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  "documentTitle": "GreenPower Motor Company (GP)",
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  "authorName": "White Diamond Research",
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  "presentationDate": "2020-12-01 00:00:00",
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      "text": "This calculates GP's fair value to be $37M/$24M = $1.54 per share.",
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      "text": "fair value per share: $1.54",
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      "text": "Adomani delivered GreenPower buses as late as December, 2019, two years after the history of fraud behind Adomani's had been publicly exposed, in case Atkinson had any doubt.",
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      "text": "GreenPower is on track to only generate $10M in revenues for FY2021. At its current market cap of about $350M, $10M in revenues would put its Price/Sales at an exuberant 35.",
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      "text": "This puts GreenPower's value on par with its competitor, Phoenix Motorcars, which was acquired for $27M. Including outstanding options, warrants, and convertible debt, GreenPower has a fully diluted share count of 24M shares. This calculates GP's fair value to be $1.54 per share.",
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      "kind": "paragraph",
      "text": "In today's electric vehicle craze, oddly GreenPower's revenues are actually decreasing, not increasing. For the year ended 3/31/20, GreenPower reported $13.5M in revenue. For the six months ending 9/30/20, GreenPower has reported $5.1M.",
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      "text": "GreenPower's business has no barrier to entry and it has no intellectual property. We would value a company like this at 1 times revenue plus net cash. Assuming GreenPower averages $12M in annual revenue, $12M + net cash $25M = $37M.",
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      "kind": "paragraph",
      "text": "As our research shows, GreenPower is a reseller of electric minibuses, not a manufacturer. This appears to be a material misrepresentation by the company and multiple government authorities have been notified.",
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      "text": "Adomani's problems have already been laid bare and insiders have cashed out millions of common shares and dilutive securities. We believe GP stock is poised to follow the same path and expect sustained selling pressure on lockup expiry. GreenPower's lockup expiry is on 2/18/21.",
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      "kind": "title",
      "text": "How Much Is A China Electric Bus Reseller Worth?",
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      "kind": "title",
      "text": "GreenPower's Revenue is Declining In A Hot Electric Vehicle Market",
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