Leading SOV company transaction at solid multiples
Following a strategic review of Esvagt, the leading owner of SOVs for offshore wind, 3i Infrastructure (private equity) said that it had assumed full control of the company after acquiring the remaining 50%. Based on the disclosed transaction value and the published annual report, we estimate an EV/EBITDA of 19–20x on a backward-looking basis. As Esvagt has a newbuild programme, the multiples would likely be somewhat lower on a forward-looking basis. Still, we consider the implied earnings multiples in the transaction supportive for offshore wind service companies.
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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