Investor Presentaiton
Acquisition Price of HPC
Transaction Value:
NIS 3.9 Bn^
(minus)
NIS 2.9 Bn:
Paid towards
acquisition of
100% shares
of HPC from
Govt. of Israel
+
Cash with HPC (post transaction):
NIS 2.08 Bn
EV of HPC:
NIS 1.82 Bn
NIS 1.0 Bn:
Primary cash
infusion in
HPC against
fresh issue of
shares
NIS 0.93 Bn
Cash and Cash equivalents (net) as of 31st
December 2021
NIS 1.0 Bn
Primary Infusion by the bidder in HPC
NIS 0.15 Bn
Compensation from the Government
Transaction value is NIS 3.9 Bn (~USD 1.13 Bn)
HPC will have net cash and cash equivalents of NIS 2.08 Bn after the transaction
Implied EV of HPC works out to NIS 1.82 Bn (~USD 0.53 Bn)
Implied EV/EBITDA multiple of transaction is ~7.5x, much lower than APSEZ's trading multiple
adani
Ports and
Logistics
^ NIS 4.1 Bn minus NIS 0.2 Bn, which is the supplementary bonus added by the authority to the bid value considering the company's container experience, in accordance
with the tender document
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