Credit Suisse Investment Banking Pitch Book
3 Selected transactions analysis
($ in millions)
Year
Aug-22
Mar-22
Feb-22
Jul-21
Mar-21
Nov-20
Feb-20
Sep-19
Apr-19
Oct-18
Jul-16
May-16
May-15
Mar-12
Acquirer
Amazon
Source:
Note:
(1)
Zebra
Koerber
ABB
CMCO
Ocado
Atlas Copco
Sep-18
Apr-18
Apr-18 Teradyne
Honeywelll
Shopify
Hitachi
Honeywell
Barnes
Patricia
Midea
Teradyne
Amazon
Average
Median
($ in millions, except per share amounts)
2022A Revenue
Metric
$69
Selected multiple ranges
High
Low
4.0x
8.0x
Target
Low
iRobot
Matrox
Siemens Logistics
ASTI
Dorner
Kindred
ISRA Vision
6 River Systems
JR Automation
Transnorm
Gimatic
PIAB
MiR
Intelligrated
Kuka
Universal Robots
KIVA
Implied enterprise value (1)
$278
High
$555
Transaction value
Low
$336
$1,700
$875
$1,311
$290
$485
$262
$1,208
$456
$1,425
$494
$422
$801
$272
$1,500
$4,200
$286
$775
Implied equity value
High
$614
Sales
$1,183
$100
529
$24
$125
$35
$162
$25
$603
$116
$55
$141
$12
$750
$2,625
$38
$100
$1.26
EV / LTM Sales
Company filings, Merger Market and other public sources.
Equity value per share based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx
warrants. Common shares outstanding include 2.9m unvested RSAs. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of calculations.
Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share.
1.4x
8.8x
2.5x
7.8x
3.9x
7.5x
7.5x
18.0x
2.4x
4.3x
7.7x
5.7x
22.7x
2.0x
1.6x
7.5x
7.8x
7.0x
Implied equity value per share
Low
High
7.5x
$2.20
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