NJR // NewJersey Resources Corporation

Energy • Oil/Gas Transmission

$54.18 ▲ +0.97 (+1.82%)

MKT CAP: $5.40B • VOL: 1.02M

52W L $43 52W H $61

PIOTROSKI

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NJR // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

NJR // NewJersey Resources Corporation

GROSS MARGIN

—

OP MARGIN

37.7%

ROIC %

16.3%

MKT CAP

$5.40B

UPSTREAM INPUTS ──► NJR OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
NJR ★	NewJersey Resources Corporation	$54.18	$5.40B	—	37.7%	16.3%	10.6x	+9.9%	SUBJECT ISSUER
XOM	Exxon Mobil Corporation	$187.25	$769.96B	—	11.0%	9.9%	13.9x	-4.4%	NJR VS XOM <GO>
CVX	Chevron Corporation	$235.52	$465.33B	41.3%	8.1%	5.8%	21.5x	-4.6%	NJR VS CVX <GO>
SHEL	Shell PLC American	$108.69	$300.64B	—	13.9%	9.9%	21.0x	+3.3%	NJR VS SHEL <GO>
TTE	TotalEnergies SE	$95.33	$208.00B	—	13.9%	9.9%	21.0x	+2.2%	NJR VS TTE <GO>
BHP	BHP Group Limited American	$79.16	$201.23B	—	13.9%	9.9%	21.0x	-3.3%	NJR VS BHP <GO>