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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -9.0x - -9.9x | -9.4x |
Selected Fwd EBITDA Multiple | 0.8x - 0.9x | 0.8x |
Fair Value | $0.28 - $0.31 | $0.30 |
Upside | 50.4% - 69.2% | 59.8% |
Benchmarks | Ticker | Full Ticker |
Fuel Tech, Inc. | FTEK | NasdaqCM:FTEK |
LanzaTech Global, Inc. | LNZA | NasdaqCM:LNZA |
ACV Auctions Inc. | ACVA | NYSE:ACVA |
Deep Green Waste & Recycling, Inc. | DGWR | OTCPK:DGWR |
Strategic Environmental & Energy Resources, Inc. | SENR | OTCPK:SENR |
Bion Environmental Technologies, Inc. | BNET | OTCPK:BNET |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
FTEK | LNZA | ACVA | DGWR | SENR | BNET | ||
NasdaqCM:FTEK | NasdaqCM:LNZA | NYSE:ACVA | OTCPK:DGWR | OTCPK:SENR | OTCPK:BNET | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | -2.4% | -15.6% | 25.3% | -3992.5% | 17.0% | 22.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -13.1% | -188.3% | -16.1% | -268.3% | -32.8% | NA | |
Prior Fiscal Year | -8.6% | -161.1% | -16.5% | 0.7% | -51.0% | NA | |
Latest Fiscal Year | -16.9% | -208.4% | -9.9% | -65.5% | -23.5% | NA | |
Latest Twelve Months | -12.9% | -223.2% | -8.1% | -65.5% | -21.9% | NA | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.14x | 3.35x | 3.50x | 1.28x | 2.36x | NA | |
EV / LTM EBITDA | -16.6x | -1.5x | -43.2x | -2.0x | -10.8x | -7.7x | |
EV / LTM EBIT | -14.3x | -1.4x | -32.5x | -1.4x | -10.6x | -7.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -43.2x | -10.8x | -1.5x | ||||
Historical EV / LTM EBITDA | -23.9x | -16.2x | -11.7x | ||||
Selected EV / LTM EBITDA | -9.0x | -9.4x | -9.9x | ||||
(x) LTM EBITDA | (2) | (2) | (2) | ||||
(=) Implied Enterprise Value | 18 | 19 | 20 | ||||
(-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
(=) Equity Value | 15 | 16 | 17 | ||||
(/) Shares Outstanding | 56.7 | 56.7 | 56.7 | ||||
Implied Value Range | 0.26 | 0.28 | 0.30 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.26 | 0.28 | 0.30 | 0.19 | |||
Upside / (Downside) | 43.2% | 52.3% | 61.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FTEK | LNZA | ACVA | DGWR | SENR | BNET | |
Enterprise Value | 57 | 164 | 2,359 | 1 | 10 | 13 | |
(+) Cash & Short Term Investments | 22 | 21 | 342 | 0 | 0 | 0 | |
(+) Investments & Other | 9 | 15 | 0 | 0 | 0 | 0 | |
(-) Debt | (1) | (65) | (207) | (1) | (9) | (3) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 2 | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | (0) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 87 | 135 | 2,494 | 0 | 3 | 10 | |
(/) Shares Outstanding | 30.8 | 232.0 | 171.1 | 19.1 | 68.7 | 56.7 | |
Implied Stock Price | 2.84 | 0.58 | 14.58 | 0.00 | 0.05 | 0.19 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.84 | 0.58 | 14.58 | 0.00 | 0.05 | 0.19 | |
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 |