MP Materials SPAC Presentation Deck
VALUATION SUMMARY
DISCOUNTED ENTERPRISE VALUE SENSITIVITY ANALYSES
Stage II Run-Rate Discounted Enterprise Value
Assuming Stage Adi. EBITDA of 3252MM and August 2020 Voluation Date
$MM | % Premium to Contemplated Deal Valuation ($1.044MM)
Discount Rate
5%
10%
15%
MP MATERIALS
Run-Rate Adj, EBITDA NTM Multiple (Year 3)
8.0x
$1.795/
72.0%
$1,604/
53.7%
$1,441/
38.0%
9.0x
$2.020/
93.5%
$1,805/
72.9%
$1,621/
55.3%
10.0x
$2,244/
115.0%
$2,006/
92.1%
$1,801/
72.6%
Stage III Illustrative Future Value
Sensitivity of Incremental Stage II EBITDA Scenarios. Assuming Slagell Aoj. EBITDA of $252MM
$MM | Multiple vs. Contemplated Deal Valuation ($1.044MM)
Incremental Stage III
EBITDA Polential
$100
$200
$300
9.0x
Consolidated EBITDA Multiple
$3,168/
3.0x
$4,068/
3.9x
$4,968/
4.8x
10.0x
$3,520/
3.4x
$4,520/
4.3x
$5,520/
5.3x
11.0x
$3,872/
3.7x
$4,972/
4.8x
$6,072/
5.8x
VALUATIONView entire presentation