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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.9x - 7.6x | 7.2x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Fair Value | €0.87 - €1.10 | €0.98 |
| Upside | 10.5% - 41.0% | 25.8% |
| Benchmarks | Ticker | Full Ticker |
| Volvo Car AB (publ.) | 0AAK | LSE:0AAK |
| Polestar Automotive Holding UK PLC | PSNY.W | NasdaqGM:PSNY.W |
| Ford Motor Company | 0P4F | LSE:0P4F |
| Bayerische Motoren Werke Aktiengesellschaft | 0O0U | LSE:0O0U |
| Mercedes-Benz Group AG | 0NXX | LSE:0NXX |
| Aston Martin Lagonda Global Holdings plc | A5SA | DB:A5SA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0AAK | PSNY.W | 0P4F | 0O0U | 0NXX | A5SA | ||
| LSE:0AAK | NasdaqGM:PSNY.W | LSE:0P4F | LSE:0O0U | LSE:0NXX | DB:A5SA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.2% | NM- | 5.2% | 6.1% | 16.5% | 63.6% | |
| 3Y CAGR | 12.4% | NM- | -4.4% | -1.1% | -4.3% | NM- | |
| Latest Twelve Months | 4.7% | -81.7% | -7.1% | -29.6% | -21.6% | -11.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | -52.5% | 7.2% | 13.4% | 12.1% | -2.9% | |
| Prior Fiscal Year | 9.3% | -33.0% | 6.8% | 15.5% | 14.0% | 17.8% | |
| Latest Fiscal Year | 9.7% | -61.1% | 6.0% | 11.9% | 11.5% | 16.3% | |
| Latest Twelve Months | 9.7% | -71.7% | 6.0% | 11.9% | 11.5% | 16.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.05x | 2.71x | 0.89x | 0.99x | 0.91x | 1.10x | |
| EV / LTM EBITDA | 0.5x | -3.8x | 14.9x | 8.3x | 7.9x | 6.7x | |
| EV / LTM EBIT | 0.8x | -3.7x | 31.7x | 12.5x | 10.5x | -20.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.8x | 7.9x | 14.9x | ||||
| Historical EV / LTM EBITDA | -129.2x | 6.7x | 326.8x | ||||
| Selected EV / LTM EBITDA | 6.9x | 7.2x | 7.6x | ||||
| (x) LTM EBITDA | 259 | 259 | 259 | ||||
| (=) Implied Enterprise Value | 1,779 | 1,873 | 1,967 | ||||
| (-) Non-shareholder Claims * | (1,125) | (1,125) | (1,125) | ||||
| (=) Equity Value | 655 | 748 | 842 | ||||
| (/) Shares Outstanding | 936.3 | 936.3 | 936.3 | ||||
| Implied Value Range | 0.70 | 0.80 | 0.90 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.82 | 0.93 | 1.05 | 0.78 | |||
| Upside / (Downside) | 4.3% | 19.3% | 34.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0AAK | PSNY.W | 0P4F | 0O0U | 0NXX | A5SA | |
| Enterprise Value | 20,487 | 6,350 | 164,138 | 141,936 | 132,580 | 1,752 | |
| (+) Cash & Short Term Investments | 56,373 | 669 | 28,370 | 16,184 | 18,610 | 360 | |
| (+) Investments & Other | 21,751 | 2 | 6,691 | 1,652 | 13,105 | 51 | |
| (-) Debt | (39,295) | (4,031) | (160,862) | (111,261) | (112,798) | (1,522) | |
| (-) Other Liabilities | (4,738) | 0 | (23) | (2,688) | (1,005) | (13) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54,578 | 2,991 | 38,314 | 45,823 | 50,492 | 628 | |
| (/) Shares Outstanding | 2,974.5 | 18,517.4 | 3,976.5 | 622.3 | 962.0 | 936.3 | |
| Implied Stock Price | 18.35 | 0.16 | 9.64 | 73.64 | 52.49 | 0.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 18.35 | 0.16 | 9.64 | 73.64 | 52.49 | 0.78 | |
| Trading Currency | SEK | USD | USD | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |