Benson Hill SPAC Presentation Deck
BENSON HILL
Benson Hill's Implied Revenue Multiples Are at a
Discount to Public Market References
EV/ Revenue
¹21E
'22E
'¹23E
'24E
'25E
'26E
'27E
BENSON HILL™
2.4x
1.6x
0.9x
5.4x
3.9x
8.4x
10.6x
CY 2022E EV / Revenue
8x
5x
Food Tech
Peer Median: 29x
11x
66 x
H
A
Beyond Meat AppHarvest(2)
CY 2023E EV / Revenue
8x
29x
Peer Median: 11x
11x
A
Beyond Meat AppHarvest(2)
AeroFarms
(3)
16x
Peer Median: 13x
12x
(3)
Higher Growth Companies
Ag Tech
CODEXIS
6x
13x
amyris
26x
calyxt
Peer Median: 10x
10x 10x
22x
CODEXIS
6
-
LIGHTS
12x
zymergen
Peer Median: 29x
28x
AeroFarms calyxt amyris Z 6
Biotech
17x
TWIST Z
BIOSCIENCE
zymergen
30x
BERKELEY
LIGHTS
Peer Median: 20x
35x
GENOMICS
23x 23x
87 x
10X TWIST
GENOMICS
44x
Slower Growth Mature
Companies
Ginkgo
Bioworks(2)
Ag / Specialty Ingredients
2x
Q
Other
Ginkgo CORTEVA Ingredients(1)
agriscience
Bioworks(2)
Peer Median: 6x
4x
2x
3x
9x
novozymes
Peer Median: 6x
Other
CORTEVA Ingredients(1)
agriscience
8x
novozymes
9x
CHR
9x
CHR
61
Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 1-Jun-2021.
(1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest and Ginkgo Bioworks projections based on management forecast per latest investor presentation. (3) AeroFarms multiples based on Spring
Valley Acquisition Corp deal value EV and management forecast.View entire presentation