Vitalij \u0160ostak, co-founder of PLY Analytics, shared insights with Verslo \u017einios regarding Enefit Green\u2019s proposed share buyout price and comparisons with Ignitis grup\u0117.<\/p>\n\n\n\n
The price offered by Eesti Energia values Enefit Green at a market capitalization of nearly EUR 900 million.<\/p>\n\n\n\n
\u201cLet us add to that the net debt, which has risen to as much as EUR 690 million. We end up with a company valued at EUR 1.59 billion (EV). In 2024, EBITDA amounted to EUR 115 million. That gives us an EV\/EBITDA multiple of around 14x,\u201d states Vitalij \u0160ostak. \u201cThere does not appear to be much economic logic here.\u201d<\/p>\n\n\n\n
\u201cThe wording of the announcement itself implies that the pricing is highly technical, with little visible economic or financial justification behind it. Looking at the announcement, the proposed price, and all of this in the context of recent years\u2019 price dynamics, the question arises as to how much of this decision is economics and how much is politics. In my opinion, there may be considerably more of the latter element,\u201d V. \u0160ostak reflects.<\/p>\n\n\n\n
According to V. \u0160ostak, drawing parallels between the valuations of Enefit Green and Ignitis grup\u0117 is not entirely rational, \u201cespecially considering the increased risks surrounding Ignitis grup\u0117\u2019s investment plans, which, even without a political dimension, were already fairly risky due to their scale, uncertainty of returns, and need for external financing.\u201d<\/p>\n\n\n\n