Verbrec Valuation Multiples

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.

Reliance Industries Ltd is engaged in hydrocarbon exploration and production, refining and marketing, petrochemicals, financial services, retail, and communications. The Group has five principal operating and reporting segments: Oil to Chemicals (O2C), Oil and Gas, Retail, Digital Services, and other services. Reliance's refineries produce a range of petroleum products that find use as fuel variants, feedstock, and fuel for power and cement plants. Fuels produced in refineries are exported to several countries and can be processed into any grade of gasoline or diesel. The Oil to Chemicals segment, which derives the majority of revenue, includes Refining, Petrochemicals, fuel retailing through Reliance BP Mobility Limited, aviation fuel, and bulk wholesale marketing.

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.

Enbridge owns extensive midstream assets that transport hydrocarbons across the US and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also operates regulated natural gas utilities in the US and Canada, including Canada's largest natural gas distribution company. The firm has a small renewable energy portfolio primarily focused on onshore and offshore wind projects.

Quanta Services is a leading provider of specialty contracting services, delivering comprehensive infrastructure solutions for the electric and gas utility, communications, pipeline, and energy industries in the United States, Canada, and Australia. Quanta reports its results under two segments: electric and underground utility and infrastructure.

Williams operates the Transco pipeline, which connects the Gulf Coast to the Northeast United States. It has additional natural gas transmission pipelines connecting the Rockies to the Pacific Northwest and midcontinent. At the field level, it operates substantial gathering and processing assets in Appalachia and other basins. The company has also struck several power supply agreements.

Vinci is one of the world’s largest owners of transport infrastructure. Its concession assets include 4,400 kilometers of toll roads in France and 72 airports across 14 countries, making Vinci the world’s largest airport operator in terms of managed passenger numbers. The concession’s business contributes less than one fifth of group revenue but the majority of operating profit. Vinci’s contracting business provides a broad variety of energy and and construction services. France contributes 42% of group revenue.

Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the continental US. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.

Kinder Morgan operates natural gas, crude oil, and refined products pipelines connecting producing regions to demand centers. It is principally involved in the gathering, storage, and transmission of natural gas across the continental United States. It also operates distribution centers for refined products along with the largest fleet of Jones Act-compliant tankers.

CRH is a global manufacturer of a range of building products used in construction projects, operating via a vertically integrated business model. The past decade has seen CRH transform into a leading building materials business, with increasing exposure to upstream building activities such as aggregates and cement. CRH’s geographic footprint is mostly across developed markets. North America is CRH’s largest market and accounts for 75% of EBITDA. The company is the largest producer of aggregates and asphalt in the US.

TC Energy operates natural gas transmission assets across North America. Segments are determined by country of operation, but both Canadian and US operations are interconnected. Mexican operations are disconnected from the US and only have one customer, the state utility CFE. They also operate power generation assets, with the largest being the Bruce Power nuclear plant.

Comfort Systems USA Inc provides comprehensive mechanical contracting services, including heating, ventilation, & air conditioning, or HVAC; plumbing; piping & controls; construction; and other electrical components. Projects are mainly for commercial, industrial, & institutional buildings, & tend to be geared toward HVAC. Revenue is roughly split between installation services for newly constructed facilities & maintenance services for existing buildings. The company installs & repairs products and systems throughout the United States. It operates in two segments, Mechanical services & Electrical services, the majority is from the Mechanical services segment.

Energy Transfer is a diversified midstream firm, operating from wellhead to consuming demand. It handles natural gas, natural gas liquids, or NGLs, crude oil, and refined products. Commodities are moved through its network of field level gathering and processing to refineries and demand centers. Operations are concentrated in Texas and the Midcontinent United States. It also controls Sunoco and USA Compression through its general partner relationship.

Sempra Energy serves one of the largest utility customer bases in the United States. It distributes natural gas and electricity in Southern California and owns 80% of Oncor, a transmission and distribution business in Texas. Sempra Infrastructure partners, of which Sempra will hold a 25% ownership, owns and operates liquefied natural gas facilities in North America and infrastructure in Mexico.

Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India.

MPLX is a partnership that owns pipelines and gathering and processing assets with extensive holdings in the Appalachian and Permian regions. The asset base is made up of crude oil and refined products assets dropped down from Marathon Petroleum, its sponsor, and natural gas and natural gas liquids gathering and processing assets that were purchased or built.

Targa Resources Corp is a midstream firm that mainly operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline is another important asset. It has two operating segments: Gathering and Processing, and, Logistics and Transportation (also referred to as the Downstream Business).

Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation, as well as natural gas liquids transportation and fractionation. It also operates in the refined product and crude oil segment, connecting producers, refiners, and consumers. Operations are in the midcontinent, Permian, and Rocky Mountain regions.

Since completing the transformative deal with RWE in 2019, E.On has two core businesses: energy networks and customer solutions. Its retail supply serves around 47 million customers primarily in Germany, the United Kingdom, Eastern Europe, the Netherlands, Belgium, and Sweden. Its networks business operates in Germany, Sweden, Eastern Europe, and Turkey.

Ferrovial is a global transportation infrastructure investor, developer, and operator, with a strong presence in North American toll roads. In recent years, it shifted its portfolio toward North America and India, and lowered its exposure to Europe (including selling its stake in Heathrow Airport). The jewels in its crown include its stake in the 99-year lease to operate the Highway 407 ETR toll road in Toronto and its concession to develop and operate New Terminal One at JFK until 2060.

Since the deal with E.On, RWE is refocused on power generation, mostly in Europe. It owns 38 gigawatts of power generation capacity: 17% from lignite and hard coal plants, 36% from gas plants, 40% from renewables including pumped storage and batteries. Besides Germany, RWE’s power plants are chiefly located in the United Kingdom, the Netherlands, Turkey, and the United States for many onshore wind farms.

Samsung C&T Corp is a diversified company. It is engaged in construction, trading, fashion, resort, food & beverages, and biopharmaceutical operations. The Construction division handles domestic and overseas construction projects, the Trading division engages in trading activities, and the Fashion division imports and sells apparel. The Resort division operates Everland, Caribbean Bay, and golf courses, while the Food and Beverages division manages specialty catering and food distribution through Samsung Welstory. The Bio division carries out biopharmaceutical contract manufacturing and biosimilar-related business.

Hochtief AG develops and constructs building and infrastructure projects. It works on complex projects in transportation, energy, urban infrastructure, and mining markets. It expands transportation networks with roads, bridges, and tunnels, or designs and constructs office buildings, hospitals, and power plants. The company leans on expertise and technical know-how in developing, financing, building, and operating in designated business areas. Also, it will partner with external groups to work on specific components of a project. Its regional divisions are Americas, Asia Pacific, and Europe. The Americas and the Asia Pacific account for the majority of sales and are where the company's assets are located.

Orlen SA is an energy conglomerate that refines and distributes oil in Poland, the Czech Republic, Germany, and Lithuania. Through a group of refineries, it processes crude oil into gasoline, diesel oil, fuel oil, and aviation fuel. The company also produces petrochemicals and products used by chemical companies as feedstock. Additional operations include exploration and production activities in Poland, where it is domiciled, and Canada. Oil products are offered through thousands of service stations, which is supported by logistics infrastructure. This infrastructure includes surface and underground storage depots and a long-distance pipeline network.

Vulcan Materials is the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). Its largest markets include Texas, California, Virginia, Tennessee, Georgia, Florida, North Carolina, and Alabama. In 2024, Vulcan sold 219.9 million tons of aggregates, 13.6 million tons of asphalt mix, and 3.6 million cubic yards of ready-mix. As of Dec. 31, 2024, the company had 16.5 billion tons of aggregate reserves.

ACS Actividades de Construccion y Servicios SA completes construction and service activities for infrastructure and energy projects. In addition to infrastructure-related developments, the company constructs buildings and projects related to the mining sector. It has four operating segments: construction (majority of total revenue), Concessions, Services (which offers comprehensive maintenance services for buildings, public places and organisations) and corporate. Its services revolve around industrial engineering and operating energy, industrial, and mobility infrastructures. Additional sales are generated from aftermarket services and contracts to perform upkeep on existing structures. Approximately half of total revenue derives from the Americas.

EMCOR Group Inc is a specialty contractor in the United States and a provider of electrical and mechanical construction and facilities services, building services, and industrial services. Its services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. The company's operating subsidiaries are organized into reportable segments: United States mechanical construction and facilities services, which derives key revenue; United States electrical construction and facilities services; United States building services; United States industrial services; and United Kingdom building services. Geographically, its key revenue is derived from the United States.

Martin Marietta Materials is one of the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). In 2024, Martin Marietta sold 191 million tons of aggregates. Martin Marietta's most important markets include Texas, North Carolina, Colorado, California, and Georgia, accounting for most of its sales. The company also uses its aggregates in its asphalt and ready-mixed concrete businesses. Martin’s magnesia specialties business produces magnesia-based chemical products and dolomitic lime.

Epiroc is a global manufacturer of niche equipment and services used by mining and infrastructure customers. The company’s products include hard rock drilling equipment and excavation technologies for underground and surface mining, as well as servicing and spare parts. Approximately 69% of group sales are from the aftermarket, which includes services and the sale of spare parts and consumables. Epiroc was spun out of Atlas Copco and listed as a stand-alone company on Nasdaq Stockholm in 2018.

MasTec is a leading infrastructure construction company operating mainly in North America across a range of industries. Its primary activities include engineering, building, installing, maintaining, and upgrading communications, oil and gas, utility, renewable energy, and other infrastructure. MasTec reports its results under five segments: communications; clean energy and infrastructure; oil and gas; power delivery; and other.

NRG Energy is one of the largest retail energy providers in the US, with 6 million customers. Vivint Smart Home, which NRG acquired in 2023, has 2 million home-services customers. NRG also is one of the largest US independent power producers, with 13 gigawatts of coal, gas, and oil power generation capacity primarily in Texas. The LS Power asset acquisition adds 13 GW of gas-fired power plants mostly in the Eastern US. NRG exited Chapter 11 bankruptcy as a stand-alone entity in December 2003.

Atmos Energy is the largest publicly traded, fully regulated, pure-play natural gas utility in the United States, serving more than 3.3 million customers in Texas, Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, and Virginia. About two thirds of its earnings come from Texas, where it distributes natural gas in northern Texas and owns an intrastate gas pipeline spanning several key shale gas formations and interconnected with five storage facilities.

Naturgy stems from the 2008 acquisition of Union Fenosa. The company operates across the gas value chain, from procurement to distribution and marketing. It owns and operates the largest gas distribution network in Spain, where it is also the leading retail gas supplier. The company additionally operates gas and electricity distribution networks across several Latin American countries. It owns 17.9 GW of generation capacity, including 7.3 GW of wind and solar.

Xylem is a global leader in water technology and offers a wide range of solutions, including the transport, treatment, testing, and efficient use of water for customers in the utility, industrial, commercial, and residential sectors. Xylem was spun off from ITT in 2011. Based in Rye Brook, New York, Xylem has a presence in over 150 countries and employs 16,200. The company generated $9 billion in revenue in 2025.

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its operations include transmission pipelines, oil and gas gathering, fractionation, storage, and natural gas liquid exports. It also has a joint venture through the Cedar LNG export terminal.

China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management.

TechnipFMC PLC is the key provider of offshore oilfield services, offering integrated deep-water offshore oil and gas development solutions that span the full spectrum of subsea equipment and subsea construction services. The company also provides various pieces of surface equipment used with onshore oil and gas wells. TechnipFMC originated with the 2017 merger of Technip and FMC Technologies. Geographically it operates in Latin America generating the maximum revenue, then Europe and Central Asia, Africa, North America, Asia Pacific and Middle East.

Snam operates a network of about 38,000 kilometers of natural gas pipelines in Italy and abroad. It also holds 17.1% of European gas storage capacity and 13.5 billion cubic meters of LNG regasification capacity. Snam is investing in hydrogen, biofuels, carbon capture and storage, and energy efficiencies to prepare for the energy transition. Snam became independent from Eni in 2012 after the latter sold its stake to Cassa Depositi e Prestiti, a financial institution controlled by the Ministry of Economy and Finance.

Neste OYJ Formerly Neste Corp. offers renewable products and solutions and oil products to a host of globalised markets. Its business is divided into various segments, including oil products, renewable products, marketing and services and others. Oil products generate the maximum share of revenue; it caters to oil companies and businesses that market oil, lubricants, and fuel products. Neste's oil products business includes diesel fuels, gasoline, aviation and marine fuels, and light and heavy fuel oils. Neste is heavily involved in the Baltic region with its network of service stations and refineries.

Sterling Infrastructure Inc is a construction company that specializes in heavy civil infrastructure construction and infrastructure rehabilitation as well as residential construction projects. The company operates in three reportable segments namely, Transportation Solutions, E-Infrastructure Solutions, and Building Solution. Transportation Solutions include highways, roads, bridges, airfields, ports, light rail, and others. Building Solution projects include concrete foundations for single-family homes. E-Infrastructure Solutions include the services which are provided to large, blue-chip companies in the e-commerce, data center, distribution center, and warehousing, energy, mixed-use, and multi-family sectors. The majority of the revenue is generated from E-Infrastructure Solutions.

Sany Heavy Industry Co Ltd is a construction machinery manufacturer in China. Its products range from concrete and crane machinery to excavators, road construction, piling machinery, and others. The company operates its businesses through seven segments: Concrete Machinery, Excavator Machinery, Hoisting Machinery, Piling Machinery, Road Machinery, Financial Services, and Others. It generates the majority of its revenue from the Excavator Machinery segment, which engages in research, development, manufacture, and sale of excavator machinery products.

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.

NiSource is one of the nation's largest natural gas distribution companies with 3.2 million customers in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NiSource’s electric utility transmits and distributes electricity in northern Indiana to about 500,000 customers. The regulated electric utility also owns more than 3,000 megawatts of generation capacity, including coal, natural gas, and renewable energy.

Bouygues is a family-controlled French conglomerate that comprises a disparate range of assets: construction businesses, a TV network, and a telecom network. It is one of the largest construction companies in France and Europe, with over EUR 45 billion in revenue across the four engineering, procurement, and construction businesses under its ownership, as well as one of the four telecom operators in France.

China Merchants Energy Shipping Co Ltd is a China-based company that engages in tanker transportation, bulk cargo vessel transportation, and liquid natural gas (LNG) vessel transportation. It provides a full range of energy transportation services running a large diversity of vessels, including crude oil tankers, dry bulk carriers, and LNG carriers. It provides services to customers from China, Japan, Korea, Southeast Asia, the United States, and other countries.

China Tower Corp Ltd is a telecommunications tower infrastructure service provider. The Company is principally engaged in the construction, maintenance, and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). The business of the company includes Tower business; DAS business; Smart Tower business and Energy business. The Group’s revenue is generated from the Three TSPs.

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.

Western Midstream Partners LP is a USA-based company which own, operate, acquire and develop midstream energy assets. The company through its subsidiary is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil. It owns or has investments in assets located in the Rocky Mountains (Colorado, Utah, and Wyoming), the Mid-Continent (Kansas and Oklahoma) and Texas.