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
Acquirer
Mar-12
Amazon
Zebra
Koerber
ABB
CMCO
Ocado
Atlas Copco
Shopify
Sep-18
Apr-18
Apr-18 Teradyne
Honeywelll
Hitachi
Honeywell
Barnes
Patricia
Midea
Teradyne
Amazon
Average
Median
($ in millions, except per share amounts)
2022A Revenue
Metric
$69
Selected multiple ranges
High
8.0x
Low
4.0x
Target
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)
Low
$278
High
$555
Low
Transaction value
$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
Source: Company filings, Merger Market and other public sources.
Note: Equity value per share based on current shares of 323.3m, including 242.3m common shares outstanding, 21.4m 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. Assumes a treasury stock method for purposes of calculations.
(1)
Assumes Bravo cash balance as of 12/31/22 per Bravo management.
Sales
$1,183
$100
529
$24
$125
$35
$162
$25
$603
$116
$55
$141
$12
$750
$2,625
$38
$100
EV / LTM Sales
$1.26
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
7.5x
Implied equity value per share
Low
High
$2.20
| Draft |
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