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1、Energy ManagementSECTOR UPDATE I Q1 20231December 6,2022Select Energy Management M&A TransactionsCognizant acquires UtegrationCognizant NASDAQ:CTSH,the Teaneck,New Jersey-based provider of consulting and technology services,has agreed to acquire Utegration,a Houston,Texas-based full-service consulti
2、ng and solutions provider specializing in SAP technology and SAP-certified products for the energy and utilities sectors.We believe Utegrations rich industry expertise and differentiated portfolio of energy and utilities-focused products and accelerators is a perfect complement to our SAP practice,s
3、aid Rob Vatter,Executive Vice President of Cognizants Enterprise Platform Services.December 7,20221NRG Energy acquires Vivint Smart Home for$2.8BNRG Energy NYSE:NRG,a New Jersey-based company engaged in wholesale power generation,and Vivint Smart Home NYSE:VVNT,the Utah-based provider of integrated
4、smart home systems,today(December 6)announced they have entered into a definitive agreement under which NRG will acquire Vivint for USD 12 per share or USD 2.8bn in an all-cash transaction with an implied multiple of 6.3x run-rate Enterprise Value to Adjusted EBITDA.October 31,2022Ara Partners acqui
5、res CF PathwaysCF Pathways,a UK-based risk management and solutions provider in the energy and environmental markets,has secured a strategic equity investment by Ara Partners,a private equity and infrastructure firm that specializes in industrial decarbonization investments.CF Pathways provides net-
6、zero solutions and sustainable energy supply to over 5,000 large customers across Europe and the UK as they navigate the energy transition.Comprising CF Partners and Brook Green Supply,the company achieved GBP 3bn of revenue in 2021.December 6,2022Legence(Blackstone Energy)acquires LORD Green Strate
7、giesLegence,a Blackstone company,announced today its acquisition of LORD Green Strategies,a leading sustainability consultancy headquartered in Texas.LORD Green will merge with RE Tech Advisors,an existing Legence company.This deal will strengthen Legencesenvironmental,social,and governance(ESG)cons
8、ulting and advisory services to help clients fulfill their fiduciary and investment objectives while decarbonizing their operations and asset portfolios.Veritas acquires Wood Mackenzie from Verisk for$3.1BVerisk NASDAQ:VRSK,a global data analytics provider,and Veritas Capital,an investor at the inte
9、rsection of technology and government,today(October 31)announced the signing of a definitive agreement,under which an affiliate of Veritas has agreed to acquire Verisks Edinburgh-based energy business Wood Mackenzie for$3.1B.Wood Mackenzie is a globally recognized industry leader that has been provi
10、ding quality data,analytics,and insights used to power the energy,renewables,and natural resources industry for nearly 50 years.November 9,20221.Harris Williams acted as the sell-side advisor to Utegration20.0%50.0%100.0%150.0%200.0%250.0%300.0%350.0%400.0%Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22S&P 500
11、S&P/TSX Renewable Energy and Clean TechnologyEIP Climate Tech IndexPublic Valuation Indices11.S&P CapIQYTD PerformanceEIP Climate Tech:(16.2%)S&P Renewable Energy and Clean Tech:(25.3%)S&P 500:(17.9%)Surging global gas prices,rising U.S.interest rates,and supply chain woes continue to drive a correc
12、tion in renewable energy and decarbonization public equitiesMassive capital inflows to and growing societal recognition of renewable energy generation and decarbonization resulting in rapid public equity appreciation 3Public Valuation Multiples by Sector1Stock Performance(1-and 3-Year)EBITDA Multipl
13、e Comparison LTM Q4 2021 vs.LTM Q4 2022EBITDA Multiple Comparison NTM Q4 2021 vs.NTM Q4 20221.S&P CapIQInternational EnergyServicesUtilities/IPPsProfessional ServicesEnergy Management&Building TechnologyFacility Services15.7x21.8x13.0 x17.7x6.2x13.4x18.2x13.0 x14.5x6.4xProfessional ServicesEnergy Ma
14、nagement&Building TechnologyUtilities/IPPsFacility ServicesInternational EnergyServicesQ4 2021Q4 202213.7x18.6x13.1x9.1x5.7x10.7x15.1x12.2x8.6x6.5xProfessional ServicesEnergy Management&Building TechnologyUtilities/IPPsFacility ServicesInternational EnergyServicesNTM Q4 2021NTM Q4 2022(17.5%)(17.3%)
15、(29.4%)(3.6%)(16.0%)3.7%33.6%(13.0%)6.3%(10.0%)3-Year Performance1-Year Performance4What Were Reading23 Intriguing Microgrid Projects to Watch in 2023Microgrid Knowledge/Read hereAs microgrids become an increasing important topic,Microgrid Knowledges list of several key projects coming up provides b
16、oth ahelpful overview of the projects as well as a good general primer on microgrids and why they matter.Microgrid Knowledge divided the list thematically to give a sense of key trends in the space.Themes include “Rethinking the utility model,”“Microgrids for food,”“Big tech goes big on microgrids,”
17、“Military microgrids march on,”“Nesting and clustering microgrids,”“Clean fuels plus reliability,”and“Just because they are cool and do good.”Energy Efficiency on Buildings The Pressure is On3BL CSR Wire/Read hereThe value of properties is largely impacted by the energy efficiency of the buildings.W
18、ith the help of IoT,energy optimization is becoming one of the most efficient ways to reduce energy use and,as a result,increase property value and cut CO2 emissions.Europe is undergoing an energy crisis,and many utility companies are falling back to fossil-based energy production in order to meet t
19、he demand.The call to action couldnt be more vigorous,but capital,time,and resources are limited.The million-dollar question is where to invest steel and concrete or IoT and AI?How Energy Management Strategies Help Beat Inflation SqueezeQSR web/Read hereAn interesting read on the impact energy manag
20、ement can have on businesses,this report dives into the quick service restaurant(QSR)space.Businesses of all kinds have been feeling the squeeze from rising inflation,but QSR businesses that already operate on razor-thin margins are especially vulnerable to the impacts.Much to the dismay of customer
21、s,many chains have been forced to raise their prices on menu items.For owners and operators looking to cut costs and keep their customers happy,energy management is agreat place to start.How a Solar Microgrid Became a Towns Lifeline in Blackout-Prone Puerto RicoBloomberg/Read herePuerto Rico,home to
22、 3.2 million people,has some of the most expensive and least reliable electricity in the US.In 2017,Hurricane Maria decimated its already fragile power grid,leaving some regions in the dark for almost a year.Luma Energy took over grid management from the bankrupt public power company last year,but f
23、requent outages remain a fact of life.An experiment in producing resilient,renewable and cost-efficient energy,this project provides another helpful example of the role microgrids can play in a more resilient grid.Entergy Louisiana Proposes$5B Grid Resilience Plan with 10 Potential MicrogridsUtility
24、 Dive/Read hereGrid resilience is an increasingly common and important topic among energy professionals and investors.Entergy Louisiana announced on December 19 that it filed a proposal with the state to begin the first phase of a two-phase plan that would spend approximately$9.6 billion from 2024 t
25、o 2033 to build up resilience.The utility filed its plan for Phase I of the project with the Louisiana Public Service Commission,writing that this involves approximately$5 billion in projects in the first five years,from 2024 through 2028.Over 10 years,the utility plans to complete 9,600 projects to
26、 harden more than 269,000 structures over more than 11,000 line miles.5Select Recent M&A TransactionsDate ClosedAcquirerTargetBusiness Description12/7/22CognizantUtegrationU.S.-based software and analytics consulting firm for the utilities industry12/7/22Endurant EnergyGEOptimizeCanada-based consult
27、ing firm that specializes in commercial and district ground source heat pump(GSHP)systems12/6/22LegenceLORD Green StrategiesU.S.-based commercial real estate sustainability consultancy12/6/22NRG EnergyVivint Smart HomeU.S.-based provider of integrated smart home systems12/2/22KrakendepsysSwitzerland
28、-based end-to-end smart grid solutions startup11/14/22Parabellum Acquisition CorpEnOceanGermany-based leader in energy harvesting based IoT devices,devoted to commercial buildings and smart spaces11/10/22Bridges Fund ManagementEvora GlobalU.K.-based consultancy that helps clients improve their susta
29、inability and reduce the climate risk of their real estate portfolios11/9/22Ara PartnersCF PathwaysU.K.-based risk management and solutions provider in the energy and environmental markets11/8/22HomeServe FranceEnergyGoFrance-based energy renovation solutions and services(insulation,heating,ventilat
30、ion,solar energy)provider10/31/22VeritasWood MackenzieScotland-based provider of data,analytics,and insights used to power the energy,renewables,and natural resources industry10/20/22CVCGridspertiseItaly-based developer of smart grid technologies10/18/22Priority Power ManagementAB Power AdvisorsU.S.
31、-based regulatory advisory and energy consulting business6Public Market Observations11.S&P CapIQ Multiples SummaryMarketStock PriceEnterpriseEnterprise Value/RevenueEnterprise Value/EBITDACompanyCapitalizationCurrentValue20212022E20212022EEnergy Management&Building TechnologyAmeresco,Inc.2,966,377$5
32、7.14$4,496,238$3.7x2.4x29.8x21.5xCarrier Global Corporation34,495,788 41.2541,877,071 2.1x2.1x13.3x12.9xEaton Corporation plc62,419,015 156.9572,134,714 3.6x3.5x19.8x17.0 xHoneywell International Inc.144,078,654 214.30151,826,562 4.4x4.3x17.4x17.0 xItron,Inc.2,288,265 50.652,686,099 1.3x1.5x19.1x34.
33、2xJohnson Controls International plc43,949,049 64.0054,515,116 2.3x2.1x15.1x14.4xSchneider Electric S.E.77,551,575 139.7090,588,477 3.0 x2.5x15.3x12.9xTrane Technologies plc38,712,354 168.0943,912,165 3.1x2.8x18.5x16.4xWilldan Group,Inc.237,314 17.85356,973 1.0 x0.8x13.8x15.3xMedian38,712,354$64.00$
34、43,912,165$3.0 x2.4x17.4x16.4xFacility ServicesABM Industries Incorporated2,913,982$44.42$4,288,863$0.7x0.5x9.7x8.6xFirstService Corporation5,416,731 122.518,865,822 2.7x2.4x27.0 x25.5xISS A/S3,909,576 21.1640,698,093 4.1x3.8x83.0 x60.8xSodexo S.A.13,959,458 95.6316,737,472 0.9x0.8x13.7x9.9xMedian4,
35、663,153$70.02$12,801,647$1.8x1.6x20.3x17.7xInternational Energy ServicesElectricit de France S.A.47,909,592$12.82$56,374,017$0.7x0.6x3.0 xNMEnel SpA54,613,198 5.38157,499,444 2.0 x1.6x7.9x7.7xEngie SA34,659,726 14.3163,788,135 1.0 x0.9x5.5x4.4xE.ON SE21,422,051 9.9855,462,657 0.8x0.6x6.7x6.8xVeolia
36、Environnement S.A.18,328,297 25.6543,253,842 1.5x1.0 x9.8x6.6xMedian34,659,726$12.82$56,374,017$1.0 x0.9x6.7x6.7xProfessional ServicesBureau Veritas SA11,897,739$26.30$12,964,888$2.5x2.2x12.0 x10.8xCBRE Group,Inc.23,788,317 76.9628,543,278 1.0 x0.9x10.2x9.9xICF International,Inc.1,866,488 99.052,797
37、,966 1.8x1.6x17.7x14.8xJones Lang LaSalle Incorporated7,564,108 159.3711,335,590 1.0 x0.5x8.3x8.9xLeidos Holdings,Inc.14,378,375 105.1919,105,289 1.4x1.3x12.6x13.0 xMedian11,897,739$99.05$12,964,888$1.4x1.3x12.0 x10.8xUtilities/IPPSConsolidated Edison,Inc.33,821,978$95.31$60,474,202$4.6x4.2x12.6x11.
38、9xDuke Energy Corporation79,308,765 102.99157,777,279 6.2x5.8x13.8x13.4xEdison International24,294,867 63.6260,859,660 4.2x3.9x12.2x10.5xNational Grid plc43,988,192 12.0283,357,966 4.6x3.5x12.7x11.0 xNextEra Energy,Inc.166,126,881 83.60238,329,457 13.3x11.2x24.1x19.9xNRG Energy,Inc.7,330,826 31.8215
39、,375,029 0.7x0.5x6.5x7.6xMedian38,905,085$73.61$72,108,813$4.6x4.0 x12.7x11.4xTotal Median22,605,184$63.62$43,253,842$2.1x2.1x13.3x12.9x7ENERGY MANAGEMENTSector Coverage AreasESCOsUtility Program ManagementBuilding OptimizationEnergy Management SystemsLED and Smart Lighting SystemsEnergy StorageElec
40、tric SubmetersDemand Response/Smart GridBilling and Workforce ManagementDistribution AutomationMicrogrids/Asset ManagementEV Charging Drew SpitzerManaging DirectorEnergy,Power,&I(804)915-0174Luke SempleManaging DirectorEnergy,Power,&I(804)915-0158Erik SzyndlarManaging DirectorT(804)217-3418Neha Shah
41、DirectorEnergy,Power,&I(804)887-6036Contact Us2017Priyanka NaithaniManaging DirectorT(617)875-10858Energy,Power&InfrastructureTransportation&LogisticsBusiness ServicesIndustrialsAerospace,Defense&Government ServicesHealthcare&Life SciencesConsumerTechnologyHarris Williams is a global investment bank
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