Advent Investor Day Presentation Deck
Finance
ADVENT
EV/Revenue Multiples
3.4x
24.0x
11.4x
JAL
9.2x
7.9x
2.9x
ceres
BALLARD
0.3x
ADVENT
2022E-2025E Revenue
CAGR
Market Capitalization
($m)
24.8x
POWERCELL
Developer & producer
of hydrogen fuel cell
stacks and systems
135.0%
$136m
Fuel cell technology &
engineering company
46.2%
$680m
Core Comps
Developer &
manufacturer of
PEM fuel cells
28.1%
Note: Market data as of June 24, 2022 Peer revenue estimates are based on Wall Street analyst consensus estimates.
(1) Advent revenue estimates are based on management targets of $23 million for 2022E and $300 million for 2025E
$1,351m
28.6x
47.9%
3.5X
ITM POWER
PEM technology for
hydrogen electrolysers
and fuel cells
$2,040m
9.6x
100.8%
fuelcellenergy
Direct gas natural gas
fuel cell manufacturer
3.9x
$1,466m
34.6%
8.7x
$1,508m
2.7X
PLUG
POWER
Design and manufacturing
of hydrogen fuel cell
systems
Other
48.4%
Legend
2022E
2025E
Peer Avg. Multiples
2022E
2025E
$10,539m
3.8x
15.5X
4.9x
1.7X
Bloomenergy
Developer &
manufacturer of solid
oxide fuel cells
29.7%
$3,222m
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