NextNav SPAC Presentation Deck
Transaction represents
attractive discount to peers
$ IN MILLIONS
(1)
(2)
$4,989
$3,880
17.5x – 22.5×
-
2026E UFCF of $222mm
(Implies 16.7x - 21.4x 2026E EBITDA(¹))
Implied future
enterprise value
Discounted back
4.5 years at
20% discount rate
$2,196
$1,708
Implied current
enterprise value
$897
4.0x 2026E
UFCF
Source: Management estimates, Company filings, Wall Street Research.
Note: UFCF defined as EBITDA less Capex. Assumes transaction date of 6/30/21. Market data as of 06/03/21.
Based on 2026E EBITDA of $233mm.
Per Wall Street research estimate based on $0.80 per MHz-POP.
Pro forma
enterprise value
54%
discount
80%
discount
$8,848(2)
$2,432
$815
ligado
NETWORKS
Globalstar
Anterix™
Enterprise value
Summary
of approach
2026E UFCF includes benefit
of Terra PoiNT network, but
with robust growth thereafter
as network utilization
continues to ramp
●
N NEXTNAV
●
The applied multiple range of
17.5x - 22.5x is in line with that
of NextNav's peers
The Implied Future Enterprise
Value is discounted back 4.5
years at a 20% discount rate
to arrive at an Implied Current
Enterprise Value
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