Origin SPAC Presentation Deck
Illustrative valuation references - operational benchmarking
Specialty Chemicals
2020E-2022E
Revenue CAGR
2021E gross
margin
2021E EBITDA
margin
161%
24-26Ei i'26-'28E
49%
61%
36%
i 2026E i i 2027E i
49%
ORIGIN
40%
i 2026E i 2027E
4%
57%
35%
novozymes
Mean: 7%
7%
Mean: 41%
33%
14%
26%
Mean: 28%
ALBEMARLE
40%
29%
CRODA
5%
34%
20%
DSM
53%
26%
18%
da scientific
Source: Origin Materials Consolidated Financials; company projections based on company filings and FactSet as of January 29, 2021.
Note: Companies are ordered in descending 2021E EV / Revenue.
1. Danimer revenue CAGR based on 2021E-2023E.
2. Plug Power and Desktop Metal CAGR based on 2023E-2025E, margins based on 2024E.
Biochemicals / Biomaterials
19%
78%
NM
Mean: 19%
9%
Mean: 51%
83%
Mean: 21%
NM
O
avantium
10%
40%
29%
Lonza
4%
28%
17%
Corbion
43%
24%
21%
POWG
Disruptive technology
40%
22%
19%
ā
Mean: 45%
49%
Mean: 39%
TESLA
34%
Mean: 22%
7%
BEYOND MEAT
33%
67%
42%
sunrun
ORIGIN
59%
51%
23%
44
D Desktop Metal (2)View entire presentation