European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Brookfield to Launch Mandatory Offer for Neoen

Brookfield/Neoen: Share Purchase Agreement, Spread and Convertibles

Solaria: The Next Big Takeover in Spanish Renewables?

KKR / Albioma: Agreed Offer, Est. Timetable

IIF/Falck Renewables: Acquisition of Majority Stake

Event-Driven

<ul>
<li>KKR offers <strong>€17.50/share</strong> for <a href="https://www.smartkarma.com/entities/encavis-ag" target="_blank" data-smartkarma-citation="entities:21595:1" rel="noopener">Encavis AG (ECV GR)</a>, 53% premium, implied equity value of €2,818 million. This shows interest in renewables after the falls on the stock market in 2023-24.</li>
<li>The offer represents 12.7x EV/Fwd NTM EBITDA and 32.4x Fwd P/E. On  a P/E basis, the offer seems fair vs. (depressed) comparables.</li>
<li>Given the current negative perception surrounding renewable energy companies, I think the shareholders are likely to tender at an attractive price. Spread is 3.77%/5.24% (gross/anualised, assuming closing by mid-December).</li>
</ul>


KKR offers €17.50/share for Encavis AG (ECV GR), 53% premium, implied equity value of €2,818 million. This shows interest in renewables after the falls on the stock market in 2023-24.
The offer represents 12.7x EV/Fwd NTM EBITDA and 32.4x Fwd P/E. On  a P/E basis, the offer seems fair vs. (depressed) comparables.
Given the current negative perception surrounding renewable energy companies, I think the shareholders are likely to tender at an attractive price. Spread is 3.77%/5.24% (gross/anualised, assuming closing by mid-December).


Encavis AG

KKR/Encavis AG: Voluntary Offer