Nikola SPAC Presentation Deck
VALUATION BENCHMARKING
NIKOLA METRICS DO NOT INCLUDE POTENTIAL INCREMENTAL UPSIDE
FROM 50/50 EUROPE JV
EV / REVENUE
2020E FOR PEERS (X)
11.1
2.4
1.0 0.6
2022E 2023E L2024E | 2025E
NIKOLA
EV/EBITDA
2020E FOR PEERS (X)
15.6
5.0
NM NM
2022 2023 2024 2025E
NIKOLA
Median: 4.0x
650+
29.5
4.0
TESLA NIO
NM
3.3
TESLARNIO
NM
14.7
Median: 9.5x
13.8
Median: 47.8x
77.3
Future Transportation Peers
Current "$3Bn valuation implies a 1.0x 2024E
revenue multiple, well below future
transportation peers current valuation level
-18.4
1.7
BALLARD nel Deloominergy PACCARNAVISTAR
PLUG
NM
NM
PLU BALLARD nel.
POWER
0.8
Fuel Cell Technology Peers(2)
Median: 0.7x
8.4
0.7
Median: 6.5x
74
PACCAR NAVISTAR
0.7
5.5
0.3
TRATON
3.1
TR/TON
Market data as of February 28, 2020
1 Future Transportation Peers include NIO (NIO). Tesla (TSLA), and Virgin Galactic (SPCE)
2. Fuel Cell Technology Peers include Ballard (BLDP), Bloom Energy (BE), Nel (NEL), and Plug Power (PLUG)
3. Commercial Vehicle Peers include Navistar (NAV), PACCAR (PCAR), Traton (BTRA), and Volvo (VOLV B), EV and EBITDA adjusted for captive finance segment and pension/OPEB liabilities
Commercial Vehicle Peers(3)View entire presentation