Blackwells Capital Activist Presentation Deck
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Peloton is worth substantially more than its current stock price using Gross Profit multiples
Peloton's peers currently trade at an average of 11.5x EV / NTM Gross Profit
Applying a range of EV / Gross Profit on Peloton's FYE 6/30/23 expected
gross profit yields an implied price per share of $59.36 - $83.96
PELOTON STOCK IS UNDERVALUED: EV/GROSS PROFIT
Peloton Est. Gross Profit
($ in millions) FYE 6/2023
EV/Gross Profit Multiple
Implied Share Price
BW
BLACKWELLS CAPITAL
10x
$59.36
$2,047
12x
$71.66
14x
$83.96
6.5x
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Sources: Company filings. Consensus data from Capital IQ. Company closing stock price trading session as of February 4, 2022, per Bloomberg.
Note: Based on net debt of $711 million and 333 million shares outstanding.
Peers EV / NTM Gross Profit
13.8x
14.0x
13.2x
9.8x
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