Edda Wind (No_rec, TP: NOK) - Recommendation and target price withdrawn
Geveran Trading, Wilhelmsen New Energy and EPS Ventures today announced they will make an unconditional mandatory cash offer to acquire all outstanding shares in Edda Wind that they do not already own. The offer price of NOK23/share equals a 33% premium to yesterday’s close, and implies a 2026–2027e EV/EBITDA of 7.2–6.1x on our estimates before the announcement and P/NAV of 0.7x. The three shareholders currently own 82% of shares outstanding in Edda Wind, and through BidCo Electric AS have already agreed to acquire shares owned by funds managed by Nordea, following which they would control 84% of shares outstanding. Due to DNB Markets’ role in the transaction, we have withdrawn our estimates, target price and recommendation.
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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