RE: Oooof11 Mar 2026 10:09
EGT just raised £7.5m at 6p, putting it on a £17m market cap, and snapped up a profitable onshore wind maintenance business out of liquidation for just £3.5m.
That £3.5m buys you a business doing £14.7m revenue with £3.95m of inventory and £2.5m net working capital — the assets alone more than cover the price tag. It’s a 2.3x EBITDA multiple on 2024 numbers.
The real kicker is repowering. The UK lifted its onshore wind planning ban last summer and this business is perfectly positioned. They’ve got heads of terms on around 50 repowering projects averaging £450k each, that’s a £19m pipeline, with 280 more qualified prospects lined up behind it. Every repowering job feeds into multi-year maintenance contracts, building recurring revenue.
The core O&M business already services over 900 turbines across the UK and Ireland pulling in £12.8m recurring revenue, with an experienced 78-strong team and regional depots from Cornwall to Scotland.
At a £17m market cap you’re getting a £14.7m revenue platform with a massive growth runway, a £19m near-term pipeline, management targeting £50m revenue with double-digit EBITDA margins, and a progressive dividend policy kicking in from year one.
This is a lot of business for not a lot of market cap.