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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd Revenue Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | €209.62 - €231.04 | €220.33 |
| Upside | -6.5% - 3.0% | -1.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Lucid Group, Inc. | LCID | NasdaqGS:LCID |
| Rivian Automotive, Inc. | RIVN | NasdaqGS:RIVN |
| Envirotech Vehicles, Inc. | EVTV | NasdaqCM:EVTV |
| Phoenix Motor Inc. | PEV | NasdaqCM:PEV |
| Faraday Future Intelligent Electric Inc. | FFAI | NasdaqCM:FFAI |
| Tesla, Inc. | TL0 | DB:TL0 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| LCID | RIVN | EVTV | PEV | FFAI | TL0 | |||
| NasdaqGS:LCID | NasdaqGS:RIVN | NasdaqCM:EVTV | NasdaqCM:PEV | NasdaqCM:FFAI | DB:TL0 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 181.3% | NM- | NM- | NM- | NM- | 31.8% | ||
| 3Y CAGR | 210.0% | 348.7% | 218.3% | -11.5% | NM- | 22.0% | ||
| Latest Twelve Months | 35.7% | 12.1% | -62.7% | 424.7% | -31.3% | 0.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -5627.5% | -16201.0% | -292.2% | -292.2% | -32825.2% | 10.0% | ||
| Prior Fiscal Year | -516.6% | -129.4% | -149.9% | -303.7% | -35659.2% | 9.2% | ||
| Latest Fiscal Year | -371.4% | -94.3% | -266.0% | -497.7% | -27128.8% | 7.8% | ||
| Latest Twelve Months | -371.4% | -94.3% | -424.9% | -106.3% | -27128.8% | 7.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 7.88x | 2.18x | 2.77x | 0.72x | 342.79x | 8.08x | ||
| EV / LTM EBIT | -2.1x | -2.3x | -0.7x | -0.7x | -1.3x | 103.1x | ||
| Price / LTM Sales | 9.49x | 2.72x | 2.47x | 0.40x | 165.78x | 8.31x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.72x | 2.77x | 342.79x | |||||
| Historical EV / LTM Revenue | 5.01x | 8.08x | 23.81x | |||||
| Selected EV / LTM Revenue | 7.53x | 7.93x | 8.32x | |||||
| (x) LTM Revenue | 97,690 | 97,690 | 97,690 | |||||
| (=) Implied Enterprise Value | 735,525 | 774,237 | 812,948 | |||||
| (-) Non-shareholder Claims * | 22,173 | 22,173 | 22,173 | |||||
| (=) Equity Value | 757,698 | 796,410 | 835,121 | |||||
| (/) Shares Outstanding | 3,216.5 | 3,216.5 | 3,216.5 | |||||
| Implied Value Range | 235.56 | 247.60 | 259.64 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 208.73 | 219.40 | 230.06 | 224.30 | ||||
| Upside / (Downside) | -6.9% | -2.2% | 2.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LCID | RIVN | EVTV | PEV | FFAI | TL0 | |
| Enterprise Value | 6,093 | 10,776 | 5 | 17 | 182 | 792,029 | |
| (+) Cash & Short Term Investments | 4,031 | 7,700 | 1 | 0 | 7 | 36,563 | |
| (+) Investments & Other | 1,050 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,477) | (5,005) | (1) | (8) | (103) | (13,623) | |
| (-) Other Liabilities | 0 | (4) | 0 | 0 | 0 | (767) | |
| (-) Preferred Stock | (1,300) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,397 | 13,467 | 4 | 9 | 87 | 814,202 | |
| (/) Shares Outstanding | 3,031.5 | 1,130.7 | 16.8 | 45.7 | 85.1 | 3,216.5 | |
| Implied Stock Price | 2.44 | 11.91 | 0.26 | 0.20 | 1.02 | 253.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 2.44 | 11.91 | 0.26 | 0.20 | 1.02 | 224.30 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |