Blackwells Capital Activist Presentation Deck
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Apple becomes the category leader in digital health & wellness
Immediate ability to bundle with 100 million Apple watch users
Gains significant customer data edge to use for applicability across the Apple
ecosystem
▪ Through its preexisting health, wellness, content and lifestyle segments, Apple
has a robust opportunity to cross-sell and bundle content offerings such as:
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POTENTIAL STRATEGIC ACQUIRERS
APPLE
Apple would position itself as the global leader in digital health & wellness
Apple Fitness+: Full integration of all Apple's preexisting health features and classes
Apple Music: Integrated apple music to create workout playlist and content (i.e., sort
music by BPM or workout time)
Apple TV+: New exercise content combined with ability to watch Apple TV+ content
Leading brand and high quality of Peloton offering fits well with Apple's ethos of
premium products
BW
Strategically Defensive Asset: Prevents other big tech / health and wellness
competitors from gaining a trophy subscription fitness asset
*Fitness+
Music
BLACKWELLS CAPITAL
WATCH
tv+
Company Overview¹
Market Cap ($M)
Enterprise Value ($M)
LTM Revenue ($M)
Cash and Short-Term Investments ($M)
Net Debt/LTM EBITDA
Economic Benefits to Apple²
Number of Users:
$2,775,774
$2,834,659
$378,323
$63,913
0.46x
(1) Source: CapIQ Pro and Company filings. All data as of April 8, 2022 unless specified otherwise. (2) Source: Company filings and publicly available data.
Note: Assumes PTON incremental margin of 60%, below managements guidance of 70%, on current subscription prices. Accretion based on 2022E EBITDA multiples per Capital IQ.
100 million
Value Creation at Various User Penetration Rates:
$15.5 billion
2.5%
5.0%
$31.0 billion
10.0%
$62.1 billion
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