Diversified Subsidiary Companies Presentation
Indicative Net Asset Value
Use of Indicative Net Asset Value Data
The Company uses indicative net asset value as an additional method for considering the value of the Company's assets, and we believe that this information can be helpful to
investors. Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly, data regarding indicative net
asset value is of limited use and should not be considered in isolation.
Indicative net asset value does not purport to reflect a valuation of IEP. The calculated Indicative net asset value does not include any value for our Investment Segment other than
the fair market value of our investment in the Investment Funds and other net assets attributable to IEP. A valuation is a subjective exercise and Indicative net asset value does not
necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such elements
are and their impact on IEP. No representation or assurance, express or implied, is made as to the accuracy and correctness of Indicative net asset value as of these dates or with
respect to any future indicative or prospective results which may vary.
Footnotes to Company's calculation of Indicative Net Asset Value:
(1) Represents GAAP equity attributable to us as of each respective date.
(2) Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the number of shares owned by the Holding
Company as of each respective date.
(3) Amounts based on market comparables due to lack of material trading volume, valued at 9.0x Adjusted EBITDA for the trailing twelve months ended as of each respective date.
(4) Amounts based on market comparables, valued at 10.0x Adjusted EBITDA for the trailing twelve months ended December 31, 2023, and September 30, 2023, and 14.0x Adjusted
EBITDA for the trailing twelve months ended June 30, 2023, March 31, 2023, and December 31, 2022.
(5) On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries ("Auto Plus"), an aftermarket parts distributor held within our Automotive
segment, filed voluntary petitions in the United States Bankruptcy Court. As a result, IEP deconsolidated Auto Plus, writing down its remaining equity interest to zero which is offset
by the recognition of a related party note receivable reflected in Other Net Assets.
(6) Beginning in Q2 2023, a wholly owned subsidiary of IEP within the Automotive Segment acquired assets from the Auto Plus bankruptcy auction and began operations of an
Aftermarket Parts business and represents GAAP equity attributable to us as of each respective date.
(7) Management performed a valuation on the owned real-estate with the assistance of third-party consultants to estimate fair-market-value. This analysis utilized property-level
market rents, location level profitability, and utilized prevailing cap rates ranging from 7.0% to 10.0% as of December 31, 2023, and 6.8% to 8.0% as of September 30, 2023, June 30,
2023, March 31, 2023, and December 31, 2022. The valuation assumed that triple net leases are in place for all the locations at rents estimated by management based on market
conditions. There is no assurance we would be able to sell the assets on the timeline or at the prices and lease terms we estimate. Different judgments or assumptions would result in
different estimates of the value of these real estate assets. Moreover, although we evaluate and provide our Indicative Net Asset Value on a regular basis, the estimated values may
fluctuate in the interim, so that any actual transaction could result in a higher or lower valuation.
(8) Represents GAAP equity of the Holding Company Segment, excluding cash and cash equivalents, debt and non-cash deferred tax assets or liabilities. As of December 31, 2023,
September 30, 2023, and June 30, 2023, Other Net Assets includes $20, $26, and $20 million, respectively, of Automotive Segment liabilities assumed from the Auto Plus bankruptcy.
(9) Holding Company's balance as of each respective date.
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