Forge SPAC Presentation Deck
Comparable Companies / Valuation
EV / 2022E
Net Revenue (1,2,3)
Selected Peers
EV/ 2022E
Net Revenue /
2022E Growth (1,2,3)
2022E Net
Revenue
Growth(1,2,3)
Key
Considerations on
Comparability to
Forge
1234
2)
3)
Forge
23%
10.6x
0.5x
High Growth FinTech
adyen
affirm
lightspeed
shopify
bill.com
afterpay
39%
X
24.2x
0.7x
✓ Similar monetization models
on transaction volume and
data with high, sustainable
financial growth profile
Large TAM that is
underserved by current
providers
Serving different end
markets
Fixed-Income
Trading Platforms
MarketAxess
Tradeweb
11%
18.8x
1.8x
✓ Alternative asset liquidity
provider with advanced
digital platforms and data
solutions
Large focus on fixed
income products and
services
Lower growth relative to
Forge
1) Net Revenue (Revenue less Transaction Expenses) shown for Forge; Revenue metrics for Shopify, Afterpay, Lightspeed and Bill.com based on gross revenue
Metrics based on the median of the relevant comp set
NASDAQ OMX
X
Large Global
Exchanges
DEUTSCHE BÖRSE
GROUP
5%
Based on FactSet as of July 19, 2021
4) Represents weighted average across selected peer groups, in which the weights are the number of companies in each group divided by the total number of selected.
9.7x
Lice
2.1x
Trading and data platforms
with similar business model
Scaled players for primarily
listed assets with mature
growth and margin profiles
Low growth relative to
Forge
I
Mean(4)
24%
19.3x
1.3x
Forge
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