Benson Hill SPAC Presentation Deck
BENSON HILL
Benson Hill's Implied Revenue Multiples Are at a
Discount to Public Market References
EV / Revenue
¹21E
¹22E
¹23E
¹24E
'25E
'26E
'27E
BENSON HILL™
2.4x
1.6x
0.9x
5.4x
3.9x
8.4x
10.6x
CY 2022E EV / Revenue
8x
5x
Food Tech
Peer Median: 30x
10x
Beyond Meat AppHarvest(2)
CY 2023E EV / Revenue
30x
8x
Peer Median: 13x
13x
66 x
A
Beyond Meat AppHarvest(2)
AeroFarms
16x
Higher Growth Companies
Ag Tech
(3)
Peer Median: 14x
12x
amyris CODEXIS
14x
6x
Peer Median: 9x
AeroFarms calyxt
9x
amyris
19x
calyxt
12x
CODEXIS
Peer Median: 34x
25x
6
BERKELEY
LIGHTS
Biotech
20x
6
—
BERKELEY
LIGHTS
34x
10x
GENOMICS
Peer Median: 26x
26x
37x
10x
GENOMICS
29x
T
Slower Growth Mature Companies
Ag / Specialty Ingredients
3x
CORTEVA
2x
CORTEVA
ugra
Peer Median: 6x
4x
Other
Ingredients (1)
3x
8x
Peer Median: 6x
Other
Ingredients (1)
novozymes
8x
novozymes
10x
CHR
9x
CHR
44
Source: Benson Hill, Bloomberg, CapIQ, IBES consensus estimates and company disclosures; market data as of 30-Apr-2021.
(1) Other Ingredients reflects average for AAK, Givaudan, IFF, Kerry, Sensient, and Symrise. (2) AppHarvest projections based on management forecast per latest investor presentation. (3) AeroFarms multiples based on Spring Valley Acquisition
Corp deal value EV and management forecast.View entire presentation