Nogin SPAC Presentation Deck
NOGIN IS PRICED WITH SIGNIFICANT UPSIDE POTENTIAL
($ in millions)
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Summary of Approach
Peer valuation applies range
of multiples to Nogin's
2023E management
forecasted revenue to arrive
at an implied enterprise
value
The applied range was
determined using the peer
median EV / Revenue
multiples of the eCommerce
peers
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Nogin's valuation represents
a relatively attractive
discounted entry point for
investors compared to
comparable, high-growth
peers
nogin
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Transaction Value
$646
Pro Forma EV
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Source: Nogin Management, Company filings, Wall Street research, Capital IQ as of 1/18/2022
1) Discount to 10.8x 2023E Revenue
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Peer Valuation
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~66% (1)
Discount to 2023E
eCommerce peer median
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$1,927
$1,752
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2023E Revenue at
10.0x to 11.0x Multiple
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