nov. 24 manbang china, permira and fidelity with …...ahlsell norge nd water ahlsell norge, a...
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Date Target Acquiror Transaction Description
Nov. 16Compañía General de
Electricidad
State Grid
International
Development
State Grid International Development (SGID), a subsidiary of State Grid Corp. of China,
acquired a 96% stake in Compañía General de Electricidad, a Chilean electricity grids
business, from Naturgy Energy Group for $3.0bn
Nov. 24 WesTech Engineering John Swire & Sons
John Swire & Sons, a U.K. conglomerate, acquired WesTech Engineering, a Utah-
based process solutions and services provider for water and wastewater treatment, for
an undisclosed amount
Date Company
Nov. 24 Plug Power
Nov. 24 Manbang
Date Company
Nov. 16PureCycle
Technologies
Nov. 18 Arrival
SPAC Transactions
Capital Raises
Corporate M&A
Transactions
Manbang, a Chinese mobile truck-hailing platform, raised $1.7bn led by SoftBank Vision Fund, Sequoia Capital
China, Permira and Fidelity with participation from Hillhouse Capital, GGV Capital, Lightspeed China Partners,
Tencent and YF Capital
Transaction Description
PureCycle Technologies, a U.S. developer of proprietary polypropylene recycling technology, announced to go
public through a SPAC merger with Roth CH Acquisition I Co. at an implied valuation of $826mm
Plug Power, a New York-based provider of hydrogen engines and fueling solutions, raised approximately $1bn
in a bought equity transaction to accelerate on its green hydrogen strategy
Arrival, a U.K. maker of electric vans and buses, agreed to go public through a SPAC merger with CIIG Merger
Corp. at an implied valuation of $5.4bn. With this transaction, Arrival raised $400mm in PIPE from investors
including Fidelity Management & Research Company, Wellington Management and BNP Paribas Asset
Management Energy Transition Fund
Transaction Description
Index Performance1 November Ending Versus First Day of the
November YTD CY 2019 52 Wk High 52 Wk Low
MSCI World Index 12.7% 9.5% 25.2% (0.7%) 61.2%
NASDAQ Composite 11.8% 36.0% 35.2% (0.1%) 77.8%
S&P 500 10.8% 12.1% 28.9% (0.5%) 61.9%
NASDAQ Clean Edge Green Energy 33.8% 154.5% 40.7% (2.6%) 274.1%
(40.0%)
0.0%
40.0%
80.0%
120.0%
160.0%
200.0%
Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20
NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500
176.9%
12.7%
40.8%
15.3%
Source: FactSet, SEC filings and third-party providers.1. Performance does not include reinvestment of dividends.
Sustainable Technology and Infrastructure
Monthly Market Update // November 2020
Performance of Key Market Indices1
Notable Recent Transactions & Capital Raises
About Nomura Greentech
Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for
sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate
the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally
networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009
has closed over 135 transactions with sustainable technology and infrastructure companies and investors.
11
Denotes Nomura
Greentech Transaction
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (1/6)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.
Transaction
Transaction
Multiple1
Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA
Nov. 1 Verdient Foods Ingredion ND AgTech
Ingredion, a U.S. provider of ingredient solutions
to the food and beverage manufacturing industry,
acquired Verdient Foods, a sustainable plant-
based protein food producer, for an undisclosed
amount
ND ND
Nov. 2Weels Betong &
PlastAhlsell Norge ND Water
Ahlsell Norge, a Nordic distributor of installation
products for the water sector, acquired Weels
Betong & Plast, a Nordic supplier of water and
sewage systems in both concrete and plastic
pipes, for an undisclosed amount
ND ND
Nov. 2 Newterra Group Frontenac Company ND Water
Frontenac Company, a private equity firm,
acquired Newterra Group, a Canadian water
treatment company, from XPV Water Partners
and Angeleno Group, for an undisclosed amount
ND ND
Nov. 2 Solarcentury Statkraft $152Power Infra /
Smart Grid
Statkraft, a Norwegian utility firm, acquired
Solarcentury, a U.K.-based renewable energy
developer, for $152mm
ND ND
Nov. 2 Waterite Franklin Electric ND Water
Franklin Electric, a U.S. manufacturer of water
and fuel equipment, acquired Waterite, a
Canadian provider of residential and commercial
water treatment products and services, for an
undisclosed amount
ND ND
Nov. 3 Inter Act Wienerberger ND Water
Wienerberger, an international supplier of building
materials and infrastructure solutions, acquired
Inter Act, a Dutch provider of cloud-based
solutions for smart city and water management
ND ND
Nov. 3 s::can Badger Meter $32 Water
Badger Meter, a U.S.-based global provider of
flow measurement and water quality solutions,
acquired s::can, an Austrian provider of water
quality monitoring systems, for $32mm
2.2x ND
Nov. 3 BlueInGreen Chart Industries $20 Water
Chart Industries, a U.S. manufacturer of cryogenic
equipment, acquired BlueInGreen, a U.S.
dissolved-gas expert that provides custom-
engineered solutions for water treatment, for
$20mm
ND ND
Nov. 3Compact Carbon
CaptureBaker Hughes ND
Environmental
Services
Baker Hughes, a U.S. energy services company,
acquired Compact Carbon Capture, a technology
development company specializing in carbon
capture solutions, for an undisclosed amount
ND ND
Nov. 3 Nevel Oy Ardian $656Industrial IoT &
Software
Ardian, a French private equity firm, acquired
Nevel Oy, a Finnish district heating and industrial
energy solutions company from Vapo Group, for
an undisclosed amount
6.5x ND
Nov. 3 VeregyCourt Square
Capital ND Energy Efficiency
Court Square Capital Partners, a private equity
firm, acquired Veregy, a U.S. energy efficiency
services and smart building company, from Bow
River Capital for an undisclosed amount
ND ND
2
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (2/6)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.
Transaction
Transaction
Multiple1
Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA
Nov. 6 Telenav V99 $241Advanced
Transportation
V99, a corporation led by HP Jin, co-founder of
Telenav, acquired Telenav, a provider of
connected car and location-based services, for
$241mm
1.0x 24.6x
Nov. 6 ShipTrack Descartes Systems $19Advanced
Transportation
Descartes Systems, a Canadian developer of
shipping communication software, acquired
ShipTrack, a developer of Excel add-ins to track
shipments, for $19mm
ND ND
Nov. 7 Navistar Traton $3,700Advanced
Transportation
Traton, a Volkswagen subsidiary focused on
commercial vehicles, acquired the remaining
shares it did not previously own of Navistar, a
provider of trucks and vehicle engines, for $3.7bn
0.5x 6.5x
Nov. 9 PanelClaw Esdec NDRenewable
Energy
Esdec, a Dutch solar mounting and racking
company, acquired PanelClaw, a U.S. solar
mounting and racking company serving
commercial solar developers and installers, for an
undisclosed amount
ND ND
Nov. 9 Therma Holdings Blackstone ND Energy Efficiency
Blackstone acquired Therma Holdings, a U.S.
provider of mechanical, electrical and energy
efficiency services, from Gemspring Capital for an
undisclosed amount
ND ND
Nov. 9 RE Tech Advisors Blackstone ND Energy Efficiency
Blackstone acquired RE Tech Advisors, a U.S.
energy and sustainability consulting firm for an
undisclosed sum
ND ND
Nov. 10Walker Aero
EnterprisesAmerican Allwaste ND
Environmental
Services
American Allwaste, a Texas-based provider of
nonhazardous liquid waste transportation and
disposal, acquired Walker Aero Enterprises, a
Texas-based provider of composting services, for
an undisclosed amount
ND ND
Nov. 10Distributed Solar
DevelopmentBlackRock ND
Renewable
Energy
BlackRock acquired the remaining 20% stake in
Distributed Solar Development, a U.S. company
focused on commercial and industrial markets,
from GE Renewable Energy for an undisclosed
amount
ND ND
Nov. 11Sunnybrook Water
CompanyQuench ND Water
Quench, a U.S. provider of filtered water
solutions, announced the acquisition of
Sunnybrook Water Company, a U.S. provider of
point-of-use drinking water systems for the
Portland metropolitan area, for an undisclosed
amount
ND ND
Nov. 11Rood Wit Blauw
HoldingMETAWATER ND Water
METAWATER, a Japanese provider of water and
wastewater treatment technologies and
equipment, acquired the remaining 75.3% stake in
Rood Wit Blauw Holding, a Dutch water treatment
engineering company, for an undisclosed amount
ND ND
Nov. 12 Ence Energía SLU Ancala Partners $430Renewable
Energy
Ancala Partners, an infrastructure investment
fund, acquired a 49% stake in Ence Energía SLU,
a renewable energy subsidiary of ENCE Energía y
Celulosa for $430mm
ND ND
3
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (3/6)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.
2. Nomura Greentech acted as financial advisor to John Swire & Sons.
Transaction
Transaction
Multiple1
Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA
Nov. 12 Charging Solutions Total NDAdvanced
Transportation
Total acquired Charging Solutions, a subsidiary of
Digital Energy Solutions and provider of EV
charging infrastructure, for an undisclosed amount
ND ND
Nov. 13 Phoenix Motorcars SPI Energy $27Advanced
Transportation
SPI Energy, a Hong Kong-based provider of EV
solutions, acquired Phoenix Motorcars, a
California-based provider of EVs for fleet and
transit markets, for $27mm
ND ND
Nov. 16Compañía General
de Electricidad
State Grid
International
Development
$3,040Power Infra /
Smart Grid
State Grid International Development (SGID), a
subsidiary of State Grid Corp. of China, acquired
a 96% stake in Compañía General de
Electricidad, a Chilean electricity grids business,
from Naturgy Energy Group for $3.0bn
ND ND
Nov. 16 Vesper Energy Magnetar Capital NDRenewable
Energy
Magnetar Capital, a U.S. alternative asset
manager, acquired Vesper Energy, Lendlease’s
renewable energy development business, for an
undisclosed amount
ND ND
Nov. 16 Vessco Gryphon Investors ND Water
Gryphon Investors, a middle-market private equity
firm, acquired Vessco, a U.S. distributor of
automation equipment and services to water and
wastewater treatment utilities, for an undisclosed
amount
ND ND
Nov. 17
ABK Restoration
Services / Norhaz
Solutions
Canstar
RestorationsND
Environmental
Services
Canstar Restorations, a Canadian full-service
provider of restoration services, acquired ABK
Restoration Services, a provider of property
restoration services, and NorHaz Solutions, a
provider of hazardous materials removal and
remediation services, for an undisclosed amount
ND ND
Nov. 17
Encino
Environmental
Services
BP Energy Partners NDEnvironmental
Services
BP Energy Partners, a U.S. private equity firm,
acquired Encino Environmental Services, an
environmental consulting company, for an
undisclosed amount
ND ND
Nov. 17 EnergenixVeolia North
AmericaND
Industrial IoT &
Software
Veolia North America, subsidiary of Veolia, a
water/waste management and energy services
provider, acquired Energenix, a U.S. utility meter
reading and billing service provider, for an
undisclosed amount
ND ND
Nov. 20Alar Water
TreatmentOvivo ND Water
Ovivo, a Canadian provider of water and
wastewater treatment systems, acquired Alar
Water Treatment, an Illinois-based manufacturer
of wastewater treatment systems, for an
undisclosed amount
ND ND
Nov. 24
Tonawanda
Environmental
Corporation
Chemtron
CorporationND
Environmental
Services
Chemtron Corporation, an Ohio-based provider of
waste services, acquired the assets of
Tonawanda Environmental Corporation, a
provider of hazardous and non-hazardous waste
management services, for an undisclosed amount
ND ND
Nov. 24WesTech
EngineeringJohn Swire & Sons ND Water
John Swire & Sons, a U.K. conglomerate,
acquired WesTech Engineering, a Utah-based
process solutions and services provider for water
and wastewater treatment, for an undisclosed
amount
ND ND
4
2
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (4/6)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.
Transaction
Transaction
Multiple1
Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA
Nov. 25 Ethical Power Group Hive Energy NDRenewable
Energy
Hive Energy, a U.K. developer of solar PV,
acquired a 50% stake in Ethical Power Group, a
U.K. sustainable energy generation company, for
an undisclosed amount
ND ND
Nov. 30Vibrant Energy
HoldingsBlue Leaf Energy ND
Renewable
Energy
Blue Leaf Energy, a Singapore-based solar
developer company, acquired a majority stake in
Vibrant Energy Holdings, a solar power plant
developer with projects in India and Southeast
Asia, from ATN International, for an undisclosed
amount
ND ND
5
Asset Transactions
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (5/6)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Transaction Capacity
Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description
Nov. 2 NextEra Energy KKR $1,400 1,600 Wind
KKR acquired a majority stake in two renewable
energy portfolios in the U.S. representing 1.6 GW
from NextEra Energy, a U.S. energy company, for
$1.4bn
Nov. 3Bunge Loders
CroklaanNeste $307 ND Biomass
Neste, a Finnish producer of renewable diesel,
acquired a bio refinery plant in the Netherlands
from Bunge Loders Croklaan, a U.S. producer
and supplier of sustainable oils, for $307mm
Nov. 3 Nordex SE RWE $475 2,700 Wind
RWE, a German energy company, acquired a 2.7
GW wind and solar development platform from
Nordex, a German developer of renewable energy
projects, for $475mm
Nov. 3 Belectric Luxcara ND 172 Solar
Luxcara, a German asset manager, acquired a
development-phase 172 MW portfolio in Germany
from Belectric, a German renewable energy
developer, for an undisclosed amount
Nov. 4 Invenergy Southern Power ND 301 Wind
Southern Power, a Georgia-based renewable
energy provider, acquired an 80% stake in a 301
MW wind project in South Dakota from Invenergy
for an undisclosed amount
Nov. 9 Red Rock Power ESB ND 1,000 Wind
ESB, an Irish utility company, acquired a 50%
stake in a 1 GW Inch Cape offshore wind project
in the Scottish North Sea, from Red Rock Power,
a subsidiary of China state-owned SDIC Power
Holdings, for an undisclosed amount
Nov. 11
Macquarie Green
Investment Group
(GIG)
The Renewable
Infrastructure GroupND 714 Wind
The Renewables Infrastructure Group, a British
renewable asset investment trust, acquired a
14.3% stake in East Anglia One, a 714 MW wind
farm located off the coast of Suffolk in the North
Sea, from Macquarie GIG for an undisclosed sum
Nov. 11Rye Development
and National Grid JV
Copenhagen
Infrastructure
Partners
ND 1,593 Hydro
Copenhagen Infrastructure Partners, a Danish
fund manager, acquired two pumped storage
hydro projects in Oregon and Washington totaling
1,593 MW for an undisclosed amount
Nov. 16 Forestalia
Copenhagen
Infrastructure
Partners
ND 1,000 Wind
Copenhagen Infrastructure Partners, a Danish
fund manager, acquired an undisclosed stake in a
1 GW onshore wind project portfolio in Aragon,
Spain being developed by Forestalia, a Spanish
IPP for an undisclosed amount
Nov. 16 Broad Reach PowerGreenbacker
Renewable EnergyND 80 Solar
Greenbacker Renewable Energy, a manager of
income-generating renewable energy, acquired a
to-be-constructed 80 MW solar project in South
Dakota from Broad Reach Power, a Houston-
based IPP, for an undisclosed amount
Nov. 17 NRG Energy Spruce Finance ND 60 Solar
Spruce Finance, a residential solar operator,
acquired a 60 MW solar asset portfolio in U.S.
from NRG, a U.S. energy company, for an
undisclosed amount
6
Asset Transactions
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (6/6)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Transaction Capacity
Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description
Nov. 17 WEC Energy Group Spruce Finance ND ND Solar
Spruce Finance, a residential solar operator,
acquired a solar asset portfolio of 1,047 systems
in the U.S. from WEC Energy Group, a U.S.
energy company, for an undisclosed amount
Nov. 23 Enel Broad Reach Power ND 25 Storage
Broad Reach Power, a U.S. utility-scale energy
storage IPP, acquired the 25 MW Cascade
energy storage project in California from a
subsidiary of Enel, an Italian multinational energy
company, for an undisclosed amount
7
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
Capital Raise Transactions (1/5)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Selected Disclosed Amount
Date Company Investors Raised ($mm) Subsector Company Description
Nov. 2Benson Hill
Biosystems
Wheatsheaf, GV, Argonautic Ventures,
Caisse de dépôt et placement du Québec
(CDPQ), Emart, GS Group, Louis Dreyfus
Company, iSelect Fund, Fall Line Capital,
Mercury Fund, Prelude Ventures, Prolog
Ventures, S2G Ventures
$150 AgTech
U.S. food technology company that
combines data science and machine
learning with biology and genetics
Nov. 2 WiTricityStage 1 Ventures, Air Waves Wireless
Electricity, Mitsubishi Corporation (Americas)$34
Power Infra /
Smart Grid
U.S. developer of wireless power
solutions using its patented magnetic
resonance technology
Nov. 2 Onfleet Flight Ventures, Kennet Partners $14Advanced
Transportation
U.S. developer of last mile delivery
management software
Nov. 3 The Protein BreweryNovo Growth, Roquette Ventures, Unovis
Asset Management$26 AgTech
Dutch developer of protein-rich, animal-
free food ingredients
Nov. 3 ApkudoHarbert Growth Partners, MissionOG, Grotech
Ventures, Lavrock Ventures$14
Industrial IoT &
Software
U.S. provider of supply chain automation
solutions for connected devices
Nov. 3 Meat-TechPsagot Provident and Pension Funds, More
Investment House$7
Food and
Consumer
Products
Israeli developer of industrial-scale
cultivated meat production technologies
based on advanced 3D bioprinting
Nov. 3 Logisly Monk's Hill Ventures $7Industrial IoT &
Software
Indonesian provider of logistics trucking
platform
Nov. 5 ProvizioBobby Hambrick, European Innovation
Council, ACT Venture Capital $6
Advanced
Transportation
Irish provider of sensor platforms for
preventing car accidents
Nov. 5 Pony.aiTIP, Fidelity China Special Situations PLC, 5Y
Capital, ClearVue Partners, Eight Roads $267
Advanced
TransportationChinese autonomous vehicle startup
Nov. 7 Ather Energy Hero MotoCorp, Sachin Bansal $35Advanced
TransportationIndian developer of electric two-wheelers
Nov. 9 Apeel Sciences
International Finance Corporation,
Andreessen Horowitz, Bill & Melinda Gates
Foundation, Rockefeller Foundation
$30 AgTechU.S. provider of edible coating to prolong
fruit shelf life
8
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
Capital Raise Transactions (2/5)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Selected Disclosed Amount
Date Company Investors Raised ($mm) Subsector Company Description
Nov. 9 Nuro
T. Rowe Price, Fidelity Management &
Research Company, Baillie Gifford, SoftBank,
Greylock Partners
$500Advanced
Transportation
U.S. autonomous on-road delivery
company
Nov. 9 Inceptio Technology CATL, G7, GLP, NIO Capital $120Advanced
Transportation
Chinese developer of autonomous
trucks
Nov. 9 XpressbeesGaja Capital Partners, Investcorp Bank,
Norwest Venture Partners$30
Advanced
Transportation
Indian developer of a same-day delivery
e-commerce logistics platform
Nov. 10 Tier Mobility
SoftBank Vision Fund, Mubadala Capital,
Northzone, Goodwater Capital, White Star
Capital, Novator, RTP Global
$250Advanced
TransportationGerman shared micro-mobility operator
Nov. 10 Amarenco SolarTikehau Capital SCA, IDIA Capital
Investissement$178
Renewable
EnergyIrish solar developer
Nov. 12 Envoy Technologies
Shell Ventures, Building Ventures, DENSO,
Goodyear Ventures, GroundBreak Ventures,
Los Angeles Cleantech Incubator Impact Fund
$11Advanced
Transportation
U.S. provider of electric vehicle-sharing
services
Nov. 12 Kate Farms Goldman Sachs, Kaiser Permanente Ventures $51 AgTech U.S. provider of plant-based nutrition
Nov. 12 Zero Egg
Powerplant Ventures, Unovis Asset
Management-New Crop Capital, Strauss
Group-The Kitchen Hub
$5 AgTechU.S. provider of plant-based egg
alternative
Nov. 16 XAG
Baidu Ventures, Softbank Vision Fund II,
Sinovation Ventures, Guangzhou Yuexiu
Industrial Investment Fund Management,
Guangzhou Emerging Industry Development
Fund, Chengwei Capital, Mingtai Capital
$182 AgTechChinese provider of agriculture drone
services
Nov. 16 Form Energy
Coatue Management, Energy Impact
Partners, Temasek, NGP Energy Technology
Partners, Breakthrough Energy Ventures,
Prelude Ventures, MIT’s The Engine,
Capricorn, Eni Next, Macquarie Capital
$76Renewable
Energy
U.S. developer of battery systems for
wind and solar energy
Nov. 16 Harbr
Dawn Capital, Tiger Global Management,
Boldstart Ventures, Crane Venture Partners,
Seedcamp
$39Data
Management
U.K. developer of a collaborative data
exchange platform designed to support
full-lifecycle data sharing and
collaboration
9
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
Capital Raise Transactions (3/5)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Selected Disclosed Amount
Date Company Investors Raised ($mm) Subsector Company Description
Nov. 17 Adnavem Volvo Group Venture Capital NDAdvanced
Transportation
Swedish developer of an online
marketplace for freight services
Nov. 17 Gojek Telkomsel $150Advanced
Transportation
Indonesian developer of an on-demand
ride-hailing operator
Nov. 17 Wayve
Balderton Capital, Compound Ventures,
Eclipse Ventures, First Minute Capital, Fly
Ventures
$20Advanced
TransportationU.K. developer of AV technology
Nov. 17 DataRobotAltimeter Capital, T. Rowe Price, BlackRock,
Silver Lake, NEA, Tiger$270
AI / Analytics
SoftwareU.S. provider of enterprise A.I. platform
Nov. 17 TibberEight Roads Ventures, Balderton Capital,
Founders Fund$65 Energy Efficiency
Swedish provider of real-time analytics
on energy usage
Nov. 17 MycoWorks
WTT Investment, DCVC Bio, AgFunder, Novo
Holdings, 8VC, SOSV, Wireframe Ventures,
Valor Equity Partners, Humboldt Fund, Gruss
& Co.
$45 AgTechU.S. developer of animal-free leather
alternative
Nov. 18 Fenix
Balderton Capital, Compound Ventures,
Eclipse Ventures, First Minute Capital, Fly
Ventures
$20Advanced
TransportationU.K. developer of AV technology
Nov. 18 Deep Isolation NAC International Inc. $20Environmental
Services
U.S. developer of a nuclear waste
disposal platform designed for safe
waste treatment
Nov. 19 Aclima
Clearvision Ventures, Splunk, GingerBread
Capital, KTB Network, ACVC Partners,
Womens VC Fund II
$40Analytics
Software
U.S. cloud-based data visualization and
analytics software company
Nov. 19 Abacus.ai Decibel Ventures, Index Partners $22AI / Analytics
SoftwareU.S. provider of AI platform
Nov. 20 LoadsmartBlackRock, TFI International, Maersk, Perry
Capital, Bramalea Partners$90
AI / Industrial
SoftwareU.S. digital freight technology company
10
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
Capital Raise Transactions (4/5)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Selected Disclosed Amount
Date Company Investors Raised ($mm) Subsector Company Description
Nov. 23 Gatik
Wittington Ventures, Innovation Endeavors,
FM Capital, Intact Ventures, Dynamo,
Fontinalis Partners, AngelPad
$25Advanced
Transportation
U.S. provider of autonomous vehicles for
business-to-business short-haul logistics
Nov. 23 Carbice Downing Ventures, Toyota AI Ventures $15 Energy Efficiency
U.S. advanced nano-materials developer
for devices such as LEDs, computers
and mobile devices
Nov. 23 CricketOne Corecam Capital Partners, Masik Enterprises ND AgTech Vietnamese insect protein startup
Nov. 24 Percepto
Koch Disruptive Technologies, State of Mind
Ventures, Atento Capital, Summit Peak
Investments, Delek-US, U.S. Venture
Partners, Spider Capital, Arkin Holdings
$45AI / Analytics
Software
Israeli drone maker for industrial site and
physical work area analysis
Nov. 24 Plug Power Public market offering $1,000Renewable
Energy
U.S. provider of hydrogen fuel cell
technology and fueling solutions
Nov. 24 Manbang
SoftBank Vision Fund, Sequoia Capital China,
Permira, Fidelity, Hillhouse Capital, GGV
Capital, Lightspeed China Partners, Tencent,
YF Capital
$1,700Advanced
TransportationChinese mobile truck-hailing platform
Nov. 24 Dija Blossom Capital $20Advanced
Transportation
U.K. developer of a fresh food delivery
services platform
Nov. 25 Mother RawForage Capital Partners, Export Development
Canada, Whitecap Venture Partners$6 AgTech
Canadian producer of plant-powered
condiments
Nov. 25 TuSimpleVectoIQ, Navistar, Volkswagen’s Traton
Group$350
Advanced
Transportation
U.S. autonomous driving technology
developer for trucks
Nov. 25 Cars 24DST Global, EXOR Seeds, Moore Strategic
Ventures, Unbound$200
Advanced
TransportationIndian car buying platform
Nov. 25 Clean TeQ Private Placement $14 WaterAustralian provider of metals recovery
and industrial water treatment
11
Corporate Transactions
Select Recent Sustainable Technology &
Infrastructure
Capital Raise Transactions (5/5)
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
Selected Disclosed Amount
Date Company Investors Raised ($mm) Subsector Company Description
Nov. 30 Aurora SolarICONIQ Capital, Energize Ventures, Fifth
Wall, Pear VC$50 Energy Services
U.S. 3D modeling developer for solar
panel installation automation
Public Trading Debuts
Date of Amount Selected Disclosed
Pricing Company Company Description Raised ($mm) Subsector Investors
Nov. 16 C3.aiU.S. provider of enterprise AI software for
accelerating digital transformation$504
Industrial IoT &
Software
Baker Hughes, BlackRock, Shell Ventures,
The Rise Fund
12
Special Purpose Acquisition Company (SPAC) Transactions
Select Recent Sustainable Technology &
Infrastructure
SPAC Transactions (1/1)
TransactionImplied EV EV /
Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue EBITDA
Nov. 2 AevaInterPrivate
Acquisition Corp.ND
Advanced
Transportation
U.S. provider of comprehensive
perception solutions on Silicon
Photonics for mass scale
application
$2,100 2.4x 6.1x
Nov. 13 NuvveNewborn Acquisition
Corp.ND
Advanced
Transportation
U.S. electric-vehicle-to-grid (V2G)
company$132 1.4x ND
Nov. 16PureCycle
Technologies
Roth CH
Acquisition I Co.ND
Environmental
Services
U.S. developer of proprietary
polypropylene recycling technology$826 1.0x ND
Nov. 18 Arrival CIIG Merger Corp. NDAdvanced
Transportation
U.K. developer of electric vans and
buses$5,400 0.4x 1.7x
Nov. 24 MetroMileINSU Acquisition
Corp. IIND
Advanced
Transportation
Canadian manufacturer of electric
buses and trucks$956 28.4x ND
Nov. 30 Lion ElectricNorthern Genesis
Acquisition Corp.ND
Advanced
Transportation
U.S. provider of a digital platform
for pay-per-mile insurance $1,505 0.9x 5.1x
Nov. 30 ViewCF Finance
Acquisition Corp.ND
Industrial
TechnologyU.S. smart glass window producer $1,600 0.8x 2.2x
Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.
1. Transaction multiples based off 2025E revenue and EBITDA.
2. Transaction multiples based off 2022E revenue and EBITDA.
3. Transaction multiples based off 2024E revenue and EBITDA.
4. Transaction multiples based off 2023E revenue and EBITDA.
1 1
3
2
1 1
3 3
4
4 4
13
Comparable Companies Trading Analysis
Diversified Industrials and Energy
Infrastructure
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.
5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Diversified Industrials
Danaher $224.63 91.5% $162,700 $182,117 28.9x 24.1x 37.2x 31.2x 2.6x 13.8%
Honeywell $203.92 97.4% $144,702 $152,938 20.0x 18.1x 29.0x 26.0x 1.0x 15.0%
Siemens €112.00 93.3% $108,538 $139,755 14.2x 12.7x 21.4x 17.9x 3.7x 38.1%
Raytheon Technologies $71.72 45.7% $108,584 $134,746 14.8x 13.2x 23.2x 20.6x 2.7x 25.6%
GE $10.18 77.4% $89,136 $134,408 22.9x 15.7x NM 28.3x 7.4x 61.3%
Caterpillar $173.59 98.1% $94,850 $123,213 18.6x 15.9x 32.1x 23.5x 4.3x 30.9%
Hyundai W181,500 97.1% $42,688 $86,409 13.8x 8.7x 23.3x 8.2x 8.9x 95.9%
Schneider Electric €116.65 96.8% $77,799 $84,585 16.6x 14.3x 28.5x 22.8x 1.1x 14.9%
Mitsubishi Corporation ¥2433 82.5% $34,509 $67,565 9.5x 8.8x 12.3x 10.4x 7.6x 103.9%
Eaton $121.11 98.3% $48,723 $56,526 19.2x 17.4x 29.2x 24.6x 2.6x 15.1%
ABB CHF23.97 94.7% $56,106 $54,941 16.4x 13.2x 32.9x 21.8x 0.1x 17.6%
Roper Technologies $427.00 94.2% $45,219 $54,621 27.6x 23.6x 33.8x 29.1x 4.8x 17.8%
Emerson Electric $76.82 96.1% $46,177 $50,911 13.9x 13.3x 23.3x 21.6x 1.3x 15.7%
Johnson Controls $46.04 98.7% $33,982 $41,220 14.9x 12.2x 36.7x 17.8x 2.6x 21.9%
Rockwell Automation $255.56 99.5% $29,875 $31,852 24.4x 21.7x 29.2x 28.8x 1.3x 7.4%
Legrand €70.98 91.7% $22,845 $26,098 15.9x 14.8x 25.6x 22.3x 2.0x 24.9%
Dover $122.03 96.6% $17,730 $20,440 16.4x 14.8x 22.2x 19.9x 2.2x 15.4%
OMRON ¥9,430 99.7% $18,238 $16,255 21.6x 20.0x NM 41.9x NM 1.7%
Alstom €44.70 95.8% $13,152 $12,074 12.3x 10.4x 25.0x 21.3x NM 16.9%
Hitachi Construction Machinery ¥2,891 76.1% $5,896 $9,243 10.1x 9.3x 23.5x 18.0x 3.5x 41.1%
Woodward $111.83 87.5% $7,157 $7,852 18.5x 17.8x 30.7x 31.8x 1.7x 10.9%
Regal Beloit $119.04 96.4% $4,857 $5,547 12.1x 10.7x 21.3x 17.6x 1.4x 20.7%
Moog $77.36 81.0% $2,517 $3,452 10.3x 10.9x NM 17.8x 2.8x 29.5%
Bharat Heavy Electricals ₹32.85 60.6% $1,545 $1,361 NM 11.2x NM 25.1x NM 48.1%
CG Power & Industrial Solutions ₹41.15 100.0% $348 $425 NM NM NM NM NM 27.5%
Mean 89.9% 17.1x 14.7x 27.0x 22.8x 3.1x 29.3%
Median 95.8% 16.4x 13.8x 27.0x 22.1x 2.6x 20.7%
Energy Infrastructure
Primary Equipment and Power Electronics
TE Connectivity $113.97 97.5% $37,838 $41,614 16.1x 14.0x NM 21.1x 1.4x 11.1%
Delta Electronics NT$224.50 100.0% $20,531 $21,484 13.3x 11.7x 23.0x 20.1x NM 8.0%
Yaskawa Electric ¥5,030 99.2% $12,615 $12,956 33.1x 25.4x NM NM 0.8x 5.8%
Sensata Technologies Holding $48.83 90.1% $7,714 $10,102 15.3x 12.0x 23.8x 15.4x 3.6x 39.6%
Fuji Electric ¥3,710 100.0% $5,082 $6,485 9.1x 8.0x 18.8x 15.6x 1.7x 41.6%
NGK Insulators ¥1,659 83.6% $5,044 $6,259 7.4x 6.3x 19.3x 14.3x 1.5x 40.7%
LS Industrial Systems W55,100 78.5% $1,460 $1,474 6.8x 6.0x 16.6x 12.6x 0.1x 41.1%
Mean 92.7% 14.4x 11.9x 20.3x 16.5x 1.5x 26.8%
Median 97.5% 13.3x 11.7x 19.3x 15.5x 1.5x 39.6%
EPC and Services
Jacobs $107.84 100.0% $14,175 $15,582 13.9x 13.5x 30.0x 18.2x 1.2x 16.5%
Acciona €106.70 85.0% $6,961 $12,748 9.4x 8.1x 32.5x 18.1x 5.0x 68.4%
ACS Group €26.49 74.2% $9,204 $12,051 3.8x 3.5x 13.2x 9.9x 2.2x 135.8%
Quanta $68.34 96.8% $9,866 $11,136 11.2x 10.2x 19.0x 16.3x 1.3x 13.3%
Skanska KR203.80 85.3% $9,870 $9,767 7.2x 9.3x 11.6x 15.5x 0.1x 19.9%
AECOM $51.89 99.3% $8,303 $9,294 12.7x 11.4x NM 19.1x 1.5x 30.2%
MasTec $56.71 87.3% $4,145 $5,414 6.8x 6.7x 11.2x 12.0x 1.6x 27.8%
EMCOR $86.18 96.1% $4,757 $4,612 8.1x 8.3x 14.4x 14.8x NM 11.6%
Stantec C$39.14 88.4% $3,395 $4,228 9.6x 9.5x 19.1x 18.1x 1.9x 24.0%
Dycom Industries $62.86 80.4% $2,038 $2,659 8.4x 7.6x 24.1x 18.8x 2.0x 23.9%
Ameresco $44.55 98.9% $2,187 $2,540 22.3x 18.9x 44.6x 37.0x 2.8x 14.9%
Fluor $17.27 83.1% $2,427 $1,717 33.4x 4.0x NM 13.6x NM 99.4%
Balfour Beatty £2.55 87.0% $2,346 $1,550 8.9x 4.8x 34.5x 13.0x NM 68.6%
Primoris Services $24.25 94.2% $1,178 $1,506 6.6x 6.6x 12.7x 12.4x 1.4x 37.0%
Granite Construction $24.62 86.4% $1,161 $1,359 5.4x 4.8x NM NM 0.9x 33.8%
STRABAG €26.60 83.1% $3,265 $1,172 1.0x 0.9x 8.8x 8.1x NM 145.1%
Bilfinger €23.16 67.0% $1,116 $1,158 12.0x 5.0x NM 21.4x 0.8x 59.1%
Aegion $17.15 72.6% $528 $753 8.5x 7.5x 18.7x 13.7x 2.5x 39.1%
Team $8.71 53.5% $267 $659 14.6x 8.8x NM NM 8.7x 62.5%
Willdan $38.88 98.8% $483 $610 20.0x 14.6x 31.1x 17.7x 4.2x 22.7%
Mistras $5.22 35.7% $153 $429 9.1x 6.8x NM 24.9x 5.9x 69.5%
Mean 83.5% 11.1x 8.1x 21.7x 17.0x 2.6x 48.7%
Median 86.4% 9.1x 7.6x 19.0x 16.3x 1.9x 33.8%
Oil and Gas Services
Liberty Oilfield Services $9.30 81.8% $790 $1,082 27.1x 8.8x NM NM 3.1x 19.2%
NexTier Oilfield Solutions $2.80 39.9% $600 $682 9.9x 8.4x NM NM 1.2x 56.8%
Secure Energy Services C$2.17 42.3% $266 $643 6.3x 6.1x NM NM 3.5x 56.1%
ProPetro Holding $5.77 48.2% $582 $529 3.9x 4.8x NM NM NM 0.2%
Select Energy Services $4.23 44.2% $364 $179 15.7x 5.8x NM NM NM NM
Mean 51.3% 12.6x 6.8x NM NM 2.6x 33.1%
Median 44.2% 9.9x 6.1x NM NM 3.1x 37.7%
14
Comparable Companies Trading Analysis
Energy Technology
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.
5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Energy Technology
Smart Grid Solutions
AMETEK $118.53 97.8% $27,435 $29,103 22.2x 20.1x 30.4x 28.0x 1.3x 10.2%
Terna €6.27 92.4% $15,079 $25,336 11.8x 11.5x 16.4x 16.1x 4.8x 49.0%
Keysight Technologies $120.04 100.0% $22,568 $22,793 20.8x 16.8x 32.6x 21.3x 0.2x 8.7%
Generac $215.60 92.5% $13,747 $14,186 25.4x 22.3x 34.1x 30.1x 0.7x 6.3%
Itron $78.61 89.0% $3,171 $4,014 24.0x 16.8x NM 32.0x 4.9x 35.0%
ESCO Technologies $98.90 94.8% $2,588 $2,614 18.6x 16.2x NM 30.9x 0.2x 3.0%
Landis+Gyr Group CHF65.40 62.2% $2,082 $2,161 14.3x 12.2x 26.8x 20.8x 0.7x 21.9%
S&T €19.18 74.1% $1,524 $1,542 10.5x 8.5x 24.2x 17.8x 0.1x 20.4%
Smart Metering Systems £6.44 97.0% $976 $915 14.0x 13.1x NM NM NM 2.4%
Mean 88.9% 18.0x 15.3x 27.4x 24.6x 1.6x 17.4%
Median 92.5% 18.6x 16.2x 28.6x 24.7x 0.7x 10.2%
Energy Storage
Tesla $567.60 96.9% $627,198 $629,125 NM NM NM NM 0.1x 2.4%
BYD Company HK$182.10 91.1% $64,082 $74,758 25.3x 23.6x NM NM 3.5x 16.5%
Samsung W533,000 96.6% $32,211 $28,540 17.7x 13.2x NM 33.8x 1.4x 12.5%
Panasonic ¥1112.50 88.9% $24,905 $26,170 5.2x 5.2x 18.7x 16.0x 0.8x 61.2%
Plug Power $26.39 98.2% $15,130 $15,171 NM NM NM NM 1.5x 11.3%
Ballard Power Systems C$26.76 94.8% $5,081 $4,707 NM NM NM NM NM 0.4%
EnerSys $81.81 97.7% $3,525 $4,255 11.8x 10.1x 20.0x 15.6x 2.0x 26.8%
Bloom Energy $24.52 89.3% $3,407 $4,132 NM NM NM NM 17.3x 25.0%
FuelCell Energy $10.20 100.0% $2,223 $2,406 NM NM NM NM NM 10.6%
Ultralife $6.75 79.0% $109 $101 8.2x 6.7x NM NM NM 6.0%
Mean 93.3% 13.6x 11.8x 19.4x 21.8x 3.8x 17.3%
Median 95.7% 11.8x 10.1x 19.4x 16.0x 1.5x 11.9%
LED Lighting
Universal Display Corporation $229.04 100.0% $10,825 $10,158 NM NM NM NM NM 0.1%
Hubbell Incorporated $161.59 98.4% $8,807 $10,096 14.5x 13.6x 21.4x 19.9x 1.8x 15.4%
Cree $90.39 98.1% $9,916 $9,603 NM NM NM NM NM 8.5%
OSRAM €51.80 98.5% $5,836 $6,410 NM 16.1x NM NM 3.7x 16.1%
Acuity Brands $118.72 83.0% $4,689 $4,598 9.7x 9.5x 17.5x 14.6x NM 10.3%
Epistar NT$38.00 82.6% $1,438 $1,455 NM 11.3x NM NM NM 17.0%
Fagerhult KR44.00 71.1% $907 $1,299 11.7x 8.8x 26.3x 14.9x 3.5x 43.3%
Veeco $16.62 91.9% $817 $839 13.3x 10.5x 19.0x 14.9x 0.3x 39.5%
Zumtobel €6.25 62.3% $323 $519 4.3x 3.9x 18.5x 11.4x 1.7x 54.7%
Dialight £2.50 73.5% $109 $149 10.9x 12.3x NM NM 2.9x 41.1%
Beghelli €0.22 86.0% $51 $123 10.7x 11.4x NM NM 6.3x 73.7%
Mean 85.9% 10.7x 10.8x 20.6x 15.1x 2.9x 29.1%
Median 86.0% 10.9x 11.3x 19.0x 14.9x 2.9x 17.0%
15
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Advanced Transportation
Automotive Companies
Tesla $567.60 96.9% $627,198 $629,125 NM NM NM NM 0.1x 2.4%
Toyota Motor ¥6,999 88.4% $190,826 $334,084 12.8x 12.1x 12.8x 11.0x 6.6x 67.6%
Volkswagen €155.50 84.9% $93,245 $274,768 7.7x 6.5x 16.7x 6.9x 5.4x 98.6%
Daimler €56.45 97.4% $72,239 $212,234 13.6x 10.1x 22.5x 9.2x 9.3x 85.8%
BMW €73.04 95.3% $57,565 $166,879 13.1x 10.6x 13.6x 8.7x 8.9x 80.3%
Ford Motor Company $9.08 95.2% $36,365 $143,690 24.8x 12.1x NM 8.3x 19.6x 110.3%
General Motors Company $43.84 94.4% $63,086 $138,904 11.0x 9.2x 9.2x 7.2x 6.3x 85.3%
Honda Motor ¥2,872 89.1% $47,548 $87,667 8.1x 8.9x 11.6x 9.3x 4.1x 83.6%
Hyundai W181,500 97.1% $42,688 $86,409 13.8x 8.7x 23.3x 8.2x 8.9x 95.9%
BYD Company HK$182.10 91.1% $64,082 $74,758 25.3x 23.6x NM NM 3.5x 16.5%
Nissan Motor ¥492.50 71.6% $18,482 $67,154 31.6x 22.7x NM NM 26.3x 118.5%
NIO $50.53 91.2% $61,172 $60,208 NM NM NM NM NM 2.5%
SAIC Motor Y26.51 93.3% $46,951 $56,794 14.3x 10.9x 13.4x 10.7x 2.7x 69.2%
Renault €33.36 75.9% $10,812 $46,006 14.4x 7.4x NM 24.6x 16.9x 157.1%
Li Auto $35.99 81.9% $30,100 $27,548 NM NM NM NM NM 1.2%
Suzuki Motor ¥5,604 98.5% $26,087 $26,341 8.5x 7.4x 23.7x 19.3x NM 28.9%
Geely Auto HK$21.55 90.0% $25,843 $22,625 12.6x 9.6x 24.4x 17.6x NM 5.2%
Fiat Chrysler Automobiles €13.07 95.7% $24,687 $21,744 2.3x 1.6x 38.2x 5.9x NM 145.3%
XPeng $58.76 81.4% $23,485 $20,805 NM NM NM NM NM 1.7%
Tata Motors ₹180.25 90.0% $8,818 $18,692 5.7x 4.3x NM NM 3.2x 83.3%
Peugeot €19.77 88.2% $22,310 $18,357 2.5x 1.9x 11.1x 5.6x NM 91.8%
KIA W57,800 96.7% $20,942 $17,244 4.6x 3.2x 16.1x 6.9x NM 61.7%
Dongfeng Motor HK$7.98 90.7% $8,869 $12,877 NM NM 6.2x 5.0x 45.8x 103.9%
Arrival $22.00 81.0% $13,393 $12,724 NM NM NM NM NM NM
Subaru ¥2,073 70.9% $15,245 $9,927 3.8x 3.5x 15.6x 11.7x NM 32.4%
FAW Car Group Y12.83 84.6% $8,985 $5,920 7.1x 5.5x 13.4x 11.7x NM 49.4%
Guangzhou Automobile HK$8.34 83.7% $11,014 $4,942 31.8x 15.8x 11.0x 8.2x NM 39.1%
Fisker $19.38 89.7% $5,915 $4,875 NM NM NM NM NM NM
Mazda Motor ¥617.00 60.7% $3,726 $3,686 4.8x 3.6x NM NM 1.5x 249.5%
Lordstown $24.60 78.3% $4,223 $3,548 NM NM NM NM NM NM
Canoo $13.00 100.0% $3,219 $2,612 NM NM NM NM NM NM
Mitsubishi Motors ¥188.00 37.9% $2,683 $2,306 NM 5.5x NM NM NM 224.0%
XL Fleet $14.04 96.2% $2,049 $1,699 NM NM NM NM NM NM
Mean 86.6% 12.5x 8.9x 16.6x 10.3x 10.6x 78.2%
Median 90.0% 11.8x 8.7x 13.6x 8.7x 6.5x 81.8%
Truck Companies
Daimler €56.45 97.4% $72,239 $212,234 13.6x 10.1x 22.5x 9.2x 9.3x 85.8%
Volvo KR194.80 95.8% $46,331 $55,087 11.2x 8.7x 22.3x 14.7x 2.0x 36.4%
PACCAR $87.06 94.0% $30,262 $36,116 21.8x 14.8x 23.3x 15.9x 3.5x 28.8%
Traton €21.95 86.6% $13,125 $22,236 14.1x 6.8x NM 11.5x 6.7x 65.4%
MAN €44.10 84.0% $7,757 $10,111 5.9x 5.6x NM NM 2.0x 45.8%
Isuzu Motors ¥1018.00 73.0% $7,200 $9,252 6.1x 5.6x 18.9x 12.7x 0.3x 31.9%
Nikola Motors $20.41 25.6% $7,839 $8,544 NM NM NM NM NM 8.3%
Mean 79.5% 12.1x 8.6x 21.7x 12.8x 4.0x 43.2%
Median 86.6% 12.4x 7.8x 22.4x 12.7x 2.8x 36.4%
Tier 1 Suppliers
Denso ¥4,929 93.1% $36,628 $39,036 9.3x 6.7x 43.7x 17.0x 0.4x 29.2%
Continental €114.20 94.5% $27,322 $33,353 8.1x 5.3x NM 13.6x 1.5x 27.6%
Aptiv $118.70 97.4% $32,094 $32,406 21.0x 13.7x NM 29.3x 1.5x 13.7%
Bridgestone ¥3,644 82.4% $24,606 $28,465 8.6x 5.6x NM 13.3x 1.1x 35.1%
Michelin €104.45 92.6% $22,303 $28,248 7.1x 5.5x 24.0x 12.0x 1.8x 37.3%
Knorr-Bremse €107.28 98.5% $20,687 $22,109 17.2x 14.4x 36.0x 27.6x 1.0x 17.5%
Magna C$79.64 96.7% $18,400 $21,812 8.1x 5.6x 20.1x 9.9x 1.5x 26.3%
QuantumScape $47.00 100.0% $21,037 $19,882 NM NM NM NM NM NM
Valeo €32.52 91.2% $9,307 $15,228 9.6x 5.3x NM 20.7x 3.2x 50.8%
Faurecia €41.70 82.3% $6,829 $11,853 6.6x 4.5x NM 11.8x 2.7x 66.2%
Lear $142.95 95.1% $8,624 $10,498 9.4x 5.8x 28.7x 10.2x 1.4x 27.4%
Goodyear $10.42 62.8% $2,438 $8,932 15.5x 6.4x NM 17.4x 11.1x 84.3%
BorgWarner $38.85 86.0% $8,054 $8,625 6.3x 4.2x 16.3x 10.1x 0.5x 32.9%
Gentex $32.60 98.1% $7,916 $7,491 15.3x 11.6x 24.0x 16.7x NM 0.4%
Luminar Technologies $18.40 100.0% $6,267 $5,779 NM NM NM NM NM 0.6%
Dana $16.84 88.8% $2,445 $4,598 8.0x 5.2x 34.4x 8.1x 3.6x 66.8%
American Axle & Manufacturing Holdings $7.96 72.1% $902 $3,949 5.9x 4.6x NM 7.3x 4.5x 90.7%
Visteon $120.85 97.5% $3,384 $3,539 18.3x 12.1x NM 26.9x 0.5x 14.8%
Hyliion $20.08 36.0% $3,399 $2,880 NM NM NM NM NM NM
Nexteer HK$8.23 94.6% $2,662 $2,659 7.7x 5.1x 24.8x 11.8x NM 13.5%
Velodyne $15.92 52.3% $2,746 $2,556 NM NM NM NM NM 0.4%
Aeva $11.05 100.0% $2,354 $2,026 NM NM NM NM NM NM
Gentherm $56.86 99.8% $1,874 $1,861 15.2x 11.5x 31.8x 22.2x NM 11.6%
Veoneer $19.93 94.1% $2,224 $1,632 NM NM NM NM NM 23.5%
Stoneridge $26.86 83.9% $731 $817 24.0x 11.2x NM 31.6x 2.9x 20.4%
Advent Technologies $13.00 100.0% $615 $634 NM NM NM NM NM 22.2%
Mean 88.1% 11.6x 7.6x 28.4x 16.7x 2.5x 31.0%
Median 94.3% 9.3x 5.6x 26.7x 13.6x 1.5x 26.3%
Comparable Companies Trading Analysis
Advanced Transportation (1/3)
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates -Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative
2020E EBITDA.
5. (Debt + Preferred Stock)/EV.
6. Dongfeng: excluding investments in unconsolidated subsidiaries.
7. Companies that were acquired by SPACs in July, August, September, October and November
2020. For transactions which have not yet closed, the share price reflects that of the acquiring
SPAC.
6
7
7
7
7
7
7
7
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
7
7
16
Comparable Companies Trading Analysis
Advanced Transportation (2/3)
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Mobility-as-a-Service
Uber $49.66 96.9% $87,155 $89,623 NM NM NM NM NM 11.1%
Lyft $38.17 70.8% $12,006 $10,575 NM NM NM NM NM 9.7%
Mean 83.8% NM NM NM NM NM 10.4%
Median 83.8% NM NM NM NM NM 10.4%
Autonomous Driving Chip Makers
Nvidia $536.06 92.0% $337,718 $335,260 NM NM NM 47.0x NM 2.3%
Intel $48.35 70.6% $203,602 $218,714 6.3x 6.9x 9.9x 10.5x 0.5x 16.7%
Qualcomm $147.17 98.7% $168,951 $173,937 20.6x 15.7x 28.6x 20.4x 0.6x 9.4%
Texas Instrument $161.25 100.0% $149,801 $151,053 23.3x 21.3x 29.4x 28.1x 0.2x 4.5%
Advanced Micro Devices $92.66 100.0% $112,582 $111,325 NM NM NM NM NM 0.5%
Analog $139.08 100.0% $51,783 $56,200 23.0x 20.1x 37.8x 24.1x 1.8x 9.7%
Infineon €29.52 99.7% $45,976 $52,215 21.3x 14.6x NM 28.5x 2.6x 19.5%
NXP $158.42 99.7% $44,273 $50,483 18.7x 14.8x 26.4x 19.7x 2.2x 19.0%
STMicro €32.82 98.8% $36,177 $35,583 16.7x 13.1x 36.4x 24.5x NM 8.1%
Renesas ¥928.00 97.4% $15,628 $20,707 10.2x 9.7x 30.7x 23.9x 2.5x 32.5%
ON Semi $28.75 100.0% $12,026 $14,783 14.7x 11.5x 37.8x 21.5x 2.7x 29.7%
Mean 96.1% 17.2x 14.2x 29.6x 24.8x 1.6x 13.8%
Median 99.7% 18.7x 14.6x 30.0x 24.0x 2.0x 9.7%
Intelligent Transport / ITS / Smart Tolling
Atlantia €15.28 66.3% $14,952 $73,222 14.2x 9.6x NM 16.0x 9.8x 83.8%
Roper Technologies $427.00 94.2% $45,219 $54,621 27.6x 23.6x 33.8x 29.1x 4.8x 17.8%
FLIR Systems $38.24 65.0% $5,036 $5,547 12.1x 12.1x 16.5x 16.1x 1.1x 15.0%
Autostrada €20.90 73.6% $3,309 $4,318 5.8x 4.2x 17.4x 11.0x 2.0x 72.4%
LS Corporation W63,200 97.7% $1,586 $4,222 6.7x 6.2x 14.7x 9.8x 4.2x 95.5%
Cubic Corporation $58.56 83.8% $1,835 $2,601 14.9x 14.2x NM 17.2x 4.3x 34.7%
Conduent $4.22 62.1% $883 $2,471 5.2x 5.5x 6.9x 8.3x 3.0x 84.3%
Vaisala €37.20 91.5% $1,611 $1,644 20.2x 19.6x 38.9x 34.8x 0.4x 4.9%
Kapsch TrafficCom €12.50 41.1% $194 $399 NM 15.9x NM NM NM 89.8%
INIT Innovation in Traffic Systems €31.10 82.7% $371 $396 12.0x 10.4x 24.9x 21.3x 0.8x 17.4%
Iteris $4.88 83.7% $205 $180 29.7x 17.3x 26.9x 27.5x NM 7.2%
Q-Free NOK4.86 70.9% $49 $75 8.2x 6.4x NM 34.7x 2.9x 47.1%
Image Sensing Systems $4.53 76.6% $24 $18 6.7x 6.6x NM NM NM 6.3%
Mean 76.1% 13.6x 11.7x 22.5x 20.5x 3.3x 44.3%
Median 76.6% 12.0x 10.4x 21.1x 17.2x 2.9x 34.7%
Telematics
Descartes Systems $59.29 95.0% $5,084 $5,016 NM 32.8x NM NM NM 0.3%
Inseego $9.93 67.4% $973 $1,104 NM 27.0x NM NM 7.7x 15.7%
TomTom €6.85 64.0% $1,400 $1,026 NM NM NM NM NM 4.7%
ORBCOMM $5.72 88.7% $446 $637 11.8x 9.9x NM NM 3.5x 41.7%
CalAmp $9.12 76.9% $312 $441 18.2x 10.9x NM 23.8x 5.3x 53.5%
Ituran $18.39 70.0% $383 $397 8.6x 5.3x 12.7x 11.2x 0.3x 18.9%
Quartix £3.86 87.5% $248 $236 22.4x 29.4x 29.5x 38.2x NM 0.5%
MiX Telematics R5.79 67.2% $209 $178 5.8x 6.3x 28.5x 27.3x NM 1.8%
Quarterhill C$2.66 94.3% $238 $138 4.3x 8.2x 21.3x 19.0x NM 4.0%
TeleNav $4.75 75.2% $227 $134 10.0x 6.4x 37.9x NM NM 5.6%
Mean 78.6% 11.6x 15.1x 26.0x 23.9x 4.2x 14.7%
Median 76.0% 10.0x 9.9x 28.5x 23.8x 4.4x 5.1%
Logistics
UPS $171.07 96.9% $149,173 $168,697 15.7x 14.0x 22.3x 20.1x 1.8x 17.0%
FedEx $286.58 98.3% $75,371 $106,446 13.3x 11.1x 25.5x 17.4x 3.9x 35.7%
Deutsche Post €40.50 96.5% $61,606 $78,705 7.8x 7.2x 17.6x 14.9x 1.7x 29.3%
AP Moeller Maersk DKK12735.00 100.0% $39,788 $49,733 5.9x 5.9x 14.4x 14.1x 1.3x 34.0%
Hapag Lloyd €65.20 34.9% $13,711 $19,491 6.6x 6.7x 15.4x 16.6x 2.1x 36.6%
XPO Logistics $106.68 100.0% $10,881 $17,932 13.3x 10.4x NM 28.6x 5.1x 49.9%
J.B. Hunt $135.28 94.7% $14,448 $15,432 12.6x 10.7x 29.1x 22.6x 0.8x 8.4%
C.H. Robinson $93.97 88.5% $12,886 $14,132 18.9x 15.9x 26.1x 22.4x 1.7x 10.6%
Knight-Swift Trucking $41.29 88.2% $7,062 $7,545 6.9x 6.1x 15.3x 12.5x 0.5x 10.7%
Schneider Trucking $20.90 75.3% $3,714 $3,207 5.5x 4.7x 17.4x 13.9x NM 9.6%
Werner $39.99 85.0% $2,777 $2,923 6.0x 5.3x 16.0x 13.3x 0.3x 6.4%
Mean 87.1% 10.2x 8.9x 19.9x 17.9x 1.9x 22.6%
Median 94.7% 7.8x 7.2x 17.5x 16.6x 1.7x 17.0%
17
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Communications / Infrastructure
AT&T $28.75 73.0% $206,224 $397,997 7.2x 7.1x 9.1x 8.9x 3.2x 46.3%
Verizon $60.41 97.3% $250,218 $378,295 8.1x 7.8x 12.4x 12.1x 2.7x 36.3%
T-Mobile $132.94 100.0% $166,148 $262,164 10.8x 9.8x NM NM 3.9x 39.1%
Cisco Systems $43.02 86.2% $182,577 $166,758 10.0x 9.4x 15.1x 13.3x NM 9.4%
Hitachi ¥3,966 84.8% $36,782 $55,462 6.3x 5.8x 13.0x 9.8x 1.9x 43.4%
ChargePoint $33.61 90.5% $11,623 $10,975 NM NM NM NM NM NM
Toshiba ¥2,922 73.4% $12,710 $10,159 5.2x 4.3x 43.0x 9.8x 0.2x 54.2%
Nuvve $14.89 66.9% $1,773 $1,703 NM NM NM NM NM NM
Blink Charging $25.25 75.1% $792 $779 NM NM NM NM NM 0.2%
Mean 83.0% 7.9x 7.4x 18.5x 10.8x 2.4x 32.7%
Median 84.8% 7.7x 7.4x 13.0x 9.8x 2.7x 39.1%
Recent SPACs
QuantumScape $47.00 100.0% $21,037 $19,882 NM NM NM NM NM NM
Arrival $22.00 81.0% $13,393 $12,724 NM NM NM NM NM NM
ChargePoint $33.61 90.5% $11,623 $10,975 NM NM NM NM NM NM
Nikola Motors $20.41 25.6% $7,839 $8,544 NM NM NM NM NM 8.3%
Luminar Technologies $18.40 100.0% $6,267 $5,779 NM NM NM NM NM 0.6%
Fisker $19.38 89.7% $5,915 $4,875 NM NM NM NM NM NM
Lordstown $24.60 78.3% $4,223 $3,548 NM NM NM NM NM NM
Hyliion $20.08 36.0% $3,399 $2,880 NM NM NM NM NM NM
Canoo $13.00 100.0% $3,219 $2,612 NM NM NM NM NM NM
Velodyne $15.92 52.3% $2,746 $2,556 NM NM NM NM NM 0.4%
Romeo Systems $17.75 100.0% $2,445 $2,104 NM NM NM NM NM NM
Aeva $11.05 100.0% $2,354 $2,026 NM NM NM NM NM NM
Nuvve $14.89 66.9% $1,773 $1,703 NM NM NM NM NM NM
XL Fleet $14.04 96.2% $2,049 $1,699 NM NM NM NM NM NM
CarLotz $10.20 97.3% $1,171 $850 NM NM NM NM NM NM
Advent Technologies $13.00 100.0% $615 $634 NM NM NM NM NM 22.2%
Eos $11.30 93.0% $619 $417 NM NM NM NM NM NM
Shift Technologies $9.39 67.2% $697 $389 8.3x NM NM NM NM 8.0%
MetroMile $12.80 94.0% $601 $276 NM NM NM NM NM NM
Mean 82.5% NM NM NM NM NM 7.9%
Median 93.0% NM NM NM NM NM 8.0%
Comparable Companies Trading Analysis
Advanced Transportation (3/3)
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars.
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest -Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for
companies with negative 2020E EBITDA.
5. (Debt + Preferred Stock)/EV.
6. Companies that were acquired by SPACs in July, August, September, October and
November 2020. For transactions which have not yet closed, the share price reflects
that of the acquiring SPAC.
6
6
6
18
Comparable Companies Trading Analysis
Renewables
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Renewables
Integrated PV and PV Manufacturing
Hanwha W25,800 80.1% $1,622 $25,935 9.7x 9.2x 4.5x 4.2x 5.0x 69.6%
Enphase $136.57 97.2% $18,472 $18,187 NM NM NM NM NM 2.1%
SolarEdge $277.98 89.7% $14,773 $14,207 NM NM NM NM NM 4.3%
Sungrow Y48.06 93.8% $10,640 $10,910 32.4x 21.2x 37.0x 26.7x 0.8x 10.4%
TBEA Solar Y8.53 89.3% $4,813 $9,683 10.6x 9.4x 13.4x 11.6x 4.3x 72.2%
First Solar $93.43 98.7% $9,974 $8,799 14.7x 12.5x 24.3x 25.4x NM 5.2%
JinkoSolar $69.04 78.9% $3,067 $5,181 11.8x 10.8x 23.0x 18.9x 3.5x 68.5%
Canadian Solar $42.76 96.8% $2,555 $4,107 11.8x 10.7x 23.9x 25.8x 3.8x 69.7%
GCL Y3.98 62.2% $3,062 $3,393 NM 24.3x NM NM 8.4x 20.7%
SMA €48.26 97.0% $2,003 $1,786 23.4x 17.6x NM NM NM 2.4%
Mersen €24.40 69.4% $617 $987 7.3x 6.7x 22.1x 11.3x 2.6x 46.4%
Daqo New Energy $43.02 88.9% $659 $909 3.9x 2.4x 22.0x 12.6x 1.0x 36.7%
ReneSola $7.93 100.0% $381 $520 NM 32.9x NM NM 6.9x 20.9%
Maxeon $24.42 39.4% $605 $453 NM NM NM NM NM 40.3%
Foxconn Technology NT$52.60 76.0% $2,616 $414 1.4x 1.3x 10.0x 9.2x NM 184.3%
Manz €33.80 97.4% $313 $340 13.8x 7.3x NM 21.4x 2.5x 33.0%
Mean 84.7% 12.8x 12.8x 20.0x 16.7x 3.9x 42.9%
Median 89.5% 11.8x 10.7x 22.1x 15.7x 3.6x 34.8%
Solar Development
Sunrun $64.08 80.1% $8,622 $11,948 NM NM NM NM NM 24.1%
BayWa €30.75 100.0% $1,297 $7,014 14.0x 13.9x 28.7x 23.6x 11.1x 82.1%
Sunnova $40.51 90.0% $3,556 $5,620 NM NM NM NM 28.9x 34.1%
SunPower $22.16 94.9% $4,399 $4,662 NM NM NM 47.7x 19.4x 20.2%
Mean 91.3% 14.0x 13.9x 28.7x 35.7x 19.8x 40.1%
Median 92.5% 14.0x 13.9x 28.7x 35.7x 19.4x 29.1%
Wind Development
Energiekontor €44.90 99.1% $770 $1,024 13.2x 11.3x 33.8x 26.3x 3.3x 32.7%
PNE Wind €7.67 97.1% $700 $940 33.4x 21.3x NM NM 8.9x 38.2%
ABO Wind €37.80 100.0% $383 $451 12.0x 9.4x 25.4x 17.6x 1.8x 23.1%
Arise KR40.30 76.3% $161 $224 19.7x 7.1x NM 9.0x 5.5x 39.9%
Mean 93.1% 19.6x 12.3x 29.6x 17.6x 4.9x 33.5%
Median 98.1% 16.4x 10.3x 29.6x 17.6x 4.4x 35.4%
IPPs
Enel €8.37 97.7% $101,765 $184,823 8.6x 8.3x 16.7x 15.5x 3.2x 40.6%
Iberdrola €11.45 99.8% $83,181 $138,506 11.3x 10.4x 20.2x 19.1x 3.8x 36.3%
ENGIE €12.37 74.3% $35,707 $68,514 6.4x 5.6x 17.7x 11.9x 3.4x 77.9%
AES $20.44 95.6% $13,593 $34,825 9.8x 9.1x 14.8x 13.1x 5.4x 63.8%
EDP Renovaveis €17.76 99.7% $18,532 $23,448 11.7x 12.0x 29.8x 34.2x 1.9x 18.4%
Northland Power C$44.51 96.1% $6,925 $12,916 14.1x 13.5x 21.9x 23.6x 5.9x 48.0%
NRG $32.75 80.6% $8,024 $12,528 6.2x 6.4x 8.6x 7.2x 2.4x 49.2%
Neoen €50.70 100.0% $5,739 $8,169 24.5x 19.6x NM NM 7.3x 38.4%
Innergex C$25.70 97.1% $3,042 $6,337 14.8x 12.9x NM NM 8.2x 59.3%
ERG €20.20 87.0% $3,597 $5,430 9.3x 8.6x 29.0x 25.3x 3.1x 49.1%
Scatec Solar NOK278.20 100.0% $4,325 $5,423 21.6x 15.6x NM NM 4.4x 28.6%
Boralex C$41.04 95.6% $3,124 $5,200 13.1x 12.1x NM NM 5.6x 46.4%
Falck Renewables €5.44 88.0% $1,887 $2,829 12.2x 11.1x 46.8x 36.3x 3.7x 37.3%
Voltalia €19.58 84.0% $1,645 $2,245 18.3x 11.6x NM NM 4.5x 33.4%
Solarpack €21.20 100.0% $843 $1,237 14.2x 14.2x 39.3x 37.2x 4.3x 38.1%
Atlantic Power C$2.70 80.6% $186 $806 4.4x 4.2x 7.4x 9.1x 2.9x 92.4%
Alerion Clean Power €8.08 94.4% $487 $635 8.2x 6.6x NM NM 2.1x 54.0%
Etrion C$0.33 77.6% $88 $123 8.2x 8.2x NM NM 2.3x 32.8%
Mean 91.6% 12.0x 10.6x 22.9x 21.1x 4.1x 46.9%
Median 95.6% 11.5x 10.7x 20.2x 19.1x 3.7x 43.5%
19
Comparable Companies Trading Analysis
Yield Vehicles
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.4. (Debt + Preferred Stock)/EV.
Market Enterprise Dividend CAFD Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
Yield Yield 2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2019A 2020E EBITDA 3
EV 4
Yield Vehicles
North American Yield Vehicles
Brookfield Renewable Partners C$82.54 100.0% $19,831 $49,278 31.2x 26.1x 3.8% 3.2% 10.6x 38.5%
NextEra Energy Partners $63.47 93.2% $11,072 $17,797 13.8x 12.8x 3.7% 5.4% 2.9x 22.6%
Clearway Energy $29.27 95.2% $5,874 $11,676 10.5x 10.4x 4.3% 5.3% 5.8x 59.8%
Atlantica Sustainable Infrastructure $34.39 97.7% $3,494 $8,888 10.9x 9.8x 4.9% 6.4% 6.5x 70.8%
Hannon Armstrong $54.66 98.9% $4,161 $4,714 NM NM 2.5% NA 16.0x 46.1%
TransAlta Renewables C$17.94 98.8% $3,682 $3,109 8.8x 8.6x 5.2% 6.6% 1.7x 20.3%
Mean 97.3% 15.0x 13.5x 4.1% 5.4% 7.3x 43.0%
Median 98.3% 10.9x 10.4x 4.0% 5.4% 6.1x 42.3%
European Yield Vehicles
Encavis €17.94 97.1% $2,972 $5,031 19.0x 16.2x 2.0% NA 7.8x 46.5%
Greencoat UK Wind £1.30 85.3% $2,643 $3,442 29.8x 22.8x 5.4% NA 6.9x 24.3%
Renewables Infrastructure Group £1.26 90.5% $2,401 $2,369 8.2x 6.1x 5.3% NA NM NM
NextEnergy Solar Fund £1.07 84.4% $1,091 $1,340 NM NM 6.6% NA NM 19.7%
John Laing Environmental £1.15 92.4% $839 $837 NM NM 5.9% NA NM NM
Bluefield Solar Income £1.30 89.3% $643 $642 17.0x 17.0x 6.3% NA NM NM
Octopus Renewables £1.08 93.1% $505 $505 NM NM 1.1% NA NM NM
Mean 90.3% 18.5x 15.5x 4.7% NA 7.4x 30.2%
Median 90.5% 18.0x 16.6x 5.4% NA 7.4x 24.3%
MLPs
Enviva $44.64 98.2% $1,775 $2,533 14.8x 11.1x NA NA 5.6x 37.9%
Mean 98.2% 14.8x 11.1x NA NA 5.6x 37.9%
Median 98.2% 14.8x 11.1x NA NA 5.6x 37.9%
20
Comparable Companies Trading Analysis
Environmental Services and Technologies
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Environmental Services and Technologies
Solid Waste
Waste Management $119.13 94.4% $50,583 $59,837 13.8x 12.2x 29.8x 26.2x 2.2x 17.4%
Republic Services $96.72 94.3% $30,925 $39,554 13.3x 12.6x 28.5x 26.1x 2.9x 22.8%
Waste Connections C$135.01 94.5% $27,453 $31,476 19.2x 17.4x 40.2x 35.1x 2.5x 15.5%
SUEZ €16.14 99.3% $12,107 $27,871 8.6x 7.6x NM 26.0x 4.6x 75.7%
Veolia €19.26 66.6% $12,776 $27,002 6.3x 5.5x 25.2x 15.0x 3.5x 87.5%
GFL Environmental $27.13 100.0% $8,856 $13,120 16.0x 11.8x NM NM 5.2x 43.2%
Casella $60.18 98.3% $2,926 $3,520 20.7x 18.9x NM NM 3.5x 17.5%
Biffa £2.25 73.3% $860 $1,309 7.1x 6.4x 30.5x 19.8x 2.5x 46.2%
Séché Environnement €37.80 80.8% $353 $891 5.8x 5.2x 24.8x 14.4x 3.5x 88.6%
Mean 89.1% 12.3x 10.9x 29.8x 23.2x 3.4x 46.1%
Median 94.4% 13.3x 11.8x 29.2x 26.0x 3.5x 43.2%
Specialty Waste
Darling Ingredients $48.28 98.3% $8,063 $8,936 11.0x 10.5x 26.0x 24.3x 1.9x 18.1%
Stericycle $70.44 94.6% $6,445 $8,789 17.8x 17.1x 30.5x 27.8x 4.7x 27.3%
Clean Harbors $72.37 81.9% $4,034 $5,207 9.6x 9.6x 34.4x 35.3x 2.2x 32.8%
Covanta Holding $12.40 78.3% $1,662 $4,211 10.0x 9.6x NM NM 6.1x 62.0%
Harsco $16.95 72.1% $1,339 $2,659 11.3x 9.2x 36.1x 22.2x 5.4x 50.9%
US Ecology $33.89 58.5% $1,062 $1,861 10.9x 9.7x NM 34.9x 4.7x 48.4%
Renewi £0.34 74.7% $357 $1,156 5.4x 5.0x NM 9.9x 3.7x 84.0%
Heritage-Crystal Clean $19.27 59.4% $452 $512 13.7x 9.6x 42.8x 28.3x 1.6x 22.0%
Mean 77.2% 11.2x 10.0x 33.9x 26.1x 3.8x 43.2%
Median 76.5% 10.9x 9.6x 34.4x 27.8x 4.2x 40.6%
Environmental Assessment
Donaldson Company $53.24 91.5% $6,799 $7,258 16.8x 15.7x 26.5x 24.7x 1.1x 9.7%
Montrose Environmental $27.39 78.9% $8,941 $9,232 NM NM NM NM 2.7x 3.6%
CECO Environmental $7.40 83.1% $262 $305 10.3x 9.7x 14.8x 14.5x 1.4x 29.1%
Advanced Emissions Solutions $5.65 45.2% $102 $98 NM NM NM NM NM 34.1%
Mean 74.7% 13.6x 12.7x 20.7x 19.6x 1.7x 19.1%
Median 81.0% 13.6x 12.7x 20.7x 19.6x 1.4x 19.4%
21
Comparable Companies Trading Analysis
Water
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
Water
Efficiency / Process
Pentair $51.82 95.7% $8,659 $9,464 17.0x 15.5x 21.2x 19.4x 1.5x 9.4%
Rexnord $37.51 95.6% $4,595 $5,538 12.8x 12.2x 22.2x 20.1x 2.2x 22.9%
Flowserve $34.08 67.2% $4,461 $5,448 11.7x 12.1x 19.4x 20.9x 2.0x 34.5%
Evoqua $26.09 92.0% $3,149 $3,922 14.4x 15.7x 30.1x 38.4x 2.8x 24.6%
Kemira €12.05 83.3% $2,210 $3,158 6.3x 6.5x 13.1x 14.1x 1.9x 36.8%
Badger Meter $82.44 100.0% $2,409 $2,322 25.8x 23.8x 48.9x 45.2x NM 0.3%
Thermon Group $14.14 51.7% $473 $608 12.4x 11.2x 32.2x 20.6x 2.8x 31.1%
Wabag ₹199.05 87.6% $147 NA NM NM 15.9x 10.5x NM NA
Mean 84.2% 14.3x 13.9x 25.4x 23.6x 2.2x 22.8%
Median 89.8% 12.8x 12.2x 21.7x 20.4x 2.1x 24.6%
Infrastructure, Monitoring and Compliance
Ecolab $222.15 96.5% $64,068 $70,418 28.8x 24.4x NM 42.1x 2.6x 10.4%
Xylem $95.97 98.4% $17,367 $18,927 24.9x 20.6x 49.6x 36.6x 2.0x 16.7%
Watts Water $117.15 97.9% $3,971 $4,031 17.2x 16.9x 31.5x 30.9x 0.3x 6.1%
Mueller Water Products $11.87 93.9% $1,884 $2,150 11.2x 10.4x 24.8x 20.6x 1.4x 22.1%
Aegion $17.15 72.6% $528 $753 8.5x 7.5x 18.7x 13.7x 2.5x 39.1%
Select Energy Services $4.23 44.2% $364 $179 15.7x 5.8x NM NM NM NM
Mean 83.9% 17.7x 14.3x 31.2x 28.8x 1.7x 18.9%
Median 95.2% 16.4x 13.6x 28.2x 30.9x 2.0x 16.7%
Heating and Cooling
Lennox $287.83 93.9% $11,110 $12,263 21.9x 19.5x 30.3x 26.9x 2.1x 9.9%
A.O. Smith $56.31 97.2% $9,149 $8,800 17.4x 15.4x 28.4x 23.8x NM 1.8%
AAON $65.13 96.9% $3,462 $3,389 27.3x 28.2x 45.7x NM NM 0.2%
SPX $51.23 96.2% $2,351 $2,744 12.8x 12.0x 18.2x 16.5x 1.8x 16.9%
Comfort Systems USA $50.39 86.9% $1,852 $2,102 8.4x 9.8x 13.5x 16.6x 1.0x 15.2%
Mean 94.2% 17.6x 17.0x 27.2x 20.9x 1.6x 8.8%
Median 96.2% 17.4x 15.4x 28.4x 20.2x 1.8x 9.9%
Distribution
American Water Works Company $153.38 92.6% $27,915 $38,076 19.8x 18.4x 39.3x 36.1x 5.3x 28.3%
SUEZ €16.14 99.3% $12,107 $27,871 8.6x 7.6x NM 26.0x 4.6x 75.7%
Veolia €19.26 66.6% $12,776 $27,002 6.3x 5.5x 25.2x 15.0x 3.5x 87.5%
Essential Utilities $45.28 83.7% $11,554 $17,007 19.9x 17.7x 28.8x 27.1x 6.4x 32.1%
Severn Trent £23.89 88.6% $7,629 $16,198 13.8x 13.3x 24.7x 19.9x 7.3x 53.1%
SJW $65.60 87.8% $1,883 $3,368 16.0x 14.3x 32.3x 27.4x 7.0x 44.7%
American States Water $73.82 78.7% $2,731 $3,268 19.5x 18.6x 32.8x 31.1x 3.2x 16.7%
Middlesex Water Company $68.49 93.2% $1,204 $1,485 26.9x 26.0x 32.3x 30.9x 5.0x 19.3%
York Water Company $45.04 88.9% $587 $693 21.0x 20.3x 35.3x 35.3x 3.2x 16.9%
Artesian Resources $36.97 92.2% $347 $515 13.8x 13.3x 20.8x 20.0x 4.5x 32.7%
Global Water Resources $12.88 92.1% $291 $388 21.3x 21.1x NM NM 5.3x 29.6%
Consolidated Water $10.96 58.8% $166 $139 8.4x 8.7x 30.0x 19.7x NM 1.3%
Mean 85.2% 16.3x 15.4x 30.2x 26.2x 5.0x 36.5%
Median 88.8% 17.7x 16.0x 31.2x 27.1x 5.0x 30.9%
22
Comparable Companies Trading Analysis
AgTech, Industrial Biotechnology and
Building Materials
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.5. (Debt + Preferred Stock)/EV.
Market Enterprise Net Debt/
Price as of % of 52 Wk Value Value 1
EV/EBITDA 2
P/E 3
2020E Debt/
Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4
EV 5
AgTech
Large Crop / Life Science
Bayer €48.27 61.7% $56,725 $102,189 7.4x 7.5x 7.6x 7.7x 3.3x 50.9%
BASF €61.33 89.1% $67,382 $70,642 8.5x 7.2x 23.1x 17.4x 2.3x 36.5%
DuPont $63.44 95.8% $46,590 $66,984 13.6x 13.0x 19.9x 18.3x 4.2x 37.1%
Archer-Daniels-Midland $49.77 96.0% $27,971 $31,602 9.3x 8.5x 14.4x 13.8x 2.4x 29.3%
Bunge $58.89 94.0% $8,748 $16,135 8.5x 9.4x 8.9x 10.8x 3.5x 49.9%
Mosaic $21.96 94.7% $8,325 $11,860 8.0x 6.7x NM 18.9x 2.7x 42.0%
Mean 88.5% 9.2x 8.7x 14.8x 14.5x 3.1x 40.9%
Median 94.4% 8.5x 8.0x 14.4x 15.6x 3.0x 39.5%
Irrigation / Equipment
Jain ₹19.25 94.1% $134 NA NM NM NM NM NM NA
Deere $261.62 99.9% $82,960 $121,065 17.0x 19.9x 27.9x 19.9x 5.4x 38.0%
Kubota ¥2,071 93.4% $24,048 $31,608 14.3x 11.8x 20.1x 16.6x 3.2x 28.9%
CNH Industrial $10.88 96.4% $14,845 $31,389 24.2x 13.5x NM 18.1x 13.5x 78.6%
Mahindra & Mahindra ₹720.05 98.7% $11,170 $16,567 15.8x 17.7x 25.2x 28.0x 5.5x 57.4%
Toro Company $90.71 98.6% $9,846 $10,400 19.9x 17.1x 30.7x 25.7x 1.1x 9.4%
AGCO $92.51 95.8% $6,975 $7,795 9.0x 8.3x 18.0x 15.5x 1.4x 21.8%
Valmont $162.98 97.8% $3,490 $3,948 11.9x 10.6x 20.9x 18.6x 1.3x 22.1%
Lindsay $115.82 97.3% $1,260 $1,266 17.9x 18.1x 34.0x 34.6x 0.1x 11.6%
Raven Industries $25.22 70.5% $912 $882 20.1x 15.1x 36.8x 29.9x NM 1.2%
Mean 94.2% 16.7x 14.7x 26.7x 23.0x 3.9x 29.9%
Median 96.8% 17.0x 15.1x 26.5x 19.9x 2.3x 22.1%
Industrial Biotechnology
Neste €56.18 97.0% $51,601 $51,934 23.2x 20.6x 36.5x 32.3x 0.2x 2.9%
Cosan R$77.54 85.8% $5,545 $5,942 5.7x 4.9x 29.6x 14.5x 1.7x 51.7%
Renewable Energy Group $58.08 91.3% $2,534 $2,345 11.9x 8.2x 18.8x 11.0x NM 4.1%
Green Plains $14.78 86.2% $512 $960 22.3x 6.8x NM NM 9.4x 61.1%
Amyris $2.92 54.6% $664 $826 NM NM NM NM NM 24.3%
MGP Ingredients $43.61 82.6% $738 $776 11.6x 10.6x 18.6x 16.9x 0.6x 7.4%
Pacific Ethanol $6.13 56.6% $378 $525 6.5x 3.7x 16.6x 4.9x 1.8x 35.3%
REX American Resources $78.50 84.0% $491 $339 NM 7.1x NM 12.8x NM 4.4%
FutureFuel $11.99 83.8% $525 $281 5.1x 7.2x NM NM NM 0.2%
Mean 80.2% 12.3x 8.6x 24.0x 15.4x 2.7x 21.3%
Median 84.0% 11.6x 7.1x 18.8x 13.6x 1.7x 7.4%
Building Materials
Multi-Industry
CRH $39.25 92.4% $31,015 $38,879 8.7x 8.3x 17.6x 15.7x 1.8x 46.4%
Saint-Gobain €39.82 98.1% $25,638 $37,126 7.2x 6.3x 17.7x 12.1x 2.3x 54.2%
Masco $53.67 89.7% $14,008 $15,806 11.0x 10.9x 17.5x 16.6x 1.1x 18.6%
Owens Corning $72.87 96.3% $7,979 $10,597 8.4x 7.5x 16.2x 13.1x 2.0x 30.5%
Beacon Roofing Supply $36.39 95.5% $2,533 $5,506 11.9x 10.5x NM 12.5x 5.6x 65.3%
Armstrong World Industries $77.06 69.3% $3,699 $4,237 13.0x 12.2x 21.3x 19.4x 1.8x 17.0%
Simpson Manufacturing $91.90 88.9% $4,014 $3,818 13.0x 12.9x 21.6x 21.4x NM 3.1%
Griffon $20.85 84.9% $1,012 $2,009 8.4x 8.0x 16.4x 13.1x 4.1x 60.5%
Gibraltar $65.46 89.5% $2,158 $2,002 13.1x 11.0x 21.7x 18.8x NM 1.2%
Mean 89.4% 10.5x 9.7x 18.8x 15.9x 2.7x 33.0%
Median 89.7% 11.0x 10.5x 17.6x 15.7x 2.0x 30.5%
Sustainable Products / Materials
Kingspan €73.15 88.7% $15,969 $16,761 22.6x 21.7x 35.5x 32.8x 1.0x 7.5%
Trex $74.82 93.6% $8,689 $8,707 34.2x 28.5x 48.6x 41.8x 0.1x 0.4%
Cabot Corporation $41.41 85.7% $2,340 $3,492 8.9x 6.8x NM 12.0x 2.7x 34.9%
Quanex $20.60 94.0% $674 $836 8.4x 7.9x 19.9x 16.7x 1.6x 24.3%
Aspen Aerogels $14.12 94.6% $377 $375 NM NM NM NM NM 2.3%
DIRTT Environmental Solutions C$2.16 48.3% $141 $126 NM NM NM NM NM 28.3%
Mean 84.2% 18.5x 16.2x 34.7x 25.8x 1.4x 16.3%
Median 91.2% 15.8x 14.8x 35.5x 24.8x 1.3x 15.9%
23
San FranciscoNew York
Zürich
Highly Experienced Senior Leadership Supported by a Global Team of Professionals
Laurent
Dallet
Managing
Director
Zürich
laurent.dallet@nomura
greentech.com
15+ years of
experience
>30 completed
transactions
Renewable energy
assets
Distributed energy
production
Energy efficiency and
services
Jeff
McDermott
Managing
Director,
Group Head
New York
jeff.mcdermott@nomura
greentech.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
Managing
Director
New York
derek.bentley@nomura
greentech.com
20+ years of
experience
>35 completed
transactions
Renewable energy
assets
Energy storage
Distributed
generation
Water
PJ
Deschenes
Managing
Director
New York
pj.deschenes@nomura
greentech.com
15+ years of
experience
>30 completed
transactions
Renewable energy
assets
Power infrastructure
services
Renewable energy
value chain
Environmental
services
Michael
Horwitz
Managing
Director
San Francisco
michael.horwitz@nomura
greentech.com
20+ years of
experience
>40 completed
transactions
Energy efficiency
Energy software and
services
Energy storage
Renewable energy
Smart grid
Blockchain
Olav
Junttila
Managing
Director
Chicago
olav.junttila@nomura
greentech.com
20+ years of
experience
>30 completed
transactions
Energy software
and services
Energy efficiency
Renewable energy
Utilities
John
McClure
Managing
Director
San Francisco
john.mcclure@nomura
greentech.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
>25 assignments
Asset
Transactions
Acquisitions
Divestitures
Passive equity
Development capital
formation
$33bn $4bnDevelopment
70GWOperating
27GW
Note: As of November 30th, 2020.
Diego
Pignatelli
Managing
Director
Zürich
diego.pignatelli@nomura
greentech.com
30+ years of
experience
>60 completed
transactions
European coverage
Industrials and energy
companies
Utilities
Duncan
Williams
Managing
Director
San Francisco
duncan.williams@nomura
greentech.com
25+ years of experience
>40 completed
transactions
Sustainable Food &
AgTech
Advanced
transportation
Industrial IoT &
software
Environmental services
Water
Damien
Sauer
Managing
Director
Zürich
damien.sauer@nomura
greentech.com
20+ years of
experience
>50 completed
transactions
Energy efficiency
Power infrastructure
Renewable energy
value chain
Smart grid
Frank
Nicklaus
Managing
Director
New York
frank.nicklaus@nomura
greentech.com
15+ years of
experience
>25 completed
transactions
Renewable energy
assets
Power infrastructure
services
Renewable energy
value chain
Steve
MegyeryAlex
Stein
Managing
Director
Zürich
alex.stein@nomura
greentech.com
10+ years of
experience
>20 completed
transactions
Energy transition
Industry 4.0
Environmental
technology and
services
Global Experts in Sustainable
Technology and Infrastructure
Nomura Greentech Offices
Nomura Greentech Transactions
Chicago
Managing
Director
New York
steve.megyery@nomura
greentech.com
15+ years of
experience
>30 completed
transactions
Head of Private
Placements
Cleantech
Power infrastructure
24
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