Top Power/Utilities/Renewables Coverage Groups
What are the top P&U and renewables coverage groups? Which coverage groups do their own M&A versus passing over to the product team?
It seems like a lot banks I am networking with have good deal flow, so trying to get clarity on who the top coverage groups are. Any insight about culture in respective groups would be nice as well.
I provided some of the recent deals I am following along with advisors, if anyone has any contributions it would be appreciated.
Lastly, what industry specific multiples are commonly used (rate case multiples, etc.)?
Note- this is for MBA Associate recruiting.
Thank you.
Sun Run (Credit Suisse) Acquiring Vivant Solar (MS & BofA) for an EV $3.2B – All Stock
Berkshire Acquiring Dominion Natural Gas Assets (Barclays lead transaction & MS advised company) – Cash
NRG Energy (Credit Suisse and Citi) Acquiring Direct Energy $3.6B -all cash
Pattern Energy & Canadian Pension Plan (Evercore and Goldman Advised)
Evergy (MS & GS) & Elliot Management: agreement to change board of directors to explore enhancing shareholder value
MS - strong all around across renewables and conventional, and good exposure to corporate M&A and asset level transactions.
GS - see them a lot more on the larger corporate M&A deals and less on sales of portfolios or individual assets. Lower deal flow but high quality / deal sizes.
Barclays - strong franchise but stronger in conventional energy / natural resources. Power is more on the conventional side.
CS - don’t know as much about these guys, strong energy tech team and seem to do a lot of work with SunRun (led the IPO back in the day as well).
Citi - high volume and low ticket size. Work on lots of asset deals for low fees.
BAML - great for renewables, head of the team is probably the best known banker across the sector.
JPM - not considered as relevant in the sector. Same goes for UBS and DB
Evercore and Lazard seem to be strong on the corporate M&A side, but I know less about them.
Culture (historically)
Good: MS Barclays BAML
Bad: GS Lazard JPM CS
Evercore and Citi not sure
Not trying to troll but I've heard RBC has a really good PU&I platform, is that true?
I've heard it is a good franchise (top 10).
Any similar insight for London?
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