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.