Public Power Corp (PPC GA) Greece

Utilities

ResearchGreece

Announces the acquisition of Enel's assets in Romania for a total EV of €1.9bn - ResearchGreece likes the transaction because a) it was completed at a 50% discount to recent RES deals in Greece, namely Motor Oil’s €2.0m/MW or 12x EBITDA acquisition of Ellaktor wind assets; and b) it is evidence PPC is delivering on its business plan targets as laid out in 2021. ResearchGreece expects the same to follow with Greek RES targets (+5GW by 2026). TP €12.8 (60% upside).

Edition: 156

- 17 March, 2023

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