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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -3.2x - -3.5x | -3.3x |
Selected Fwd EBIT Multiple | -12.4x - -13.7x | -13.0x |
Fair Value | $0 - $0.12 | $0.034 |
Upside | -100.0% - 220.7% | -5.6% |
Benchmarks | Ticker | Full Ticker |
NFI Group Inc. | NFYE.F | OTCPK:NFYE.F |
GreenPower Motor Company Inc. | GP | NasdaqCM:GP |
Commercial Vehicle Group, Inc. | CVGI | NasdaqGS:CVGI |
Nikola Corporation | NKLA.Q | OTCPK:NKLA.Q |
Blue Bird Corporation | BLBD | NasdaqGM:BLBD |
The Lion Electric Company | LEVG.Q | OTCPK:LEVG.Q |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
NFYE.F | GP | CVGI | NKLA.Q | BLBD | LEVG.Q | ||
OTCPK:NFYE.F | NasdaqCM:GP | NasdaqGS:CVGI | OTCPK:NKLA.Q | NasdaqGM:BLBD | OTCPK:LEVG.Q | ||
Historical EBIT Growth | |||||||
5Y CAGR | -8.5% | NM- | -25.1% | NM- | 21.2% | NM- | |
3Y CAGR | NM- | NM- | -43.5% | NM- | 128.3% | NM- | |
Latest Twelve Months | 1344.6% | -37.2% | -78.5% | 16.5% | 8.7% | -54.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.0% | -53.8% | 3.1% | -6269924.6% | 3.5% | -123.0% | |
Prior Fiscal Year | -0.9% | -33.5% | 4.9% | -1398.3% | 4.5% | -57.7% | |
Latest Fiscal Year | 3.5% | -42.8% | 1.2% | -1732.7% | 10.3% | -30.2% | |
Latest Twelve Months | 4.0% | -92.8% | 0.9% | -714.0% | 9.8% | -62.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.85x | 1.46x | 0.28x | 1.35x | 0.95x | 2.09x | |
EV / LTM EBITDA | 14.7x | -1.7x | 8.5x | -0.2x | 8.8x | -4.3x | |
EV / LTM EBIT | 21.3x | -1.6x | 30.0x | -0.2x | 9.7x | -3.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -1.6x | 9.7x | 30.0x | ||||
Historical EV / LTM EBIT | -12.9x | -8.8x | -7.2x | ||||
Selected EV / LTM EBIT | -3.2x | -3.3x | -3.5x | ||||
(x) LTM EBIT | (111) | (111) | (111) | ||||
(=) Implied Enterprise Value | 351 | 370 | 388 | ||||
(-) Non-shareholder Claims * | (362) | (362) | (362) | ||||
(=) Equity Value | 0 | 8 | 26 | ||||
(/) Shares Outstanding | 226.2 | 226.2 | 226.2 | ||||
Implied Value Range | 0.00 | 0.04 | 0.12 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.00 | 0.04 | 0.12 | 0.04 | |||
Upside / (Downside) | -100.0% | -2.0% | 224.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NFYE.F | GP | CVGI | NKLA.Q | BLBD | LEVG.Q | |
Enterprise Value | 2,694 | 29 | 197 | 102 | 1,292 | 370 | |
(+) Cash & Short Term Investments | 108 | 1 | 20 | 200 | 131 | 26 | |
(+) Investments & Other | 0 | 0 | 0 | 56 | 36 | 0 | |
(-) Debt | (1,220) | (17) | (154) | (353) | (93) | (388) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,582 | 13 | 63 | 6 | 1,366 | 8 | |
(/) Shares Outstanding | 119.1 | 29.5 | 32.4 | 84.5 | 31.6 | 226.2 | |
Implied Stock Price | 13.29 | 0.43 | 1.96 | 0.07 | 43.28 | 0.04 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 13.29 | 0.43 | 1.96 | 0.07 | 43.28 | 0.04 | |
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 |