Blackwells Capital Activist Presentation Deck
Peloton is a strategically
valuable asset
A SALE OF THE COMPANY IS THE BEST
RISK-ADJUSTED OPTION FOR SHAREHOLDERS
Peloton would be an attractive
fit for many strategic acquirers
Fair value for Peloton in a sale
is at least $75 per share
BW BLACKWELLS CAPITAL
▪ Powerful brand and market leader
Largest interactive and connected fitness platform in the world
Highly engaged customer base with low churn rates
H
I
Significant customer data
▪ Subscribers value the Company's proprietary and differentiated content and user experience
Large TAM and still in the early innings of market penetration
H
I
▪ Potential strategic acquirers including Apple, Amazon, Google, Netflix, Nike and others have highly complementary
businesses with existing user bases that would provide many opportunities for cross-selling
▪ An acquirer would be able to realize significant cost synergies and better utilize Peloton's latent pricing power
■ Peloton would fit within product and service ecosystems, including wearables, streaming content and software
Extremely difficult-to-replicate business with 10+ years of lead time
H
1
Based on comparable transactions and peer multiples, Peloton could be worth at least $75 per share in a sale
Buyers could easily justify paying $75 per share or higher based on the high potential for value creation opportunities
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