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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -1.4x - -1.5x | -1.4x |
| Selected Fwd EBIT Multiple | -1.6x - -1.8x | -1.7x |
| Fair Value | €5.35 - €6.02 | €5.68 |
| Upside | 16.2% - 30.8% | 23.5% |
| Benchmarks | Ticker | Full Ticker |
| Sunrun Inc. | RUN | NasdaqGS:RUN |
| Capstone Green Energy Holdings, Inc. | CGEH | OTCPK:CGEH |
| Nel ASA | NLLS.F | OTCPK:NLLS.F |
| ITM Power Plc | ITMP.F | OTCPK:ITMP.F |
| Energy Focus, Inc. | EFOI | NasdaqCM:EFOI |
| FuelCell Energy, Inc. | FEY | DB:FEY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RUN | CGEH | NLLS.F | ITMP.F | EFOI | FEY | ||
| NasdaqGS:RUN | OTCPK:CGEH | OTCPK:NLLS.F | OTCPK:ITMP.F | NasdaqCM:EFOI | DB:FEY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 35.0% | 76.1% | -59.1% | 22.2% | 55.1% | 14.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -36.2% | -22.2% | -61.4% | -832.1% | -75.0% | -106.1% | |
| Prior Fiscal Year | -36.3% | -21.5% | -33.1% | -1896.7% | -69.5% | -108.3% | |
| Latest Fiscal Year | -28.1% | -5.5% | -28.0% | -220.9% | -37.9% | -137.9% | |
| Latest Twelve Months | -24.2% | -5.5% | -44.5% | -214.0% | -32.5% | -106.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.13x | 0.79x | 2.57x | 16.83x | 2.51x | 1.18x | |
| EV / LTM EBITDA | 125.1x | -82.7x | -9.1x | -8.9x | -7.9x | -1.5x | |
| EV / LTM EBIT | -33.6x | -14.4x | -5.8x | -7.9x | -7.7x | -1.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -33.6x | -7.9x | -5.8x | ||||
| Historical EV / LTM EBIT | -44.0x | -8.3x | -0.9x | ||||
| Selected EV / LTM EBIT | -1.4x | -1.4x | -1.5x | ||||
| (x) LTM EBIT | (138) | (138) | (138) | ||||
| (=) Implied Enterprise Value | 188 | 198 | 208 | ||||
| (-) Non-shareholder Claims * | (27) | (27) | (27) | ||||
| (=) Equity Value | 161 | 171 | 181 | ||||
| (/) Shares Outstanding | 22.8 | 22.8 | 22.8 | ||||
| Implied Value Range | 7.07 | 7.50 | 7.94 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.00 | 6.37 | 6.74 | 4.60 | |||
| Upside / (Downside) | 30.5% | 38.6% | 46.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RUN | CGEH | NLLS.F | ITMP.F | EFOI | FEY | |
| Enterprise Value | 16,864 | 67 | 3,070 | 369 | 12 | 151 | |
| (+) Cash & Short Term Investments | 627 | 9 | 2,059 | 203 | 1 | 177 | |
| (+) Investments & Other | 81 | 0 | 0 | 1 | 0 | 0 | |
| (-) Debt | (13,690) | (43) | (258) | (13) | (0) | (135) | |
| (-) Other Liabilities | (1,482) | (14) | 0 | 0 | 0 | (10) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (60) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,399 | 19 | 4,872 | 560 | 12 | 123 | |
| (/) Shares Outstanding | 228.5 | 19.3 | 1,838.0 | 617.4 | 5.4 | 22.8 | |
| Implied Stock Price | 10.50 | 1.00 | 2.65 | 0.91 | 2.30 | 5.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 10.08 | 0.73 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 10.50 | 1.00 | 0.26 | 1.24 | 2.30 | 4.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 10.08 | 0.73 | 1.00 | 1.18 | |