This transaction (from HMC Capital) is a good reminder that this business has a high margin : EBITDA margin of 67 % for Neoen's Victorian portfolio vs an EBITDA margin of 49 % for LGI in FY 24. The market is also ready to pay quite high prices for such assets : 15.8 x EBITDA paid by HMC for Neoen vs EV/EBITDA of 19.2 x now for LGI.
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