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Investment thesis paper - envitec biogas LBO (valuation)
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This paper is an investment thesis report about a hypothetical leveraged
buyout of EnviTec Biogas AG, a biogas plant operator and constructor from
Germany. The deal is promising due to EnviTec’s unique business model in
an auspicious biogas market. The investment thesis is defined by
internationalisation, a buy-and-build strategy, including two add-ons, and
organic growth. The LBO is valued with a 9.8x EBITDA multiple leading to
an enterprise value of €436.9M, of which 250m is financed with three debt
tranches. The paper also includes an analysis of the valuation and a discussion
of the significance, advantages and disadvantages of the valuation methods
used.
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Private equity Leveraged buyouts Financial modeling Corporate valuation Return analysis Renewable energy Biomass