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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -16.7x - -18.5x | -17.6x |
| Selected Fwd EBITDA Multiple | 24.9x - 27.6x | 26.3x |
| Fair Value | €6.13 - €6.61 | €6.37 |
| Upside | -21.2% - -14.9% | -18.1% |
| Benchmarks | Ticker | Full Ticker |
| NIO Inc. | NIO | NYSE:NIO |
| Li Auto Inc. | LI | NasdaqGS:LI |
| BYD Company Limited | BYDD.Y | OTCPK:BYDD.Y |
| Chijet Motor Company, Inc. | CJET | NasdaqCM:CJET |
| Rivian Automotive, Inc. | RIVN | NasdaqGS:RIVN |
| XPeng Inc. | 8XP | BST:8XP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NIO | LI | BYDD.Y | CJET | RIVN | 8XP | ||
| NYSE:NIO | NasdaqGS:LI | OTCPK:BYDD.Y | NasdaqCM:CJET | NasdaqGS:RIVN | BST:8XP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 49.9% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 75.0% | NM- | NM- | NM- | |
| Latest Twelve Months | 15.6% | 35.2% | 41.9% | 36.8% | 38.9% | 54.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -26.1% | -0.1% | 11.9% | -473.6% | -14422.7% | -40.1% | |
| Prior Fiscal Year | -34.7% | 7.4% | 12.7% | -567.6% | -108.3% | -29.1% | |
| Latest Fiscal Year | -24.3% | 7.0% | 14.0% | -492.2% | -73.6% | -11.2% | |
| Latest Twelve Months | -24.2% | 7.8% | 14.2% | -492.2% | -58.1% | -7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 0.95x | 1.08x | 58.75x | 2.82x | 2.04x | |
| EV / LTM EBITDA | -5.2x | 12.2x | 7.7x | -11.9x | -4.9x | -28.0x | |
| EV / LTM EBIT | -3.8x | 17.5x | 18.2x | -7.1x | -3.7x | -17.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.9x | -4.9x | 12.2x | ||||
| Historical EV / LTM EBITDA | -49.7x | -14.1x | -3.6x | ||||
| Selected EV / LTM EBITDA | -16.7x | -17.6x | -18.5x | ||||
| (x) LTM EBITDA | (3,639) | (3,639) | (3,639) | ||||
| (=) Implied Enterprise Value | 60,853 | 64,056 | 67,258 | ||||
| (-) Non-shareholder Claims * | 23,245 | 23,245 | 23,245 | ||||
| (=) Equity Value | 84,098 | 87,301 | 90,504 | ||||
| (/) Shares Outstanding | 1,810.6 | 1,810.6 | 1,810.6 | ||||
| Implied Value Range | 46.45 | 48.22 | 49.99 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.56 | 5.78 | 5.99 | 7.78 | |||
| Upside / (Downside) | -28.4% | -25.7% | -23.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NIO | LI | BYDD.Y | CJET | RIVN | 8XP | |
| Enterprise Value | 86,106 | 136,676 | 1,054,173 | 403 | 14,111 | 94,276 | |
| (+) Cash & Short Term Investments | 19,722 | 110,678 | 153,391 | 4 | 7,178 | 33,629 | |
| (+) Investments & Other | 2,879 | 822 | 30,792 | 3 | 0 | 7,317 | |
| (-) Debt | (30,354) | (16,356) | (41,128) | (364) | (4,869) | (17,701) | |
| (-) Other Liabilities | (7,681) | (502) | (12,800) | (34) | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 70,673 | 231,318 | 1,184,427 | 13 | 16,412 | 117,521 | |
| (/) Shares Outstanding | 2,242.5 | 1,013.3 | 1,705.3 | 4.8 | 1,197.9 | 1,810.6 | |
| Implied Stock Price | 31.51 | 228.29 | 694.55 | 2.61 | 13.70 | 64.91 | |
| FX Conversion Rate to Trading Currency | 7.18 | 7.18 | 7.18 | 1.00 | 1.00 | 8.35 | |
| Implied Stock Price (Trading Cur) | 4.39 | 31.80 | 96.75 | 2.61 | 13.70 | 7.78 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 7.18 | 7.18 | 7.18 | 1.00 | 1.00 | 8.35 | |