COMP <GO>

UGI vs SOBO // EV/EBITDA & P/E VALUATION

UGI Corporation (NYSE) VS. South Bow Corporation (NYSE) • 15-METRIC TALLY: UGI 3 — SOBO 3

■ METRIC PARITY

LAST: $38.56 (+0.31%) • MKT CAP: $8.27B

valuation

6.9x

LAST: $35.94 (+1.21%) • MKT CAP: $7.50B

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (UGI VS. SOBO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	UGI	SOBO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	84.20%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.40%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	6.9x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	4.72%	9.56%	-4.84	SOBO	/fcf-yield <GO>
Operating Margin	15.50%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	9.50%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	1.40%	-6.30%	+7.70	UGI	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.89%	5.55%	-1.66	SOBO	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.41	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	4/9	+3.00	UGI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	56.5	61.7	-5.22	SOBO	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.89	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	11.3x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$8.27B	$7.50B	$774.4M	UGI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	UGI REV	SOBO REV	UGI GROSS %	SOBO GROSS %	UGI FCF	SOBO FCF
FY 2025	$7.15B	$1.99B	—	84.2%	$390.0M	$717.0M
FY 2024	$7.04B	$2.12B	—	82.3%	$386.0M	$529.0M
FY 2023	$8.76B	$2.00B	—	—	$712.8M	$779.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

UGI // BETA 0.89

SOBO // BETA —