Renewable Diesel Market Value Proposition
✓ POTENTIAL VALUE PROPOSITION
V
MRL will become the only pure-play
Renewable Diesel producer
16.0x
Other RD producers are weighted with
lower-multiple food, fossil, and biodiesel
businesses
12.0x
CVX is acquiring REGI in an all-cash offer
at $3.1 Bn (plus ~$1B remaining capex
costs for 2024 Geismar expansion)
8.0x
EV/EBITDA Multiples
Establishes 13x multiple for a
predominantly-biodiesel operator
13.4x
11.9x
Pure RD multiples likely to be higher
based on better quality of earnings
4.0x
7.7x
Implied MRL EV ranges from $2.6 to $4.2
Billion assuming 10-12x multiple and $260-
350MM EBITDA
0.0x
RD plus Food
(DAR)
RD plus Fossil RD plus Biodiesel
(Neste)
(REGI)
Source: Factset, Current Market Enterprise Value, 2023E Consensus EBITDA Projection (April 23, 2022).
27View entire presentation