The Exit Multiple Is the Final Offtaker
EBITDA is temporary, exit multiples are forever
“EBITDA is temporary, exit multiples are forever.” It’s an expressive little line, worth thinking about further on occasion of the otherworldly IPO taking shape today and the record-breaking listings queued up behind it.
The energy industry spends a great deal of time on offtake agreements. Who contracts for the MWh? Who takes price, shape, imbalance, or volume risk? Who lets the spreadsheet become debt?
Private markets ask another question: who buys the story after this owner has done enough to make it look inevitable?
