Freyr SPAC Presentation Deck
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Attractive Transaction Pricing
Methodology
Future enterprise value: Apply 10.0x 2-year
forward multiple to FREYR 2025e EBITDA of
$703 million
9.0x-11.0x multiple at a discount to public
comparables
Future equity value: Adjusting for FREYR year-
end 2024e net debt of $1,020 million
Discounted equity value: Discounting future
equity value back 3.75 years (assuming March
2021 close) at 20% discount rate
Transaction Equity Value: Implies a 77%
discount to the midpoint of implied future
equity value and 55% discount to the midpoint
of implied discounted equity value
Assumptions
Forward EV/EBITDA multiples: 9.0x - 11.0x
2025e EBITDA: $703 million
2024e Net debt: $1,020 million
Equity discount rate: 20%
FREYR
Clean battery solutions
($ millions)
Enterprise Value Indication
$7,728
$7,025
$6,323
$6,708
$6,006
$5,303
Equity Value Indications
$3,386
$3,031
$2,677
Implied future enterprise value Implied future equity value Implied discounted equity value
77% Discount
55% Discount
I
1
$1,377
($10.00/sh)
Transaction equity value
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