OppFi Pitch Deck
Trading Comparables - Exceptional Entry Valuation
Point of Sale Lenders
OppFi Katapult! 2 affirm
sezzle afterpay
EV/2021P
EBITDA
2021P Average: 26.9x
2022P Average: 19.9x
EV/2022P
>50.0x >50.0x >50.0x
EBITDA
6.9x 5.0x
26.2x
12.1x
N/A
Negative
EBITDA
Price/2021 P
2021P Average: 31.6x
2022P Average: 28.2x
EPS
Price/2022P
EPS
38.3x
19:0x
12.2x
9.1x
Consumer Disruptors
3
Progressive
Leasing
4
REPAY
PayPal
Upstart
Lemonade
metromile
SoFi 8885
Root
ROCKET
Insurance Co
2021P Average: 12.1x
2022P Average: 13.7x
10.1x 8.9x
>50.0x 50.0x
42.5x
34.6x
28.9x
24.1x.
>50.0x >50.0x
Negative
EBITDA
N/A
Negative
EBITDA
12.1x 13.7x
2021P Average: 11.3x
2022P Average: 12.5x
>50.0x >50.0x
>50.0x 46.9x
>50.0x>50.0x
41.1x
33.3x
15.2x13.8x
N/A
Negative
NI
11.3x 12.5x
Negative::
NI
Negative:::::::Negative:::
N/A
NI
NI
40
Source: Company Filings, Wall Street Research. Market data as of 2/5/21
Note: Enterprise Value includes corporate and operational debt and excludes debt and cash attributable to VIES. Projections represent mean Thomson consensus estimates. Averages exclude >50.0x multiples
1. Adj. EBITDA and Adj. Net Income pro forma for fair market value accounting and include anticipated recurring public company costs. 2021P projections exclude potential impact of government stimulus
2. Equity value based on FSRV closing share price multiplied by pro form a fully-diluted shares outstanding of 96.2mm plus in-the-money earnout shares of 9mm & in-the-money warrants of 3.1mm (using TSM). Based on company investor presentation dated 12/18/20
3. Pro forma for $440mm convertible note issuance, $130mm equity offering, pay down of outstanding senior secured term loan and acquisition of CPS Payment Services for $78mm in cash
4. Equity value based on INAQ closing share price multiplied by pro form a fully-diluted shares outstanding of 97.2mm plus in-the-money earnout shares of 10mm & in-the-money warrants of 2.3mm (using TSM). Based on company investor presentation dated 11/24/20
5. Equity value based on IPOE closing share price multiplied by pro form a fully-diluted shares outstanding of 865mm plus in-the-money warrants of 11.1mm (using TSM). Based on company investor presentation dated 1/8/21
OppFi***View entire presentation