Selected
work

Solution provided

Venetus reviewed the vendor model, rebuilt the price decks for crude, LNG and domestic gas, and built and ran the valuation that underpinned the bid: NPV waterfall, EV-to-equity bridge, cost of capital, and NPV and IRR sensitivities across discount rates, debt structures and price scenarios, with option pricing for the earn-out. Alongside the analysis, Venetus prepared the transaction timetable, document checklist, offer letter annexes, SPA issues list and board materials for the consortium members.

The result

The analysis the consortium needed to price and support its offers across three rounds.

Solution provided

Venetus benchmarked European fuel-retail network transactions since 2015 on a common EV/EBITDA basis, reconstructed the network's earlier sale and its valuation bridge from public filings, and reviewed the valuation assumptions and closure plan.

The result

A view on value grounded in comparable transactions.

Solution provided

Venetus built the valuation from the company's reported statements (capacity, debt and fixed-asset schedules, DCF, WACC and public comparables) and modelled the exit routes, including a sale to a strategic buyer, with pro-forma statements, synergies, sources and uses, and refinancing and cash-trap analysis.

The result

The investment case and value range the asset manager needed for its decision, with the exit routes set out.

Solution provided

Venetus prepared the investor presentation and teaser: the global and regional LNG outlook, infrastructure gaps, the modular supply chain (regasification, distribution and transport-fuel outlets), capex by phase and emissions savings, with the investment case.

The result

Investor materials for the first round of capital conversations.

Solution provided

Venetus prepared the teaser and confidential information memorandum for investors, with inputs on the proposed network and fleet strategy.

The result

The investor materials for the airline's launch raise.

Solution provided

Venetus built the workbook and the preliminary scoping presentation: production and capex schedules, the corridor economics, and the investment case for the counterparty's participation.

The result

A scoping document the group could take into its first discussions.

Solution provided

Venetus drafted the group's introduction to the host national oil company, covering its record, operating model and technical team, and built an illustrative production sharing economics model with low, base and high cases and sensitivities.

The result

The presentation and the term economics behind the group's first approach.

Solution provided

Venetus built the airline's plan end to end: market and competitive analysis; network design with route-level economics; fleet selection between two narrow-body families, through meetings with both manufacturers; an organisation and staffing plan station by station; and the financial model with lease workings, three statements and DCF.

The result

A 96-page strategic proposal and the model behind it, prepared for investors and aircraft manufacturers.