Adani Ports has agreed to acquire 100% stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal at an enterprise value of €2.56 billion. The transaction values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7 times CY25 EV/EBITDA.
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Motilal Oswal Report
Adani Ports and Special Economic Zone Ltd. is well-positioned to sustain its growth momentum, says domestic brokerage firm Motilal Oswal after its Q2 results.
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Motilal Oswal has reiterated its 'Buy' rating on the stock with a target price of Rs 2,170, implying a potential upside of around 15% from current price as per the report.
Adani Ports has agreed to acquire 100% stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal at an enterprise value of €2.56 billion. The transaction values Evos at an equity value of €1.18 billion, implying an acquisition multiple of 11.7 times CY25 EV/EBITDA.
Evos' operations comprise eight port-based terminals across seven strategic ports in five countries - Netherlands, Germany, Spain, Belgium, and Malta.
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Similar to Adani Ports' recent NQXT acquisition, Evos is also backed by a similar take-or-pay arrangement with most of the customers. While NQXT was acquired at ~17x EV/EBITDA, the current acquisition at ~11.7x EV/EBITDA appears relatively attractive, offering scope for value creation as the assets scale up.
With strong cash flows, a healthy cash balance of Rs 12,500 crore, and a net debt-to EBITDA ratio of 1.8 times pre-acquisition, Motilal Oswa believes the acquisition strengthens Adani Ports' global footprint, adds a high-margin and cash-generative business, and offers significant scope for value creation through operational efficiencies and better asset utilisation.
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