Industry · Energy & resources
Renewable energy, oilfield services, extractive industries, water treatment and construction: capital-intensive activities with long cycles and complex contractual arrangements, where revenue recognition and the monitoring of commitments are decisive.
Reference valuation: 7× EBITDA (indicative median).
Multi-year projects require a revenue recognition method consistent with the actual progress of the work, a reliable estimate of costs to completion, and the recognition of losses to completion as soon as they become probable. This is the sector's main area of judgement.
The weight of fixed assets, financing structures often backed by the project itself, and bank covenants call for rigorous monitoring of financial ratios and off-balance-sheet commitments.
Permits, concessions, environmental obligations and site restoration provisions: these items must be identified, measured and monitored over time.
Our audits examine the revenue recognition method on contracts, the reliability of cost-to-completion estimates, the measurement of provisions for risks and site restoration, and compliance with the financial commitments entered into.
Project accounting, analytical monitoring by site or by asset, fixed asset management, tax filings and reporting to lenders.
Valuation of assets and companies in the sector, financial modelling of projects, due diligence for equity investments or asset disposals. Indicative median EV/EBITDA multiple: around 7 times.
Private equity · Manufacturing · Retail & consumer goods · Technology & media · Public sector & NGOs