Forge SPAC Presentation Deck
Selected Trading Comparable Companies
Net Revenue (1)
CY21E
Company Name
Forge
High Growth FinTech
Shopify
Adyen
Afterpay
Bill.com
Affirm
Lightspeed
Mean
Median
Fixed-Income Trading Platforms
Tradeweb Markets
MarketAxess
Mean
Median
Large Global Exchanges
Intercontinental Exchange
Enterprise Value
($mm)
Deutsche Börse
Nasdaq
Mean
Median
$1,601
$182,063
78,477
22,940
15,248
15,210
10,014
$53,992
19,094
$19,448
17,463
$18,455
18,455
$82,485
33,070
34,221
$49,925
34,221
CY20A
$72(2)
$2,929
808
525
184
669
176
$882
597
$893
689
$791
791
$6,036
3,794
2,903
$4,244
3,794
$123
$4,455
1,129
909
261
989
393
$1,356
949
$1,053
752
$902
902
$6,926
4,126
3,364
$4,805
4,126
CY22E
$151
$5,875
1,620
1,413
350
1,303
575
$1,856
1,358
$1,144
851
$998
998
$7,183
4,467
3,517
$5,056
4,467
CY20A
EV / Net Revenue (¹)
CY21E
22.3x
62.1x
97.2
43.7
83.1
22.7
57.0
61.0x
59.6
21.8x
25.3
23.6x
23.6
13.7x
8.7
11.8
11.4x
11.8
12.9x
40.9x
69.5
25.2
58.5
15.4
25.5
39.2x
33.2
18.5x
23.2
20.8x
20.8
11.9x
8.0
10.2
10.0x
10.2
CY22E
10.6x
31.0x
48.5
16.2
43.6
11.7
17.4
28.1x
24.2
17.0x
20.5
18.8x
18.8
11.5x
7.4
9.7
9.5x
9.7
Net Revenue Growth(1)
CY 22E CY20A-22E
45% (3)
23%
32%
44
56
34
32
47
41%
39
1)
Net Revenue (Revenue less Transaction Expenses) shown for Forge; Revenue metrics for Shopify, Afterpay, Lightspeed and Bill.com based on gross revenue
2) Pro-Forma numbers include full year effect of SharesPost including the periods in which it was a standalone entity (January 2020 - October 2020); reported numbers only include SharesPost numbers as of
acquisition in November 2020
3) CAGR shown using pro-forma 2020A revenue less transaction-based expenses includes SharesPost
9%
13
11%
11
4%
8
5
6%
5
42%
42
64
38
40
81
51%
42
13%
11
12%
12
9%
9
10
9%
9
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