Eneti becoming operational
Through the acquisition of Seajacks, Eneti has secured operational capacity for its plans to establish a leading wind turbine installation business. Being a new entrant in the offshore wind industry, we see a clear transaction rationale for Eneti as it gets access to more to more vessels and Seajack’s extensive know-how and track record from the offshore wind industry. From an industry perspective, we appreciate Eneti’s efforts to drive consolidation of installation companies. Based on transaction details, we estimate the enterprise value (EV) of Seajacks at USD515m, which implies a low EV/EBITDA multiple of 4.0–5.5x.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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