Update: Profitability transformed by landmark transaction
Intelligent Energy (IEH) has signed an agreement to acquire GTL’s energy management business, which provides energy to over 27,400 telecom towers in India, for £85m. The transaction is expected to generate long-term recurring revenues worth £1.2bn over 10 years. Management expects EBITDA margin for this activity to rise from c 15% to 30-35%, (c £40m per year), within three to five years. We revise our estimates and indicative valuation to reflect the transaction, giving a base case fair value of £471m.LB Shell delivers energy solutions for the distributed energy, diesel replacement, automotive and aerial drone markets. Co. delivers energy solutions for its target markets through the development and manufacture of modular air cooled fuel cell stacks and systems. Co.'s air-cooled systems comprises of the AC64 fuel cell stack and AC10 fuel cell stack. Co. is organized into two business segments of Fuel Cell Technology, focusing on hydrogen fuel cell applications across a range of industries; and Indian Power Management (Essential Energy), which focuses on power management for telecom towers in India. Co. also operates in Japan, India, China, Singapore, and France.
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