"Yinson’s latest strategic green investment in SPBES is a synergistic fit to its existing marine operations and accelerates its transition to a net zero carbon entity. "It is EBITDA positive (USD2m in FY21; YE Mar), a positive and is projected to grow to USD33m/ USD125m/ USD245m/ USD354m in FY22/ 23/ 24/ 25 respectively. "We estimate that Yinson is acquiring its 20% stake at SPBES at 3x FY22 EV/EBITDA. "Services revenue should increase in the long run, with wider clientele and aging ESS. "SPBES is also looking to lease infrastructure and sell power, whereby interchangeable containers can be swapped at the port.
