Stem SPAC Presentation Deck
stem Valuation Benchmarking
Valuation benchmarking
EV / Revenue
stem"
2021E
2022E
2023E
2024E
2025E
2026E
1.6 x
1.1 x
0.9 x
2.6 x
0.7 x
5.6 x
CY 2021E EV / Revenue
5.7x
(2)
ARRAY
TECHNOLOGIES
4.9 x
(2)
13.5 x
CY 2022E EV / Revenue
ARRAY
TECHNOLOGIES
e ENPHASE solaredge
8.1 x
10.7 x
e ENPHASE
6.7 x
solaredge
Solar Technology Solutions
27.7 x
3.0 x
sunnova SUNPOWER
20.4 x
2.6 x
sunnova SUNPOWER®
Distributed Solar
11.8 x
sunrun
10.7 x
5.2 x
41.9 x
4.2 x
(3)
Bloomenergy chargepoint
24.0 x
(3)
Bloomenergy chargepoint
sunrun
Sustainable Infrastructure
14.3 x
TESLA
11.7 x
TESLA
5.6 x
Confidential 35
2.6 x
(1)
istem
istem
Diversified Energy Tech
(4)
Median: 11.8 x
Median: 10.74)
Source: Stem, Bloomberg, CapIQ, IBES consensus estimates, analyst estimates and company disclosures; market data as of 01-Dec-2020.
(1) Based on Stem enterprise value $829MM. (2) Array enterprise value calculated using pro forma debt and cash figures from S-1 (as of 13-Oct-2020). (3) Based on Chargepoint EV of $8.3B; forward-looking metrics
based on management estimates. (4) Median calculation excludes Stem.View entire presentation