Blackwells Capital Activist Presentation Deck
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Peloton is worth substantially more than its current stock price using Revenue multiples
Peloton's peers currently trade at an average of 5.6x EV / NTM Revenue
Applying a range of EV / Revenue on Peloton's FYE 6/30/23 expected revenue
yields an implied price per share of $57.79 - $87.75
Peloton Est. Revenue
($ in million) FYE 6/2023
EV/Revenue Multiple
Implied Share Price
BW
PELOTON STOCK IS UNDERVALUED: EV/REVENUE
BLACKWELLS CAPITAL
4x
$57.79
$4,986
5x
$72.77
6x
$87.75
Sources: Company filings. Consensus data from Capital IQ. Company closing stock price trading session as of February 4, 2022, per Bloomberg.
Note: Based on net debt of $711 million and 333 million shares outstanding.
2.6x
Peers EV / NTM Revenue
3.9x
5.1x
6.1x
10.5×
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