A Differentiated and Compelling Investment Opportunity
Valuation Benchmarking at IPO / Announcement
EV/T+4 & T+5 Revenue where T = 0 is Year of IPO / Announcement
Implied at Deal
Value
Recent Electric Vehicle SPACS
Recent Battery SPACS
Electric Vehicle OEMs
$17.00
$14.86
1.3x
0.8x
0.3x
0.1x
0.2x 0.1x
0.2x
NA
Faraday Future
Canoo
Fisker
Lordstown
Quantum Scape
Romeo
Tesla
$23.66
1.0x
0.9x
0.6x
0.6x
0.7x
0.7x
0.6x
0.5x
0.5x
0.1x
0.1x
ΝΑ
NIO
Xpeng
Li Auto
2024E
2025E
2024E
2025E
Current
trading price
2027E
2028E
2024E
2025E
2014E
2015E
2022E
2023E
2024E
2025E
EV/T+4 & T+5 EBITDA where T = 0 is Year of IPO / Announcement
Implied at Deal
Recent Electric Vehicle SPACS
Recent Battery SPACS
Value
9.8x
Electric Vehicle OEMs
12.5x
8.6x
8.2x
ㅋㅋ
5.1x
4.1x
4.3x
3.5x
2.9x
3.1x
1.6x
2.0x
0.9x
0.7x
0.8x
0.6x
NA
NA
Fisker
Lordstown
Quantum Scape
Romeo
Tesla
NIO
Xpeng
Li Auto
2.9x
1.1x
Faraday Future
Canoo
Source:
Note:
Company filings, investor presentations, Wall Street Research and FactSet as of 01/22/2021.
Assumptions used to calculate EV at announcement:
Faraday Future: share price $10, 303.4mm shares outstanding, $0 debt.
Fisker: share price $10, 294mm shares outstanding, $0 debt.
Lordstown: share price $10, 164mm shares outstanding, $0 debt.
Quantum Scape: share price $10,447.6mm shares outstanding, $0 debt.
Canoo: share price $10,244.8mm shares outstanding, $0 debt.
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