Interesting article in The Australian about Origin bidding for...

Interesting article in The Australian about Origin bidding for CWP Renewables for possibly $4bn.

https://www.theaustralian.com.au/business/dataroom/origin-energy-taps-barrenjoey-in-the-hunt-for-cwp-renewables/news-story/f57b03b4cad7d453c2bcd25b59fb939a

I have been breaking down the numbers based on their current operations (400mw vs GNX 150), under construction (650 vs 250) and in development (1280 vs 470). Approximately on a weighted basis of the pipeline and allowing for different technologies, CWP is 3x the scale of GNX (roughly).

Meanwhile, enterprise valuations for CWP is around 5x of Genex when you factor in liabilities for projects under construction. Put another way, GNX is trading around a 40% discount to the multiples that CWP may trade at. Interesting to watch this space.