"n_cols":13,"rows_kept":65,"cut":false,"hidden":false,"merged":[[11,3,11,4],[12,3,12,4]]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null," ",null,null,null,null,null," "]
[]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[]
[]
["Industry > Air Carriers - ALL"]
[" "," "," ",null,null,null," "]
[null,null,null,null,null,null,null,"Dec. 31, 2019"," "]
[null,null,null,"4th Qtr",null,"4th Qtr",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price",null,"Average","Dec. 31, 2019","Shares Outstanding","Preferred Stock","Long Term Debt **"]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","Yahoo","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
[]
["Alaska Air ","ALK","AirTrans",71.91,62.3,{"$f":"AVERAGE(D17,E17)","v":67.10499999999999},67.75,{"$f":"123000307-8811866","v":114188441},0,{"$f":"1264000000+235000000","v":1499000000},null,null," "]
["Allegiant Travel Co. ","ALGT","AirTrans",180.15,146.80000000000001,163.47500000000002,174.04,{"$f":"16303262-6532453","v":9770809},0,{"$f":"1248579000+173274000","v":1421853000}]
["American Airlines Group","AAL","Airtrans",31.36,25.27,28.314999999999998,28.68,428202506,0,{"$f":"21454000000+2861000000","v":24315000000}]
["Delta Air Lines ","DAL","Airtrans",59.56,52.83,56.195,58.48,{"$f":"651731443-8959730","v":642771713},0,{"$f":"8873000000+2287000000","v":11160000000}]
["JetBlue Airways ","JBLU","AirTrans",19.760000000000002,16.02,17.89,18.72,282000000,0,{"$f":"1990000000+344000000","v":2334000000}]
["Skywest Inc","SKYW","AirTrans",65.319999999999993,54.76,60.039999999999992,64.63,{"$f":"81742937-31420179","v":50322758},0,{"$f":"2628989000+364126000","v":2993115000}]
["Southwest Airlines ","LUV","AirTrans",58.26,52.04,55.15,53.98,{"$f":"807611634-288547318","v":519064316},0,{"$f":"1846000000+819000000","v":2665000000},null,null," "]
["Spirit Airlines ","SAVE","AirTrans",41.37,33.1,37.234999999999999,40.31,{"$f":"68455011-1693375","v":66761636},0,{"$f":"1960453000+258852000","v":2219305000},null,null," "]
["United Airlines Holdings Inc","UAL","Airtrans",93.8,83.27,88.534999999999997,88.09,251216381,0,{"$f":"13145000000+1407000000","v":14552000000}]
[]
[]
[]
[null,null,null,null," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Common Stock","Preferred Stock","Op Leased Property *","Long Term Debt ","Total Market Value","% Common Stock","% LT Debt "]
["Company","Symbol","Group","FMV","FMV","FMV","FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","10K / SEC","Calculated","10K / SEC","Calculated","Calculated","Calculated"]
[]
[{"$f":"+A17","v":"Alaska Air "},"ALK","AirTrans",{"$f":"+G17*(H17)","v":7736266877.75},{"$f":"(1/1)*I17","v":0},1711000000,{"$f":"(483/475)*J17","v":1524246315.7894738},{"$f":"+D35+E35+F35+G35","v":10971513193.539474},{"$f":"+D35/H35","v":0.70512305288075172},{"$f":"(+F35+G35)/H35","v":0.29487694711924822}]
["Allegiant Travel Co. ","ALGT","AirTrans",{"$f":"+G18*(H18)","v":1700511598.3599999},0,24000000,{"$f":"(1140232/1329882)*J18","v":1219087324.9626658},{"$f":"+D36+E36+F36+G36","v":2943598923.3226657},0.57769813166003681,{"$f":"(+F36+G36)/H36","v":0.42230186833996319}]
["American Airlines Group","AAL","Airtrans",{"$f":"+G19*(H19)","v":12280847872.08},0,9129000000,{"$f":"(24508/23645)*J19","v":25202453795.728485},46612301667.808487,0.26346795658368943,0.73653204341631051]
["Delta Air Lines ","DAL","Airtrans",{"$f":"+G20*(H20)","v":37589289776.239998},0,6095000000,{"$f":"(10400/10106)*J20","v":11484662576.687115},55168952352.927109,0.68134862405531282,0.31865137594468723]
["JetBlue Airways ","JBLU","AirTrans",{"$f":"+G21*(H21)","v":5279040000},0,912000000,{"$f":"(2367/2245)*J21","v":2460836525.6124721},8651876525.6124725,0.61016127361182992,0.38983872638817008]
["Skywest Inc","SKYW","AirTrans",3252359849.54,0,354043000,{"$f":"(3049.1/3017.5)*J22","v":3024459634.2999167},6630862483.8399162,0.49048820684584099,0.50951179315415907]
["Southwest Airlines ","LUV","AirTrans",28019091777.679996,0,1349000000,{"$f":"(2122/2051)*J23","v":2757254997.5621648},32125346775.242161,0.87218021251908462,0.12781978748091544]
["Spirit Airlines ","SAVE","AirTrans",2691161547.1600003,0,1369555000,{"$f":"(2303/2213.6)*J24","v":2308935406.1257677},6369651953.2857685,0.42249742480384217,0.57750257519615777]
["United Airlines Holdings Inc","UAL","Airtrans",22129651002.290001,0,5632000000,{"$f":"(15203/14552)*J25","v":15203000000},42964651002.290001,0.5150664671082863,0.48493353289171376]
[null,null,null,null,null,null," "]
[null,null,null,null,null,null,null,"RANGE","26.35% - 87.22%","12.78% - 73.65%"]
["* Operating lease rents included are for aircraft, engines, office and facilities, purchased capacity, vehicles, real property, and other operating leased property.",null,null,null,null,null,null,"Median",{"$f":"MEDIAN(I35:I43)","v":0.57769813166003681},{"$f":"MEDIAN(J35:J43)","v":0.42230186833996319}]
["** Long Term Debt includes the capital lease debt  plus current maturities. ",null,null,null,null," "," ","Average",{"$f":"AVERAGE(I35:I43)","v":0.57089237222985267},{"$f":"AVERAGE(J35:J43)","v":0.42910762777014722}]
["Any difference between the lease liability value and lease asset value is prepayments, lease incentives, and/or other direct costs."]
[null,null,null,null,null," ",null,"SAY",0.57999999999999996,0.42]
[]
[null,null," ",null,null,null,null," "]
[]
[]
[null,null," ",null,null,null,null," "]
[]
[null,null,null,"Op Lese Expense","Company","ROU Values Assets","ROU Values Liab."," "]
[null,null,null,668000000,{"$f":"+A35","v":"Alaska Air "},1711000000,1708000000]
[null,null,null,15000000,"Allegiant Travel Co. ",22081000,24000000," "]
[null,null,null,4585000000,"American Airlines Group",8737000000,9129000000]
[null,null,null,2969000000,"Delta Air Lines ",5627000000,6095000000]
[null,null,null,818000000,"JetBlue Airways ",912000000,818000000]
[null,null,null,109243000,"Skywest Inc",336009000,354043000]
[null,null,null,935000000,"Southwest Airlines ",1349000000,1331000000]
[null,null,null,345000000,"Spirit Airlines ",1369555000,1338676000]
[null,null,null,2831000000,"United Airlines Holdings Inc",4758000000,5632000000]

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[" "," "," ",null,null," "," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P","Moody's / Mergent Bond"," "]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
["Alaska Air ","ALK","AirTrans",1.05,0.25,"B+",null,"Ba1",5.6899999999999999E-2]
["Allegiant Travel Co. ","ALGT","AirTrans",0.9,0.23,"B++",null,"Ba3",6.5699999999999995E-2]
["American Airlines ","AAL","AirTrans",1.4,0.245,"B+",null,"Ba3",6.5699999999999995E-2]
["Delta Air Lines ","DAL","AirTrans",1.1499999999999999,0.23,"B+",null,"Baa3",3.9300000000000002E-2]
["JetBlue Airways ","JBLU","AirTrans",1.2,0.26,"B++",null,"Ba1",5.6899999999999999E-2]
["Skywest Inc","SKYW","AirTrans",1.35,0.23499999999999999,"B+",null,"Baa",3.9300000000000002E-2]
["Southwest Airlines ","LUV","AirTrans",1.1499999999999999,0.22,"A",null,"A3",3.3700000000000001E-2]
["Spirit Airlines ","SAVE","AirTrans",1.1499999999999999,0.20499999999999999,"B++",null,"Ba3",6.5699999999999995E-2]
["United Airlines Holdings Inc","UAL","AirTrans",1.25,0.22,"BB",null,"Ba1 Ba2",5.6899999999999999E-2]
[" "," "," "," "," "," "," "," "]
[null,null,"RANGE",".90 - 1.40","20.50% - 26.00%"," ",null,null,"3.37% - 6.57%"]
[null,null,"Median",{"$f":"MEDIAN(D11:D19)","v":1.1499999999999999},{"$f":"MEDIAN(E11:E19)","v":0.23},"B++"," ","Ba1",{"$f":"MEDIAN(I11:I19)","v":5.6899999999999999E-2}]
[null,null,"Average",{"$f":"AVERAGE(D11:D19)","v":1.177777777777778},{"$f":"AVERAGE(E11:E19)","v":0.23277777777777775},null,null,null,{"$f":"AVERAGE(I11:I19)","v":5.3344444444444444E-2}]
[]
[null,null,null,null,null,null,null,"Say",5.6899999999999999E-2," "]

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[null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,"YEAR END 12/31/2019"]
[]
[" "," "," "," "," "," "]
[" ","Ticker"," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol","Price","Per Share","Multiple","Inverse"]
[" "," ","VL","VL"," "," "]
[]
[]
["Alaska Air ","ALK",64.55,9.93,{"$f":"C16/D16","v":6.500503524672709},{"$f":"1/E16","v":0.15383423702556159}]
["Allegiant Travel Co. ","ALGT",164.02,24.25,{"$f":"C17/D17","v":6.7637113402061857},{"$f":"1/E17","v":0.14784782343616631}]
["American Airlines ","AAL",29.84,9.5500000000000007,{"$f":"C18/D18","v":3.1246073298429318},{"$f":"1/E18","v":0.32004021447721182}]
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["JetBlue Airways ","JBLU",20.51,3.85,5.3272727272727272,0.1877133105802048]
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["DTE Energy","DTE","Electric Utility",133.19,120.49,126.84,129.87,192208533,164000000,{"$f":"15935000000+687000000","v":16622000000}]
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["Entergy Corp","ETR","Electric Utility",121.56,114.09,117.825,119.8,{"$f":"270035180-70886400","v":199148780},35000000,{"$f":"17078643000+795012000","v":17873655000}]
["FirstEnergy Solutions Corp","FE","Electric Utility",48.82,46.03,47.424999999999997,48.6,540652222,0,{"$f":"19618000000+380000000","v":19998000000}]
["MGE Energy","MGEE","Electric Utility",79.88,72.989999999999995,76.435000000000002,78.819999999999993,34668000,0,{"$f":"1200000+19300000+70000000+457379000","v":547879000}]
["OGE Energy Corp.","OGE","Electric Utility",45.26,41.96,43.61,44.03,200100000,0,3195200000]
["Otter Tail Corp","OTTR","Electric Utility",57.43,48.51,52.97,51.29,40157591,0,{"$f":"689581000+183000","v":689764000}]
["PPL Corporation","PPL","Electric Utility",36.25,30.21,33.230000000000004,35.880000000000003,767233000,0,{"$f":"20721000000+1172000000","v":21893000000}]
["Southern","SO","Electric Utility",63.86,60.33,62.094999999999999,63.7,{"$f":"1100000000-100000000","v":1000000000},291000000,{"$f":"2989000000+41798000000","v":44787000000}]
["WEC Energy Group","WEC","Electric Utility",96.08,87.14,91.61,92.23,315434531,{"$f":"30400000","v":30400000},{"$f":"11211000000+693200000","v":11904200000}]
[]
[null,null,null,null,null,null,null,null,null," "]
[" "]
[null,null,null,null," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"," "]
[" ","Ticker","Industry ","Common Stock","Preferred Stock &","Long Term Debt *","Total Market Value","% Common Stock","% LT Debt & Pref Stock"," "]
["Company","Symbol","Group","FMV","FMV","FMV","CS+LTD +PS"," "," "," "]
["VL","VL","VL","Calculated","10K / SEC","10K / SEC","Calculated","Calculated","Calculated"]
[null,null,null,null,null,null,null,null,null," "]
[{"$f":"+A17","v":"Allete"},{"$f":"+B17","v":"ALE"},{"$f":"+C17","v":"Electric Utility"},{"$f":"(+H17)*G17","v":4190285000},{"$f":"(1/1)*I17","v":0},{"$f":"J17*(1791.8/1622.6)","v":1782082361.6418095},{"$f":"+D42+E42+F42","v":5972367361.6418095},{"$f":"(+D42)/G42","v":0.70161206541187826},{"$f":"(+E42+F42)/G42","v":0.29838793458812174}," "]
[{"$f":"+A18","v":"Alliant Energy"},"LNT","Electric Utility",{"$f":"(+H18)*G18","v":13407647616},{"$f":"(194.8/200)*I18","v":194800000.00000003},{"$f":"J18*(6917.9/6190.2)","v":6694388643.3394718},{"$f":"+D43+E43+F43","v":20296836259.33947},0.66057820266597211,{"$f":"(+E43+F43)/G43","v":0.33942179733402794}," "]
["AMEREN","AEE","Electric Utility",18908160000,{"$f":"(1/1)*I19","v":0},{"$f":"J19*(10441/9357)","v":10441000000},29349160000,0.6442487621451517,0.3557512378548483," "]
["American Electric Power","AEP","Electric Utility",46703956704.209999,{"$f":"(1/1)*I20","v":0},30172000000,76875956704.209991,0.60752358352962554,0.39247641647037451," "]
["Centerpoint Energy","CNP","Electric Utility",13696141003.469999,1740000000,{"$f":"J21*(16067/15093)","v":16067000000},31503141003.470001,0.43475477578446542,0.56524522421553447]
["CMS Energy","CMS","Electric Utility",17840276000,37000000,{"$f":"J22*(14185/13157)","v":14185000000},32062276000,0.55642575093546076,0.44357424906453929]
["DTE Energy","DTE","Electric Utility",24962122180.709999,164000000,{"$f":"J23*(18031/16606)","v":18048372997.71167},43174495178.421669,0.57816824672882117,0.42183175327117883," "]
["Duke Energy","DUK",{"$f":"+C24","v":"Electric Utility"},66856929999.999992,1962000000,63062000000,131880930000,0.50694918514754173,0.49305081485245822]
["Entergy Corp","ETR",{"$f":"+C25","v":"Electric Utility"},23858023844,35000000,19059950000,42952973844,0.55544521621831011,0.44455478378168989]
["FirstEnergy Solutions Corp","FE","Electric Utility",26275697989.200001,0,{"$f":"J26*(22928/20074)","v":22841194779.316528},49116892768.516525,0.53496254563648782,0.46503745436351224]
["MGE Energy","MGEE","Electric Utility",2732531760,0,{"$f":"J27*(611909/547879)","v":611909000},3344440760,0.81703697451648094,0.18296302548351911," "]
["OGE Energy Corp.","OGE","Electric Utility",8810403000,0,3646000000,12456403000,0.70729912961229657,0.29270087038770343," "]
["Otter Tail Corp","OTTR","Electric Utility",2059682842.3899999,0,{"$f":"J29*(742279/689764)","v":742279000},2801961842.3899999,0.73508597127544906,0.26491402872455089," "]
["PPL Corporation","PPL",{"$f":"+C30","v":"Electric Utility"},27528320040.000004,0,{"$f":"J30*(25481000000/21893000000)","v":25481000000},53009320040,0.51931094417411061,0.48068905582588944]
["Southern","SO",{"$f":"+C31","v":"Electric Utility"},63700000000,291000000,{"$f":"J31*(48339/44561)","v":48584160880.590645},112575160880.59064,0.56584418358119948,0.43415581641880052]
["WEC Energy Group","WEC","Electric Utility",29092526794.130001,29500000,{"$f":"J32*(13035.9/11858.3)","v":13086358144.084734},42208384938.214737,0.68925941697878457,0.31074058302121538]
[]
[]
[null,null,null,null,null,null,null,null,null," "]
[null,null," "," ",null," ","RANGE","43.48% - 81.70%","18.30% - 56.52%"," "]
[null,null," "," ",null," ","Median",{"$f":"MEDIAN(H42:H57)","v":0.59284591512922336},{"$f":"MEDIAN(I42:I57)","v":0.40715408487077664}," "]
[null,null," "," ",null," ","Average",{"$f":"AVERAGE(H42:H57)","v":0.61340655964637725},{"$f":"AVERAGE(I42:I57)","v":0.38659344035362275}," "]
[null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,"SAY",0.59,0.41," "]
[null,null,null,null,null,null,null,null,null," "]

{"sheet":"Debt_EU","index":47,"n_rows":33,"n_cols":11,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null," "]
["Industry > Electric Companies"]
[" "," "," "," "," "," ",null," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S & P","Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
[]
["Allete","ALE","Electric Utility",0.65,0,"A","BBB+","Baa1",3.9300000000000002E-2," "]
["Alliant Energy","LNT","Electric Utility",0.6,0.11,"A","BBB","Baa2",3.9300000000000002E-2," "]
["AMEREN","AEE","Electric Utility",0.55000000000000004,0.18,"A","BBB+","Baa1 / A",3.9300000000000002E-2," "]
["American Electric Power","AEP","Electric Utility",0.55000000000000004,0.02,"A+","BBB+","Baa1",3.9300000000000002E-2," "]
["Centerpoint Energy","CNP","Electric Utility",0.8,0.125,"B+","BBB","Baa2",3.9300000000000002E-2," "]
["CMS Energy","CMS","Electric Utility",0.5,0.17,"B++","BBB+","Baa1",3.9300000000000002E-2," "]
["DTE Energy","DTE","Electric Utility",0.55000000000000004,0.12,"B++","BBB","Baa2 / Aa",3.9300000000000002E-2," "]
["Duke Energy","DUK","Electric Utility",0.5,0.12,"A","A , A-","A2, Aa2. A3 ",3.3700000000000001E-2," "," "]
["Entergy Corp","ETR","Electric Utility",0.6,0.23,"B++","BBB","Baa2",3.9300000000000002E-2," "]
["FirstEnergy Corp","FE","Electric Utility",0.65,0.22500000000000001,"B++","BBB","Baa1, A3",3.9300000000000002E-2," "," "]
["MGE Energy","MGEE","Electric Utility",0.55000000000000004,0.19,"A+","A+","A1 / A",3.3700000000000001E-2," "]
["OGE Energy Corp.","OGE","Electric Utility",0.75,0.06,"A","BBB+","Baa1 / A",3.9300000000000002E-2," "]
["Otter Tail Corp","OTTR","Electric Utility",0.7,0.18,"A","BBB","Baa2 / A",3.9300000000000002E-2," "]
["PPL Corporation","PPL","Electric Utility",0.7,0.19,"B++","BBB+, A, A-","Baa1,2,3, A1",3.9300000000000002E-2," "," "]
["Southern Company","SO","Electric Utility",0.5,0.2,"A","BBB, BBB- BB+","Baa2,3, Ba1",3.9300000000000002E-2," "," "]
["WEC Energy Group","WEC","Electric Utility",0.5,0.11,"A+","BBB+","Baa1",3.9300000000000002E-2," "]
[null,null,null,null,null,null,null,"  "]
[null,null,"RANGE",".50 - .80","0%  - 23.00%","A+ - B++",null,"A1 - Baa2","3.37%  - 3.93%"]
[null,null,"Median",{"$f":"MEDIAN(D12:D27)","v":0.57499999999999996},{"$f":"MEDIAN(E12:E27)","v":0.14750000000000002}," ",null," ",{"$f":"MEDIAN(I12:I27)","v":3.9300000000000002E-2}]
[null,null,"Average",{"$f":"AVERAGE(D12:D27)","v":0.60312500000000002},{"$f":"AVERAGE(E12:E27)","v":0.139375}," ",null," ",{"$f":"AVERAGE(I12:I27)","v":3.8600000000000002E-2}]
[]
[null,null,null,null,null,null,null,"Say",3.9300000000000002E-2]

{"sheet":"CF Multiples_EU","index":48,"n_rows":46,"n_cols":6,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null," "]
["Industry > Electric Companies"]
[]
[null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,"YEAR END 12/31/2019"]
[]
[" "," "," "," "," "," "]
[" ","Ticker"," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol","Price","Per Share","Multiple","Inverse"]
[" "," ","VL","VL"," "," "]
[]
[]
["Allete","ALE",80.040000000000006,7.35,{"$f":"C16/D16","v":10.889795918367348},{"$f":"1/E16","v":9.1829085457271351E-2}]
["Alliant Energy","LNT",52.7,4.5999999999999996,11.456521739130435,8.7286527514231493E-2]
["AMEREN","AEE",73.81,7.65,9.6483660130718949,0.10364449261617667]
["American Electric Power","AEP",90.88,9.4,{"$f":"C19/D19","v":9.6680851063829785},0.1034330985915493]
["Centerpoint Energy","CNP",24.4,4.5999999999999996,5.304347826086957,0.18852459016393441]
["CMS Energy","CMS",61.13,6,10.188333333333334,9.8151480451496798E-2]
["DTE Energy","DTE",124.01,12.5,9.9207999999999998,0.10079832271591001]
["Duke  Energy","DUK",93.15,11.8,7.8940677966101696,0.12667740203972089]
["Entergy Corp","ETR",116.92,15.5,7.5432258064516127,0.13256927813889841]
["FirstEnergy Corp","FE",47.32,4.0999999999999996,11.541463414634148,8.6644125105663564E-2]
["MGE Energy","MGEE",76.73,4.6500000000000004,16.501075268817203,6.0602111299361404E-2]
["OGE Energy Corp.","OGE",42.11,4,10.5275,9.4989313702208505E-2]
["Otter Tail Corp","OTTR",49.16,4.05,12.138271604938272,8.2384052074857606E-2]
["PPL Corp","PPL",33.57,3.95,8.498734177215189,0.117664581471552]
["Southern Company","SO",61.36,6.3,9.7396825396825406,0.10267275097783571]
["WEC Energy Group","WEC",88.27,6.5,13.58,7.3637702503681887E-2]
[]
[null,"RANGE","24.40-124.01","3.95-15.50","5.30-16.50","6.06-18.85"]
[null,"Median",{"$f":"MEDIAN(C16:C31)","v":67.585000000000008},{"$f":"MEDIAN(D16:D31)","v":6.15},{"$f":"MEDIAN(E16:E31)","v":10.054566666666666},{"$f":"MEDIAN(F16:F31)","v":9.9474901583703396E-2}]
[null,"Average",{"$f":"AVERAGE(C16:C31)","v":69.722499999999997},{"$f":"AVERAGE(D16:D31)","v":7.0593750000000002},{"$f":"AVERAGE(E16:E31)","v":10.315016909045132},{"$f":"AVERAGE(F16:F31)","v":0.10321930717652186}]
[]
[null,null,null,null,"SAY",9.9500000000000005E-2]
[null,null,null,null,null," "]
[" "]
["Guideline companies were selected from Electric (East & Central & West) Value Line Industry groups. "]
[]
["Companies excluded from this study include >"]
[]
["Great Plains Energy - No longer publicly traded.  Evergy Inc created through a merger of Great Plains and Westar Energy Inc."]
["Westar Energy - No longer publicly traded.  Evergy Inc created through a merger of Great Plains and Westar Energy Inc."]
["Vectren Corp - No longer publicly traded. Merged with Center Point Energy Inc. on February 1, 2019."]

{"sheet":"CapRate_EU Wholesale","index":49,"n_rows":24,"n_cols":6,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"INDEPENDENT ELECTRIC UTILITIES"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"]
["Capital","Structure","Capital","Rate","After Tax","Cost"]
[" "," "," "," "," "," "]
[]
["EQUITY",0.53,0.15609999999999999,"-",{"$f":"+C18","v":0.15609999999999999},{"$f":"+E18*B18","v":8.2733000000000001E-2}]
[" "," "," "," "," "," "]
["DEBT",0.47,5.6899999999999999E-2,0.26,{"$f":"+C20*(1-D20)","v":4.2105999999999998E-2},{"$f":"+B20*E20","v":1.9789819999999996E-2}]
[" "," "," "," "," "," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":0.10252282}]
[]
[null,null,null,null,"SAY",0.10249999999999999]

{"sheet":"S&D_EU Wholesale","index":50,"n_rows":46,"n_cols":13,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null,null,null,null,null,null," "]
[]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[]
[]
["Industry > Independent Electric Companies"]
[" "," "," ",null,null,null," "]
[null,null,null,"4th Qtr"," "," ",null," "," "," "]
[" ","Ticker","Industry ","Stock Price","4th Qtr","4th Qtr"," ","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"]
[null,null,null,null,"Stock Price","Average","Dec. 31, 2019","Common Stock","Preferred Stock","Long Term Debt "]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Shares Issued","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","Yahoo","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
[]
["AES Corp","AES","Wholesale Power",20.04,15.51,{"$f":"AVERAGE(D17,E17)","v":17.774999999999999},20.04,{"$f":"663952656-153891260","v":510061396},0,22435000000]
["Exelon Corp","EXC","Wholesale Power",48.46,43.82,{"$f":"AVERAGE(D18,E18)","v":46.14},45.59,{"$f":"973000000-2000000","v":971000000},0,{"$f":"4710000000+31329000000","v":36039000000}]
["NextEra Energy","NEE","Wholesale Power",242.71,222.08,232.39500000000001,242.16,489000000,0,37543000000]
["NRG Energy","NRG","Wholesale Power",40.840000000000003,38.21,39.525000000000006,39.89,{"$f":"248996189-172894601","v":76101588},0,{"$f":"5803000000+88000000","v":5891000000},null,null," "]
["Southern Company","SO","Wholesale Power",63.86,60.33,62.094999999999999,63.7,{"$f":"1100000000-100000000","v":1000000000},291000000,{"$f":"41798000000+2989000000","v":44787000000}]
["Transalta Corporation","TSE-TA.TO","Wholesale Power",9.2799999999999994,7.65,8.4649999999999999,9.2799999999999994,277000000,0,{"$f":"3070000000/1.41","v":2177304964.5390072}]
["Vistra Energy","VST","Wholesale Power",27.37,22.82,25.094999999999999,22.99,{"$f":"487698111-41043224","v":446654887},0,10102000000]
[]
[]
[null,null,null,null," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"," "]
[" ","Ticker","Industry ","Common Stock","Preferred Stock","Long Term Debt *","Total Market Value","% Common Stock","% LT Debt & Pref Stock"," "]
["Company","Symbol","Group","FMV","FMV","FMV","CS+LTD +PS"," "," "," "]
["VL","VL","VL","Calculated","10K / SEC","10K / SEC","Calculated","Calculated","Calculated"]
[null,null,null,null,null,null,null,null,null," "]
[{"$f":"+A17","v":"AES Corp"},"AES","Wholesale Power",{"$f":"(+H17)*G17","v":10221630375.84},{"$f":"(1/1)*I17","v":0},{"$f":"J17*(1/1)","v":22435000000},{"$f":"+D32+E32+F32","v":32656630375.84},{"$f":"(+D32)/G32","v":0.31300321736201409},{"$f":"(+E32+F32)/G32","v":0.68699678263798591}," "]
["Exelon Corp","EXC","Wholesale Power",44267890000,0,{"$f":"J18*(7221/7175)","v":36270051428.571426},{"$f":"+D33+E33+F33","v":80537941428.571426},0.54965261359778983,{"$f":"(+E33+F33)/G33","v":0.45034738640221017}," "]
["NextEra Energy","NEE","Wholesale Power",118416240000,0,{"$f":"J19*(42928/39667)","v":40629387248.846649},159045627248.84665,0.74454256962829335,0.25545743037170665," "]
["NRG Energy","NRG","Wholesale Power",3035692345.3200002,0,{"$f":"J20*(6504/5956)","v":6433019476.1584959},9468711821.4784966,0.32060246446976465,0.6793975355302353," "]
["Southern Company","SO","Wholesale Power",63700000000,291000000,{"$f":"J21*(80432/76570)","v":47045944678.07235},111036944678.07236,0.57368293215095567,0.42631706784904427]
["Transalta Corporation","TSE-TA.TO","Wholesale Power",2570560000,0,{"$f":"J22*(3157/3070)","v":2239007092.1985817},4809567092.1985817,0.53446806141234804,0.46553193858765191]
["Vistra Energy","VST",{"$f":"+C23","v":"Wholesale Power"},10268595852.129999,0,{"$f":"J23*(2717/2715)","v":10109441620.626152},20378037472.756149,0.50390504315532414,0.49609495684467597," "]
[]
[null,null,null,null,null,null,null,null,null," "]
[null,null," "," ",null," ","RANGE","31.30% - 74.45%","25.55% - 68.70%"," "]
[null,null," "," ",null," ","Median",{"$f":"MEDIAN(H32:H38)","v":0.53446806141234804},{"$f":"MEDIAN(I32:I38)","v":0.46553193858765191}," "]
[null,null," "," ",null," ","Average",{"$f":"AVERAGE(H32:H38)","v":0.50569384311092713},{"$f":"AVERAGE(I32:I38)","v":0.49430615688907281}," "]
[null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,"SAY",0.53,0.47," "]
[null,null,null,null,null,null,null,null,null," "]

{"sheet":"Debt_EU Wholesale","index":51,"n_rows":27,"n_cols":11,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null," "]
["Industry > Independent Electric Companies"]
[" "," "," "," "," "," ",null," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S & P","Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
[]
["AES Corp","AES","Wholesale Power",1.1000000000000001,0.28000000000000003,"B","BB+","Ba1",5.6899999999999999E-2," "]
["Exelon Corp","EXC","Wholesale Power",0.65,0.20499999999999999,"B++","BBB+","Baa2",3.9300000000000002E-2," "]
["NextEra Energy","NEE","Wholesale Power",0.55000000000000004,0.09,"A+","A-","Baa1",3.9300000000000002E-2," "]
["NRG Energy","NRG","Wholesale Power",1.25,0.21,"B+","BB","Ba1",5.6899999999999999E-2]
["Southern Company","SO","Wholesale Power",0.5,0.2,"A","A-  BBB, BBB- BB+","Baa2,3, Ba1",5.6899999999999999E-2,null," "]
["Transalta Corporation","TSE-TA.TO","Wholesale Power",0.95,0.25,"C+","BB+","Ba1",5.6899999999999999E-2]
["Vistra Energy","VST","Wholesale Power",0.85,0.2,"B+","BB","Ba1",5.6899999999999999E-2]
[null,null,null,null,null,null,null,"  "]
[null,null,"RANGE",".50 - 1.25","9.00%  - 28.00%","A+ - B++","A-    BB","Ba1   Baa1","3.93%  - 5.69%"]
[null,null,"Median",{"$f":"MEDIAN(D12:D18)","v":0.85},{"$f":"MEDIAN(E12:E18)","v":0.20499999999999999}," ",null," ",{"$f":"MEDIAN(I12:I18)","v":5.6899999999999999E-2}]
[null,null,"Average",{"$f":"AVERAGE(D12:D18)","v":0.83571428571428563},{"$f":"AVERAGE(E12:E18)","v":0.20499999999999999}," ",null," ",{"$f":"AVERAGE(I12:I18)","v":5.1871428571428575E-2}]
[]
[null,null,null,null,null,null,null,"Say",5.6899999999999999E-2," "]
[]
["Independent Unregulated Wholesale Electric companies selected are limited to those companies that are operating in or near Kentucky. "]
["Guideline companies were selected from Power Producers in Value Line Industry groups. "]

{"sheet":"CF Multiples_EU Wholesale","index":52,"n_rows":43,"n_cols":9,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null," "]
["Industry > Independent Electric Companies"]
[]
[null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,"YEAR END 12/31/2019"]
[null,null,null," "]
[" "," "," "," "," "," "]
[" ","Ticker"," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol","Price","Per Share","Multiple","Inverse"]
[" "," ","VL","VL Actual 2019 CF"," "," "]
[]
[]
["AES Corp","AES",15.21,2.0499999999999998,{"$f":"C16/D16","v":7.4195121951219525},{"$f":"1/E16","v":0.13477975016436552}]
["Exelon Corp","EXC",44.78,9,4.9755555555555553,0.20098258150960252]
["NextEra Energy Inc","NEE",227.11,16.45,13.806079027355624,7.2431861212628235E-2]
["NRG Energy","NRG",32.35,5.05,6.4059405940594063,0.15610510046367851]
["Southern Company","SO",61.36,6.3,9.7396825396825406,0.10267275097783571]
["TransAlta Corporation","TSE-TA.TO",8.02,2.7,2.9703703703703699,0.33665835411471329,null," "," "]
["Vistra Energy","VST",19.34,5.27,{"$f":"C22/D22","v":3.6698292220113853},{"$f":"1/E22","v":0.27249224405377453}]
[]
[null,"RANGE","8.02 - 227.11","2.70-16.45","2.97-13.81","7.24-33.67"]
[null,"Median",{"$f":"MEDIAN(C16:C22)","v":32.35},{"$f":"MEDIAN(D16:D22)","v":5.27},{"$f":"MEDIAN(E16:E22)","v":6.4059405940594063},{"$f":"MEDIAN(F16:F22)","v":0.15610510046367851}]
[null,"Average",{"$f":"AVERAGE(C16:C22)","v":58.31},{"$f":"AVERAGE(D16:D22)","v":6.6885714285714277},{"$f":"AVERAGE(E16:E22)","v":6.9981385005938339},{"$f":"AVERAGE(F16:F22)","v":0.18230323464237119}]
[]
[null,null,null,null,"SAY",0.15609999999999999]
[]
[" "]
["Guideline companies were selected from Power Producers in Value Line Industry groups. "]
[]
["Companies excluded from the study >"]
[]
["BMX Technologies - Nuclear energy supplier"]
["Ormat Technologies Inc. - Geothermal operations"]
["Pattern Energy- Was unable to find Valueline page and info for company.  Company removed"]
[" "]
[]
["Companies added to the study >"]
[]
["Exelon Corp - 68% Nuclear energy provider of electricty.  Has nonregulated generation and marketing operations.  Added in 2019 study."]
["TransAlta Corporation - Unregulated electric power producer"]

{"sheet":"CapRate_Gas Dist","index":53,"n_rows":24,"n_cols":6,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"GAS DISTRIBUTION COMPANIES"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"]
["Capital","Structure","Capital","Rate","After Tax","Cost"]
[" "," "," "," "," "," "]
[]
["EQUITY",0.61,7.3599999999999999E-2,"-",{"$f":"+C18","v":7.3599999999999999E-2},{"$f":"+E18*B18","v":4.4895999999999998E-2}]
[" "," "," "," "," "," "]
["DEBT",0.39,3.3700000000000001E-2,0.26,{"$f":"+C20*(1-D20)","v":2.4938000000000002E-2},{"$f":"+B20*E20","v":9.7258200000000013E-3}]
[" "," "," "," "," "," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":5.4621820000000001E-2}]
[]
[null,null,null,null,"SAY",5.4600000000000003E-2]

{"sheet":"S&D_Gas Dist","index":54,"n_rows":59,"n_cols":13,"rows_kept":59,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null,null,null,null,null,null," "]
[]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[]
[]
["Industry > Gas Distribution"]
[" "," "," ",null,null,null," "]
[null,null,null,null,null,null,null,"Dec. 31, 2019"," "]
[null,null,null,"4th Qtr","4th Qtr","4th Qtr",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price","Stock Price","Average","Dec. 31, 2018","Shares Outstanding","Preferred Stock","Long Term Debt "]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","10K / SEC","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
[]
["Atmos Energy Corp","ATO","Nat Gas Utility",113.42,105.47,{"$f":"AVERAGE(D17,E17)","v":109.44499999999999},111.86,122262403,0,{"$f":"4324285000+50000","v":4324335000},null," "]
["Black Hills Corporation","BKH","Electric & Gas",79.44,74.709999999999994,{"$f":"AVERAGE(D18,E18)","v":77.074999999999989},78.540000000000006,{"$f":"61480658-3956","v":61476702},0,{"$f":"3140096000+5743000","v":3145839000}]
["CenterPoint Energy Inc.","CNP","Electric & Gas",30.16,24.39,{"$f":"AVERAGE(D19,E19)","v":27.274999999999999},27.27,502242061,1740000000,{"$f":"14244000000+231000000+618000000","v":15093000000}]
["CMS Energy Corporation","CMS","Electric & Gas",64.92,59.58,62.25,62.84,283900000,37000000,{"$f":"11951000000+1130000000+76000000","v":13157000000}]
["MGE Energy Inc.","MGEE","Electric & Gas",79.88,72.989999999999995,76.435000000000002,78.819999999999993,34668000,0,{"$f":"1200000+19300000+70000000+457379000","v":547879000}]
["New Jersey Resources Corp","NJR","Nat Gas Utility",45.46,40.61,43.034999999999997,44.57,{"$f":"95508010-580603","v":94927407},0,{"$f":"1537549000+21797000","v":1559346000},null," "]
["NISOURCE Inc","NI","Nat Gas Utility",29.63,26.04,27.835000000000001,27.84,382135680,880000000,{"$f":"7856200000+13400000","v":7869600000},null," "]
["Northwest Natural Gas Company","NWN","Nat Gas Utility",73.86,64.36,69.11,73.73,30472000,0,{"$f":"769081000+74907000","v":843988000},null," "," "]
["One Gas Inc","OGS","Nat Gas Utility",95.64,85.42,90.53,93.57,{"$f":"52771749-33103","v":52738646},0,{"$f":"1286064000+84603000","v":1370667000},null," "," "]
["Southwest Gas Corp","SWX","Nat Gas Utility",91.44,74.680000000000007,83.06,75.97,55007433,0,{"$f":"125000000+1991333000","v":2116333000},null," "]
["South Jersey Industries Inc.","SJI","Nat Gas Utility",32.979999999999997,29.89,{"$f":"AVERAGE(D27,E27)","v":31.434999999999999},32.979999999999997,92394155,0,{"$f":"2070086000+467909000","v":2537995000},null," "]
["Spire Inc","SR","Nat Gas Utility",86.15,75.540000000000006,{"$f":"AVERAGE(D28,E28)","v":80.844999999999999},83.31,51100000,242000000,{"$f":"2484400000+45300000","v":2529700000},null," "]
["WEC Energy Group","WEC","Electric & Gas",96.08,87.14,{"$f":"AVERAGE(D29,E29)","v":91.61},92.23,315434531,{"$f":"30400000","v":30400000},{"$f":"11211000000+693200000","v":11904200000}]
[]
[null,null,null,null,null,null,null,null,null,null,null," "," "]
[null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null," ",null,null,null,null,null," "]
[null,null,null,"Dec. 31, 2018","Dec. 31, 2018","Dec. 31, 2018","Dec. 31, 2018","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Common Stock","Preferred Stock","Long Term Debt *","Total Market Value","% Common Stock","% LT Debt & Pref Stock"," "]
["Company","Symbol","Group","FMV","FMV","FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","Calculated","10K / SEC","Calculated","Calculated","Calculated"]
[]
[{"$f":"+A17","v":"Atmos Energy Corp"},"ATO","Nat Gas Utility",{"$f":"(+H17)*G17","v":13676272399.58},{"$f":"(1/1)*I17","v":0},{"$f":"J17*(4927756/4360000)","v":4887446729.8761463},{"$f":"+D39+E39+F39","v":18563719129.456146},{"$f":"(+D39)/G39","v":0.73672049788121674},{"$f":"(E39+F39)/G39","v":0.26327950211878326}," "]
["Black Hills Corporation","BKH","Electric & Gas",{"$f":"(+H18)*G18","v":4828380175.0799999},{"$f":"(1/1)*I18","v":0},{"$f":"J18*(3479367/3145839)","v":3479367000},{"$f":"+D40+E40+F40","v":8307747175.0799999},0.58119007154710445,{"$f":"(E40+F40)/G40","v":0.41880992845289555}," "]
["CenterPoint Energy Inc.","CNP","Electric & Gas",{"$f":"(+H19)*G19","v":13696141003.469999},1740000000,{"$f":"J19*(16067/15093)","v":16067000000},31503141003.470001,0.43475477578446542,0.56524522421553447]
["CMS Energy Corporation","CMS","Electric & Gas",17840276000,37000000,{"$f":"J20*(14185/13157)","v":14185000000},32062276000,0.55642575093546076,0.44357424906453929]
["MGE Energy Inc.","MGEE","Electric & Gas",2732531760,0,{"$f":"J21*(611909/547879)","v":611909000},3344440760,0.81703697451648094,0.18296302548351911]
["New Jersey Resources Corp","NJR","Nat Gas Utility",4230914529.9900002,{"$f":"(1/1)*I22","v":0},{"$f":"J22*(1548234/1442845)","v":1673244523.8151011},5904159053.8051014,0.71659900951741273,0.28340099048258727," "]
["NISOURCE Inc","NI","Nat Gas Utility",{"$f":"((+H23)*G23)-99900000","v":10538757331.200001},{"$f":"(1/1)*I23","v":880000000},{"$f":"J23*(8764.4/7869.6)","v":8764399999.9999981},20183157331.199997,0.52215603130183874,0.47784396869816143]
[{"$f":"+A24","v":"Northwest Natural Gas Company"},"NWN","Nat Gas Utility",2246700560,{"$f":"(1/1)*I24","v":0},{"$f":"J24*(919835/843988)","v":919834999.99999988},3166535560,0.70951376273191136,0.29048623726808864," "]
[{"$f":"+A25","v":"One Gas Inc"},"OGS","Nat Gas Utility",4934755106.2199993,{"$f":"(1/1)*I25","v":0},{"$f":"J25*(1.5/1.3)","v":1581538846.153846},6516293952.3738451,0.75729473567138561,0.24270526432861447," "]
[{"$f":"+A26","v":"Southwest Gas Corp"},"SWX","Nat Gas Utility",4178914685.0099998,0,{"$f":"J26*((1965051+150000+200000+125000)/(1991333+125000))","v":2440051000},6618965685.0100002,0.63135463815351178,0.36864536184648816," "]
[{"$f":"+A27","v":"South Jersey Industries Inc."},"SJI","Nat Gas Utility",3047159231.8999996,0,{"$f":"J27*(2.73/2.54)","v":2727845019.685039},5775004251.5850391,0.5276462317865237,0.47235376821347619," "]
["Spire Inc","SR","Nat Gas Utility",4257141000,242000000,{"$f":"J28*(2765900000/2529700000)","v":2765900000},7265041000,0.58597618375450322,0.41402381624549678," "]
["WEC Energy Group","WEC","Electric & Gas",29092526794.130001,{"$f":"29500000","v":29500000},{"$f":"J29*(13035.9/11858.3)","v":13086358144.084734},42208384938.214737,0.68925941697878457,0.31074058302121538]
[]
[]
[]
[null,null," ",null," "," ","RANGE","43.48%-81.70%","18.30%-56.52%"]
[null,null," "," "," "," ","Median",{"$f":"MEDIAN(H39:H50)","v":0.6086654109540075},{"$f":"MEDIAN(I39:I50)","v":0.3913345890459925}]
[null,null," ",null," ",null,"Average",{"$f":"AVERAGE(H39:H50)","v":0.63138905529848477},{"$f":"AVERAGE(I39:I50)","v":0.3686109447015154}]
[null,null,null,null," "]
[null,null,null,null,null,null,"SAY",0.61,0.39]

{"sheet":"Debt_Gas Dist","index":55,"n_rows":30,"n_cols":12,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null," "]
["Industry > Gas Distribution Companies"]
[" "," "," ",null,null," "," "," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P","Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
[]
["Atmos Energy Corp","ATO","Gas Utility",0.55000000000000004,0.24,"A+","A","A1",3.3700000000000001E-2]
["Black Hills Corporation","BKH","Electric & Gas",0.7,0.13500000000000001,"A",null,"Baa2",3.9300000000000002E-2]
["CenterPoint Energy Inc.","CNP","Electric & Gas",0.8,0.125,"B++",null,"Baa2",3.9300000000000002E-2]
["CMS Energy Corporation","CMS","Electric & Gas",0.5,0.17,"B++",null,"Baa1",3.9300000000000002E-2]
["MGE Energy Inc.","MGEE","Electric & Gas",0.55000000000000004,0.19,"A+",null,"A1",3.3700000000000001E-2]
["New Jersey Resources Corp","NJR","Gas Utility",0.65,0.15,"A+",null,"Aa3",3.1300000000000001E-2,null,null," "]
["NISOURCE Inc.","NI","Gas Utility",0.55000000000000004,0.21,"B+","BBB+","Baa2 / Baa3",3.9300000000000002E-2]
["Northwest Natural Gas Company","NWN","Gas Utility",0.55000000000000004,0.21,"A","AA- / A+","A2 / Baa1",3.2000000000000001E-2]
["One Gas Inc","OGS","Gas Utility",0.6,0.22,"A","A","A2",3.3700000000000001E-2]
["Southwest Gas","SWX","Gas Utility",0.65,0.21,"A","BBB+","A3",3.3700000000000001E-2]
["South Jersey Industries Inc.","SJI","Gas Utility",0.8,0.21,"B++","BBB","A3",3.3700000000000001E-2]
["Spire Inc","SR","Gas Utility",0.6,0.23499999999999999,"B++","A-","Baa2",3.9300000000000002E-2]
["WEC Energy Group","WEC","Electric & Gas",0.5,0.11,"A+",null,"Baa1",3.9300000000000002E-2]
[]
[null,null,"RANGE",".50 - .80","12.50% - 24.00%",null," "," ","3.37% - 3.93%"]
[null,null,"Median",{"$f":"MEDIAN(D12:D24)","v":0.6},{"$f":"MEDIAN(E12:E24)","v":0.21},null,"A","A3 ",{"$f":"MEDIAN(I12:I24)","v":3.3700000000000001E-2}]
[null,null,"Average",{"$f":"AVERAGE(D12:D24)","v":0.61538461538461531},{"$f":"AVERAGE(E12:E24)","v":0.18576923076923074},null," "," ",{"$f":"AVERAGE(I12:I24)","v":3.5969230769230774E-2}]
[]
[null,null,null,null,null,null,null,"Say",3.3700000000000001E-2," "]

{"sheet":"CF Multiples_Gas Dist","index":56,"n_rows":60,"n_cols":8,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[]
["Industry > Gas Distribution Companies"]
[]
[null,null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,null,"YEAR END 12/31/2019"]
[null,null,null,null," "]
[" "," ",null," "," "," "," "]
[" ","Ticker",null," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol",null,"Price","Per Share","Multiple","Inverse"]
[" "," ",null,"VL","VL Actual 2019 CF"," "," "]
[]
[null," ",null," "," "," "," "," "]
["Atmos Energy Corp","ATO","Gas Utility",120.57,7.57,{"$f":"D16/E16","v":15.927344782034345},{"$f":"1/F16","v":6.2785104088911012E-2}]
["Black Hills Corporation","BKH","Electric & Gas",77.180000000000007,6.85,11.267153284671535,8.8753563099248492E-2]
["CenterPoint Energy Inc.","CNP","Electric & Gas",24.4,4.5999999999999996,5.304347826086957,0.18852459016393441]
["CMS Energy Corporation","CMS","Electric & Gas",61.13,6,10.188333333333334,9.8151480451496798E-2]
["MGE Energy Inc.","MGEE","Electric & Gas",76.73,4.6500000000000004,16.501075268817203,6.0602111299361404E-2]
["New Jersey Resources Corp","NJR","Gas Utility",43.69,2.99,14.612040133779262,6.8436713206683458E-2]
["NISOURCE Inc.","NI","Gas Utility",30.21,2.8,10.789285714285715,9.2684541542535581E-2]
["Northwest Natural Gas Company","NWN","Gas Utility",76.900000000000006,4.5,17.088888888888889,5.8517555266579972E-2]
["One Gas INC","OGS","Gas Utility",96.69,6.95,13.912230215827337,7.187920157203434E-2]
["Southwest Gas ","SWX","Gas Utility",79.45,9.1999999999999993,8.6358695652173925,0.11579609817495279]
["South Jersey Industries Inc.","SJI","Gas Utility",32.299999999999997,2.15,15.023255813953488,6.6563467492260067E-2]
["Spire Inc","SR","Gas Utility",87.6,7.12,12.303370786516853,8.1278538812785392E-2]
["WEC Energy Group","WEC","Electric & Gas",88.27,6.5,13.58,7.3637702503681887E-2]
[null,null,null," "]
[null,"RANGE",null,"24.40-120.57","2.15-9.20","5.30-17.09","5.85-18.85"]
[null,"Median",null,{"$f":"MEDIAN(D16:D28)","v":76.900000000000006},{"$f":"MEDIAN(E16:E28)","v":6},{"$f":"MEDIAN(F16:F28)","v":13.58},{"$f":"MEDIAN(G16:G28)","v":7.3637702503681887E-2}]
[null,"Average",null,{"$f":"AVERAGE(D16:D28)","v":68.855384615384622},{"$f":"AVERAGE(E16:E28)","v":5.5292307692307689},{"$f":"AVERAGE(F16:F28)","v":12.702553508724026},{"$f":"AVERAGE(G16:G28)","v":8.6739282128805037E-2}]
[]
[null,null,null,null,null,"SAY",7.3599999999999999E-2]
[]
["Companies excluded from this study include >"]
[]
["Chesapeake Utilities - 50% of their business income is associated with unregulated propane distribution.  DOR decided to exclude this company as a guideline utility. "]
["Delta Natural Gas Company  -  No longer publicly traded.  Peoples Natural Gas acquired Delta."]
["Gas Natural, Inc. - Not publicly traded.  Recently acquired (June 2017) by Black Rock Assets Global Energy & Power."]
["UGI Corporation  -  Gas distribution utility operations too small (27%)."]
["WGL Holdings - Currently merging with AtlaGas Ltd."]
[]
["Companies added to this study are >"]
[]
["Black Hills Corporation - 84% of their customers are provided gas distribtuion and 16% are provided electric services.  Serve gas customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming.  "]
["CenterPoint Energy Inc - 64% of their customers are provided gas distribtuion and 36% are provided electric services.  This company merged with Vectren Corp. in early 2019 but will be used for our purposes."]
["CMS Energy Corporation - 50% of their customers are provided gas distribution and 50% are provided electric services."]
["MGE Energy Inc. - 51% of their customers are provided gas distribution and 49% are provided electric services."]
["WEC Energy Group - 64% of their customers receive gas distribution as well as electric service"]
[]
[]
["Atmos Energy Corporation - Nation's largest fully regulated natural gas-only distributor.  3 million customers.  "]
["New Jersey Resources Inc. (Holding Company) -  New Jersey Natural Gas serves customers in New Jersey and states from the Gulf Coast to New England and Canada.  Provides retail and wholesale services to 547,600 customers.  "]
["Nisource Inc. - 67% of their business income is associated with natural gas distribution.  A natural gas and electric company serving customers in Kentucky, Indiana, Ohio, Pennsylvania, Virginia, Maryland and Massachusetts  "]
["NothWest Natural Gas Company - 89% of their business income is associated with natural gas distribution.  "]
["One Gas Inc. - Oklahoma, Kansas, and Texas gas distributor.  Nation's 3rd largest fully regulated natural gas-only distributor.  2.0 million customers.  "]
["Southwest Gas Holdings Inc. (Southwest Gas Corp) - Arizona, California and Nevada gas distributor.  A large fully regulated natural gas distributor.  2.0 million customers.  Also owns the Paiute Pipeline Company.  "]
["South Jersey Industries Inc. - New Jersey and Maryland gas distributor.  Fully regulated natural gas-only distributor serving 690,000 customers.  "]
["Spire Inc. - Missouri, Alabama and Mississippi gas distributor.  Nation's 5th largest fully regulated natural gas-only distributor.  1.7 million customers.  "]

{"sheet":"CapRate_GP","index":57,"n_rows":25,"n_cols":6,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"GAS PIPELINE COMPANIES"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"]
["Capital","Structure","Capital","Rate","After Tax","Cost"]
[" "," "," "," "," "," "]
[]
["EQUITY",0.55000000000000004,0.10580000000000001,"-",{"$f":"+C18","v":0.10580000000000001},{"$f":"+E18*B18","v":5.8190000000000006E-2}]
[" "," "," "," "," "," "]
["DEBT",0.45,3.9300000000000002E-2,0.26,{"$f":"+C20*(1-D20)","v":2.9082E-2},{"$f":"+B20*E20","v":1.30869E-2}]
[" "," "," "," "," "," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":7.1276900000000004E-2}]
[]
[null,null,null,null,"SAY",7.1300000000000002E-2]
[null,null,null,null,null," "]

{"sheet":"S&D_GP","index":58,"n_rows":52,"n_cols":13,"rows_kept":52,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[]
[null,null,null,null,null,null,null,null,null,null," "]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[]
[]
["Industry > Gas Pipeline Companies"]
[" "," "," ",null,null,null," "]
[null,null,null,null,null,null,null,"Dec. 31, 2019"]
[null,null,null,"4th Qtr","4th Qtr","4th Qtr",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price","Stock Price","Average","Dec. 31, 2019","Shares Outstanding","Preferred Stock","Long Term Debt "]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","Yahoo","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
[]
["DCP Midstream LP","DCP","Pipeline MLPs",26.14,20.64,{"$f":"AVERAGE(D17,E17)","v":23.39},24.49,208329928,779000000,{"$f":"5321000000+603000000+12000000","v":5936000000}]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",11.79,8.9499999999999993,10.37,10.029999999999999,435201365,{"$f":"362000000","v":362000000},{"$f":"3969000000+251000000+155000000","v":4375000000}]
["Enbridge Inc","ENB.TO","Oil & Gas Distribution",39.770000000000003,35.14,37.454999999999998,39.770000000000003,2025000000,{"$f":"(7747000000)/1.41","v":5494326241.1347523},{"$f":"(59661000000+4404000000)/1.299","v":49318706697.459587}]
["Enlink Midstream LLC","ENLC","Oil & Gas Distribution",8.06,4.3899999999999997,6.2249999999999996,6.13,487791612,{"$f":"1681600000","v":1681600000},4764300000]
["Enterprise Products Partnership LP","EPD","Pipeline MLPs",28.59,25.15,{"$f":"AVERAGE(D21,E21)","v":26.869999999999997},28.16,2189226130,0,{"$f":"25643200000+1981900000","v":27625100000}]
["EQM Midstream Partnership LP","EQM","Pipeline MLPs",33.1,21.54,27.32,29.91,{"$f":"200457630+7000000","v":207457630},{"$f":"1183814000","v":1183814000},{"$f":"4859499000+902500000","v":5761999000}]
["Kinder Morgan Inc","KMI","Oil & Gas Distribution",21.2,19.149999999999999,{"$f":"AVERAGE(D23,E23)","v":20.174999999999997},21.17,2264936054,0,31915000000]
["ONEOK Inc","OKE","Oil & Gas Distribution",76.13,68.2,72.164999999999992,75.67,{"$f":"413239050-31777184","v":381461866},0,12813704000]
["TC Energy Corp","TRP","Oil & Gas Distribution",53.84,49.68,{"$f":"AVERAGE(D25,E25)","v":51.760000000000005},53.31,938400000,{"$f":"3980000000/1.41","v":2822695035.4609933},{"$f":"(34280000000+8614000000+2705000000)/1.299","v":35103156274.056969}]
["William Companys Inc","WMB","Oil & Gas Distribution",23.94,21.95,22.945,23.72,{"$f":"1247000000-35000000","v":1212000000},35000000,22288000000,null,null," "]
[]
[]
[" ",null,null,null,null,null,null,null,null," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019",null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"," "," "]
[" ","Ticker","Industry ","Common Stock","Preferred Stock",null,"Long Term Debt *","Total Market Value","% Common Stock","% LT Debt & Pref Stock"," "," "]
["Company","Symbol","Group","FMV","FMV",null,"FMV","CS+LTD +PS"," "," "," "," "]
["VL","VL","VL","Calculated","10K / SEC",null,"10K / SEC","Calculated","Calculated","Calculated"," "," "]
[null,null,null,null,null,null,null,null,null,null," "," "]
[{"$f":"+A17","v":"DCP Midstream LP"},"DCP","Pipeline MLPs",{"$f":"(+H17)*G17","v":5101999936.7199993},{"$f":"(1/1)*I17","v":779000000},null,6130000000,{"$f":"+D35+E35+F35+G35","v":12010999936.719999},{"$f":"(+D35)/H35","v":0.42477728445590762},{"$f":"(+E35+F35+G35)/H35","v":0.57522271554409243}," "," "]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",{"$f":"(+H18)*G18","v":4365069690.9499998},{"$f":"(390/399)*I18","v":353834586.46616542},null,{"$f":"(4207/4243)*J18","v":4337880037.7091675},{"$f":"+D36+E36+F36+G36","v":9056784315.1253319},0.48196683713225802,{"$f":"(+E36+F36+G36)/H36","v":0.51803316286774204}]
["Enbridge Inc","ENB.TO","Oil & Gas Distribution",{"$f":"(+H19)*G19","v":80534250000},5494326241.1347523,null,{"$f":"(70.5/64.4)*J19","v":53990199102.032616},140018775343.16736,0.57516750737621636,0.42483249262378364]
["Enlink Midstream LLC","ENLC","Oil & Gas Distribution",{"$f":"(+H20)*G20","v":2990162581.5599999},1681600000,null,{"$f":"(4444.2/4764.3)*J20","v":4444199999.999999},9115962581.5599976,0.3280139156789188,0.67198608432108131]
["Enterprise Products Partnership LP","EPD","Pipeline MLPs",{"$f":"(+H21)*G21","v":61648607820.800003},0,null,{"$f":"(30.37/27.15)*J21","v":30901447034.990791},92550054855.790802,0.66611098088336451,0.33388901911663543," "]
["EQM Midstream Partnership LP","EQM","Pipeline MLPs",6205057713.3000002,1183814000,null,{"$f":"(5723849/5761999)*J22","v":5723849000},13112720713.299999,0.47320901962064371,0.52679098037935634]
["Kinder Morgan Inc","KMI","Oil & Gas Distribution",47948696263.18,0,null,38016000000,85964696263.179993,0.55777194996868928,0.44222805003131083]
["ONEOK Inc","OKE","Oil & Gas Distribution",28865219400.220001,0,null,13800000000,42665219400.220001,0.67655152852843781,0.32344847147156219]
["TC Energy Corp","TRP","Oil & Gas Distribution",{"$f":"(+H25)*G25","v":50026104000},2822695035.4609933,null,{"$f":"(51964/45599)*J25","v":40003079291.762894},92851878327.223877,0.53877320417472374,0.46122679582527631," "]
["William Companys Inc","WMB","Oil & Gas Distribution",28748640000,35000000,null,22414000000,51197640000,0.56152275768961224,0.43847724231038776]
[]
["CAD = 1.299  USD=1"]
[null,null," "," ",null,null," ","RANGE","32.80% - 67.66%","32.34% - 67.20%"]
[null,null," "," "," ",null," ","Median",{"$f":"MEDIAN(I35:I44)","v":0.54827257707170651},{"$f":"MEDIAN(J35:J44)","v":0.4517274229282936}]
[null,null," "," "," ",null," ","Average",{"$f":"AVERAGE(I35:I44)","v":0.52838649855087727},{"$f":"AVERAGE(J35:J44)","v":0.47161350144912284}]
[null,null,null,null," ",null," "]
[null,null,null,null,null,null," ","SAY",0.55000000000000004,0.45]
[null,null,null,null,null,null," "]

{"sheet":"Debt_GP","index":59,"n_rows":26,"n_cols":10,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null," "]
["Industry > Gas Pipeline Companies"]
[" "," "," ",null,null," "," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P","Moody's /Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
["DCP Midstream LP","DCP","Pipeline MLPs",1.75,2.7E-2,"B+","BB","Ba / Ba2",6.13E-2]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",1.25,0.05,"B+","BBB-","Baa3",3.9300000000000002E-2]
["Enbridge Inc","ENB.TO","Oil & Gas Distribution",1,7.0000000000000007E-2,"B++","BBB","Baa2",3.9300000000000002E-2]
["Enlink Midstream LLC","ENLC","Oil & Gas Distribution",1.8,0,"C+","BB+","Ba1",5.6899999999999999E-2]
["Enterprise Products Partnership LP","EPD","Pipeline MLPs",1.25,1.4999999999999999E-2,"B++","BBB+","Baa / Ba1",3.9300000000000002E-2]
["EQM Midstream Partners LP","EQM","Pipeline MLPs",1.1499999999999999,0,"B++","BBB-","Ba1",5.6899999999999999E-2]
["Kinder Morgan Inc","KMI","Oil & Gas Distribution",1.4,0.21,"B","BBB","Baa2",3.9300000000000002E-2]
["ONEOK Inc","OKE","Oil & Gas Distribution",1.45,0.21,"B+","BBB-","Baa3",3.9300000000000002E-2]
["TC Energy Corp","TRP","Oil & Gas Distribution",1.05,0.25,"B++","BBB","Baa2",3.9300000000000002E-2]
["William Companys Inc","WMB","Oil & Gas Distribution",1.9,0.23,"B","BBB-","Baa3",3.9300000000000002E-2]
[]
[null,null,"RANGE","1.00 - 1.90","0.00% - 25.00%"," "," ",null,"3.93% - 6.13%"]
[null,null,"Median",{"$f":"MEDIAN(D11:D20)","v":1.325},{"$f":"MEDIAN(E11:E20)","v":6.0000000000000005E-2},null,"BBB","Baa2",{"$f":"MEDIAN(I11:I20)","v":3.9300000000000002E-2}]
[null,null,"Average",{"$f":"AVERAGE(D11:D20)","v":1.4},{"$f":"AVERAGE(E11:E20)","v":0.1062},null," ",null,{"$f":"AVERAGE(I11:I20)","v":4.5019999999999998E-2}]
[]
[null,null,null,null,null,null,null,"Say",3.9300000000000002E-2," "]

{"sheet":"CF Multiples_GP","index":60,"n_rows":58,"n_cols":7,"rows_kept":58,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null," "]
["Industry > Gas Pipeline Companies"]
[]
[null,null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,null,"YEAR END 12/31/2019"]
[null,null,null,null," "]
[" "," ",null," "," "," "," "]
[" ","Ticker",null," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol",null,"Price","Per Share","Multiple","Inverse"]
[" "," ",null,"VL","VL Actual 2019 CF"," "," "]
[]
["DCP Midstream LP","DCP","Pipeline MLPs",19.86,1.7,{"$f":"D15/E15","v":11.68235294117647},{"$f":"1/F15","v":8.559919436052367E-2}]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",8.5,1.9,{"$f":"D16/E16","v":4.4736842105263159},{"$f":"1/F16","v":0.22352941176470587}]
["Enbridge Inc","ENB.TO","Oil & Gas Distribution",54.94,4.12,13.334951456310678,7.4990899162722974E-2]
["Enlink Midstream LLC","ENLC","Oil & Gas Distribution",4.5599999999999996,0.8,5.6999999999999993,0.17543859649122809]
["Enterprise Products Partnership LP","EPD","Pipeline MLPs",25.97,2.95,8.8033898305084737,0.11359260685406239]
["EQM Midstream Partners LP","EQM","Pipeline MLPs",22.05,5.9,3.7372881355932202,0.26757369614512472]
["Kinder Morgan Inc","KMI","Oil & Gas Distribution",22.01,2.0299999999999998,10.842364532019706,9.2230804179918205E-2]
["ONEOK Inc","OKE","Oil & Gas Distribution",76.94,4.25,18.103529411764704,5.5237847673511836E-2]
["TC Energy Corp","TRP","Oil & Gas Distribution",56.61,5.66,10.001766784452297,9.9982335276452922E-2]
["Williams Companys Inc","WMB","Oil & Gas Distribution",21.49,2.4,8.9541666666666657,0.11167985109353189]
[]
[null,"RANGE",null,"4.56-76.94",".80-5.90","3.74-18.10","5.52%-26.76%"]
[null,"Median",null,{"$f":"MEDIAN(D15:D24)","v":22.03},{"$f":"MEDIAN(E15:E24)","v":2.6749999999999998},{"$f":"MEDIAN(F15:F24)","v":9.4779667255594813},{"$f":"MEDIAN(G15:G24)","v":0.1058310931849924}]
[null,"Average",null,{"$f":"AVERAGE(D15:D24)","v":31.292999999999999},{"$f":"AVERAGE(E15:E24)","v":3.1709999999999998},{"$f":"AVERAGE(F15:F24)","v":9.5633493969018524},{"$f":"AVERAGE(G15:G24)","v":0.12998552430017823}]
[]
[null,null,null,null,null,"SAY",0.10580000000000001]
[" "," "]
[" "]
["Companies added to the study >"]
[]
["Enlink Midstream LLC (ENLC) - Transports, stores, sells natural gas liquids and crude oil.  They have 12,000 miles of pipeline. "]
["EQM Midstream Partners LP  (EQM) - Midstream natural gas transmission in the Appalachian basin.  Engaged in natural gas transmission, storage, and gatthering services.  EQT Corp is 74% of revenues."]
[]
[]
["Companies excluded from the study >"]
[]
["AmeriGas Partners (APU) - Primarily engaged in the marketing and distribution of propane.  Not applicable to gas and/or fluid transportation pipeline services.   MLP"]
["Andeavor Logistics LP (AMDX) - Removed, Was acquired by MPLX LP on July 30th, 2019. No longer listed on stock indexes."]
["Antero Midstream Parters (AM) - Primarily gathers and processes natural gas (some oil).  Also engaged mid stream activities and hydro facturing & processing.  Not applicable to fluid transportation pipeline services.   Nat Gas Diversified"]
["Boardwalk Pipeline (BWP) - Not Used.  No longer publicly traded."]
["Cheniere Energy Partners (CQP) - Not Used.  On the gulf coast (Louisiana).  NGL facilities engaged in shipping gas worldwide via ships.  A few pipelines.     "]
["Enlink Midstream Partners LP (ENLK) -  Primarily oil / gas exploration, production, gathering, and some transmission.  Company recently acquired by EnLink Midstream LLC  "]
["MDU Resources (MDU) -  Mainly in construction materials and contracting.  They do have pipeline servcies representing 1% of revenues.  Too small and more like a utility.  Nat Gas Diversified"]
["MPLX LP -  Primarily oil transporation.  Some gas transmission.  See liquid pipelines.      MLP"]
["National Fuel Gas (NFG) -   Primarily independent exploration and production company.  Not applicable to Gas pipeline transportation services.   Nat Gas Diversified  "]
["Spectra Energy Partners LP (SEP) and Spectra Energy Corp - Not used.  No longer publicly traded.  Acquired by Enbridge.    "]
["Suburban Propane (SPH) - Primarily engaged in the marketing and distribution of propane and fuel oil to retail customers.  Not applicable to gas pipeline services or the fluid transportation pipeline services.    MLP"]
[" "]
[]
[]
[]
[]
[]
[" "]

{"sheet":"CapRate_LQ PL","index":61,"n_rows":25,"n_cols":6,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"LIQUID PIPELINE COMPANIES"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"]
["Capital","Structure","Capital","Rate","After Tax","Cost"]
[" "," "," "," "," "," "]
[]
["EQUITY",0.54,0.11459999999999999,"-",{"$f":"+C18","v":0.11459999999999999},{"$f":"+E18*B18","v":6.1884000000000002E-2}]
[" "," "," "," "," "," "]
["DEBT",0.46,4.8099999999999997E-2,0.26,{"$f":"+C20*(1-D20)","v":3.5594000000000001E-2},{"$f":"+B20*E20","v":1.6373240000000001E-2}]
[" "," "," "," "," "," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":7.8257240000000006E-2}]
[]
[null,null,null,null,"SAY",7.8299999999999995E-2]
[null,null,null,null,null," "]

{"sheet":"S&D_LQ PL","index":62,"n_rows":47,"n_cols":12,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH",null,null,null,null,null,null,"  "]
["2020 Tax Year",null,null,null,null,null,null," "]
[null,null,null,null,null,null,null," ",null,null," "]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,null," "]
["Industry > Pipeline Companies",null,null,null,null,null,null," "," "]
[" "," "," ",null,null,null," "]
[null,null,null,null,null,null,null,"Dec. 31, 2019"]
[null,null,null,"4th Qtr","4th Qtr","4th Qtr",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price","Stock Price","Average","Dec. 31, 2018","Shares Outstanding","Preferred Stock","Long Term Debt "]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","Yahoo","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
["DCP Midstream LP","DCP","Pipeline MLPs",26.14,20.64,{"$f":"AVERAGE(D15,E15)","v":23.39},24.49,208329928,779000000,{"$f":"5321000000+603000000+12000000","v":5936000000}]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",11.79,8.9499999999999993,10.37,10.029999999999999,435201365,{"$f":"362000000","v":362000000},{"$f":"3969000000+251000000+155000000","v":4375000000}]
["Enterprise Products Partnership","EPD","Pipeline MLPs",28.59,25.15,26.869999999999997,28.16,2189226130,0,27625100000]
["EQM Midstream Partnership LP","EQM","Pipeline MLPs",33.1,21.54,27.32,29.91,{"$f":"200457630+7000000","v":207457630},{"$f":"1183814000","v":1183814000},{"$f":"4859499000+902500000","v":5761999000}]
["Holly Energy Partners LP","HEP","Pipeline MLPs",25.31,21.26,23.285,22.15,105440201,{"$f":"49392000","v":49392000},1462031000]
["Magellan Midstream Partners","MMP","Pipeline MLPs",65.77,58.47,62.12,62.87,228403000,0,4706075000]
["MPLX, LP","MPLX","Pipeline MLPs",27.91,22.63,25.27,25.46,{"$f":"1058355471+600000","v":1058955471},{"$f":"968000000","v":968000000},19704000000]
["NuStar Energy LP","NS","Pipeline MLPs",29.43,25.59,27.509999999999998,25.85,108527806,{"$f":"756301000+581935000","v":1338236000},{"$f":"2934918000+452367000","v":3387285000}]
["Phillips 66 Partners LP","PSXP","Pipeline MLPs",62.77,54.06,58.415000000000006,61.64,{"$f":"58539439+169760137","v":228299576},746000000,3516000000]
["Plains All American Pipeline LP","PAA","Pipeline MLPs",20.55,16.86,18.704999999999998,18.39,728028576,2292000000,{"$f":"8939000000+248000000","v":9187000000}]
[]
[]
[" ",null,null,null,null,null,null,null,null," "," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019",null," "]
[" ","Ticker","Industry ","Common Stock","Preferred Stock","Long Term Debt *","Total Market Value","% Common Stock","% LT Debt",null," "]
["Company","Symbol","Group","FMV","FMV","FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","10K / SEC","10K / SEC","Calculated","Calculated","Calculated",null," "," "]
[{"$f":"+A15","v":"DCP Midstream LP"},"DCP","Pipeline MLPs",{"$f":"(+H15)*G15","v":5101999936.7199993},{"$f":"(1/1)*I15","v":779000000},6130000000,{"$f":"+D32+E32+F32","v":12010999936.719999},{"$f":"(+D32)/G32","v":0.42477728445590762},{"$f":"(+E32+F32)/G32","v":0.57522271554409243},null," "]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",{"$f":"(+H16)*G16","v":4365069690.9499998},{"$f":"(390/399)*I16","v":353834586.46616542},{"$f":"(4207/4243)*J16","v":4337880037.7091675},{"$f":"+D33+E33+F33","v":9056784315.1253319},0.48196683713225802,{"$f":"(+E33+F33)/G33","v":0.51803316286774204}]
["Enterprise Products Partnership","EPD","Pipeline MLPs",{"$f":"(+H17)*G17","v":61648607820.800003},{"$f":"(1/1)*I17","v":0},{"$f":"(30.37/27.15)*J17","v":30901447034.990791},92550054855.790802,0.66611098088336451,0.33388901911663543]
["EQM Midstream Partnership LP","EQM","Pipeline MLPs",{"$f":"(+H18)*G18","v":6205057713.3000002},{"$f":"(1/1)*I18","v":1183814000},{"$f":"(5723849/5761999)*J18","v":5723849000},13112720713.299999,0.47320901962064371,0.52679098037935634]
["Holly Energy Partners LP","HEP","Pipeline MLPs",2335500452.1499996,49392000,{"$f":"(522045/496531)*J19","v":1537156740.2538815},3922049192.4038811,0.59547964280339316,0.40452035719660684]
["Magellan Midstream Partners","MMP","Pipeline MLPs",14359696610,0,{"$f":"(5192685/4706075)*J20","v":5192685000},19552381610,0.73442186718858748,0.26557813281141252]
["MPLX, LP","MPLX","Pipeline MLPs",26961006291.66,968000000,{"$f":"(21054/19800)*J21","v":20951920000},48880926291.660004,0.55156496279940692,0.44843503720059302]
["NuStar Energy LP","NS","Pipeline MLPs",2805443785.1000004,1338236000,{"$f":"(3442001/3331839)*J22","v":3499280234.5146327},7642960019.6146336,0.36706247028640793,0.63293752971359207]
["Phillips 66 Partners LP","PSXP","Pipeline MLPs",14072385864.639999,746000000,{"$f":"(3725/3516)*J23","v":3725000000},18543385864.639999,0.75888977166108273,0.24111022833891721]
["Plains All American Pipeline LP","PAA","Pipeline MLPs",13388445512.640001,2292000000,{"$f":"(9.3/9)*J24","v":9493233333.333334},25173678845.973335,0.53184302519143145,0.46815697480856855]
[]
[null,null," "," ",null," ","RANGE","36.71% - 75.89%","24.11% - 63.29%"]
[null,null," "," ",null," ","Median",{"$f":"MEDIAN(H32:H41)","v":0.54170399399541913},{"$f":"MEDIAN(I32:I41)","v":0.45829600600458076}]
[" ",null," "," "," "," ","Average",{"$f":"AVERAGE(H32:H41)","v":0.55853258620224833},{"$f":"AVERAGE(I32:I41)","v":0.44146741379775173}]
[]
[null,null,null,null,null,null,"SAY",0.54,0.46]

{"sheet":"Debt_LQ PL","index":63,"n_rows":26,"n_cols":11,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null," "]
["Industry > Liquid Pipeline Companies"]
[" "," "," ",null,null," "," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P","Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
["DCP Midstream LP","DCP","Pipeline MLPs",1.75,2.7E-2,"B+","BB","Ba2 / Ba",6.13]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",1.25,0.05,"B+","BBB-","Baa3",3.93]
["Enterprise Products Partnership LP","EPD","Pipeline MLPs",1.25,1.4999999999999999E-2,"B++","BBB+","Baa",3.93,null," "]
["EQM Midstream Partnership LP","EQM","Pipeline MLPs",1.1499999999999999,0,"B++","BBB-","Ba1",5.69,null," "]
["Holly Energy Partners","HEP","Pipeline MLPs",1,1E-3,"B",null,"Ba2",6.13]
["Magellan Midstream Partners LP","MMP","Pipeline MLPs",1.05,5.0000000000000001E-3,"B++",null,"Baa1 / Baa",3.93]
["MPLX, LP","MPLX","Pipeline MLPs",1.35,5.0000000000000001E-3,"B+",null,"Baa2",3.93]
["NuStar Energy LP","NS","Pipeline MLPs",1.5,0.15,"B+","BB-","Ba2 ",6.13,null," "]
["Phillips 66 Partners LP ","PSXP","Pipeline MLPs",0.95,0,"B++",null,"Baa3",3.93]
["Plains All American Pipeline LP","PAA","Pipeline MLPs",1.45,0.04,"B+","BBB","Ba1 / Ba",5.69]
[null,null,null,null,null,null,null," "]
[null,null,"RANGE",".95 - 1.75","0.00% - 15.00%"," "," "," ","3.93% - 6.13%"]
[null,null,"Median",{"$f":"MEDIAN(D11:D20)","v":1.25},{"$f":"MEDIAN(E11:E20)","v":9.9999999999999985E-3},"B+","BBB","Baa3",{"$f":"MEDIAN(I11:I20)","v":4.8100000000000005}]
[null,null,"Average",{"$f":"AVERAGE(D11:D20)","v":1.27},{"$f":"AVERAGE(E11:E20)","v":2.93E-2},null,null,null,{"$f":"AVERAGE(I11:I20)","v":4.9420000000000002}," "]
[]
[null,null,null,null,null,null,null,"SAY",4.8099999999999997E-2," "]

{"sheet":"CF Multiples_LQ PL","index":64,"n_rows":50,"n_cols":7,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null," "]
["Industry > Liquid Pipeline Companies"]
[]
[null,null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,null,"YEAR END 12/31/2019"]
[null,null,null,null,"Valueline Date 3/1/2020"]
[" "," ",null," "," "," "," "]
[" ","Ticker",null," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol",null,"Price","Per Share","Multiple","Inverse"]
[" "," ",null,"VL","VL Actual 2019 CF"," "," "]
["DCP Midstream LP","DCP","Pipeline MLPs",19.86,1.7,{"$f":"D14/E14","v":11.68235294117647},{"$f":"1/F14","v":8.559919436052367E-2}]
["Enable Midstream Partners LP","ENBL","Pipeline MLPs",8.5,1.9,{"$f":"D15/E15","v":4.4736842105263159},{"$f":"1/F15","v":0.22352941176470587}]
["Enterprise Products Partnership LP","EPD","Pipeline MLPs",25.97,2.95,{"$f":"D16/E16","v":8.8033898305084737},{"$f":"1/F16","v":0.11359260685406239}]
["EQM Midstream Partnership LP","EQM","Pipeline MLPs",22.05,5.9,{"$f":"D17/E17","v":3.7372881355932202},{"$f":"1/F17","v":0.26757369614512472}]
["Holly Energy Partners LP","HEP","Pipeline MLPs",23.35,2.7,{"$f":"D18/E18","v":8.6481481481481488},{"$f":"1/F18","v":0.11563169164882225}]
["Magellan Midstream Partners LP","MMP","Pipeline MLPs",60.43,5.55,10.888288288288289,9.1841800430249879E-2]
["MPLX, LP","MPLX","Pipeline MLPs",23.81,2.0499999999999998,11.614634146341464,8.6098278034439313E-2]
["NuStar Energy LP","NS","Pipeline MLPs",27.46,4.4000000000000004,6.2409090909090903,0.1602330662782229]
["Phillips 66 Partners LP ","PSXP","Pipeline MLPs",61.59,4.5999999999999996,13.38913043478261,7.4687449261243696E-2]
["Plains All American Pipeline LP","PAA","Pipeline MLPs",16.32,3.5,4.6628571428571428,0.21446078431372551]
[]
[null,"RANGE",null,"8.50-61.59","2.05-5.90","3.74-13.39","7.47% - 26.76%"]
[null,"Median",null,{"$f":"MEDIAN(D14:D23)","v":23.58},{"$f":"MEDIAN(E14:E23)","v":3.2250000000000001},{"$f":"MEDIAN(F14:F23)","v":8.7257689893283121},{"$f":"MEDIAN(G14:G23)","v":0.11461214925144232}]
[null,"Average",null,{"$f":"AVERAGE(D14:D23)","v":28.933999999999997},{"$f":"AVERAGE(E14:E23)","v":3.5249999999999999},{"$f":"AVERAGE(F14:F23)","v":8.4140682369131241},{"$f":"AVERAGE(G14:G23)","v":0.14332479790911204}]
[" "]
[" ",null,null,null,null,"SAY",0.11459999999999999]
[]
["Companies excluded from the study >"]
[]
["AmeriGas Partners (APU) - Primarily engaged in the marketing and distribution of propane.  Not applicable to fluid transportation pipeline services.  "]
["Andeavor Logistics LP - Removed, Was acquired by MPLX LP on July 30th, 2019. No longer listed on stock indexes."]
["Antero Midstream Parters (AM) - Primarily gathers and processes natural gas (some oil).  Also engaged mid stream activities and hydro facturing & processing.  Not applicable to fluid transportation pipeline services.  "]
["Boardwalk Pipeline  - Not Used.  No longer publicly traded."]
["Buckeye Partners LP - Removed Acquired/merged by IFM investors. No longer publicly traded."]
["Cheniere Energy Partners (CQP) - Engages in LNG business and related natural gas pipelines.   MLP"]
["Energy Transfer LP (ET) -  Acquired SemGroup Corporation Dec. 2019.  Now called Energy Transfer LP.  Will be used in the future.  Involved in interstate & intrastate transportation of crude oil, natural gas, NGLs and refined products."]
["Suburban Propane (SPH) - Primarily engaged in the marketing and distribution of propane and fuel oil to retail customers.  Not applicable to fluid transportation pipeline services.  "]
["Shell Midstream Partners LP (SHLX) - Owns 2.6% of the explorer pipeline that is engaged in the transportation of oil products.  Too small.  "]
["Spectra Energy Partners LP (SEP) and Spectra Energy Corp - Not used.  No longer publicly traded.    "]
["Tallgrass Energy Partners (TEP) and Tallgrass Energy GP, LP (TEGP) - Not used.  No longer publicly traded.    "]
["Western Gas Partners LP (WES) - Not used.  Merger took place in Feb. 2019. Company involved in gathering and midstream processing in Rocky mountains and Texas.  "]
["Valero Energy Partners (VLP) - Not Used.  No longer publicly traded. Acquired by Valero Energy Corp."]
[]
[]
["Companies added to the study >"]
[]
["EQM Midstream Partners (EQM) - Midstream natural gas transmission in the Appalachian basin."]

{"sheet":"CapRate_Private Water","index":65,"n_rows":25,"n_cols":6,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"PRIVATE WATER COMPANIES"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"]
["Capital","Structure","Capital","Rate","After Tax","Cost"]
[" "," "," "," "," "," "]
[]
["EQUITY",0.76,4.3900000000000002E-2,"-",{"$f":"+C18","v":4.3900000000000002E-2},{"$f":"+E18*B18","v":3.3364000000000005E-2}]
[" "," "," "," "," "," "]
["DEBT",0.24,3.3700000000000001E-2,0.26,{"$f":"+C20*(1-D20)","v":2.4938000000000002E-2},{"$f":"+B20*E20","v":5.98512E-3}]
[" "," "," "," "," "," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":3.9349120000000001E-2}]
[]
[null,null,null,null,"SAY",3.9300000000000002E-2]
[null,null,null,"`"]

{"sheet":"S&D_Private Water","index":66,"n_rows":49,"n_cols":11,"rows_kept":49,"cut":false,"hidden":false,"merged":[[47,7,47,8]]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null,null,null,null,null,null," "]
[]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[]
[]
["Industry > Private Water Companies"]
[" "," "," ",null,null,null," "]
[null,null,null,"*","*",null,null,"Dec. 31, 2019"]
[null,null,null,"4th Qtr","4th Qtr","4th Qtr",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price","Stock Price","Average","Dec. 31, 2019","Shares Outstanding","Preferred Stock","Long Term Debt "]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","Yahoo","Yahoo","10K / SEC","10K / SEC","10K / SEC"]
[]
["American States Water Company","AWR","Water Utility",95.13,84.04,{"$f":"AVERAGE(D17,E17)","v":89.585000000000008},86.64,36846614,0,284699000," "]
["American Water Works Company Inc","AWK","Water Utility",125.78,115.38,{"$f":"AVERAGE(D18,E18)","v":120.58},122.85,{"$f":"185903727-5090855","v":180812872},0,{"$f":"8644000000+28000000","v":8672000000}]
["California Water Service Group ","CWT","Water Utility",56.1,49.33,52.715000000000003,51.56,48532000,0,{"$f":"786754000+21868000","v":808622000}]
["Essential Utilities, Inc.","WTRG","Water Utility",46.94,43.2,{"$f":"AVERAGE(D20,E20)","v":45.07},46.94,{"$f":"223871284-3112565","v":220758719},0,3077400000," "]
["Middlesex Water Company","MSEX","Water Utility",67.25,59.03,63.14,63.57,17434000,2084000,{"$f":"230777000+7178000","v":237955000}]
["SJW Corporation","SJW","Water Utility",74.47,67.16,70.814999999999998,71.06,28456508,0,{"$f":"1283597000+22272000","v":1305869000}]
["The York Water Company","YORW","Water Utility",46.75,41.6,44.174999999999997,46.11,13014898,0,{"$f":"94535000+6500000+2815000+192000","v":104042000}," "]
[" "," "," ",null,null,null," "]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null," "]
[]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Common Stock","Preferred Stock","Long Term Debt *","Total Market Value","% Common Stock","% LT Debt & Pref Stock"]
["Company","Symbol","Group","FMV","FMV","FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","10K / SEC","10K / SEC","Calculated","Calculated","Calculated"]
[]
[{"$f":"+A17","v":"American States Water Company"},"AWR","Water Utility",{"$f":"+G17*H17","v":3192390636.96},{"$f":"(1/1)*I17","v":0},{"$f":"(376467/284699)*J17","v":376467000},{"$f":"+D35+E35+F35","v":3568857636.96},{"$f":"(+D35)/G35","v":0.89451330417296226},{"$f":"(E35+F35)/G35","v":0.10548669582703768}]
["American Water Works Company Inc","AWK","Water Utility",22212861325.200001,{"$f":"(15/12)*I18","v":0},{"$f":"(9770/8664)*J18","v":9779021237.3037853},{"$f":"+D36+E36+F36","v":31991882562.503784},{"$f":"(+D36)/G36","v":0.69432804655374281},{"$f":"(E36+F36)/G36","v":0.30567195344625725}]
["California Water Service Group ","CWT","Water Utility",2502309920,{"$f":"(1/1)*I19","v":0},{"$f":"(873454/808622)*J19","v":873454000},3375763920,0.74125738034429844,0.2587426196557015]
["Essential Utilities, Inc.","WTRG","Water Utility",{"$f":"+G20*H20","v":10362414269.859999},{"$f":"(1/1)*I20","v":0},{"$f":"(3324377/3077400)*J20","v":3324377000},13686791269.859999,0.75711056489034889,0.24288943510965114]
["Middlesex Water Company","MSEX","Water Utility",1108279380,{"$f":"(1/1)*I21","v":2084000},{"$f":"(160772/151361)*J21","v":252750056.22320148},1363113436.2232015,0.81305000049792331,0.18694999950207664]
["SJW Corporation","SJW","Water Utility",2022119458.48,0,1396205000,3418324458.48,0.59155281572632235,0.40844718427367765]
["The York Water Company","YORW","Water Utility",600116946.77999997,0,{"$f":"(115000/104042)*J23","v":115000000},715116946.77999997,0.83918714202227007,0.16081285797772996]
[]
[]
[]
[null,null," "," ",null," ","RANGE","59.16% - 89.45%","10.55% - 40.84%"]
[null,null," "," ",null," ","Median",{"$f":"MEDIAN(H35:H41)","v":0.75711056489034889},{"$f":"MEDIAN(I35:I41)","v":0.24288943510965114}]
[null,null," "," ",null," ","Average",{"$f":"AVERAGE(H35:H41)","v":0.76157132202969535},{"$f":"AVERAGE(I35:I41)","v":0.23842867797030456}]
[null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,"SAY",0.76,0.24]

{"sheet":"Debt_Private Water","index":67,"n_rows":24,"n_cols":14,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[]
["Industry > Private Water Companies"]
[" "," "," ",null,null,null," ",null," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P Bond","S&P Bond","Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Debt Rate","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","S&P","Mergent","Mergent"]
[]
[]
["American States Water Company","AWR","Water Utility",0.65,0.23,"A","A+",3.3700000000000001E-2,"A1",3.3700000000000001E-2," "]
["American Water Works Company Inc","AWK","Water Utility",0.55000000000000004,0.21,"B+","A",3.3700000000000001E-2,"Baa1",3.9300000000000002E-2," "]
["California Water Service Group ","CWT","Water Utility",0.7,0.21,"B++","B-",7.8899999999999998E-2,"B3",7.8899999999999998E-2," "]
["Essential Utilities, Inc.","WTRG","Water Utility",0.65,7.0000000000000007E-2,"A","A",3.3700000000000001E-2,"A2",3.3700000000000001E-2," "]
["Middlesex Water Company","MSEX","Water Utility",0.75,0.21,"B++","A",3.3700000000000001E-2,"Baa1",3.9300000000000002E-2," ",null,null," "]
["SJW Corporation","SJW","Water Utility",0.6,0.21,"B+","A / A-",3.3700000000000001E-2,"A2 / A3",3.3700000000000001E-2," "]
["The York Water Company","YORW","Water Utility",0.7,0.21,"B+","A-",3.3700000000000001E-2,"A3",3.3700000000000001E-2," "]
[]
[null,null,"RANGE","0.55 - .75","7.00% - 23.00%",null,null,"3.37% - 7.89%",null,"3.37% - 7.89%"]
[null,null,"Median",{"$f":"MEDIAN(D12:D18)","v":0.65},{"$f":"MEDIAN(E12:E18)","v":0.21},null,null,{"$f":"MEDIAN(H12:H18)","v":3.3700000000000001E-2},null,{"$f":"MEDIAN(J12:J18)","v":3.3700000000000001E-2}]
[null,null,"Average",{"$f":"SUM(D12:D18)/6","v":0.76666666666666672},{"$f":"SUM(E12:E18)/6","v":0.22499999999999998},null,null,{"$f":"AVERAGE(H12:H18)","v":4.0157142857142857E-2},null,{"$f":"AVERAGE(J12:J18)","v":4.1757142857142861E-2}]
[]
[null,null,null,null,null,null,null,null,"SAY",3.3700000000000001E-2," "]

{"sheet":"CF Multiples_Private Water","index":68,"n_rows":36,"n_cols":12,"rows_kept":36,"cut":false,"hidden":false,"merged":[[26,1,26,8]]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null," "]
["Industry > Private Water Companies"]
[]
[null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,"YEAR END 12/31/2019"]
[null,null,null,"Valueline Date 1/11/2020"]
[" "," "," "," "," "," "]
[" ","Ticker"," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol","Price","Per Share","Multiple","Inverse"]
[" "," ","VL","VL Actual 2019 CF"," "," "]
[]
[null,null,null,null,null,null,null,null,null,null,null," "]
["American States Water Company","AWR",87.33,3.1,{"$f":"C16/D16","v":28.170967741935481},{"$f":"1/E16","v":3.5497538073972296E-2},null,null,null,null,null," "]
["American Water Works Company Inc","AWK",123.05,6.75,18.229629629629628,5.4855749695245842E-2,null,null,null,null,null," "]
["California Water Service Group ","CWT",51.52,3.05,16.891803278688528,5.9200310559006201E-2,null,null,null,null,null," "]
["Essential Utilities, Inc.","WTRG",47.08,1.8,{"$f":"C19/D19","v":26.155555555555555},{"$f":"1/E19","v":3.8232795242141036E-2}]
["Middlesex Water Company","MSEX",63.56,2.8,22.700000000000003,4.4052863436123343E-2,null,null,null,null,null," "]
["SJW Group Corporation","SJW",71.790000000000006,3.15,22.790476190476195,4.3877977434183028E-2,null,null,null,null,null," "]
["The York Water Company","YORW",46.38,1.75,26.502857142857145,3.7731780940060369E-2,null,null,null,null,null," "]
[]
[null,"RANGE","46.38-123.05","1.75-6.75","16.89-28.17","3.55%-5.92%"]
[null,"Median",{"$f":"MEDIAN(C16:C22)","v":63.56},{"$f":"MEDIAN(D16:D22)","v":3.05},{"$f":"MEDIAN(E16:E22)","v":22.790476190476195},{"$f":"MEDIAN(F16:F22)","v":4.3877977434183028E-2}]
[null,"Average",{"$f":"AVERAGE(C16:C22)","v":70.101428571428571},{"$f":"AVERAGE(D16:D22)","v":3.1999999999999997},{"$f":"AVERAGE(E16:E22)","v":23.063041362734648},{"$f":"AVERAGE(F16:F22)","v":4.4778430768676013E-2}]
[null," "]
[null,null,null,null,"SAY",4.3900000000000002E-2]
[]
["Companies excluded from this study include >"]
[]
["Connecticut Water Service Inc","Merged with SJW in Oct '19. No longer listed on Stock Market Indexes/Publically Traded."]
[]
[]
[]
["NOTE:  Aqua America Inc. change its name to Essential Utilities Inc in February 2020"]

{"sheet":"CapRate_RR","index":69,"n_rows":24,"n_cols":14,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[null,null,"KENTUCKY DEPARTMENT OF REVENUE"]
[null,null,"DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
[]
[null,null,"2020 Tax Year"]
[null,null,"DIRECT CAPITALIZATION RATE STUDY"]
[]
[]
[]
[]
[]
[null,null,"RAILROAD COMPANIES"]
[null,null,"Cash Flow Direct Capitalization Rate"]
[null,null," "]
["Source of ","Capital","Cost of ","Tax","Cost of Capital","Weighted"]
["Capital","Structure","Capital","Rate","After Tax","Cost"]
[" "," "," "," "," "," ",null,null,null,null,null,null,null," "]
[null,null,null,null,null,null,null,null,null,null,null,null,null," "]
["EQUITY",0.81,6.4299999999999996E-2,"-",{"$f":"+C18","v":6.4299999999999996E-2},{"$f":"+E18*B18","v":5.2082999999999997E-2},null,null,null,null,null,null,null," "]
[" ",null," "," "," "," ",null,null,null,null,null,null,null," "]
["DEBT",0.19,3.9300000000000002E-2,0.26,{"$f":"+C20*(1-D20)","v":2.9082E-2},{"$f":"+B20*E20","v":5.5255800000000004E-3},null,null,null,null,null,null,null," "]
[" "," "," "," "," "," ",null,null,null,null,null,null,null," "]
["TOTAL",{"$f":"+B18+B20","v":1}," "," "," ",{"$f":"+F18+F20","v":5.760858E-2}]
[]
[null,null,null,null,"SAY",5.7599999999999998E-2]

{"sheet":"S&D_RR","index":70,"n_rows":50,"n_cols":14,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[null,null,null,null,null,null,null,null,null," "]
[]
["The capital structure of this industry is a representative or typical capital structure of the group, not that of the present owner.  The capital structure selected reflects the most likely arrangement of a prospective buyer."]
[]
[]
[]
[]
["Industry > Railroads"]
[" "," "," ",null,null,null," "]
[null,null,null,null,null,null,null,"Dec. 31, 2019"," "]
[null,null,null,"4th Qtr","4th Qtr","4th Qtr",null,"Common Stock","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Stock Price","Stock Price","Average","Dec. 31, 2019","Shares Outstanding","Preferred Stock","Long Term Debt "]
["Company","Symbol","Group","High","Low","Stock Price","Stock Price","Net of Treasury","BV","BV"]
["VL","VL","VL","Yahoo","Yahoo","Yahoo","Yahoo","10K / SEC","10K / SEC","10K / SEC / $ US"," "," ",null," "]
["Canadian National","CNI","Railroad",94.81,83.78,{"$f":"AVERAGE(D18,E18)","v":89.295000000000002},90.45,712300000,0,{"$f":"13796000000/1.299","v":10620477290.223249}," "," ",null," "]
["Canadian Pacific","CP","Railroad",257.14999999999998,207.97,{"$f":"AVERAGE(D19,E19)","v":232.56},254.95,137000000,0,{"$f":"8757000000/1.299","v":6741339491.9168596}," "," ",null," "]
["CSX Corp","CSX","Railroad",74.08,65.86,69.97,72.36,773000000,0,16238000000,null,null,null," "]
["Kansas City Southern","KSU","Railroad",155.1,126.58,140.84,153.16,96115669,{"$f":"5600000","v":5600000},3246000000,null," ",null," "]
["Norfolk Southern","NSC","Railroad",196.95,166.74,181.845,194.13,257904956,0,12196000000]
["Union Pacific Railroad","UNP","Railroad",181.41,151.47,166.44,180.79,692100651,0,{"$f":"23943000000+1257000000","v":25200000000}]
[" "," "," ",null,null,null," "]
[]
[]
[null,null,null,null," "," "," "," "," "]
[null,null,null,null,null," "," ",null," "]
[null,null,null,null,null,null," ",null,null," "]
[null,null,null,"Dec. 31, 2019","Dec. 31, 2019",null,"Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019","Dec. 31, 2019"]
[" ","Ticker","Industry ","Common Stock","Preferred Stock ",null,"Long Term Debt *","Total Market Value","% Common Stock","% LT Debt & Pref Stock",null," "]
["Company","Symbol","Group","FMV","FMV",null,"FMV","CS+LTD +PS"," "," "]
["VL","VL","VL","Calculated","10K / SEC",null,"10K / SEC","Calculated","Calculated","Calculated"]
[{"$f":"+A18","v":"Canadian National"},"CNI","Railroad",{"$f":"(H18)*G18","v":64427535000},{"$f":"(1/1)*I18","v":0},null,{"$f":"(15667/13662)*J18","v":12179111235.977724},{"$f":"+D34+E34+F34+G34","v":76606646235.977722},{"$f":"(+D34)/H34","v":0.84101756395311433},{"$f":"(E34+F34+G34)/H34","v":0.15898243604688569}]
["Canadian Pacific","CP","Railroad",{"$f":"(H19)*G19","v":34928150000},{"$f":"(1/1)*I19","v":0},null,{"$f":"(10149/8757)*J19","v":7812933025.4041586},{"$f":"+D35+E35+F35+G35","v":42741083025.40416},0.81720320421547665,{"$f":"(E35+F35+G35)/H35","v":0.18279679578452329}]
["CSX Corp","CSX","Railroad",{"$f":"(H20)*G20","v":55934280000},{"$f":"(1/1)*I20","v":0},null,{"$f":"(18503/16238)*J20","v":18503000000},74437280000,0.75142831656395825,0.24857168343604172]
["Kansas City Southern","KSU","Railroad",{"$f":"(H21)*G21","v":14721075864.039999},{"$f":"(222625*26.39)","v":5875073.75},null,{"$f":"(3535.7/3246)*J21","v":3535699999.9999995},18262650937.789997,0.8060755206999225,0.19392447930007761]
["Norfolk Southern","NSC","Railroad",{"$f":"(H22)*G22","v":50067089108.279999},{"$f":"(1/1)*I22","v":0},null,{"$f":"(14806/12196)*J22","v":14806000000},64873089108.279999,0.77176977073980202,0.22823022926019804]
["Union Pacific Railroad","UNP","Railroad",125124876694.28999,{"$f":"(1/1)*I23","v":0},null,{"$f":"(27.2/25.2)*J23","v":27200000000},152324876694.28998,0.82143428840852228,0.17856571159147777]
[null,null,null,null," "]
[]
["At Dec 31, 2019, the Exchange Rate was $1.299 Canadian per $1.00 US",null,null,null,null," "]
[null,null,null,null,null,null," ","RANGE","74.59% - 83.66%","16.34% - 25.41%"]
[null,null,null,null,null,null," ","Median",{"$f":"MEDIAN(I34:I39)","v":0.81163936245769963},{"$f":"MEDIAN(J34:J39)","v":0.18836063754230045}]
[null,null,null,null,null,null," ","Average",{"$f":"AVERAGE(I34:I39)","v":0.80148811076346604},{"$f":"AVERAGE(J34:J39)","v":0.19851188923653404}]
[]
[null,null,null,null,null,null,null,"SAY",0.81,0.19]
[]
[]
[null,null,null,null,null,null,null,null," "]

{"sheet":"Debt_RR","index":71,"n_rows":22,"n_cols":16,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[]
["Industry > Railroad Companies"]
[" "," "," "," "," "," ",null," "," "]
[" ","Ticker","Industry ","Beta","Actual ","Financial ","S&P","Mergent Bond","Mergent Bond"]
["Company","Symbol","Group",null,"Tax Rate","Strength","Rating","Rating","Debt Rate"]
["VL","VL","VL","VL","VL","VL","S&P","Mergent Bond","Mergent Bond"]
[]
["Canadian National","CNI","Railroad",1.05,0.25,"A","A","A2",3.3700000000000001E-2]
["Canadian Pacific","CP","Railroad",1.1499999999999999,0.24,"B++","BBB+","Baa1",3.9300000000000002E-2," "]
["CSX Corp","CSX","Railroad",1.25,0.24,"B++","BBB+","Baa1",3.9300000000000002E-2]
["Kansas City Southern","KSU","Railroad",1.1000000000000001,0.28999999999999998,"A","BBB","Baa2",3.9300000000000002E-2]
["Norfolk Southern","NSC","Railroad",1.2,0.24,"A+","BBB+","Baa1",3.9300000000000002E-2,null,null,null,null,null,null," "]
["Union Pacific","UNP","Railroad",1.1499999999999999,0.24,"A++","BBB+ / A-","Baa1",3.9300000000000002E-2," ",null,null,null,null,null," "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,"RANGE","1.05 -  1.45","24.00% - 29.00%","A++ - B+","A - BBB-","Aa2 - Baa3","3.37% - 3.93%",null,null,null,null,null,null," "]
[null,null,"Median",{"$f":"AVERAGE(D12:D16)","v":1.17},{"$f":"AVERAGE(E11:E16)","v":0.25},"A","BBB+","Baa1",{"$f":"MEDIAN(I11:I16)","v":3.9300000000000002E-2},null,null,null,null,null,null," "]
[null,null,"Average",{"$f":"MEDIAN(D12:D16)","v":1.1499999999999999},{"$f":"MEDIAN(E11:E16)","v":0.24},null,null,null,{"$f":"AVERAGE(I11:I16)","v":3.8366666666666667E-2},null,null,null,null,null,null," "]
[]
[null,null,null,null,null,null,null,"Say",3.9300000000000002E-2]

{"sheet":"CF Multiples_RR","index":72,"n_rows":36,"n_cols":14,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["KENTUCKY DEPARTMENT OF REVENUE"]
["DIVISION OF STATE VALUATION, PUBLIC SERVICE BRANCH"]
["2020 Tax Year"]
[]
["Industry > Railroad Companies"]
[]
[null,null,null,"CASH FLOW MULTIPLIERS"]
[null,null,null,"YEAR END 02/22/2020"]
[null,null,null,"Valueline Date 2/22/2020"]
[" "," "," "," "," "," "]
[" ","Ticker"," ","Cash Flow","Cash Flow","Computed"]
["Company","Symbol","Price","Per Share","Multiple","Inverse"]
[null,null,"VL","VL Actual 2019 CF"," "]
[" "," "," "," "," "," "]
[]
["Canadian National","CNI",94.32,6,{"$f":"C16/D16","v":15.719999999999999},{"$f":"1/E16","v":6.3613231552162849E-2}]
["Canadian Pacific","CP",270.14999999999998,16.55,16.323262839879153,6.1262261706459382E-2,null,null,null,null,null,null,null," "]
["CSX Corp","CSX",78.52,6,13.086666666666666,7.6413652572592972E-2,null,null,null,null,null,null,null," "]
["Kansas City Southern","KSU",170.24,10.55,16.13649289099526,6.197133458646617E-2,null,null,null,null,null,null,null," "]
["Norfolk Southern","NSC",209.17,14.95,13.991304347826087,7.1472964574269729E-2,null,null,null,null,null,null,null," "]
["Union Pacific","UNP",183.3,11.9,15.403361344537815,6.4920894708128743E-2,null,null,null,null,null,null,null," "]
[]
[null,"RANGE","78.52-270.15","6.00-16.55","13.09-16.32","6.13 - 7.64"]
[null,"Median",{"$f":"MEDIAN(C16:C21)","v":176.77},{"$f":"MEDIAN(D16:D21)","v":11.225000000000001},{"$f":"MEDIAN(E16:E21)","v":15.561680672268906},{"$f":"MEDIAN(F16:F21)","v":6.4267063130145796E-2}]
[null,"Average",{"$f":"AVERAGE(C16:C21)","v":167.61666666666667},{"$f":"AVERAGE(D16:D21)","v":10.991666666666667},{"$f":"AVERAGE(E16:E21)","v":15.110181348317496},{"$f":"AVERAGE(F16:F21)","v":6.6609056616679971E-2}]
[]
[null,null,null,null,"SAY",6.4299999999999996E-2]
[]
[]
["Companies excluded from this study include >"]
[]
["American Railcar Industries Inc -  Designer and manufacturer of railcars.  Not a railroad."]
["GATX Corporation -  Railcar lessor.  Not a railroad."]
["Genesee & Wyoming- Removed, was sold to infastructure asset management firm Brookfield Infastructure in '19. No longer listed on stock indexes as separate entity."]
["GreenBrier Companies Inc.  -  Designer, manufacturer, plus repairs of railcars.  Not a railroad."]
["Trinity Industries Inc. -  Manufacturer of railcars and component parts.  Not a railroad."]