iM3NY Valuation, page-58

I thought that I would share both the Freyr & Microvast recent Capital Markets presentations as it may assist with the valuation discussion.

Each presentation not only contains detail about each company but also some great information on battery peer group valuation metrics at all stages in the cycle (towards the end of each).

The valuation metrics used for each on IPO were ( nb: both focused on 2025 metrics)

FREYR

 Transaction implies a post-transaction enterprise value of $544 million and equity value of $1.4 billion ‒ 0.8x 2025e EBITDA of $703 million

MVST
1 times 2025e revenue or 5 times 2025e EBITDA (using the estimated 20% EBITDA margin)

View Presentations:
FREYR
https://s27.q4cdn.com/476984837/files/doc_presentation/ALUS-FREYR-Capital-Markets-Day-Presentation_Final.pdf
MVST
https://microvast.com/app/uploads/2021/07/investor-presentation.pdf

cheers