FlexJet SPAC Presentation Deck
Framing the Flexjet Peer Set
Representative
Peers
Considerations
Valuation
(peer median)(¹)
Note:
(1)
Luxury Consumer Brands
FLEXJET.COM
HERMES
PARIS
$
LVMH
BRUNELLO CUCINELLI
Ferrari
KERING
Similar target market
Strong pricing power
Brand value importance
Not contractual customer base
2022E EBITDA multiple: 14.7x
2023E EBITDA multiple: 13.4x
This presentation does not mean to imply actual comparability in many respects.
Public company filings and broker estimates from FactSet as of 10/4/2022.
High-End Membership
Travel
VAIL RESORTS
EXPERIENCE OF A LIFETIME"
MARRIOTT
VACATIONS
WORLDWIDE
Similar target market
▸ Membership based travel
focused business models
Established businesses with
long-term track record
► 2022E EBITDA multiple: 11.3x
2023E EBITDA multiple: 10.0x
32
Asset-light Logistics
DSV
Expeditors
> Network-based business models
with scale.
C.H. ROBINSON
LANDSTAR
Asset-light business model
Experiencing tailwinds from the
Pandemic
Move freight versus individuals
► 2022E EBITDA multiple: 9.0x
2023E EBITDA multiple: 11.5x
Subscription Models /
Shared Economy
NETFLIX Uber
airbnb
► Subscription / recurring revenue
business models
Disruptive technologies
High growth platforms
Similar shared economy models
► 2022E EBITDA multiple: 21.3x
► 2023E EBITDA multiple: 19.1xView entire presentation