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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -21.5x - -23.8x | -22.6x |
| Selected Fwd EBITDA Multiple | 39.4x - 43.6x | 41.5x |
| Fair Value | $2.57 - $2.81 | $2.69 |
| Upside | 3.9% - 13.9% | 8.9% |
| Benchmarks | Ticker | Full Ticker |
| Ballard Power Systems Inc. | PO0 | DB:PO0 |
| Advent Technologies Holdings, Inc. | ADN | NasdaqCM:ADN |
| Enapter AG | H2O | DB:H2O |
| SeaTwirl AB (publ) | STW | OM:STW |
| Climeon AB (publ) | CLIME B | OM:CLIMEB |
| PowerCell Sweden AB (publ) | PCEL.F | OTCPK:PCEL.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PO0 | ADN | H2O | STW | CLIME B | PCEL.F | ||
| DB:PO0 | NasdaqCM:ADN | DB:H2O | OM:STW | OM:CLIMEB | OTCPK:PCEL.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 4.3% | 65.3% | -240.8% | -5.3% | 9.7% | -23.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -122.2% | -705.2% | -44.0% | -119.6% | -308.3% | -42.2% | |
| Prior Fiscal Year | -148.8% | -2501.2% | -9.6% | -113.0% | -587.1% | -16.3% | |
| Latest Fiscal Year | -227.9% | -512.1% | -46.8% | -315.6% | -181.3% | -18.2% | |
| Latest Twelve Months | -209.2% | -2364.0% | -46.8% | -426.2% | -191.5% | -16.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -1.16x | 8.44x | 4.35x | 56.35x | 2.76x | 3.69x | |
| EV / LTM EBITDA | 0.6x | -0.4x | -9.3x | -13.2x | -1.4x | -22.9x | |
| EV / LTM EBIT | 0.5x | -0.3x | -7.0x | -13.2x | -1.0x | -18.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -13.2x | -1.4x | 0.6x | ||||
| Historical EV / LTM EBITDA | -208.1x | -68.9x | -27.6x | ||||
| Selected EV / LTM EBITDA | -21.5x | -22.6x | -23.8x | ||||
| (x) LTM EBITDA | (57) | (57) | (57) | ||||
| (=) Implied Enterprise Value | 1,235 | 1,300 | 1,365 | ||||
| (-) Non-shareholder Claims * | 117 | 117 | 117 | ||||
| (=) Equity Value | 1,352 | 1,417 | 1,482 | ||||
| (/) Shares Outstanding | 57.9 | 57.9 | 57.9 | ||||
| Implied Value Range | 23.36 | 24.48 | 25.60 | ||||
| FX Rate: SEK/USD | 9.6 | 9.6 | 9.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.44 | 2.56 | 2.67 | 2.47 | |||
| Upside / (Downside) | -1.2% | 3.5% | 8.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PO0 | ADN | H2O | STW | CLIME B | PCEL.F | |
| Enterprise Value | (96) | 6 | 107 | 255 | 124 | 1,252 | |
| (+) Cash & Short Term Investments | 579 | 0 | 5 | 41 | 12 | 141 | |
| (+) Investments & Other | 50 | 0 | 0 | 0 | 42 | 0 | |
| (-) Debt | (23) | (1) | (38) | (1) | 0 | (24) | |
| (-) 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 | 509 | 6 | 75 | 296 | 179 | 1,369 | |
| (/) Shares Outstanding | 299.8 | 2.7 | 29.1 | 6.0 | 42.6 | 57.9 | |
| Implied Stock Price | 1.70 | 2.08 | 2.57 | 49.40 | 4.20 | 23.64 | |
| FX Conversion Rate to Trading Currency | 1.18 | 1.00 | 1.00 | 1.00 | 1.00 | 9.57 | |
| Implied Stock Price (Trading Cur) | 1.44 | 2.08 | 2.57 | 49.40 | 4.20 | 2.47 | |
| Trading Currency | EUR | USD | EUR | SEK | SEK | USD | |
| FX Rate to Reporting Currency | 1.18 | 1.00 | 1.00 | 1.00 | 1.00 | 9.57 | |