Alternus Energy SPAC Presentation Deck
2024 TRADING MULTIPLES
2024E EV/EBITDA
2024E EV / Revenue
6.6x
ALTERNUS
8.5x
22.0x
13.2x
9.9x
sunnova ENCAVIS NEOEN
11.8x
9.8x
9.7x
11.7x
NORTHLAND
POWER
8.4x
11.5x
10.8x
7.8x
edp renováveis BORALEX ALTUS POWER
6.9x
10.3x
NORTHLAND
POWER
6.5x
9.0x
ALTUS POWER
voltalia
6.2x
8.6x
Azure Power
Atlantica
6.2x
7.3x
Financials & Valuation 35
4.9x
North America & Europe Focused
Global
6.3x
Azure Power ReneSola
2.9x
4.9x
GreenVolt
2.5x
Atlantica voltalia ECOENER GreenVolt
Median: 10.3x
3.8x
ECOENER
ALTERNUS ENCAVIS NEOEN edp renováveis BORALEX sunn va
Source: S&P Capital IQ, Market Data as of 10/11/2022. Peer Revenue and EBITDA reflect Analyst Consensus Estimates for Fiscal Years, which may be calculated differently from how Alternus calculates EBITDA and may or may not include
annualization or other adjustments.
1) Alternus 2024E EV/EBITDA multiple based on FY'24 Pro Forma EBITDA after Annualization Adjustment of $149.3 million per Page 33
Median: 6.5x
1.1x
ReneSolaView entire presentation