Allwyn SPAC Presentation Deck
Comparable company benchmarking (Continued)
EV / 2022E
Adj. EBITDA –
Last 6 months
range¹
EV / 2022E
Adj. EBITDA
- capex
33
Expected Allwyn valuation
3)
Discounted²
10.8x
0.6x
11.3x
allwyn
Source: Company information, Press releases, Capital IQ, as of 7-Jan-22
Note: All financials calendarized to Dec-YE
At deal³
11.5x
Includes impact from expected
bonus pools for non-redeeming
Cohn Robbins shareholders and
PIPE shareholders, with potential
for combined incremental 9.4mm
common shares to be issued 10
0.7x
12.1x
Core Lottery peers
17.5x
12.8x
1.7x
16.6x
FDJ
13.4x
Represents EV/2022E Adj. EBITDA range from 11-Jul-21 to 7-Jan-22 (180 day range)
Based on pro rata Allwyn financials sourced from management estimates (subject to material change) and pro forma EV of €7.6bn; includes impact of
expected bonus shares. Bonus pool for PIPE and non-redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC
warrants expected to be adjusted by the same ratio
Based on pro rata Allwyn financials sourced from management estimates (subject to material change) and pro forma EV of €8.2bn; does not include
the impact of expected bonus shares
Lottery segment EV / FY23E
EBITDA: 17.8x, based on
equity research SotP
valuation for Tabcorp4
4)
3.3x
9
10)
17.8x
n.a.
Other Lottery peers
39.2x
15.1x
0.3x
26.5x
15.5x
16.4x
8
11.5x
0.6x
n.a.
11.9x
9
POLLARD
Diversified International
Gaming peers
23.3x
18.5x
n.m
28.7x
5
Tabcorp neogames
Flutter
banknote limited
Lottery Segment
Reflects average SotP valuation for Tabcorp Lottery and Keno segment published by two equity research brokers in Oct-21 sourced from Refinitiv;
Tabcorp FYE-Jun
20.4x
Flutter Multiple / Growth ratio not meaningful
Growth multiple calculated as EV/2022E EBITDA divided by 2019-2022E EBITDA CAGR
EV/2022E Adj. EBITDA - capex valuation for Tabcorp's lottery segment unavailable as lottery level capex not provided
Pro forma for public offering of 3.9m ordinary shares in Sep-21
Capex forecasts unavailable for Pollard Banknote
Bonus pool for PIPE and non-redeeming shareholders is variable based on number of redemptions. Shares underlying CRHC warrants expected to be
adjusted by the same ratio
14.4x
10.8x
Multiple as of 01/07/2022
0.5x
11.4x
Multiple / Growth ratio
13.6x
Entain
allwynView entire presentation