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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.7x - -3.0x | -2.8x |
| Selected Fwd EBIT Multiple | -4.4x - -4.9x | -4.7x |
| Fair Value | €2.44 - €2.69 | €2.57 |
| Upside | 31.3% - 44.7% | 38.0% |
| Benchmarks | Ticker | Full Ticker |
| Blink Charging Co. | BLNK | NasdaqCM:BLNK |
| Generac Holdings Inc. | GNRC | NYSE:GNRC |
| Polar Power, Inc. | POLA | NasdaqCM:POLA |
| ChargePoint Holdings, Inc. | CHPT | NYSE:CHPT |
| Eaton Corporation plc | ETN | NYSE:ETN |
| Beam Global | 16NA | DB:16NA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BLNK | GNRC | POLA | CHPT | ETN | 16NA | ||
| NasdaqCM:BLNK | NYSE:GNRC | NasdaqCM:POLA | NYSE:CHPT | NYSE:ETN | DB:16NA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 7.5% | NM- | NM- | 10.3% | NM- | |
| 3Y CAGR | NM- | -10.3% | NM- | NM- | 23.1% | NM- | |
| Latest Twelve Months | 25.6% | 32.0% | 34.0% | 43.8% | 12.0% | -26.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -172.9% | 14.5% | -52.7% | -82.6% | 14.9% | -56.2% | |
| Prior Fiscal Year | -74.8% | 9.6% | -39.2% | -83.2% | 17.0% | -23.5% | |
| Latest Fiscal Year | -49.4% | 12.5% | -31.3% | -58.3% | 18.8% | -32.6% | |
| Latest Twelve Months | -61.2% | 12.7% | -34.0% | -56.4% | 18.9% | -56.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.59x | 2.93x | 0.98x | 1.00x | 5.68x | 1.20x | |
| EV / LTM EBITDA | -1.2x | 17.4x | -2.9x | -2.0x | 25.1x | -2.6x | |
| EV / LTM EBIT | -1.0x | 23.0x | -2.9x | -1.8x | 30.0x | -2.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.9x | -1.0x | 30.0x | ||||
| Historical EV / LTM EBIT | -133.1x | -17.0x | -2.8x | ||||
| Selected EV / LTM EBIT | -2.7x | -2.8x | -3.0x | ||||
| (x) LTM EBIT | (19) | (19) | (19) | ||||
| (=) Implied Enterprise Value | 51 | 54 | 56 | ||||
| (-) Non-shareholder Claims * | 2 | 2 | 2 | ||||
| (=) Equity Value | 53 | 55 | 58 | ||||
| (/) Shares Outstanding | 18.0 | 18.0 | 18.0 | ||||
| Implied Value Range | 2.92 | 3.07 | 3.22 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.50 | 2.63 | 2.75 | 1.86 | |||
| Upside / (Downside) | 34.3% | 41.2% | 48.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BLNK | GNRC | POLA | CHPT | ETN | 16NA | |
| Enterprise Value | 65 | 12,902 | 12 | 406 | 147,747 | 37 | |
| (+) Cash & Short Term Investments | 42 | 224 | 0 | 196 | 584 | 3 | |
| (+) Investments & Other | 0 | 31 | 0 | 0 | 0 | 0 | |
| (-) Debt | (10) | (1,488) | (7) | (327) | (11,634) | (2) | |
| (-) Other Liabilities | 0 | (5) | 0 | 0 | (41) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 97 | 11,664 | 5 | 275 | 136,656 | 39 | |
| (/) Shares Outstanding | 102.7 | 58.7 | 2.5 | 23.1 | 389.3 | 18.0 | |
| Implied Stock Price | 0.94 | 198.80 | 1.97 | 11.92 | 351.03 | 2.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 0.94 | 198.80 | 1.97 | 11.92 | 351.03 | 1.86 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |