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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -4.8x - -5.3x | -5.1x |
| Selected Fwd EBIT Multiple | -8.2x - -9.1x | -8.7x |
| Fair Value | $2.21 - $2.42 | $2.32 |
| Upside | 5.4% - 15.2% | 10.3% |
| Benchmarks | Ticker | Full Ticker |
| Phoenix Motor Inc. | PEVM | PINC:PEVM |
| Rivian Automotive, Inc. | RIVN | NasdaqGS:RIVN |
| Cenntro Inc. | CENN | NasdaqCM:CENN |
| Lucid Group, Inc. | LCID | NasdaqGS:LCID |
| Envirotech Vehicles, Inc. | EVTV | NasdaqCM:EVTV |
| LiveWire Group, Inc. | LVWR | NYSE:LVWR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PEVM | RIVN | CENN | LCID | EVTV | LVWR | ||
| PINC:PEVM | NasdaqGS:RIVN | NasdaqCM:CENN | NasdaqGS:LCID | NasdaqCM:EVTV | NYSE:LVWR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -99.4% | 18.3% | 26.9% | 2.4% | -4.0% | 8.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -292.2% | -16201.0% | -279.7% | -5627.5% | -299.9% | -280.0% | |
| Prior Fiscal Year | -303.7% | -129.4% | -414.8% | -516.6% | -266.0% | -305.0% | |
| Latest Fiscal Year | -497.7% | -94.3% | -101.1% | -371.4% | -423.5% | -397.0% | |
| Latest Twelve Months | -106.3% | -94.3% | -101.1% | -371.4% | -423.5% | -397.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.47x | 2.51x | 0.11x | 7.90x | 4.23x | 15.30x | |
| EV / LTM EBITDA | -0.5x | -3.4x | -0.1x | -2.4x | -1.0x | -4.2x | |
| EV / LTM EBIT | -0.4x | -2.7x | -0.1x | -2.1x | -1.0x | -3.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.7x | -1.0x | -0.1x | ||||
| Historical EV / LTM EBIT | -18.8x | -9.3x | -3.9x | ||||
| Selected EV / LTM EBIT | -4.8x | -5.1x | -5.3x | ||||
| (x) LTM EBIT | (106) | (106) | (106) | ||||
| (=) Implied Enterprise Value | 509 | 535 | 562 | ||||
| (-) Non-shareholder Claims * | 64 | 64 | 64 | ||||
| (=) Equity Value | 572 | 599 | 626 | ||||
| (/) Shares Outstanding | 246.1 | 246.1 | 246.1 | ||||
| Implied Value Range | 2.33 | 2.43 | 2.54 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.33 | 2.43 | 2.54 | 2.10 | |||
| Upside / (Downside) | 10.7% | 15.9% | 21.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PEVM | RIVN | CENN | LCID | EVTV | LVWR | |
| Enterprise Value | 12 | 11,776 | (4) | 6,274 | 8 | 453 | |
| (+) Cash & Short Term Investments | 0 | 7,700 | 13 | 4,031 | 2 | 64 | |
| (+) Investments & Other | 0 | 0 | 39 | 1,050 | 0 | 0 | |
| (-) Debt | (8) | (5,005) | (22) | (2,477) | (4) | (1) | |
| (-) Other Liabilities | 0 | (4) | (0) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,300) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4 | 14,467 | 26 | 7,579 | 6 | 517 | |
| (/) Shares Outstanding | 45.7 | 1,146.4 | 30.9 | 3,031.5 | 23.1 | 246.1 | |
| Implied Stock Price | 0.09 | 12.62 | 0.84 | 2.50 | 0.26 | 2.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.09 | 12.62 | 0.84 | 2.50 | 0.26 | 2.10 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |