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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -2.4x - -2.6x | -2.5x |
| Selected Fwd EBITDA Multiple | 87.4x - 96.6x | 92.0x |
| Fair Value | €1.73 - €1.89 | €1.81 |
| Upside | 35.9% - 49.0% | 42.5% |
| Benchmarks | Ticker | Full Ticker |
| Generac Holdings Inc. | GNRC | NYSE:GNRC |
| Blink Charging Co. | BLNK | NasdaqCM:BLNK |
| ChargePoint Holdings, Inc. | CHPT | NYSE:CHPT |
| Polar Power, Inc. | POLA | NasdaqCM:POLA |
| Eaton Corporation plc | ETN | NYSE:ETN |
| Beam Global | 16NA | DB:16NA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GNRC | BLNK | CHPT | POLA | ETN | 16NA | ||
| NYSE:GNRC | NasdaqCM:BLNK | NYSE:CHPT | NasdaqCM:POLA | NYSE:ETN | DB:16NA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.3% | NM- | NM- | NM- | 8.4% | NM- | |
| 3Y CAGR | -5.3% | NM- | NM- | NM- | 17.7% | NM- | |
| Latest Twelve Months | 26.3% | 45.7% | 45.6% | 24.9% | 14.7% | 11.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.0% | -173.6% | -78.0% | -51.6% | 18.8% | -55.7% | |
| Prior Fiscal Year | 13.7% | -67.0% | -77.6% | -36.6% | 20.9% | -20.7% | |
| Latest Fiscal Year | 16.5% | -40.5% | -51.3% | -30.1% | 22.5% | -25.1% | |
| Latest Twelve Months | 16.8% | -40.5% | -51.3% | -30.1% | 22.9% | -25.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.85x | 0.24x | 0.86x | 0.83x | 4.96x | 0.39x | |
| EV / LTM EBITDA | 11.0x | -0.6x | -1.7x | -2.8x | 21.7x | -1.6x | |
| EV / LTM EBIT | 14.5x | -0.5x | -1.5x | -2.6x | 25.8x | -1.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.8x | -0.6x | 21.7x | ||||
| Historical EV / LTM EBITDA | -133.6x | -18.5x | -1.6x | ||||
| Selected EV / LTM EBITDA | -2.4x | -2.5x | -2.6x | ||||
| (x) LTM EBITDA | (12) | (12) | (12) | ||||
| (=) Implied Enterprise Value | 29 | 31 | 32 | ||||
| (-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
| (=) Equity Value | 32 | 34 | 35 | ||||
| (/) Shares Outstanding | 15.5 | 15.5 | 15.5 | ||||
| Implied Value Range | 2.07 | 2.16 | 2.26 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.82 | 1.90 | 1.99 | 1.27 | |||
| Upside / (Downside) | 43.0% | 49.9% | 56.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GNRC | BLNK | CHPT | POLA | ETN | 16NA | |
| Enterprise Value | 8,035 | 30 | 360 | 12 | 125,507 | 20 | |
| (+) Cash & Short Term Investments | 187 | 55 | 225 | 0 | 1,939 | 5 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 3 | 0 | |
| (-) Debt | (1,475) | (11) | (317) | (7) | (10,758) | (2) | |
| (-) Other Liabilities | (4) | 0 | 0 | 0 | (41) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,744 | 75 | 267 | 5 | 116,650 | 22 | |
| (/) Shares Outstanding | 59.3 | 102.7 | 458.2 | 2.5 | 391.3 | 15.5 | |
| Implied Stock Price | 113.75 | 0.73 | 0.58 | 2.06 | 298.11 | 1.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 113.75 | 0.73 | 0.58 | 2.06 | 298.11 | 1.27 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |