s less net cash and investments 7,148 RWE market EV 17,857 Innogy share price (Elshare) 33 Value of RWE's innogy equity stake 14,082 Value of RWE EV less innogy stake 3,775 RWE 2019E EBITDA ex innogy 1,062 Implied EV/EBITDA for RWE ex innogy (x) fl Source: Deutsche Bank Cashflows (EURm) shou