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  "documentTitle": "Vitesco Technologies (VTSC)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2023-05-09 00:00:00",
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  "notes": "The slide uses a valuation range of 2.9B to 4.3B euros based on the calculated multiples.",
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      "kind": "callout",
      "text": "Implied Chocolate Valuation Range: € 2.9B to € 4.3B",
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      "text": "enterprise value: €2.9B to €4.3B",
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      "text": "Looking at the prior comp tables for European and North American auto suppliers, if we use median multiples based on 2024 of half of sales, 5x EBITDA and 8x EBIT, Chocolate has an enterprise value of approximately 2.9 to 4.3 billion euros. Remember those values as I will come back to them.",
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      "text": "Source: Bloomberg LP, retrieved May 4, 2023; Greenlight estimates and calculations.",
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      "text": "Multiple, Peer Metric, Est. Chocolate, Implied Chocolate Valuation; EV/Sales, 0.5x, € 5,778, € 2,889; EV/EBITDA, 4.8x, € 897, € 4,304; EV/EBIT, 7.7x, € 476, € 3,664",
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