Investor Presentaiton
VALUATION BENCHMARKING
0.88x
carlotz
TEV / 2022E Revenue
Mean: 1.86x
3.75x
1.18x
0.66x
6.8x
CARVANA vroom
1
SHIFT
carlotz
TEV / 2022E Revenue / 2020E - 2023E Revenue CAGR²
0.61x
carlotz
Mean: 3.96x
9.35x
TEV / 2022E Gross Profit
23.6x
CARVANA
Mean: 13.6x
11.8x
vroom
5.3x
SHIFT
1
TEV / 2022E Gross Profit/ 2020E - 2023E Gross Profit CAGR²
1.82x
0.72x
4.2x
CARVANA
vroom
SHIFT
carlotz
Mean: 22.0x
50.4x
11.7x
4.0x
CARVANA
vroom
SHIFT
carlotz
41
Sources: Company filings, Wall Street Research, FactSet
Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Market data as of October 16, 2020. CarLotz represents fully-distributed TEV of $830 million.
1 Shift 2020E-2023E financial information per Shift October 2020 Investor Presentation. Shift 2023E financial information estimated for purposes of this presentation assuming 2022-2023E revenue growth rate of 70.0% and 2023E gross profit
margin of 14.0%. Assumes implied shares of 73.1 million from pro forma capitalization disclosed by Shift in its October 2020 Investor Presentation and share price of $11.42 as of October 16, 2020 2 CarLotz 2020E - 2023E CAGR based on
midpoint of 2023E projections.View entire presentation