Emerald Horizon Valuation Multiples

Tesla is a vertically integrated battery electric vehicle automaker and developer of real world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include luxury and midsize sedans, crossover SUVs, a light truck, and a semi truck. Tesla also plans to begin selling a sports car and offer a robotaxi service. Global deliveries in 2025 were nearly 1.64 million vehicles. The company sells batteries for stationary storage for residential and commercial properties including utilities and solar panels and solar roofs for energy generation. Tesla also owns a fast-charging network and an auto insurance business.

GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, convert, and store electricity. The company has three business segments: power, wind, and electrification. Power includes gas, nuclear, hydroelectric, and steam technologies, providing dispatchable power. The wind segment includes wind generation technologies, inclusive of onshore and offshore wind turbines and blades. Electrification includes grid solutions, power conversion, electrification software, and solar and storage solutions technologies required for the transmission, distribution, conversion, and storage of electricity from the point of generation to point of consumption.

CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for EVs and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through its subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.

Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US.

Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens AG in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology.

China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba.

Constellation Energy Corp producer of carbon-free energy and a supplier of energy products and services. The company offers generating capacity that includes nuclear, wind, solar, natural gas, and hydroelectric assets. It sells electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers in markets across multiple geographic regions. Its operating segments and reporting units are Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions.

SLB is the world’s premier oilfield-services company as measured by market share. While the industry is largely fragmented, SLB holds the first or second competitive position in many of the differentiated oligopolies in which it operates. Also known as Schlumberger, the company was founded in 1926 by two brothers bearing the same last name. Today, it’s most known as a global industry leader in innovation, while it focuses its strategy on its three growth engines: core, digital, and new energy businesses. Over three-fourths of its revenue base is tied to international markets, while the company boasts nearly $3 billion in digital-related revenue.

Bloom Energy designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation. Bloom Energy Servers are fuel-flexible and can use natural gas, biogas, and hydrogen to create 24/7 electricity for stationary applications. Bloom sells its systems in the United States and internationally.

Vistra Corp. is one of the largest power producers and retail energy providers in the USA. It owns 44 gigawatts of generation capacity, including natural gas (27 GW), nuclear (6.5 GW), coal (8.7 GW), and solar and battery storage (1.4 GW). The Cogentrix acquisition will add 5.5 GW of gas generation. Vistra's retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016.

Following a 2022 reorganization, Baker Hughes operates in two segments: oilfield services and equipment, and industrial and energy technology. The firm's oilfield services and equipment segment is one of the Big Three oilfield-services players, along with SLB and Halliburton, and mostly supplies to hydrocarbon developers and producers, including national oil companies, major integrated firms, and independents. Markets outside of North America buy roughly three-fourths of the segment's offerings. Baker Hughes' industrial and energy technology segment manufactures and sells turbines, compressors, pumps, valves, and related testing and monitoring services for various energy and industrial applications.

LG Energy Solution is the third-largest battery maker for electric vehicles with about 11% global share in 2024, according to SNE Research. The EV battery segment is the largest revenue contributor, which accounted for more than 60% of total revenue in 2024. LGES also manufactures batteries for mobility, mobile phones, laptops, electrical devices, and energy storage systems. The company was spun off from LG Chem’s battery division in December 2020 and listed on the Korea Exchange in January 2022. It has global manufacturing facilities in Korea, China, Poland, and the United States. Key customers include General Motors, Tesla, Volkswagen, Hyundai, and Stellantis.

Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The group is composed of three segments: mining and rock solutions, rock processing, and machining. Sandvik was founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901.

ACWA Power Co is engaged in developing, investing, operating, and maintaining power generation, water desalination, and green hydrogen production plants, and bulk sale of electricity. The company's segments include Thermal and Water Desalination, Renewables, and Others. It generates maximum revenue from the Thermal and Water Desalination segment. Geographically, the company generates maximum revenue from Saudi Arabia, followed by other markets in the Middle East and Africa.

Doosan Enerbility Co Ltd is engaged in providing integrated energy and industrial solutions, offering equipment and services across power generation, desalination, and related infrastructure. The company operates three reportable segments: the Doosan Bobcat segment, which manufactures and sells compact construction equipment, portable power products, and material-handling machines; the Doosan Energy segment, which focuses on power generation facilities, desalination plants, casting and forging, and construction services; and the Doosan Fuel Cell segment, which supplies fuel-cell systems for power generation along with long-term maintenance services. It generates the majority of its revenue from the Doosan Bobcat segment.

Danish company Orsted was named Dong Energy until the sale of all its oil and gas fields to Ineos in 2017, soon after the May 2016 initial public offering. Orsted is now focused on renewable assets, especially offshore wind farms. It operated 9.9 gigawatts of offshore wind farms at the end of 2024. The United Kingdom is the biggest country of operation, ahead of Germany and Denmark. The group intends to develop its footprint outside Europe with projects in Taiwan and in the US. Orsted also operates 4.8 GW of onshore wind and solar assets concentrated in the United States. The company is involved in more traditional utilities business like conventional power plants and gas supply, but these activities are noncore.

Tenaris is one of the largest global producers of oil country tubular goods, which are used primarily in the construction of oil and gas wells. Its production facilities are located primarily in the US, Argentina, Mexico, and Italy. Tenaris’ premium OCTG products are among the most trusted by oil companies for use in the most challenging applications, including deep-water offshore wells and horizontal shale wells.

Gulf Development PCL is a Thailand-based company mainly involved in the electricity-generating business. The group's principal operations are to generate and sell electricity and steam, store and convert natural gas from liquid to gas, provide satellite services, and operate other businesses in domestic and international markets. It is also involved in the business of renewable energy, such as solar rooftops and biomass energy. The group's reportable segments are: Power business (which generates maximum revenue), Consulting business, Infrastructure business, and Satellite and digital business. Geographically, it derives maximum revenue from Thailand.

Huaneng Lancang River Hydropower Inc is engaged in the development and operation of the Lancang River and the surrounding areas of hydropower resources. The company is also engaged in the exploration of solar photovoltaic, wind power, shale gas, and other new energy construction.

Halliburton is North America's largest oilfield-services company as measured by market share. Despite industry fragmentation, it holds a leading position in the hydraulic fracturing and completions market, which makes up nearly half of its revenue. It also holds strong positions in other service offerings like drilling and completions fluids, which leverages its expertise in material science, as well as the directional drilling market. While we consider SLB the global leader in reservoir evaluation, we think Halliburton leads in any activity from the reservoir to the wellbore. Halliburton's innovations have helped multiple producers lower their development costs per barrel of oil equivalent, with techniques that have been honed over a century of operations.

PT Barito Renewables Energy Tbk, along with its subsidiaries, operates as a geothermal and wind energy power producer in Indonesia. Its project portfolio comprises Wayang Windu, Salak, Sidrap I, and Darajat. The company generates maximum revenue from the generation and sale of electricity in Indonesia.

Huadian New Energy Group Corp Ltd is engaged in Development, investment and operation of new energy projects, mainly wind power generation and solar power generation.

Vestas is a leading manufacturer of wind turbines with the highest installed capacity under service in the world. The firm operates two business segments: power solutions and services. The power solutions segment designs, manufactures, and installs onshore and offshore wind turbines. The services segment performs operating and maintenance service work on wind turbines.

China Resources New Energy Holdings Co Ltd is engaged in investing in, developing, operating and managing wind and solar power plants.

Founded in 1947 through a nationalization act, Verbund is the leading power producer in Austria. The Austrian state owns 51% of its capital. Hydro accounts for more than 90% of the total power output. Hydro power is generated from reservoirs and pumped storage plants in the Austrian Alps, and run-of-river plants in Austria and southern Germany. Total hydro capacity amounts to 8.4 GW. Verbund also owns the Austrian electricity grid through its fully owned subsidiary AP. In 2021, the firm acquired 51% of Gas Connect Austria, a gas transmission and distribution system operator. The group also owns one CCGT and is involved in trading and development of wind and solar capacity.

Adani Green Energy Ltd is a renewable energy company. It builds, owns, and operates power plants powered by renewable sources of energy like solar and wind. The company has two reportable segments: renewable power generation and other related ancillary activities; and the sale of solar power equipments.

Axia Energia is engaged in the generation, transmission, and commercialization of electricity in Brazil. The company operates a portfolio of wind, thermal, hydro, and nuclear power plants located throughout the country.

First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India.

EDP is a vertically integrated utility company and is the largest generator, supplier, and distributor of electricity in Portugal. In addition to Portugal, EDP has sizable operations in Spain, Brazil, and the US. EDP owns 71% of EDP Renovaveis, the fourth-largest wind power owner/operator in the world. EDP delisted Energias do Brasil in August 2023 after buying out the 46% minorities.

Hengli Hydraulic is a leading Chinese hydraulic component supplier. It designs, manufactures, and sells hydraulic cylinder, pump, valve, and motor products. Hengli’s products are widely used in heavy machinery. It is the largest supplier of excavator hydraulic cylinders in the world with about 30% global market share.

Fortum Oyj is a Finnish energy company that operates power plants that use renewable energy sources (hydro, nuclear, and solar power) to sell electricity, heat, cooling, and power products and services. The company mainly operates in Nordic and Baltic countries, Russia, Poland, and India. Its main divisions of the company are generation (large-scale power production), city solutions (sustainable energy solutions), Russia (all Russian operations), technology and new ventures (research and development and in-house incubator for startups), mergers and acquisitions, and solar and wind development. The company's operating segments are Generation, Consumer Solutions, and Other Operations.

INNIO Group is a global energy solutions provider that designs, manufactures, and services high-performance reciprocating gas engines, power equipment, and digital platforms. Headquartered in Jenbach, Austria, the company operates globally with major facilities in the U.S. and Canada, providing scalable power systems for data centers, microgrids, and the oil and gas industry.

Uniper SE is a Germany-based energy generation and energy trading company. The firm operates through three segments: Flexible Generation, Greener commodities, and Green Generation. The Green Generation segment comprises emission-free power generation plants that the Uniper Group operates in Europe. The Flexible Generation segment comprises the power and heat generation plants that the Uniper Group operates in Europe to flexibly meet grid operators' requirements. The Greener Commodities segment bundles the energy trading and optimization activities and forms the commercial interface between the Uniper Group and the globally traded markets for energy and the major customers. The majority of revenue is derived from the Greener Commodities segment.

Yantai Jereh Oilfield Services Group Co Ltd is a China-based company engaged in the manufacturing of oilfield equipment and the provision of oilfield services. It is engaged in drilling equipment and oil & gas field engineering equipment manufacturing, equipment maintenance and accessories sales, oil field engineering technology services, as well as oil & gas field construction services. The company conducts its business within domestic and overseas markets.

Norsk Hydro ASA is an aluminium and renewable energy company. The company owns and operates businesses and holds investments in sustainable industries. Its operations span multiple market segments, including aluminum, energy, metal recycling, renewable energy, and batteries, providing expertise across these areas. The company's reportable segments are Hydro Bauxite & Alumina, Hydro Energy, Hydro Aluminium Metal and Hydro Extrusions and Hydro Metal Markets activities. The majority of the company's revenue is derived from the Hydro Extrusions segment, which delivers products within extruded profiles, building systems and precision tubing, and operates several recycling facilities, both integrated with its extrusion plants and separate plants.

Hyosung Heavy Industries Co Ltd provides technology solutions in the field of heavy electric power and develops industrial machinery. The company is involved in various construction projects such as housing, redevelopment and reconstruction. The company also offers welding solutions, gear solutions, and system and engineering solutions.

SDIC Power Holdings Co Ltd is engaged in investment and construction, management of energy projects based on electric power generation, development and operation of renewable energy projects, high technology and eco-friendly industries, development and operation of the products associated with electric power, as well as consultancy. The company mainly operates its businesses in the domestic and overseas markets.

EDP Renovaveis, a 71%-owned subsidiary of integrated Portuguese utility EDP, was created in 2007. It builds, develops, and operates renewable plants, mostly wind and solar. With 19.3 GW of net installed capacity at the end of 2024, EDP Renovaveis is the third-largest European renewables player. The group’s plants are mainly located in the US, Spain, Portugal, Poland, and Brazil.

EDP Renovaveis, a 71%-owned subsidiary of integrated Portuguese utility EDP, was created in 2007. It builds, develops, and operates renewable plants, mostly wind and solar. With 20.4 gigawatts of installed capacity at end-2025, EDP Renovaveis is the third-largest European renewables player. The group's plants are mainly located in the U.S, Spain, Portugal, Poland, and Brazil.

China Three Gorges Renewables is one of China’s largest renewable energy producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants, and energy storage projects. CTGR has a total generation capacity of about 48.0 gigawatts as of the end of 2024. In particular, the firm is also one of the largest offshore wind farm operators in China, with 7.0 GW of installed capacity at the end of 2024, representing about 17% of China’s total capacity. Parent company, China Three Gorges, a state-owned enterprise, owns approximately 52.6% of CTGR’s issued shares as of the end of 2024.

Kansai Electric Power Co Inc is a Japan-based company that provides energy and information technology solutions. The company operates in four business segments. The Energy segment offers electricity, gas, and utility solutions. The Information and Communications segment provides comprehensive communication services. The Lifestyle/Business Solutions segment delivers consumer and business-related services. The Power Transmission and Distribution segment ensures a safe and reliable electricity supply from a neutral and fair standpoint. It generates the majority of its revenue from the Energy business segment.

TBEA Co Ltd is a China-based company that offers energy business solutions to service providers. The company distributes electric power transmission and transformation equipment. It provides solutions such as green technology, smart environmental protection, energy equipment for turnkey projects, and system solutions that range from surveying to design, construction, installation, and commissioning, as well as integration of training, operation, and maintenance. It also promotes the construction of green and efficient power grids. The company has a business presence in China and other countries.

Nextpower (and its subsidiaries) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextpower's products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. Nextpower has operations in the United States, Mexico, Spain and other countries in Europe, India, Australia, the Middle East, Africa, and Brazil.

China Energy Engineering Corporation Ltd is a comprehensive solutions provider for the power industry in China and internationally. It is mainly engaged in Survey, design, and consulting services; Construction and contracting; Industrial manufacturing; Investment and operation; and other businesses. The company generates the majority of its revenue from construction and contracting services, which mainly comprise the project contracting, engineering and construction, and project operation and maintenance business for domestic and overseas tradition energy, new energy, and comprehensive smart energy, water conservancy, ecological environmental protection, comprehensive transportation, municipal, buildings, and structures.

Public Power Corp SA is a public electric utility company with the Hellenic Republic as its main shareholder. The company is involved in generating, transmitting, and distributing electric energy. The company, along with its subsidiaries, operates a variety of power plants, including natural gas, coal, hydroelectric, wind, and solar plants. PPC majorly generates electricity from its thermal energy facilities. The company is divided into segments including Production/Supply, which includes production from lignite, oil, natural gas, and renewable energy sources, as well as lignite mining in support of production and supply activities in Greece and Romania. Other segments include the Distribution network and others.

Longyuan is China’s largest wind farm operator, with consolidated installed wind capacity of 30.4 gigawatts as of end-2024. It has wind farms spread across China, and has also expanded into other countries such as Canada and South Africa. Longyuan owns other renewable assets such as solar, geothermal, and tidal energy. The consolidated installed capacity mix is about 73.9% wind, 26.0% solar, and the remainder in other renewables. China Energy Investment, which was created through the merger of China Guodian Corporation and China Shenhua Group, is the major shareholder with a controlling stake of about 58.6%.

Datang International Power Generation Co Ltd is one of five state-controlled independent power producers in China. The power generation businesses of the Company and its subsidiaries cover provinces, municipalities, and autonomous regions across the country, whereas the coal-fired power generators of the Company are centralized in the Beijing-Tianjin-Hebei and southeast coastal regions. The majority of the hydropower projects are located in the southwest region. Wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. The operating segments of the group are the Power and heat generation segment and the Other segments.

Hitachi Energy India Ltd serves utility, industry, and infrastructure customers with solutions and services across the value chain. The company is engaged in the business relating to products, projects, and services for Power technology. It manufactures and supplies systems, equipment, devices, and accessories products such as disconnectors, cable accessories, electric motors, semiconductors, transformers, and others. The company also provides project and service engineering, installation, commissioning, and support services. Geographically, the company generates a majority of its revenue from India and the rest from other countries.