Faraday Future SPAC Presentation Deck
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Valuation Benchmarking at IPO / Announcement
EV/T+4 & T+5 Revenue where T = 0 is Year of IPO / Announcement
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Recent Electric Vehicle SPACs
Recent Battery SPACs
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1
$14.86
Implied at Deal
Value
0.3x
Faraday Future
2024E
0.1x
2.9x
Implied at Deal
Value
Source:
Note:
2025E I
1.1x
Faraday Future
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Ⓒ2021 FARADAY FUTURE
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$17.00
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1.3x
0.8x
Canoo
9.8x
2024E
0.2x 0.1x
EV/T+4 & T+5 EBITDA where T = 0 is Year of IPO / Announcement
3.5x
Canoo
Fisker
2025E Current
trading price
Recent Electric Vehicle SPACs
0.9x
0.7x
$23.66
0.2x
Fisker
Faraday Future: share price $10, 303.4mm shares outstanding, $0 debt.
Fisker: share price $10, 294mm shares outstanding, $0 debt.
Lordstown: share price $10, 164mm shares outstanding, $0 debt.
Quantum Scape: share price $10,447.6mm shares outstanding, $0 debt.
Canoo: share price $10,244.8mm shares outstanding, $0 debt.
Lordstown
Company filings, investor presentations, Wall Street Research and FactSet as of 01/22/2021.
Assumptions used to calculate EV at announcement:
ΝΑ
1.6x
ΝΑ
Lordstown
1.0x
QuantumScape
2027E
0.5x
2028E
4.1x
2.0x
QuantumScape
0.9x
Recent Battery SPACs
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Romeo
2024E
0.6x
5.1x
2.9x
Romeo
2025E
0.6x
0.5x
Tesla
4.3x
2014E
3.1x
Tesla
Electric Vehicle OEMs
0.1x 0.1x
2015E
NIO
0.8x
2022E
NIO
0.7x
0.6x
Electric Vehicle OEMs
12.5x
0.6x
Xpeng
2023E
2024E
8.6x
Xpeng
0.7x
ΝΑ
Li Auto
2025E
8.2x
ΝΑ
Li Auto
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PROPRIETARY AND CONFIDENTIALView entire presentation