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Greentech / 1
Index Performance February Ending Versus First Day of the
February YTD CY 2019 52 Wk High 52 Wk Low
Dow Jones Industrial Average (8.8%) (9.7%) 22.3% (12.8%) 3.8%
NASDAQ Composite (6.4%) (4.5%) 35.2% (12.7%) 16.8%
S&P 500 (8.4%) (8.6%) 28.9% (12.8%) 7.7%
NASDAQ Clean Edge Green Energy (0.6%) 5.3% 40.7% (15.5%) 38.9%
25.3%
(0.6%)
13.7%
6.1%
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20
NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500
Corporate M&A
Transactions
Target Acquiror Transaction Description
Harsco, a Camp Hill, Pennsylvania-based diversified
industrial company, acquired Stericycle's Environmental
Solutions Business, a hazardous waste transportation
and processing solutions provider for $463mm
Siemens, a German multinational conglomerate, acquired
Iberdrola’s stake in Siemens Gamesa Renewable Energy,
a wind turbine maker for $1.2bn
Schneider Electric, a multinational manufacturer of
electrical equipment, acquired RIB Software, a developer
of software for construction, plant engineering, and
infrastructure management for $1.5bn
Capital Raises
Company Transaction Description
Innergex, a multinational public developer, owner and operator of renewable
projects, raised $498mm from Hydro Québec, a Canadian electricity producer, for
a 19.9% stake in the Company
Calisen, a U.K.-based smart meter company, raised $425mm in its initial public
offering on the London Stock Exchange
Grab Holdings, a Singapore-based provider of mobility services across Southeast
Asia, raised $850mm from MUFG and TIS Inc., adding to the $9.5bn the Company
has raised to date
Sustainable Technology and
Infrastructure Monthly Market Update
February 2020
About Greentech Capital Advisors
Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are
purpose-built to ensure that our clients achieve success. Our team of experienced bankers are sector experts and understand our
clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby
provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience
which enables us to find creative structures and solutions to close transactions. We are an expert team of 75 professionals working
seamlessly on our clients' behalf in New York, Zurich and San Francisco.
Performance of Key Market Indices(1)
Notable Recent Transactions & Capital Raises
(1) Performance does not include reinvestment of dividends.
Environmental
Solutions Business
(1)
Greentech / 2
Corporate Transactions
Select Recent Sustainable Technology & Infrastructure
M&A Transactions (1/6)
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
(1) Transaction multiples represent EV/LTM Adj. EBITDA and EV/LTM Revenue.
Transaction
Transaction
Multiple(1)
Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA
2/3/2020 Circ Bird
Bird, a Los Angeles, California-based
scooter and micro-mobility provider,
acquired Circ, a Berlin-based
competitor and provider of scooter
rental services
Advanced
TransportationND ND ND
2/4/2020
Elemental
Environmental
Solutions
Veolia ES Technical
Solutions
Veolia ES Technical Solutions, a
subsidiary of Veolia, acquired
Elemental Environmental Solutions, a
provider of hazardous waste
treatment
Environmental
Services$250 ND ND
2/4/2020 Prineville Disposal Republic Services
Republic Services, a U.S.-based waste
management company, acquired
Prineville Disposal, a family-owned
waste management company in
Central Oregon
Environmental
ServicesND ND ND
2/4/2020
Evergreen AES
Environmental
Services
HEPACO
HEPACO, a provider of environmental
services owned by Gryphon Investors,
acquired Evergreen AES
Environmental Services, a regional
provider of remediation and
environmental services in the U.S.
Environmental
ServicesND ND ND
2/4/2020Filtration Services
GroupBlue Box
Blue Box, a building optimization and
carbon reduction company, acquired
Filtration Services Group, a provider
of air filtration products and site
testing
Environmental
ServicesND ND ND
2/5/2020Siemens Gamesa
Renewable EnergySiemens
Siemens, a German multinational
conglomerate, acquired Iberdrola's
stake in Siemens Gamesa Renewable
Energy, a wind turbine maker, for
$1.2bn
Renewable
Energy$1,216 ND ND
2/5/2020 Devens Recycling Republic Services
Republic Services, a U.S.-based waste
management company, acquired
Devens Recycling, a C&D recycling
and waste transfer facility in Northern
Massachusetts
Environmental
ServicesND ND ND
2/6/2020 IntelliPower AMETEK
AMETEK, a public manufacturer of
electronic instruments and
electromechanical devices, acquired
IntelliPower, a manufacturer of power
systems, external battery packs and
power distribution units
Power Infra /
Smart Grid$115 2.9x ND
2/6/2020 Baswood Cambrian Innovation
Cambrian Innovation, a commercial
provider of wastewater and resource
recovery solutions, acquired Baswood,
a technology-based wastewater and
biosolids management company
Water ND ND ND
2/6/2020 Skelly and LoyTerracon
Consultants
Terracon Consultants, a provider of
environmental consulting and
engineering solutions, acquired Skelly
and Loy, a Pennsylvania-based
environmental consulting firm
Environmental
ServicesND ND ND
2/7/2020Forescout
Technologies
Advent International,
Crosspoint Capital
Partners
Advent International and Crosspoint
Capital Partners, two U.S.-based
private equity firms, acquired
Forescout Technologies, a
cybersecurity firm serving the power
and manufacturing industries
Industrial IoT &
Software$1,900 4.6x NM
2/7/2020Integrated Global
ServicesJ.F. Lehman & Co.
An affiliate of J.F. Lehman & Company
acquired Integrated Global Services, a
Virginia-based provider of surface
protection and other technologies for
energy, power generation and
industrials
Power Infra /
Smart GridND ND ND
Greentech’s Take:
These transactions
showcase the trend
among large, national
waste management
players growing
geographically and
deepening their current
capabilities by acquiring
smaller, more specialized
regional players
Greentech / 3
2/7/2020
Stericycle
Environmental
Solutions Business
Harsco
Harsco, a Camp Hill, Pennsylvania-
based industrial company, acquired
Stericycle's Environmental Solutions
Business, a hazardous waste
transportation and processing
solutions provider
Environmental
Services$463 ND ND
2/8/2020METCO
Environmental
Alliance Source
Testing
Alliance Source Testing, an
environmental services platform
owned by Align Capital Partners,
acquired METCO Environmental, a
provider of source emissions testing
services
Environmental
ServicesND ND ND
2/10/2020Core Computing
SolutionsRouteware
Routeware, a provider of fleet
automation solutions for waste
haulers owned by Banneker Partners,
acquired Core Computing Solutions, a
provider of billing and route
management systems for waste and
recycling companies
Environmental
ServicesND ND ND
2/11/2020 LNV Ardurra Group
Ardurra Group, an engineering firm
and subsidiary of King Engineering
Associates, acquired LNV, a provider
of engineering and consulting
services, including water and
wastewater collection
Environmental
ServicesND ND ND
2/11/2020 AirFusionmCloud
Technologies
mCloud Technologies, a provider of
data-driven asset management
solutions, acquired AirFusion, a
provider of AI-based drone inspection
services for wind turbines and other
energy facilities
Industrial IoT &
SoftwareND ND ND
2/11/2020 Flexdrive Lyft
Lyft, a multinational ride hailing
company, acquired Flexdrive, a rental-
car provider and current partner of
Lyft
Advanced
Transportation$20 ND ND
2/11/2020Tecnicentros
MundialIcahn Automotive
Icahn Automotive, a provider of
automotive services and subsidiary of
Icahn Associates, acquired
Tecnicentros Mundial, a Puerto Rico-
based automotive services chain
Advanced
TransportationND ND ND
2/12/2020Cegasa Portable
Energy
Compañía Minera
Autlán
Compañía Minera Autlán, a Mexican
mining company, bought Cegasa
Portable Energy, a developer of
Electrolytic Manganese Dioxide
batteries for energy storage
Power Infra /
Smart Grid$29 1.5x ND
2/13/2020 RIB Software Schneider Electric
Schneider Electric, a multinational
manufacturer of electrical equipment,
acquired RIB Software, a developer of
software for construction, plant
engineering and infrastructure
management
Industrial IoT &
Software$1,500 6.9x 32.1x
2/13/2020Visio-Green
AgricultureSencrop
Sencrop, a French developer of
weather technology designed to
visualize forecast data, acquired Visio-
Green Agriculture, a French provider
of sensors and connected solutions
for agriculture
AgTech ND ND ND
2/14/2020 Pod Point EDF
EDF, a French multinational utility,
acquired Pod Point, a U.K.-based EV
charging company
Advanced
Transportation$141 ND ND
Corporate Transactions
Select Recent Sustainable Technology & Infrastructure
M&A Transactions (2/6)
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
(1) Transaction multiples represent EV/LTM Adj. EBITDA and EV/LTM Revenue.
Transaction
Transaction
Multiple(1)
Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA
Greentech’s Take:
Demand for asset
management and data
analytics tools continues
to grow as companies
look to enhance their
project operations
through monitoring and
optimizing maintenance
Greentech / 4
Corporate Transactions
Select Recent Sustainable Technology & Infrastructure
M&A Transactions (3/6)
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
(1) Transaction multiples represent EV/LTM Adj. EBITDA and EV/LTM Revenue.
(2) Multiples use implied EV of $140mm.
Transaction
Transaction
Multiple(1)
Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA
2/14/2020 Miller Sanitation Waste Management
Waste Management, a U.S.-based
provider of waste management
solutions, acquired Miller Sanitation,
a waste management company which
provides hauling and recycling for
customers in Minnesota
Environmental
ServicesND ND ND
2/19/2020 Afimilk
Livestock
Improvement
Corporation
Livestock Improvement Corporation, a
New Zealand-based agtech and herd
improvement cooperative for the
dairy industry, acquired a 50% stake
in Afimilk, an agtech company aimed
at improving the efficiency of dairy
farms
AgTech $70 2.5x 15.6x
2/21/2020 Growers Holdings ICL
ICL, an Israel-based producer of
fertilizer, acquired Growers Holdings,
a Durham, North Carolina-based
operator of a data-driven farm
management platform
AgTech ND ND ND
2/21/2020Greenspread,
Solaris IndustriaNPM Capital
NPM Capital, the private equity arm of
SHV Holdings, acquired a majority
stake in Greenspread and Solaris
Industria, two developers and
operators of renewable energy
projects
Renewable
EnergyND ND ND
2/21/2020 Pushme Bike TIER Mobility
TIER Mobility, a micro-mobility
company, acquired Pushme Bikes, a
manufacturer of replaceable batteries
and other mobility hardware
Advanced
TransportationND ND ND
2/24/2020
Ningbo Jiangbei Yize
New Energy
Technology
LONGi Green Energy
Technology
LONGi, a Chinese solar company,
acquired Ningbo Jiangbei Yize New
Energy Technology, a Vietnam-
focused manufacturer of solar PV
products, for $253mm
Renewable
Energy$253 NA NA
2/24/2020Dado Ocean Wind
FarmNorthland Power
Northland Power, a Canadian IPP,
acquired Dado Ocean Wind Farm, an
offshore wind farm developer in
South Korea
Renewable
EnergyND ND ND
2/25/2020 Greensolver Voltalia
Voltalia, a French power producer and
service provider, acquired
Greensolver, a French provider of
power plant management services
Industrial IoT &
SoftwareND ND ND
2/28/2020 ECOonline
Summa Equity,
Goldman Sachs
Merchant Banking
Division
Summa Equity and Goldman Sachs
Merchant Banking Division acquired
ECOonline, a Norway-based provider
of IT services to manage hazardous
water and other chemicals
Environmental
ServicesND ND ND
Greentech’s Take:
As PV costs decline, the
Southeast Asian market is
poised to see significant
growth; Vietnam in
particular may experience
a surge in power demand
and consumption as a
result of industrial
expansion in response to
the U.S.-China trade war,
as well as an increasingly
supportive regulatory
environment
(2) (2)
Greentech / 5
2/3/2020EGPNA Renewable
Energy PartnersHull Street Energy
Hull Street Energy, a fund investing in middle
market energy opportunities, acquired 30
hydroelectric facilities totaling 175 MW from
EGPNA Renewable Energy Partners, a joint
venture between Enel Green Power North
America and GE Capital's Energy Financial
Services
Hydro ND 175
2/4/2020Dimension
Renewable EnergyAres Management
Ares Management, a global asset manager,
acquired a 300 MW portfolio of utility-scale
battery storage projects in New York from
Dimension Renewable Energy, a U.S.-based
renewable developer
Storage ND 300
2/4/2020 NewSun Energy Soltage
Soltage, a utility-scale solar developer, in
partnership with Basalt managed funds,
acquired a 40 MW solar portfolio in Oregon
from NewSun Energy, a renewable developer
Solar ND 40
2/6/2020 Undisclosed Canadian Solar
Canadian Solar, a publicly traded solar PV
manufacturer and project developer, acquired a
48 MW portfolio of solar projects under
development in Chile
Solar ND 48
2/7/2020 Adani Green Energy Total
Total, a French multinational integrated O&G
company, acquired a 50% stake in a 2.1 GW
portfolio of solar PV plants in India from Adani
Green Energy, an India-based developer and
operator of solar and wind power plants
Solar 510(1)
1,074
2/11/2020 Coronal Energy Capital Dynamics
Capital Dynamics, an independent global asset
management firm, acquired six U.S. solar
projects from Coronal Energy, an IPP focused on
utility-scale solar and storage projects in North
America
Solar ND 182
2/11/2020 Hazel Shore Ltd. EDF Renewables
EDF Renewables, a subsidiary of French utility
EDF, acquired a 50% stake in the Codling
offshore wind project in Ireland from Hazel
Shore Ltd., an Ireland-based project developer
Wind ND 500
2/11/2020 UndisclosedCubico Sustainable
Investments
Cubico Sustainable Investments, a global
renewable energy infrastructure company,
acquired and financed the 102 MW Midlands
solar project in South Carolina
Solar ND 102
2/11/2020Asia Pacific Land
Japan Ltd.Tokyo Gas
Tokyo Gas, the largest natural gas utility in
Japan, acquired a 63 MW solar project in eastern
Japan from Asia Pacific Land, a private firm
investing in real estate and renewables
Solar ND 63
2/11/2020Energias de Portugal
(EDP)Actis
Actis, a global emerging markets investment
firm, acquired the Babilonia onshore wind
project in Brazil for $172mm from Energias de
Portugal, a Portuguese utility
Wind $172 137
2/12/2020Hive Energy Ltd.,
White Light Energy
Noy Infrastructure &
Energy
Noy Infrastructure & Energy, an Israeli
investment fund, acquired a 421 MW solar
portfolio in Spain from Hive Energy, a U.K.-
based solar developer, and White Light Energy
Solar ND 421
2/18/2020 Canadian SolarHana Financial
Investment Co.
Hana Financial Investment Co., the investment
arm of Hana Financial Group, acquired a 56 MW
solar project in Japan from Canadian Solar, a
publicly traded solar PV manufacturer and
project developer
Solar $155 56
Select Recent Sustainable Technology & Infrastructure
M&A Transactions (5/6)
Asset Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
(1) Transaction value reflects value of percentage stake acquired.
(2) Capacity represents portion of stake acquired; total capacity for the projects are 2,148 and 1,000 MW, respectively.
Transaction Capacity
Date Seller Acquiror Transaction Description Subsector Value ($mm) (MW)
Greentech’s Take:
The transaction expands
Total’s foothold in the
Indian solar market as
the company expects
significant renewable
growth in India. The O&G
major had previously
entered a joint venture
with EDF to develop 716
MW of solar power
projects in northern India
(2)
(2)
Greentech / 6
Select Recent Sustainable Technology & Infrastructure
M&A Transactions (6/6)
Asset Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
Transaction Capacity
Date Seller Acquiror Transaction Description Subsector Value ($mm) (MW)
2/18/2020 Juwi Hellenic Petroleum
Hellenic Petroleum, a Greece-based oil company,
acquired a 204 MW solar portfolio from Juwi, a
Germany-based renewable energy developer
Solar $140 204
2/19/2020 NextEra Energy TerraForm Power
TerraForm Power, a North American public
YieldCo, acquired a 100 MW portfolio of Spanish
solar power plants from NextEra Energy, a U.S.-
based publicly traded energy company
Solar $102 100
2/20/2020 SSE Renewables Greencoat UK Wind
Greencoat UK Wind, a specialist asset manager
focused on renewable energy, acquired a 19 MW
wind project in Ireland from SSE Renewables, an
Ireland-based renewable energy company
Wind $66 19
2/25/2020Centennial Resource
Development
WaterBridge
Resources
WaterBridge Resources, a midstream water
management company, acquired a portfolio of
saltwater disposal wells and associated water
infrastructure in Texas from Centennial
Resource Development, an independent oil
producer
Water $225 NA
2/25/2020 Long Wind France ERG
ERG, an Italian renewable energy company,
acquired three wind projects in France from
Long Wind France
Wind $43 38
Greentech / 7
2/3/2020 Miovision Canadian smart traffic management platform $90Advanced
TransportationTELUS Ventures, McRock Capital
2/3/2020 EdmundsSanta Monica, California-based online vehicle
retailer and auto information platform$50
Advanced
TransportationCarMax
2/3/2020 Crowley Carbon
Ireland-based provider of energy reduction
solutions for corporate, government and
commercial markets
$35Energy
Efficiency Tikehau Capital
2/4/2020 SolinftecBrazilian agtech company focused on
increasing crop productivity$40 AgTech
TPG Alternative & Renewable
Technologies, Unbox Capital
2/4/2020 EmergePhoenix, Arizona-based digital freight
marketplace$20
Advanced
Transportation
NewRoad Capital Partners,
Greycroft, 9Yards Capital
2/4/2020 InstagridGermany-based start-up developing portable
batteries $9
Power Infra /
Smart Grid
SET Ventures, High-Tech
Gründerfonds, Segnalita
Ventures
2/5/2020 DeliverrSan Francisco, California-based provider of
order fulfilment services$40
Advanced
TransportationActivant Capital, 8VC, GLP
2/5/2020 TuroSan Francisco, California-based online car
rental marketplace$30
Advanced
Transportation
Allen & Company, Manhattan
Venture Partners
2/5/2020 NGD Systems
Irvine, California-based computational storage
start-up with use cases in automotive AI,
aerospace and security
$20Advanced
Transportation
MIG Capital, Western Digital
Capital Global, Orange Digital
Ventures, Partech, BGV, Plug and
Play
2/5/2020 ConvelioFrench digital freight forwarder specializing in
fine art-shipping$10
Advanced
Transportation
Acton Capital, Global Founders
Capital
2/5/2020 PureCycle TechnologiesOrlando, Florida-based recycling technology
company$10
Environmental
ServicesND
2/6/2020 SureSaleProvider of a standardized certification-as-a-
service platform for used cars$7
Advanced
TransportationUpFront Ventures
Select Recent Sustainable Technology & Infrastructure
Capital Raise Transactions (1/5)
Corporate Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
Amount Selected Disclosed
Date Company Company Description Raised ($mm) Subsector Investors
Greentech’s Take:
Logistics and supply
chain management are
becoming increasingly
challenging and
important in the world of
on-demand ecommerce;
platforms that aim to
solve the growing
complexities within the
flow of goods may
continue to attract
significant investment
from both strategic and
financial investors
Greentech / 8
2/6/2020Innergex Renewable
Energy
Public developer, owner and operator of
renewable projects$498
Renewable
EnergyHydro Québec
2/6/2020 Acuva TechnologiesDeveloper of UV-LED drinking water
purification systems$5 Water ND
2/6/2020 Cepton Technologies LiDAR solutions provider $50Advanced
TransportationKoito Manufacturing Co.
2/6/2020 HopSkipDriveLos Angeles, California-based youth
transportation solution$22
Advanced
Transportation
Cyrus Capital Partners, State
Farm Ventures, Upfront
Ventures, FirstMark Capital,
Greycroft
2/6/2020 Maven Machines
Pittsburgh, Pennsylvania-based provider of
fleet management software for commercial
transportation
$7Advanced
Transportation
Allos Ventures, Hearst Ventures,
Riverfront Ventures, Great Oaks
VC
2/6/2020 OptimoRoute Route planning service for logistics companies $7Advanced
TransportationPrelude Ventures
2/6/2020 Rezatec
U.K.-based developer of a geospatial data
analytics platform for monitoring and
detection of environmental changes
$6Environmental
Services
Baronsmead, Gresham House
Ventures
2/7/2020 Rad Power Bikes Seattle, Washington-based e-bike provider $25Advanced
Transportation
Vulcan Capital, Durable Capital
Partners
2/10/2020 Vantage Data CentersSanta Clara, California-based operator of data
centers designed to increase energy efficiency$800
Industrial IoT &
Software
Digital Bridge Holdings, Public
Sector Pension Investment
Board, TIAA-CREF Asset
Management, Digital Colony
2/12/2020 Freight FarmsBoston, Massachusetts-based container
farming company$15 AgTech
Ospraie Ag Science, Spark
Capital
2/13/2020 AutoFiSan Francisco, California-based online auto
financing platform$10
Advanced
TransportationBMW i Ventures
2/14/2020 RadarBrooklyn, New York-based location data
infrastructure platform$20
Advanced
Transportation
Accel, Two Sigma Ventures,
Bedrock Capital, Heavybit,
Primeset
Select Recent Sustainable Technology & Infrastructure
Capital Raise Transactions (2/5)
Corporate Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
Amount Selected Disclosed
Date Company Company Description Raised ($mm) Subsector Investors
Greentech’s Take:
As the traditional brick-
and-mortar dealership
model is facing new
challenges brought on by
a shift in consumer
preference toward shared
vehicles and ride hailing,
online marketplaces and
used cars are becoming
increasingly popular.
Additionally, dealerships
continue to seek growth
in service-based and
maintenance-based
offerings to offset the
decline in new car sales
Greentech / 9
2/14/2020 UrbanFootprintBerkeley, California-based intelligence and
urban planning software$12
Advanced
Transportation
Valeo Ventures, Social Capital,
Radicle Impact
2/14/2020 CloverIndia-based agtech platform for demand-
backed supply chain$6 AgTech Omnivore, Mayfield, Accel
2/17/2020 Carbon Clean Solutions
U.K.-based provider of carbon dioxide
separation technologies for industrial
decarbonization
$16Environmental
Services
WAVE Equity Partners, Chevron
Technology Ventures, Marubeni
Corporation
2/17/2020 MotoRefiArlington, Virginia-based automotive financing
start-up$9
Advanced
TransportationAccomplice, Link Ventures
2/18/2020 SemiosCanadian developer of a precision farming
platform$75 AgTech Morningside Group
2/18/2020 Go Sharing Provider of e-scooters in the Netherlands $11Advanced
TransportationRabo Corporate Investments
2/18/2020 SmåkraftNorwegian operator of small-scale
hydroelectric power plants$272
Renewable
EnergyAPG
2/19/2020 Equinom Israeli seed breeding start-up $10 AgTechBASF Venture Capital, Fortissimo
Capital, Roquette
2/19/2020 Swiggy India-based provider of food delivery services $113Advanced
Transportation
Prosus Ventures, Meituan
Diangping, Wellington
Management Company
2/19/2020 DriivzIsraeli provider of an electric vehicle charging
management platform$11
Advanced
TransportationGilbarco Veeder-Root, Centrica
2/20/2020 Lilac SolutionsOakland, California-based provider of lithium
mining technology for batteries$20
Advanced
Transportation
Breakthrough Energy Ventures,
The Engine, Lowercarbon
Capital, The Grantham
Foundation
2/20/2020 ElectriphiSan Francisco, California-based provider of
fleet charging services$4
Advanced
Transportation
Wireframe Ventures, Urban
Innovation Fund, Blackhorn
Ventures, Acario Innovation,
Lemnos Labs
Select Recent Sustainable Technology & Infrastructure
Capital Raise Transactions (3/5)
Corporate Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
Amount Selected Disclosed
Date Company Company Description Raised ($mm) Subsector Investors
Greentech’s Take:
Data analytics are
allowing crop breeders to
alter genetic variation
among plants to create
seeds with higher
nutritional value and
lower production costs;
this transaction
highlights the interest in
such technologies from
both financial and
strategic (food and ag-
focused) investors
Greentech / 10
Select Recent Sustainable Technology & Infrastructure
Capital Raise Transactions (4/5)
Corporate Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
Amount Selected Disclosed
Date Company Company Description Raised ($mm) Subsector Investors
2/20/2020 Socar Mobility Malaysian car sharing platform $18Advanced
TransportationEugene Private Equity, KH Energy
2/21/2020 VolocopterGerman developer of autonomous eVTOLs
(electric vertical-take-off-and-landing vehicles)$54
Advanced
Transportation
DB Schenker, Mitsui Sumitomo
Insurance Group, MS&AD
Ventures, Translink Capital, btov
Partners
2/21/2020 TIER Mobility German provider of e-scooter rentals $40Advanced
TransportationRTP Global, Novator
2/21/2020 NAWATechnologies French provider of energy storage systems $14Power Infra /
Smart Grid
Bpifrance, Kouros SA, CAAP
Creation, Demeter, Région Sud
Investissement, Supernova
Invest, Eurowatt / Davaniere
Capital Partners, EIT InnoEnergy
2/25/2020 Highview Power U.K.-based energy storage system developer $46Power Infra /
Smart GridSumitomo
2/25/2020 MolekuleSan Francisco, California-based provider of air
purifiers$58
Environmental
Services
RPS Ventures, Founder’s Circle
Capital, Inventec Appliances,
Foundry Group, Crosslink
Capital, Uncork Capital,
TransLink Capital
2/25/2020 NewLeaf SymbioticsSt. Louis, Missouri-based developer of
proprietary microbes for biological inputs$20 AgTech
Koch Agronomic Holdings, Leaps
by Bayer, Otter Capital, S2G
Ventures, RockPort Capital
2/25/2020 Cityscoot French provider of electric mopeds $26Advanced
Transportation
Allianz France, Groupe RATP,
Banque des Territoires
2/25/2020 Grab Southeast Asian provider of mobility services $850Advanced
TransportationMUFG, TIS Inc.
2/26/2020 Fabric Provider of automated logistics for retailers $110Advanced
TransportationKraft Heinz
2/26/2020 Pony.ai Chinese provider of autonomous car systems $462Advanced
TransportationToyota
2/26/2020 Foghorn
Sunnyvale, California-based developer of an IoT
application platform for remote monitoring
and diagnostics
$25Industrial IoT &
Software
LS Corp., Forte Ventures, Dell
Technologies Capital, Intel
Capital, Saudi Aramco Energy
Ventures, Honeywell Ventures,
GE Ventures, Robert Bosch VC
Greentech’s Take:
Interest in storage
companies continues to
grow due to falling costs
of production, increasing
government incentives
and clean energy targets
Greentech’s Take:
OEMs are increasingly
investing in and forming
partnerships with
autonomous driving
startups in order to keep
up with new
technologies; Toyota
previously participated in
a $1bn financing round
for Uber ATG, Uber’s
self-driving vehicle arm in
April 2019
Greentech / 11
Select Recent Sustainable Technology & Infrastructure
Capital Raise Transactions (5/5)
Corporate Transactions
Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.
Amount Selected Disclosed
Date Company Company Description Raised ($mm) Subsector Investors
2/26/2020 OneRailOrlando, Florida-based last mile orchestration
and fulfilment platform$6
Advanced
Transportation
Las Olas VC, Chicago Ventures,
Alpine Meridian Ventures
2/26/2020 Ready RoboticsColumbus, Ohio-based provider of robotic
automation software$23
Industrial IoT &
Software
Canaan, RRE Ventures, Eniac
Ventures, Emerald Development
Managers, Drive Capital, Micron
Ventures, Greenhawk Capital
Initial Public Offerings
Amount Selected Disclosed
Date Company Company Description Raised ($mm) Subsector Investors
2/7/2020 Calisen U.K.-based smart meter company $425Power Infra /
Smart GridIPO
Greentech’s Take:
Completion of Calisen’s
IPO and share price uplift
post-IPO signal positive
momentum to the smart
meter market, which has
seen recent growth in the
U.K. from significant
policy support
Greentech / 12
Comparable Companies Trading Analysis
Diversified Industrials and Energy Infrastructure
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Diversified Industrials
GE $10.88 82.1% $97,978 $154,734 13.6x 11.7x 18.4x 14.6x 5.1x 60.8%
United Technologies $130.59 82.4% $116,012 $154,511 10.9x 10.0x 15.9x 14.0x 2.8x 30.0%
Honeywell $162.17 88.1% $117,037 $122,072 13.1x 12.3x 18.4x 17.0x 0.7x 13.7%
Siemens €93.20 77.7% $85,563 $117,794 9.7x 8.5x 12.7x 10.9x 2.6x 37.4%
Danaher $144.58 85.5% $104,916 $104,887 18.7x 16.5x 27.0x 23.9x 0.5x 23.0%
Caterpillar $124.24 82.5% $70,191 $98,382 11.1x 10.5x 13.2x 11.9x 3.4x 38.9%
Mitsubishi ¥2,690 82.6% $39,654 $95,381 11.3x 10.8x 7.9x 7.3x 5.8x 66.5%
Hyundai ₩115,000 80.1% $23,943 $91,906 12.3x 11.6x 6.6x 6.0x NM 72.9%
Schneider €90.50 85.8% $58,967 $64,801 11.4x 10.6x 16.5x 14.8x 0.7x 12.4%
ABB CHF20.81 84.3% $46,546 $52,296 13.2x 11.2x 18.9x 15.7x 1.5x 19.3%
Eaton Corp $90.72 85.8% $39,554 $45,729 11.8x 11.3x 15.7x 14.4x 2.1x 19.2%
Emerson $64.11 81.8% $40,565 $44,146 11.2x 10.4x 17.0x 15.2x 1.2x 14.8%
Roper Technologies $351.70 89.0% $37,567 $41,454 20.0x 19.1x 25.8x 24.8x 2.3x 13.4%
Johnson Controls $36.57 81.6% $29,079 $35,257 9.8x 9.5x 13.9x 12.4x 1.7x 23.8%
Rockwell $183.50 87.5% $22,144 $23,335 15.2x 14.5x 20.3x 19.2x 1.1x 11.2%
Legrand €69.02 88.6% $20,133 $22,974 13.2x 12.7x 20.0x 19.0x 1.6x 20.0%
Dover $102.74 85.4% $15,501 $17,674 12.4x 11.8x 16.2x 15.2x 2.0x 18.4%
Delta Electronics NT$140.00 83.6% $12,010 $13,329 10.6x 9.4x 17.2x 14.9x 0.0x 11.7%
Alstom €44.49 87.9% $11,147 $10,604 10.7x 9.3x 19.1x 16.6x (0.4x) 15.0%
OMRON ¥5,840 85.0% $11,166 $9,522 11.4x 10.0x 22.1x 22.4x (1.9x) 3.3%
Hitachi Construction Machinery ¥2,663 78.6% $5,311 $8,923 7.2x 6.7x 10.2x 9.6x 2.5x 42.0%
Woodward $103.20 80.0% $6,604 $7,408 12.7x 11.4x 18.8x 16.6x 1.7x 15.3%
Regal Beloit $77.64 86.1% $3,289 $4,064 8.5x 7.9x 13.4x 12.0x 1.8x 29.8%
Moog $77.12 78.3% $2,696 $3,436 8.7x 8.1x 13.5x 12.2x 1.9x 24.2%
Bharat Heavy Electricals ₹30.60 38.9% $1,423 $1,210 4.7x 4.0x 9.4x 7.6x (2.6x) 30.1%
CG Power & Industrial Solutions ₹7.01 14.8% $59 $363 NM NM NM NM NM 137.2%
Mean 11.7x 10.8x 16.3x 14.7x 1.6x 30.9%
Median 11.4x 10.6x 16.5x 14.8x 1.7x 21.5%
Energy Infrastructure
Primary Equipment and Power Electronics
TE Connectivity $82.87 82.0% $28,519 $31,440 10.8x 10.0x 15.5x 13.8x 1.3x 14.3%
Delta Electronics NT$140.00 83.6% $12,010 $13,329 10.6x 9.4x 17.2x 14.9x 0.0x 11.7%
Sensata $40.80 74.6% $6,501 $8,978 10.1x 9.5x 11.7x 10.3x 2.9x 36.9%
Yaskawa ¥3,385 74.2% $8,369 $8,514 18.0x 14.4x 32.9x 24.3x 0.6x 8.2%
NGK ¥1,697 85.1% $5,153 $6,147 5.7x 5.1x 11.6x 10.1x 0.8x 36.3%
Fuji Electric ¥2,963 75.0% $4,101 $5,614 6.7x 6.0x 10.7x 9.5x 1.4x 24.5%
LS Industrial Systems ₩43,600 77.9% $1,077 $1,130 5.0x 4.7x 9.3x 8.2x NM NA
Mean 9.6x 8.5x 15.5x 13.0x 1.2x 22.0%
Median 10.1x 9.4x 11.7x 10.3x 1.1x 19.4%
EPC and Services
Jacobs $92.34 88.8% $12,891 $14,321 12.3x 11.3x 16.0x 13.9x 1.7x 18.1%
Acciona €114.40 96.4% $6,930 $13,396 9.5x 9.0x 20.3x 19.0x 4.5x 65.3%
ACS Group €26.85 65.5% $9,260 $11,685 3.3x 3.2x 8.3x 7.5x 0.4x 95.6%
AECOM $44.94 86.3% $7,241 $10,978 14.3x 13.1x 18.3x 14.2x 4.8x 40.0%
Skanska kr208.90 86.9% $8,668 $9,630 9.8x 9.1x 13.9x 12.9x 0.8x 17.2%
Quanta $38.13 86.5% $5,525 $6,919 6.4x 6.0x 10.0x 9.1x 1.4x 23.9%
MasTec $49.08 66.6% $3,871 $5,391 6.0x 5.7x 8.7x 8.4x 1.7x 28.9%
EMCOR $76.92 82.2% $4,476 $4,535 7.9x 7.6x 12.9x 12.3x 0.4x 12.6%
Stantec C$40.10 94.8% $3,450 $4,326 9.3x 8.7x 17.2x 15.2x 2.2x 27.0%
Strabag €27.30 84.1% $3,299 $3,040 NM NM NM NM NM 49.3%
Balfour Beatty £2.46 82.9% $2,139 $2,353 7.1x 6.6x 9.9x 9.0x 0.5x 47.8%
Dycom Industries $29.56 48.8% $887 $1,814 5.9x 5.3x 15.3x 11.4x 2.9x 51.7%
Fluor $9.32 22.2% $1,407 $1,539 3.1x 2.6x 6.5x 4.7x 0.2x 127.4%
Bilfinger €27.02 76.5% $1,329 $1,483 5.5x 4.6x 11.8x 9.7x NM NA
Primoris $18.98 79.1% $962 $1,401 6.3x 5.7x 10.6x 8.7x 2.1x 42.6%
Granite Construction $20.32 41.4% $932 $1,230 5.0x 4.3x 10.6x 8.6x 1.0x 37.4%
Aegion $18.01 76.2% $570 $873 7.8x 7.6x 13.1x 11.4x 2.8x 42.0%
Trevi-Finanziaria Industriale €16.27 47.0% $29 $834 NM NM NM NM NM 107.1%
Team $12.73 64.8% $387 $791 8.1x 7.1x NM 20.8x 4.1x 52.4%
Mistras Group $7.85 46.3% $221 $538 6.4x 5.7x 11.4x 8.7x 3.7x 60.4%
Willdan $30.75 75.6% $351 $466 9.3x 7.6x 11.9x 10.9x 2.4x 25.3%
Mean 7.5x 6.9x 12.6x 11.4x 2.1x 48.6%
Median 7.1x 6.6x 11.8x 10.9x 1.9x 42.3%
Oil & Gas Services
NexTier Oilfield Solutions $4.66 37.3% $950 $1,212 3.2x 2.7x NM NM 0.6x 32.1%
Pro Petro $8.76 34.5% $889 $906 2.4x 2.1x 7.8x 6.1x 0.1x 14.8%
Liberty Oilfield Services $6.69 37.9% $530 $869 3.8x 3.1x 25.4x 11.2x 0.4x 23.8%
Secure Energy C$4.01 45.3% $450 $860 6.4x 6.1x NM 46.7x 2.7x 43.6%
Select Energy Services $6.50 51.0% $562 $754 5.2x 4.5x 30.3x 15.9x 0.1x 12.2%
Mean 4.2x 3.7x 21.2x 20.0x 0.8x 25.3%
Median 3.8x 3.1x 25.4x 13.5x 0.4x 23.8%
Greentech / 13
Comparable Companies Trading Analysis
Energy Technology
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Energy Technology
Smart Grid Solutions
AMETEK $86.00 84.1% $20,626 $22,266 15.2x 14.6x 19.8x 18.7x 1.7x 13.3%
Terna €5.99 88.0% $13,406 $22,098 11.4x 11.0x 15.9x 15.5x 4.5x 48.5%
Keysight $94.76 86.1% $18,295 $18,057 13.6x 12.9x 17.4x 15.9x 0.2x 10.8%
Itron $75.84 85.9% $3,161 $3,922 12.3x 10.2x 21.3x 16.7x 2.7x 26.0%
Landis+Gyr CHF78.90 74.7% $2,395 $2,520 9.7x 9.2x 14.7x 13.4x 0.6x 7.4%
ESCO Technologies $90.92 84.9% $2,422 $2,468 16.5x NM 27.0x NM 0.7x 8.2%
S&T €19.85 75.8% $1,450 $1,494 10.2x 9.0x 19.6x 15.7x 0.4x 22.8%
Smart Metering Systems £4.82 74.7% $684 $937 11.1x 9.3x 34.0x 27.4x 2.9x 32.8%
Mean 12.5x 10.9x 21.2x 17.6x 1.7x 21.2%
Median 11.8x 10.2x 19.7x 15.9x 1.2x 18.0%
Energy Storage
Tesla $667.99 68.9% $137,115 $132,845 30.9x 22.2x NM 45.6x 1.9x 11.1%
Panasonic ¥1,031 81.5% $23,438 $33,662 6.0x 5.9x 12.0x 11.0x 1.6x 48.6%
BYD Co. HK$47.70 79.4% $22,557 $27,553 12.0x 10.6x NM 44.0x 4.4x 44.3%
Samsung SDI ₩295,000 84.0% $16,889 $18,424 12.3x 9.6x 22.4x 16.2x 1.3x 16.1%
EnerSys $61.58 78.0% $2,702 $3,539 8.2x 7.1x 11.0x 9.3x 2.2x 34.0%
Ballard C$12.06 64.2% $2,324 $1,967 NM NM NM NM NM NM
Plug Power $4.34 71.7% $1,339 $1,769 NM NM NM NM 24.0x 27.1%
FuelCell Energy $1.95 29.5% $407 $582 NM NM NM NM NM 31.5%
Ultralife $7.08 59.1% $111 $124 NM NM NM NM NM 15.3%
Mean 13.9x 11.1x 15.1x 25.2x 5.9x 30.4%
Median 12.0x 9.6x 12.0x 16.2x 2.0x 31.5%
LED Lighting
Hubbell $133.24 86.0% $7,626 $8,743 11.1x 10.5x 15.4x 14.3x 1.9x 19.1%
Universal Display Corporation $158.79 68.9% $7,516 $6,855 31.2x 21.0x 48.8x 31.9x (2.9x) NM
OSRAM €46.65 97.0% $4,963 $5,541 12.5x 10.6x NM 40.3x 1.5x 15.5%
Cree $44.73 64.6% $5,045 $4,382 NM 20.3x NM NM (4.4x) 11.3%
Acuity Brands $102.86 69.8% $4,065 $4,231 7.3x 6.8x 10.6x 9.9x 0.3x 10.0%
Fagerhult kr51.60 70.0% $891 $1,327 9.1x 8.7x 14.9x 13.9x 2.6x 37.9%
Epistar NT$29.20 81.1% $1,050 $1,047 10.1x 8.2x NM NM (0.6x) 15.5%
Veeco $13.39 69.7% $660 $725 14.5x 10.0x 18.8x 12.7x 1.4x 43.4%
Zumtobel €7.20 70.6% $344 $533 4.2x 4.0x 4.7x 4.4x 1.5x 45.8%
Dialight £2.14 37.2% $89 $114 5.3x 3.9x 9.2x 5.7x 1.2x 23.9%
Beghelli €0.19 60.3% $42 $113 NM NM NM NM NM 79.8%
Mean 11.7x 10.4x 17.5x 16.6x 0.2x 30.2%
Median 10.1x 9.3x 14.9x 13.3x 1.3x 21.5%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 14
Comparable Companies Trading Analysis
Advanced Transportation (1/2)
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Advanced Mobility
Automotive Companies
Toyota Motor ¥7,127 88.8% $218,709 $335,954 9.7x 9.4x 8.5x 8.2x 4.0x 59.1%
Volkswagen €152.30 82.3% $83,391 $267,235 6.3x 6.1x 5.3x 5.0x 4.3x 88.4%
Daimler €37.54 62.6% $43,634 $194,064 12.1x 10.7x 7.9x 6.6x 9.3x 91.6%
BMW €58.93 75.3% $41,180 $156,825 10.3x 9.9x 6.3x 6.0x 7.4x 81.5%
Ford Motor Company $6.96 65.9% $28,037 $150,449 13.6x 12.6x 6.4x 5.4x 11.1x 104.2%
Tesla $667.99 68.9% $137,115 $132,845 30.9x 22.2x NM 45.6x 1.9x 11.1%
General Motors Company $30.50 72.8% $44,899 $125,728 7.9x 8.3x 5.1x 4.9x 4.9x 83.2%
Honda Motor ¥2,800 85.9% $47,013 $93,346 8.4x 7.9x 7.4x 6.7x 4.1x 72.9%
Hyundai ₩115,000 80.1% $23,943 $91,906 12.3x 11.6x 6.6x 6.0x NM 72.9%
Nissan Motor ¥463.60 47.8% $18,140 $80,652 12.7x 11.2x 10.4x 6.7x 9.5x 91.2%
Renault €26.50 41.3% $8,329 $56,201 9.7x 9.3x 6.2x 4.7x 8.1x 115.4%
SAIC Motor ¥22.21 73.3% $37,123 $54,836 10.8x 10.0x 8.5x 7.7x 2.1x 62.7%
BYD Co. HK$47.70 79.4% $22,557 $27,553 12.0x 10.6x NM 44.0x 4.4x 44.3%
Suzuki Motor ¥4,337 74.9% $19,745 $19,596 5.1x 4.6x 12.5x 11.2x (0.7x) 18.3%
KIA ₩36,250 77.3% $12,099 $17,290 4.6x 4.3x 6.3x 5.7x NM 30.8%
Fiat Chrysler Automobiles €11.24 76.1% $18,644 $16,452 1.2x 1.2x 4.2x 4.0x (0.0x) 101.6%
Tata Motors ₹129.00 53.9% $5,743 $15,070 3.1x 2.6x 11.3x 6.4x 1.8x 97.6%
Geely Auto HK$13.86 72.4% $16,369 $14,896 7.1x 6.3x 10.8x 9.6x (0.7x) 3.4%
Subaru ¥2,620 82.3% $18,679 $13,305 3.7x 3.5x 9.2x 8.6x (1.5x) 12.2%
Dongfeng Motor Group HK$6.16 70.0% $2,257 $11,941 NM 31.8x 3.4x 3.2x 12.4x 68.6%
Peugeot €17.51 64.7% $16,653 $11,919 1.3x 1.2x 4.5x 4.4x (0.9x) 107.7%
Guangzhou Automobile HK$8.69 82.0% $14,537 $9,110 23.2x 19.7x 8.2x 7.4x (6.8x) 22.1%
Mazda Motor ¥750.00 54.7% $4,393 $5,419 3.8x 3.4x 10.3x 8.6x 0.5x 111.4%
NIO $4.13 38.9% $3,181 $4,666 NM NM NM NM NM 33.2%
Mitsubishi Motors ¥359.00 55.3% $4,960 $3,968 3.8x 3.2x 18.8x 12.1x (1.1x) 58.0%
FAW Car Group ¥9.00 68.4% $2,095 $2,420 NM NM NM NM 5.2x 16.3%
Mean 9.3x 9.2x 8.1x 9.9x 3.4x 63.8%
Median 8.4x 8.8x 7.7x 6.6x 4.0x 70.7%
Truck Companies
Daimler €37.54 62.6% $43,634 $194,064 12.1x 10.7x 7.9x 6.6x 9.3x 91.6%
Volvo kr148.80 85.0% $32,731 $41,439 7.8x 7.6x 12.2x 11.6x 1.9x 39.3%
PACCAR $66.90 80.2% $24,137 $29,090 11.5x 11.0x 12.7x 12.3x 2.3x 38.7%
Isuzu ¥1,016 62.8% $7,991 $9,029 4.3x 4.1x 7.7x 7.1x 0.2x 33.0%
MAN SE €36.10 43.0% $7,244 $8,987 NM NM NM NM NM 47.6%
Navistar $36.31 91.9% $3,584 $7,294 10.0x 9.1x 14.2x 12.5x 5.0x 71.2%
Mean 9.2x 8.5x 11.0x 10.0x 3.7x 53.6%
Median 10.0x 9.1x 12.2x 11.6x 2.3x 43.4%
Tier 1 Suppliers
Denso ¥4,220 80.8% $30,827 $29,749 4.8x 4.4x 11.8x 10.4x (0.3x) 15.0%
Continental €101.62 64.6% $21,493 $28,889 4.7x 4.3x 9.9x 8.8x 1.0x 29.0%
Michelin €96.24 80.5% $18,774 $25,055 4.8x 4.7x 9.1x 8.5x 1.2x 31.0%
Aptiv $78.11 78.9% $20,977 $24,462 9.9x 9.0x 16.2x 13.7x 1.8x 19.6%
Bridgestone ¥3,606 76.2% $23,859 $22,612 4.3x 4.1x 10.6x 10.0x 0.0x 24.5%
Magna C$61.09 80.3% $14,337 $17,682 4.5x 4.3x 7.1x 6.2x 0.9x 27.3%
Valeo €22.78 61.5% $5,775 $10,241 3.6x 3.3x 10.7x 7.8x 1.2x 51.8%
Faurecia €40.88 77.1% $6,141 $9,278 3.5x 3.2x 7.4x 6.6x 1.0x 57.4%
Lear $111.20 69.9% $6,898 $8,337 4.5x 4.3x 7.7x 6.8x 0.7x 34.3%
Goodyear $9.69 46.8% $2,208 $8,003 4.8x 4.5x 8.9x 5.7x 3.3x 81.6%
BorgWarner $31.60 67.8% $6,673 $7,874 4.9x 4.5x 8.0x 7.2x 0.8x 26.0%
Delphi $14.12 52.6% $1,231 $2,774 5.4x 5.0x 7.1x 5.9x 2.8x 58.0%
Visteon $65.04 61.4% $1,888 $2,022 8.1x 6.5x 20.7x 13.0x 0.3x 27.4%
Automation Tooling Systems C$17.93 80.1% $1,238 $1,431 9.3x 8.5x 15.2x 13.6x 1.3x 20.1%
Veoneer $12.31 39.9% $1,339 $906 NM NM NM NM NM 33.6%
Stoneridge $22.10 64.1% $598 $688 9.6x 7.5x 22.8x 15.1x 1.1x 22.0%
Mean 5.8x 5.2x 11.5x 9.3x 1.1x 34.9%
Median 4.8x 4.5x 9.9x 8.5x 1.0x 28.2%
Mobility-as-a-Service
Uber $33.87 71.9% $56,393 $55,151 NM NM NM NM NM 13.5%
Lyft $38.12 43.0% $10,844 $9,161 NM NM NM NM NM 5.2%
Mean NM NM NM NM NM 9.3%
Median NM NM NM NM NM 9.3%
Autonomous Driving Chip Makers
Intel $55.52 80.1% $248,836 $254,042 7.5x 7.4x 11.2x 11.1x 0.5x 11.7%
NVIDIA $270.07 85.4% $169,175 $157,029 29.3x 24.4x 35.1x 29.3x (1.5x) 1.7%
Qualcomm $78.30 81.4% $92,084 $94,397 12.4x 9.7x 16.8x 12.5x 0.6x 17.3%
Advanced Micro Devices $45.48 76.7% $55,512 $52,417 32.6x 24.3x 39.5x 28.6x (0.5x) 1.4%
Mean 20.5x 16.4x 25.6x 20.4x (0.2x) 8.0%
Median 20.9x 17.0x 25.9x 20.6x 0.0x 6.7%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 15
Comparable Companies Trading Analysis
Advanced Transportation (2/2)
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Advanced Mobility
Intelligent Transport
Roper Technologies $351.70 89.0% $37,567 $41,454 20.0x 19.1x 25.8x 24.8x 2.3x 13.4%
Fortive $69.16 77.3% $23,738 $28,588 15.1x 14.3x 18.4x 17.0x 2.8x 22.9%
FLIR Systems $42.47 71.5% $5,856 $6,139 13.5x 12.4x 18.8x 16.8x 1.0x 11.7%
LS Corp ₩36,050 57.9% $956 $4,338 8.0x 7.6x 6.1x 5.3x NM NA
Cubic Corporation $54.44 72.4% $1,739 $2,215 12.0x NM 15.3x NM 2.6x 26.3%
Conduent $3.27 22.0% $665 $2,163 4.8x 4.9x 6.2x 6.3x 2.9x 91.4%
Vaisala €30.75 82.0% $1,008 $1,207 16.1x 15.2x 29.5x 27.3x (0.1x) 4.7%
Kapsch TrafficCom €21.00 57.5% $288 $487 6.6x 5.6x 15.3x 9.8x 1.1x 38.2%
INIT Innovation in Traffic Systems €22.00 90.2% $239 $259 10.6x 9.8x 24.2x 20.2x 0.7x 18.8%
Iteris, Inc $4.83 72.2% $197 $183 NM 10.8x NM 17.6x (4.0x) 7.6%
Q-Free kr6.70 80.5% $60 $90 10.4x 8.6x NM 44.7x 3.1x 33.8%
Image Sensing Systems $5.55 92.5% $29 $25 NM NM NM NM NM NM
Mean 11.7x 10.8x 17.8x 19.0x 1.3x 26.9%
Median 11.3x 10.3x 18.4x 17.3x 1.7x 20.8%
ITS / Smart Tolling
Atlantia €19.39 77.7% $17,203 $70,842 8.7x 8.3x 10.5x 9.6x 5.5x 70.2%
Ferrovial €25.88 84.9% $21,692 $26,264 NM NM 45.1x 38.2x 6.7x 36.6%
Autostrada €22.42 70.3% $3,343 $6,402 6.7x 6.6x 11.0x 11.6x 2.0x 47.4%
Mean 7.7x 7.5x 22.2x 19.8x 4.7x 51.4%
Median 7.7x 7.5x 11.0x 11.6x 5.5x 47.4%
Telematics
Descartes Systems $41.32 87.1% $3,527 $3,488 25.6x 22.7x NM NM (0.0x) NM
TomTom €9.13 77.3% $1,319 $878 13.9x 8.1x NM NM (7.0x) 4.3%
Inseego $6.94 71.2% $579 $692 24.1x 13.4x NM 23.9x 4.7x 21.4%
Ituran $22.89 60.3% $537 $526 8.0x 6.7x 13.8x 11.1x 0.6x 18.4%
CalAmp $9.62 65.5% $337 $466 9.7x 8.4x 14.5x 12.7x 2.9x 51.7%
Orbcomm $3.31 39.2% $249 $453 6.6x 6.0x NM NM 2.8x 54.7%
MiX Telematics R8.00 72.1% $296 $269 6.5x 5.9x 23.0x 18.5x (0.2x) 4.1%
Quartix £3.70 82.2% $227 $218 24.8x 23.9x 31.6x 30.4x (0.9x) NM
TeleNav $5.97 51.1% $288 $167 17.5x NM NM NM (12.6x) 6.0%
Quarterhill (fka Wi-LAN) C$1.81 86.2% $159 $101 4.7x 3.6x NM 30.0x (2.8x) 6.6%
Mean 14.1x 11.0x 20.7x 21.1x (1.3x) 20.9%
Median 11.8x 8.1x 18.7x 21.2x (0.1x) 12.5%
Logistics
UPS $90.49 72.2% $65,119 $100,090 9.2x 8.6x 11.5x 10.6x 2.1x 28.1%
FedEx $141.17 70.8% $36,491 $68,048 8.9x 8.0x 12.0x 10.4x 4.1x 48.8%
Deutsche Post €27.12 77.5% $36,129 $53,541 5.7x 5.5x 11.0x 10.2x 1.8x 35.3%
XPO $73.97 73.8% $7,018 $14,159 7.9x 7.3x 15.4x 13.1x 4.0x 53.3%
J.B. Hunt $96.44 78.9% $10,256 $11,504 8.4x 7.6x 17.3x 15.0x 0.9x 11.3%
Werner $33.60 83.9% $2,317 $2,605 5.6x 5.2x 15.6x 13.7x 0.6x 12.0%
Mean 7.6x 7.0x 13.8x 12.2x 2.2x 31.5%
Median 8.1x 7.5x 13.7x 11.8x 1.9x 31.7%
Communications / Infrastructure
AT&T $35.22 88.7% $266,688 $446,491 7.5x 7.4x 9.8x 9.2x 3.0x 42.2%
Verizon $54.16 87.0% $237,068 $354,766 7.3x 7.2x 10.9x 10.5x 2.7x 37.5%
Cisco Systems $39.93 68.5% $174,597 $159,326 8.5x 8.4x 12.0x 11.5x (0.5x) 10.7%
T-Mobile $90.16 89.0% $79,943 $118,067 8.6x 8.0x 19.9x 16.6x 3.0x 35.9%
Sprint $9.19 90.5% $39,141 $79,213 7.4x 7.5x NM NM 3.9x 56.4%
Hitachi ¥3,637 77.5% $32,615 $51,130 4.9x 4.5x 7.0x 6.5x 0.8x 28.3%
Toshiba ¥2,925 72.6% $12,338 $13,135 5.8x 5.2x 24.2x 9.6x (0.6x) 30.0%
Xerox $32.20 81.6% $7,124 $8,962 5.9x 5.9x 8.8x 8.4x 1.2x 54.1%
Mean 7.0x 6.7x 13.2x 10.3x 1.7x 36.9%
Median 7.4x 7.3x 10.9x 9.6x 2.0x 36.7%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 16
Comparable Companies Trading Analysis
Renewables
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Renewables
Integrated PV and PV Manufacturing
Hanwha ₩20,050 60.8% $1,245 $25,130 11.6x 10.7x 5.0x 4.0x NM NA
LONGi Green Energy Technology ¥30.70 86.7% $16,567 $16,485 12.8x 10.5x 18.5x 15.4x (0.1x) 13.3%
TBEA Solar ¥6.23 67.6% $3,310 $7,736 11.0x 8.9x 10.2x 10.0x 4.7x 74.7%
Enphase $48.97 82.8% $6,331 $5,854 28.9x 22.6x 36.5x 34.1x (0.9x) 2.0%
SolarEdge Technologies $124.72 86.8% $6,337 $5,809 16.0x 13.6x 25.7x 22.0x (0.8x) 1.0%
GCL ¥5.52 66.7% $4,013 $4,522 NM NM NM NM 5.1x 24.2%
First Solar $45.77 66.1% $4,740 $3,244 5.1x 4.2x 13.7x 11.9x (2.5x) 18.4%
Sungrow ¥11.42 80.0% $2,381 $2,945 13.1x 10.6x 13.3x 10.7x 2.4x 26.1%
Canadian Solar $20.40 78.8% $1,234 $2,652 5.9x 6.3x 6.8x 8.1x 3.1x 91.8%
Jinko Solar $22.84 79.2% $1,014 $2,553 5.3x 6.1x 5.3x 7.2x 2.5x 106.1%
SunPower $8.57 53.4% $1,468 $2,093 15.0x 10.6x NM 21.0x 4.6x 52.3%
Yingli Green Energy $0.16 62.0% $3 $1,765 NM NM NM NM NM 97.0%
Daqo New Energy $65.57 80.5% $862 $1,137 5.0x 4.3x 6.8x 5.8x 1.1x 27.4%
Foxconn NT$59.50 79.2% $2,780 $1,086 3.3x 3.1x 9.9x 9.6x (5.1x) 79.1%
SMA €30.64 76.6% $1,167 $947 12.4x 10.1x NM 44.9x (2.9x) 4.3%
Mersen €26.50 75.0% $613 $941 5.4x 5.3x 8.0x 8.0x 1.8x 42.0%
ReneSola $1.31 62.1% $50 $223 12.1x NM 16.4x NM 7.5x 66.5%
Manz €16.80 59.3% $145 $210 7.1x 4.7x 18.8x 8.2x 2.2x 44.6%
Mean 10.6x 8.8x 13.9x 14.7x 1.4x 45.3%
Median 11.3x 8.9x 11.7x 10.0x 2.0x 42.0%
Solar Development
BayWa €24.10 81.7% $1,015 $6,067 14.6x 14.0x 15.2x 12.0x 11.5x 81.5%
Sunrun $19.34 81.7% $2,311 $5,228 NM NM NM 32.5x NM 50.2%
Vivint Solar $11.24 86.5% $1,366 $2,762 NM NM NM NM NM 52.3%
Mean 14.6x 14.0x 15.2x 22.2x 11.5x 61.4%
Median 14.6x 14.0x 15.2x 22.2x 11.5x 52.3%
Wind Development
Energiekontor €20.00 87.0% $337 $495 6.1x 5.8x 11.6x 13.6x 2.2x 51.6%
PNE Wind €4.21 80.0% $383 $478 4.7x 13.3x 6.0x 21.9x 1.4x 62.7%
ABO Wind €19.60 89.9% $182 $249 6.9x 5.5x 12.3x 8.9x 1.8x 35.7%
Arise kr39.20 69.8% $140 $194 10.5x 6.5x 18.8x 9.5x 3.2x 49.7%
Mean 7.1x 7.7x 12.2x 13.5x 2.2x 49.9%
Median 6.5x 6.1x 12.0x 11.5x 2.0x 50.7%
IPPs
Enel €7.58 88.0% $85,320 $163,012 8.0x 7.7x 14.4x 13.5x 2.9x 41.3%
Iberdrola €10.32 91.0% $76,029 $121,937 10.4x 9.7x 18.1x 17.0x 3.6x 37.7%
ENGIE €15.03 89.5% $40,487 $80,675 7.0x 6.7x 13.2x 11.9x NM NA
Innogy €43.25 94.1% $26,497 $44,229 10.4x 10.1x 27.2x 24.4x 3.9x 43.7%
AES $16.73 78.8% $12,096 $32,914 8.5x 8.0x 11.6x 10.7x 4.8x 64.8%
EDPR €12.20 88.4% $11,786 $17,548 11.1x 10.3x 34.2x 29.8x NM NA
NRG $33.21 76.1% $8,462 $13,523 6.7x 7.1x 7.2x 7.9x 2.6x 47.7%
Northland Power C$29.84 90.0% $4,527 $9,299 10.6x 10.1x 17.0x 15.3x 5.4x 60.4%
Innergex C$19.68 88.3% $2,636 $6,096 14.9x 14.5x NM 48.3x 8.4x 60.4%
ERG €21.10 89.9% $3,444 $5,405 9.5x 9.1x 27.7x 24.9x 3.4x 47.5%
Neoen €33.05 90.7% $3,084 $4,684 13.4x 10.6x NM 40.9x 4.6x 42.0%
Boralex C$28.65 89.4% $2,114 $4,385 12.0x 11.8x NM NM 6.3x 55.6%
Scatec Solar kr161.20 86.7% $2,156 $3,369 13.3x 11.3x 47.6x 37.6x 4.6x 43.3%
Falck Renewables €5.86 93.0% $1,721 $2,682 11.5x 10.7x 37.0x 33.4x 3.3x 34.7%
Voltalia €15.25 91.9% $1,575 $2,223 13.6x 11.5x 39.9x 39.5x 3.5x 32.2%
Atlantic Power C$3.06 76.3% $238 $998 5.4x 5.3x 22.8x 13.4x 3.2x 83.2%
Solarpack €13.92 85.4% $511 $874 10.3x 8.9x 15.9x 14.1x 4.2x 51.1%
Alerion Clean Power €5.08 81.4% $273 $467 4.9x 4.4x 20.9x 16.2x 1.9x 47.2%
Etrion C$0.21 78.9% $55 $224 NM NM NM NM NM 139.1%
Mean 10.1x 9.3x 23.6x 23.5x 4.2x 54.8%
Median 10.4x 9.9x 20.9x 17.0x 3.7x 47.5%
Wind and Other
Vestas kr649.40 88.5% $19,209 $16,242 8.1x 7.9x 18.5x 17.6x (1.2x) 5.5%
Siemens Gamesa Renewable €14.53 85.6% $10,853 $10,655 9.8x 7.6x 24.8x 17.5x (0.2x) 15.3%
Xinjiang Goldwind HK$7.74 66.2% $5,963 $8,814 9.0x 8.3x 6.9x 6.2x 4.5x 59.1%
Ormat $69.68 80.0% $3,684 $4,793 11.7x 10.8x 37.5x 31.0x 2.7x 26.5%
Suzlon ₹2.69 32.0% $209 $1,632 NM NM NM NM NM 89.0%
Nordex €10.63 67.5% $1,239 $1,580 6.6x 5.7x 30.2x 18.1x 1.4x 48.1%
China High Speed Transmissions HK$4.95 62.0% $1,039 $1,578 NM NM NM NM NM 92.1%
Bonheur ASA kr183.00 81.0% $867 $1,230 8.1x 5.6x NM 14.2x 2.6x 84.8%
TPI Composites $23.74 75.6% $816 $1,033 9.6x 6.7x 41.4x 15.5x 1.9x 26.3%
Sinovel ¥1.01 61.2% $871 $1,014 NM NM NM NM NM 18.7%
Sif Holding €13.14 89.3% $369 $416 9.7x 5.7x 24.8x 9.8x 1.1x 11.8%
Senvion €0.01 0.5% $0 $275 NM NM NM NM NM 158.2%
Mean 9.1x 7.3x 26.3x 16.2x 1.6x 53.0%
Median 9.3x 7.1x 24.8x 16.5x 1.6x 37.3%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 17
Comparable Companies Trading Analysis
Yield Vehicles
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Yield Vehicles
North American Yield Vehicles
Brookfield Renewables C$67.02 87.8% $9,624 $39,003 25.9x 24.1x NM NM 7.0x 29.6%
NextEra Energy Partners $57.67 93.2% $3,777 $12,856 9.7x 9.1x 38.2x 25.4x 3.0x 33.7%
TerraForm Power $18.79 87.1% $4,266 $11,178 13.4x 13.1x NM NM 7.5x 58.4%
Clearway Energy $21.04 90.5% $2,421 $9,388 8.7x 8.3x 18.7x 18.3x 6.1x 74.6%
Atlantica Yield $28.91 89.0% $2,936 $8,026 9.0x 8.3x 30.4x 22.5x 5.5x 70.6%
Pattern Energy $27.05 94.9% $2,668 $7,647 16.7x 15.9x NM NM 7.1x 47.5%
Innergex C$19.68 88.3% $2,636 $6,096 14.9x 14.5x NM 48.3x 8.4x 60.4%
TransAlta Renewables C$16.41 89.9% $3,434 $3,936 11.5x 11.4x 20.1x 18.5x 1.9x 18.2%
Hannon Armstrong $33.95 85.1% $2,278 $3,565 NM NM 23.1x 21.9x 16.2x 39.0%
Enviva $37.87 96.3% $1,257 $1,745 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%
Mean 13.4x 12.6x 25.2x 24.4x 6.7x 46.9%
Median 11.5x 11.4x 21.8x 21.9x 6.5x 43.3%
European Yield Vehicles
Greencoat UK Wind £1.40 90.5% $2,718 $3,453 NM NM NM NM NM 22.2%
Encavis AG €10.48 89.3% $1,584 $3,379 13.7x 12.3x 26.0x 22.2x 7.3x 63.0%
Renewables Infrastructure Group £1.34 96.3% $2,801 $2,638 NM NM NM NM NM NM
NextEnergy Solar Fund £1.18 92.9% $877 $1,123 NM NM NM NM NM 22.5%
Aventron CHF9.85 85.7% NA $867 11.1x 10.6x 36.5x 36.5x 5.3x 55.0%
John Laing Environmental £1.15 92.4% $730 $728 NM NM NM NM NM NM
Bluefield Solar Income £1.37 94.2% $648 $647 NM NM NM NM NM NM
Octopus Renewables £1.05 94.1% $471 $471 NM NM NM NM NM NM
Athena Investments kr4.31 90.5% $63 $99 NM NM NM NM NM 54.8%
Mean 12.4x 11.4x 31.2x 29.3x 6.3x 43.5%
Median 12.4x 11.4x 31.2x 29.3x 6.3x 54.8%
MLPs
Enviva $37.87 96.3% $1,257 $1,745 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%
Mean 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%
Median 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%
(6)
(6)
(7)
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
(6) On January 13th, 2020, Brookfield proposed to acquire TerraForm Power in an all-stock transaction assuming a 0.36 BEP-to-TERP exchange ratio.
(7) On November 4th, 2019, CPPIB announced a definitive agreement for an all-cash transaction for $26.75/share, implying an enterprise value of $6.1bn, including net debt.
Greentech / 18
Comparable Companies Trading Analysis
Environmental Services and Technologies
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Environmental Services and Technologies
Solid Waste
Waste Management $110.81 87.4% $49,704 $57,431 12.2x 11.6x 24.1x 22.2x 2.2x 24.3%
Republic Services $90.26 89.4% $30,017 $37,707 12.3x 11.7x 25.7x 23.6x 2.9x 23.7%
Waste Connections $96.49 91.7% $26,038 $29,626 16.5x 15.4x 32.9x 29.9x 2.4x 15.4%
Advanced Disposal Services $33.06 99.7% $2,964 $4,854 10.8x 10.5x NM NM 4.2x 39.0%
Covanta $13.36 72.7% $1,857 $4,269 9.9x 9.5x NM NM 5.8x 60.2%
Casella $48.45 86.3% $2,313 $2,917 16.8x 15.2x NM 45.3x 3.5x 20.9%
Biffa £2.61 83.1% $873 $1,444 6.2x 5.9x 11.3x 10.9x 2.6x 48.0%
Seche Environmental €39.50 83.2% $345 $733 4.6x 4.4x 13.1x 11.7x 2.4x 62.5%
Mean 12.1x 11.4x 23.5x 26.4x 3.4x 33.1%
Median 12.2x 11.6x 24.9x 23.6x 2.9x 24.3%
Specialty Waste
Stericycle $57.43 84.5% $5,796 $8,322 14.4x 12.9x 21.1x 18.2x 5.3x 37.4%
Darling Ingredients $25.70 86.9% $4,321 $5,996 12.5x 12.2x 19.3x 16.0x 3.6x 29.7%
Clean Harbors $69.52 78.6% $4,058 $5,191 9.2x 8.8x 31.0x 27.3x 2.3x 33.2%
US Ecology $42.06 62.6% $1,399 $1,754 7.4x 6.9x 23.5x 19.2x 1.5x 21.4%
Heritage-Crystal Clean $26.33 80.8% $648 $661 10.3x 8.5x 20.3x NM 0.8x 16.5%
Charah Solutions $2.21 27.7% $77 $258 6.0x 5.7x 17.0x NM 4.4x 77.2%
Mean 9.9x 9.1x 22.0x 20.2x 3.0x 35.9%
Median 9.7x 8.6x 20.7x 18.7x 2.9x 31.4%
Pollution Control
Donaldson $45.08 77.3% $5,853 $6,298 12.5x 11.7x 19.1x 17.3x 1.1x 12.5%
CECO $6.75 68.6% $238 $297 8.1x 6.2x 11.3x 8.2x 1.6x 30.1%
Advanced Emissions Solutions $8.89 58.0% $177 $206 NM NM 2.2x 1.8x NM 27.3%
Mean 10.3x 9.0x 10.9x 9.1x 1.4x 23.3%
Median 10.3x 9.0x 11.3x 8.2x 1.4x 27.3%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 19
Comparable Companies Trading Analysis
Water
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
Water
Efficiency / Process
Pentair $39.39 83.0% $6,913 $7,656 12.8x 12.1x 15.5x 14.4x 1.7x 14.5%
Flowserve $40.19 74.2% $5,452 $6,180 10.4x 9.5x 16.6x 14.7x 1.5x 25.3%
Rexnord $29.16 81.8% $3,659 $4,474 9.4x 9.0x 14.0x 13.0x 1.9x 26.7%
Evoqua $20.97 83.1% $2,538 $3,287 13.5x 12.6x 34.6x 29.0x 3.5x 32.0%
Kemira €11.47 76.5% $1,937 $2,829 6.2x 6.1x 12.5x 12.0x 2.0x 37.1%
Badger Meter $60.21 85.0% $1,860 $1,719 18.6x 17.4x 34.6x 31.9x (0.4x) NM
AquaVenture Holdings $27.04 97.3% $863 $1,084 12.7x 12.1x NM NM 2.6x 30.4%
Thermon Group $17.57 63.4% $613 $732 9.7x 9.2x 15.0x 12.9x 2.0x 26.4%
Wabag ₹187.80 52.1% $139 $187 4.7x 4.2x 8.1x 7.0x 1.5x 45.6%
Mean 10.9x 10.2x 18.9x 16.9x 1.8x 29.7%
Median 10.4x 9.5x 15.3x 13.7x 1.9x 28.6%
Infrastructure, Monitoring & Compliance
Ecolab $180.45 85.4% $55,118 $58,776 17.1x 16.2x 28.5x 25.8x 1.9x 11.8%
Xylem $77.34 86.6% $14,829 $15,785 15.6x 14.3x 25.1x 22.2x 1.8x 16.2%
Advanced Drainage Systems $41.86 81.1% $3,005 $4,164 11.6x 10.6x 32.8x 18.5x 2.8x 32.9%
Watts Water $93.91 82.1% $2,638 $3,311 12.5x 11.8x 21.7x 20.0x 0.5x 10.6%
Mueller Water Products $10.95 86.2% $1,795 $2,069 9.5x 8.8x 17.2x 15.5x 1.6x 23.0%
Mean 11.3x 10.6x 24.1x 18.5x 1.6x 21.2%
Median 11.6x 10.6x 25.1x 18.5x 1.8x 16.2%
Heating & Cooling
Lennox $228.13 76.4% $9,267 $10,120 14.8x 13.9x 19.8x 18.0x 1.9x 13.4%
A.O. Smith $39.55 69.8% $5,573 $6,189 10.9x 10.1x 17.0x 15.3x (0.4x) 5.4%
AAON $55.01 93.5% $3,016 $2,827 21.9x 19.7x 36.7x 32.4x (0.3x) NM
SPX Corporation $41.93 78.0% $1,982 $2,219 9.9x 9.3x 14.0x 13.0x 1.6x 18.9%
Comfort Systems USA $42.22 72.5% $1,581 $1,810 7.8x 7.6x 12.7x 11.8x 1.1x 17.3%
Mean 14.4x 13.3x 21.9x 19.7x 0.7x 12.6%
Median 12.9x 12.0x 18.4x 16.6x 0.7x 13.4%
Distribution
Veolia $28.48 91.3% $16,444 $31,824 7.1x 6.8x 18.6x 17.0x 3.3x 60.2%
American Water Works $123.66 87.5% $23,653 $31,815 16.3x 15.3x 32.1x 29.3x 4.8x 30.0%
SUEZ €14.28 89.1% $10,039 $26,078 7.7x 7.4x 22.2x 18.7x 3.9x 66.2%
Severn Trent £24.65 90.8% $7,741 $15,341 12.9x 12.7x 19.9x 20.1x 6.6x 51.4%
Essential Utilities $43.01 78.9% $9,805 $12,355 16.0x 17.0x 27.2x 26.1x NM 24.9%
American States Water $76.59 79.8% $2,967 $3,322 20.1x 19.0x 34.6x 32.7x 3.0x 15.1%
SJW $61.18 81.6% $1,796 $3,145 20.3x 19.5x 26.2x 24.8x 9.1x 45.2%
Middlesex Water Company $59.47 85.1% $1,123 $1,423 NM NM 29.5x 27.2x NM 21.3%
York Water $42.29 84.8% $593 $650 NM NM 35.5x 33.0x NM 15.5%
Artesian $34.33 85.0% $321 $467 NM NM NM NM NM 31.8%
Global Water Resources $11.95 79.7% $280 $373 19.9x 18.7x NM NM 5.5x 30.8%
Consolidated Water $16.16 85.8% $259 $214 12.5x NM 23.6x 22.1x (2.3x) 2.1%
Mean 14.8x 14.6x 27.0x 25.1x 4.2x 32.9%
Median 16.0x 16.2x 26.7x 25.4x 4.4x 30.4%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 20
Comparable Companies Trading Analysis
AgTech, Industrial Biotechnology and
Building Materials
Price as a % Market Enterprise Net Debt/
Price as of of 52 Wk Value Value (1)
EV / EBITDA (2)
Price / Earnings (3)
2020E Debt/
Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)
EV (5)
AgTech
Large Crop / Life Science
Bayer €65.21 83.2% $70,274 $107,440 7.8x 7.2x 9.0x 8.0x 2.7x 39.8%
BASF €53.08 71.1% $53,532 $74,084 7.8x 7.1x 13.2x 11.7x NM NA
DuPont de Nemours $42.90 51.2% $33,235 $48,713 8.9x 8.4x 11.4x 10.1x 3.0x 37.0%
Archer-Daniels-Midland $37.65 79.8% $21,668 $30,104 8.6x 8.2x 11.4x 10.5x 2.6x 32.8%
Bunge Limited $46.95 78.7% $6,955 $12,898 9.0x 8.5x 12.3x 10.8x 3.5x 49.9%
Mosaic $17.03 53.1% $6,689 $10,914 7.9x 6.2x 36.1x 14.2x 3.1x 44.1%
Mean 8.3x 7.6x 15.6x 10.9x 3.0x 40.4%
Median 8.2x 7.7x 11.8x 10.6x 3.0x 39.4%
Irrigation / Equipment
Deere $156.48 86.0% $51,603 $90,142 19.7x 16.5x 15.9x 13.5x 9.0x 50.2%
CNH Industrial $9.30 77.6% $12,811 $31,683 11.6x 10.6x 11.5x 10.1x 7.0x 78.4%
Kubota ¥1,523 83.7% $17,234 $24,620 9.9x 9.3x 12.3x 11.6x 2.6x 34.0%
Mahindra & Mahindra ₹456.40 64.8% $7,902 $15,380 16.9x 15.4x 12.8x 11.7x 8.5x 63.8%
Toro $71.43 84.8% $8,071 $8,229 14.0x 13.1x 20.9x 18.9x 0.9x 8.5%
AGCO $60.43 74.2% $4,803 $5,734 6.7x 6.2x 12.0x 10.5x 1.3x 27.1%
Valmont $116.22 75.0% $2,554 $3,084 9.0x 8.2x 15.4x 13.4x 1.6x 28.8%
Lindsay $99.03 88.6% $1,074 $1,095 16.7x 14.6x 36.0x 28.4x 0.4x 13.3%
Raven Industries $28.71 70.9% $1,044 $953 14.9x 12.1x 38.2x 29.9x (1.1x) NM
Jain ₹5.32 8.2% $36 $880 NM NM NM NM NM 82.7%
Mean 13.3x 11.8x 19.4x 16.5x 3.4x 43.0%
Median 14.0x 12.1x 15.4x 13.4x 1.6x 34.0%
5
Industrial Biotechnology
Neste €35.66 89.8% $29,835 $29,864 12.0x 10.8x 18.7x 16.6x (0.1x) 4.9%
Cosan R$73.17 85.6% $6,601 $7,911 5.3x 4.9x 13.7x 12.1x 1.0x 39.3%
Renewable Energy Group $26.45 84.0% $1,052 $1,225 9.5x 8.4x 5.8x 5.3x 1.5x 21.4%
Green Plains Renewable Energy $11.99 67.6% $446 $884 18.3x 9.1x NM NM 7.2x 70.0%
Amyris $3.19 55.4% $533 $595 NM 8.7x NM NM 57.5x 39.1%
MGP Ingredients $28.76 32.3% $510 $535 8.9x 8.6x 14.1x 13.3x 0.7x 8.9%
REX American Resources $70.01 70.9% $449 $313 NM NM 27.0x NM NM 5.4%
Pacific Ethanol $0.44 30.6% $23 $311 7.5x NM NM NM 6.6x 93.1%
FutureFuel $10.17 53.9% $457 $135 NM NM NM NM NM 1.3%
Mean 10.8x 8.4x 15.8x 11.8x 11.3x 27.0%
Median 9.5x 8.6x 14.1x 12.7x 1.2x 21.4%
Building Materials
Multi-Industry
CRH $33.88 82.9% $27,238 $34,653 7.4x 7.0x 13.3x 12.1x 1.6x 34.1%
Saint-Gobain €31.60 79.9% $19,098 $32,946 5.8x 5.6x 8.8x 8.2x NM NA
Masco $41.32 82.5% $12,040 $13,931 11.2x 10.6x 16.5x 14.5x 1.8x 21.3%
Owens Corning $56.49 82.2% $6,326 $9,175 6.8x 6.4x 11.0x 9.8x 2.2x 34.8%
Beacon Roofing Supply $29.70 74.3% $2,147 $5,583 11.0x 10.3x 11.3x 9.8x 6.2x 64.2%
Armstrong World Industries $100.15 89.9% $4,989 $5,407 12.3x 11.4x 19.0x 16.9x 1.4x 11.9%
Simpson Manufacturing $79.43 90.0% $3,679 $3,331 13.5x 12.4x 23.3x 20.7x (0.8x) 1.1%
Griffon Corporation $17.40 68.2% $860 $2,057 9.4x NM 12.3x NM 5.7x 63.5%
Gibraltar $50.67 89.6% $1,688 $1,473 9.5x 9.0x 17.2x 16.0x (1.1x) 1.9%
Mean 9.7x 9.1x 14.7x 13.5x 2.1x 29.1%
Median 9.5x 9.6x 13.3x 13.3x 1.7x 27.7%
Sustainable Products/Materials
Kingspan €57.05 87.4% $11,638 $12,254 17.3x 16.4x 25.4x 23.8x 1.2x 8.7%
Trex $95.65 87.7% $6,111 $5,463 22.1x 19.0x 32.5x 28.1x (0.4x) NM
Cabot Corporation $37.38 73.9% $2,188 $3,285 6.2x 5.8x 9.8x 8.5x 2.0x 37.0%
Quanex $16.80 82.3% $575 $682 6.5x NM 15.2x NM 1.2x 23.0%
Aspen Aerogels $7.95 74.2% $212 $218 29.7x 14.2x NM NM 0.7x 4.0%
DIRTT Environmental Solutions C$2.42 26.0% $155 $128 10.1x 6.3x NM NM (2.0x) 16.2%
Mean 15.3x 12.3x 20.7x 20.1x 0.5x 17.8%
Median 13.7x 14.2x 20.3x 23.8x 1.0x 16.2%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
(1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
(2) 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
(3) 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2019E EBITDA.
(5) (Debt + Preferred Stock)/EV.
Greentech / 21
San Francisco
New York
Zürich
Highly Experienced Partners Supported by 65 Professionals
Global Experts in Sustainable
Technology and Infrastructure
Diego
Pignatelli
Partner
Zürich
+41 44 578 3941
diego@
greentechcapital.com
> 30+ years of
experience
> >60 completed
transactions
> European coverage
> Industrials and
energy companies
> Utilities
Laurent
Dallet
Partner
Zürich
+41 44 578 3917
laurent@
greentechcapital.com
> 15+ years of
experience
> >30 completed
transactions
> Renewable energy
assets
> Distributed energy
production
> Energy efficiency
and services
Jeff
McDermott
Managing
Partner
New York
+1 212 946 3940
jeff@
greentechcapital.com
> 30+ years of
experience
> >150 completed
transactions
> Founder and head
of advisory
business
> Large industrials
and energy
companies
> Broad coverage of
senior leaders
Derek
Bentley
Partner
New York
+1 212 946 3948
dbentley@
greentechcapital.com
> 20+ years of
experience
> >35 completed
transactions
> Renewable energy
assets
> Energy storage
> Distributed
generation
> Water
PJ
Deschenes
Partner
New York
+1 212 946 3362
pjdeschenes@
greentechcapital.com
> 15+ years of
experience
> >30 completed
transactions
> Renewable energy
assets
> Power infrastructure
services
> Renewable energy
value chain
> Environmental
services
Duncan
Williams
Partner
San Francisco
+1 415 697 1560
duncan@
greentechcapital.com
> 25+ years of
experience
> >40 completed
transactions
> Sustainable Food &
AgTech
> Advanced
transportation
> Industrial IoT &
software
> Environmental
services
> Water
Michael
Horwitz
Partner
San Francisco
+1 415 697 1561
mhorwitz@
greentechcapital.com
> 20+ years of
experience
> >40 completed
transactions
> Energy efficiency
> Energy software and
services
> Energy storage
> Renewable energy
> Smart grid
> Blockchain
Damien
Sauer
Partner
Zürich
+41 44 578 3914
damien@
greentechcapital.com
> 20+ years of
experience
> >50 completed
transactions
> Energy efficiency
> Power infrastructure
> Renewable energy
value chain
> Smart grid
Rob
Schultz
Partner
New York
+1 212 946 3950
robert@
greentechcapital.com
> 25+ years of
experience
> Chief Operating
Officer, Chief Legal
Officer, and Chief
Compliance Officer
Olav
Junttila
Partner
San Francisco
+1 415 697 1552
olav@
greentechcapital.com
> 20+ years of
experience
> >30 completed
transactions
> Energy software
and services
> Energy efficiency
> Renewable energy
> Utilities
Frank
Nicklaus
Partner
New York
+1 212 946 3372
fnicklaus@
greentechcapital.com
> 15+ years of
experience
> >25 completed
transactions
> Renewable energy
assets
> Power infrastructure
services
> Renewable energy
value chain
Steve
Megyery
Partner
New York
+1 212 946 3949
steve@
greentechcapital.com
> 15+ years of
experience
> >30 completed
transactions
> Head of Private
Placements
> Cleantech
> Power infrastructure
John
McClure
Partner
San Francisco
+1 415 697 1568
john@
greentechcapital.com
> 25+ years of
experience
> >20 completed
transactions
> Advanced
transportation
> Edge computing
> Semi-conductors
> Industrial sensors
Capital
Raising
• Equity private placements
• Debt private placements
• Project finance advisory
• Co-managed public
offerings
Mergers &
Acquisitions
• Corporate sales
• Acquisitions
• Minority investments
• Joint ventures
• Fairness opinions
Strategic
Advisory
• Strategic consulting
• IPO preparation
• Financial restructuring
• Specialized opinions
• Independent capital
markets advice
>20
assignments
Asset
Transactions
• Acquisitions
• Divestitures
• Passive equity
• Development capital
formation
$22bn
$4bn
Development
50GW
Operating
23GW
Note: As of February 29th
, 2020.
Alex
Stein
Partner
Zürich
+41 44 578 3911
alex@
greentechcapital.com
> 10+ years of
experience
> >20 completed
transactions
> Energy transition
> Industry 4.0
> Environmental
technology and
services
Greentech / 22
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