Bigbear AI SPAC Presentation Deck
Benchmarking (cont'd)
BigBear.ai is priced with significant upside potential
PEER
TRANSACTION
VALUE
VALUATION
$1,565
Pro Forma EV
BIGBEAR. AI
$5,004
$4,640
-67%
Discount to 2021E
peer average
2021E Revenue at
25.5x to 27.5x Multiple
$5,440
$4,885
-70%
Discount to 2022E
peer average
2022E Revenue at
17.6x to 19.6x Multiple
Summary of Approach
Peer valuation applies range of
multiples to BigBear.ai's 2021 E and
2022E management forecasted revenue
to arrive at an implied enterprise value
■
The applied range was determined by a
2-turn range around the peer mean EV /
Revenue multiple of the Data / Analytics
Infrastructure peers
▪ 2021E and 2022E projected financials-
based valuation is a reasonable
approach given BigBear.ai's high degree
of visibility to future revenue from large,
long-term contracts
Source: CapIQ and FactSet; Market data as of June 2, 2021.
Refer to Safe Harbor on slides 2 and 3 regarding projected financial information with respect to BigBear.ai..
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