Harley Davidson SPAC Presentation Deck
APPENDIX
Relative Value Perspectives
49
LiveWire Enterprise Value Range
($BN)
$10
$8
$6
$4
$2
$0
Midpoint.
$1.77
Transaction Valuation
Implied 1.0x(1)
TEV/2026E Revenue
$4.4
$1.8
EV OEMS (2) (3)
1.0X - 2.5X
$3.1
$5.3
$3.5
EV Infra.(2)(3)
2.0X - 3.0x
$4.4
$8.8
$6.2
High Growth (2) (3)
3.5X - 5.0X
Potential LiveWire Valuation at Peer Multiple Ranges (TEV/2026E Revenue)
$7.5
(1) Implied multiple based on transaction enterprise value and 2026E revenue.
(2) Multiple range based on data as of December 10, 2021. OEMs peer set includes Lucid, Tesla and Xpeng. Infrastructure peer set includes Allego, Chargepoint and Evgo. High growth peer set includes Planet Labs, Rocket Lab and Virgin Galactic.
(3) For peer set EV ranges, the following LiveWire revenue figure was used 2026 - $1,769mm.
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