Terran Orbital SPAC Presentation Deck
Transaction Priced at a Discount to Peer Multiples
Relative Value ($ in millions)
$11,190
$9,325
Future
Enterprise Value
2025P Adj. EBITDA at
10.0x - 12.0x Multiple
$5,396
TERRAN ORBITAL
$4,497
Pro Forma Enterprise Value ($ in millions)
Discounted Future
Enterprise Value
2025P Management Adjusted EBITDA: $933 million
$1,575
Pro Forma
Enterprise Value
68%
Discount
Transaction Summary
• Applies a range of industry comparable
multiples to Terran's 2025P management
forecasted Adjusted EBITDA to arrive at an
implied future Enterprise Value
●
The future Enterprise Value is discounted 4
years at 20% to arrive at an implied
discounted Enterprise Value
The applied range of multiples is centered
around a normalized forward multiple of
11.0x based on Terran's peer group, with
sensitivity built on both high and low ends
Source: Company management.
Note: This slide includes the Non-GAAP financial measure Adjusted EBITDA. See the appendix for reconciliations of Non-GAAP financial measures for historical periods to the most comparable U.S. GAAP financial measures.
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