Greenko Group acquires Hemavathy Power

AIM listed Greenko Group has acquired Hemavathy Power for an enterprise valuation of $33million (~Rs.148.5 crores).

Hemavathy Power operates a running 24MW hydro project in Karnataka with

Revenue of Rs.24.6 crores

EBITDA Rs.17.7 crores

PAT Rs.5 crores

Debt: Rs.50 crores

The multiples for the acquisition comes out as:

EV/Revenue = 6.04

EV/EBITDA  = 8.39

EV/MW = 6.19

I will compare this with other similar acquisitions in the Industry and try to give a complete valuation picture.

 

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