GreenLight SPAC Presentation Deck
Summary of approach
●
GreenLight indicative valuation
●
Applies a range of 8.0x - 8.8x to
GreenLight's 2024E Human Health
revenue of $212m and 13.7x- 15.1x ($ in billions)
to its 2026E Plant Health revenue of
$321m to arrive at an implied future
enterprise value
Multiple range based off range of
Healthcare EV/CY 2024E revenue
trading multiple of 8.4x +/- 5% and
Ag & Food Prod. EV/CY 2026E
revenue trading multiple of 14.4x
+/- 5%
The future enterprise value is
discounted 5 years back to 2021 at a
20% discount rate to arrive at an
implied discounted enterprise value
EV/ Revenue
2026E
Metric
$533m(1)
Implied EV based on comparable companies
current trading valuations
Future enterprise value
$6.7bn
$6.1bn
$6.4bn T
Implied future enterprise
value
11.4x 12.6x 2026E Revenue
1
1
I
1
Discounted enterprise value
$2.6bn--
$2.7bn
Source: Company filings and FactSet as of 8/6/21.
(1) Reflects 2024E Human Health and 2026E Plant Health revenues.
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$2.4bn
Implied discounted
enterprise value
(Discount at 5 periods: 20%)
4.6x - 5.1x 2026E Revenue
Illustrative transaction
valuation
Enterprise value
L-80-82% discount
$1.2bn
Enterprise value
(Implied discount rate: -40%)
2.3x 2026E Revenue
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