EBITDA forecast
As there is no historical data on COGS and SG&A costs available, we did not forecast these costs. We forecast EBITDA based on the historical 2007-1 April 2012 EBITDA margins of the selected comparable companies
Eight public companies were selected as comparables for Khudoni HPP. Companies were selected based on the following criteria:
■generate electricity from hydro resources and hydropower generation is their primary activity
■receive revenues only from hydropower generation and are not involved in other types of activities
■operate on the emerging markets
■comparatively similar in size (capacity in MW) with the Khudoni HPP at its full capacity