THEMA has long experience providing valuation and in-depth knowledge of the relevant drivers.
We support our clients, providing analysis before, during and after transactions. We carry out valuations, due diligence and other analysis in connection with mergers and acquisitions.
We have extensive experience valuing power companies, for example covering:
- Companies considering a merger and in need of an independent assessment of the appropriate swap ratio
- Companies considering the purchase or sale of a business and in need of an independent assessment of its market value
- New investors consider the purchase of all or part of a business and in need of an independent assessment of its market value
We use evidence-based analysis to support power company valuations:
- We model future allowed revenues for networks. We have developed our own version of NVE’s DEA model for the benchmarking of distribution and regional networks. The model forecasts allowed revenues based on projections for operating costs, investment and network outputs taken from the companies themselves and our own assumptions on the sector’s development.
- We model future energy market revenues using our price forecasts for both power and the el-certificate price. THEMA has extensive experience conducting power sector valuations and has proven cash-flow models covering hydropower and wind generation, electricity supply, networks, developers, broadband, district heating and more.
We have built a database of past transaction prices that is used to check the appropriateness of valuations developed using cash-flow analysis.