Elms SPAC Presentation Deck
Enterprise Value Benchmarking
1.0x
'23E '24E '25E
..//...
ELMS
LE TOLET
0.6x 0.4x
Enterprise Value ($M):
$1,195
4.8x
'23E
2.6x 1.5x
'24E '25E
ELMS
IC LAST MILE SOLUTIONS
'23E Median: 2.4x
'24E Median: 1.1x
'25E Median: 1.3x
3.0x
1.1x
'23E '24E '25E
*
$15,267
Recent EV and Automotive Technology SPACS or Emerging Growth Players
ΑΓΓΙVAL
13.7x
ΝΑ
4.7x
'23E Median: 12.0x
'24E Median: 5.7x
'25E Median: 5.7x
ΝΑ
'23E '24E '25E
*
3.5x
ΑΓΓΙVAL
'23E '24E
I
- CANO
I
2.1x
NM
$4,020
I
I
15.8x
1.3x
-CANO
'25E
1
0
1
'23E '24E '25E
5.7x
1.3x
I
0
0.4x 0.3x
'23E '24E '25E
Recent EV and Automotive Technology SPACs or Emerging Growth Players
10.4x
$4,965
2.1x 1.5x
2.3x
'23E '24E '25E
Enterprise Value / Forward Revenue
1.1x
'23E '24E '25E
11.1x
ⒸHYLIION
ΝΑ
$2,995
3.9x
ΝΑ
1.0x
'23E '24E '25E
ⒸHYLIION
0.6x
'23E '24E '25E
LORDSTOWN
12.0x
$4,084
ΝΑ
Enterprise Value / Forward EBITDA
6.0x
ΝΑ
'23E '24E '25E
LORDSTOWN
39
10.2x
'23E
3.8x
NM
'24E '25E
WORKHORSE
2.6x
$4,016
27.6x
18.0x
'23E '24E '25E
WORKHORSE
'21E Median: 13.0x
'22E Median: 9.5x
8.9x 8.3x
'21E '22E
BRILLIANCE
$4,834
NM NM
'21E '22E
BRILLIANCE
3.9x
Established OEMs
'21E '22E
3.3x
BYD
31.8x
$114,060
'21E
28.1x
'22E
17.4x
Established OEMs
BYD
10.6x
'21E '22E
NIO
$85,109
NM NM
'21E '22E
ΝΙΟ
Source: Capital IQ, company filings, company presentations and select Wall Street research. Market data as of 2/19/2021.
Note: Multiples <0.0x or >50.0x are deemed not meaningful or "NM". Multiples that are not available are denoted as "NA". EBITDA is a non-GAAP metric.
Multiples for SPAC business combinations are pro forma for public company transactions that may not have closed and may include new shares issued for target and/or PIPE investors as disclosed in third-party investor presentations. Pro forma share count assumes no SPAC share redemptions for transactions that have not closed.
.....
ELMS
ELECTRIC LAST MILE SOLUTIONS
17.1x 14.4x
'21E '22E
TESLA
$745,341
NM NM
'21E '22E
TESLAView entire presentation