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  "docSlug": "0dd3bb0497df",
  "documentTitle": "American Battery Metals Corporation / Comstock Mining Inc. (ABML / LODE)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-10 00:00:00",
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  "pageNumber": 54,
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  "notes": "The slide uses a peer group analysis to argue that ABML is overvalued relative to industry peers.",
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      "text": "Importantly, we note that many of these companies have significantly greater technology intensity than ABML (or any recycling business), and that recycling businesses, in general, trade at even more modest multiples.",
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      "kind": "metric",
      "text": "EV / 2022E Revenue: 3.2x",
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      "text": "The closest comparable to ABML is Li-Cycle, a battery recycling company that announced a merger with SPAC Peridot Acquisition in February 2020. However, only management estimates are available, the revenue ramp achieves meaningful scale beyond 2022, and the transaction has yet to close. Therefore, we believe it is most instructive to examine the multiples of battery and recycling companies, recognizing some may have relatively greater exposure to batteries and/or EV applications. We note that the median EV / 2022E revenue multiple is 3.2x. Importantly, we note that many of these companies have significantly greater technology intensity than ABML (or any recycling business), and that recycling businesses, in general, trade at even more modest multiples.",
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      "text": "Source: Bloomberg",
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      "text": "Valuation table of battery and recycling companies",
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      "kind": "title",
      "text": "Most Battery And Recycling Plays Trade At Modest Multiples",
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