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  "documentTitle": "Momentus | SPAC Presentation Deck | 38 slides",
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  "authorName": "Momentus",
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  "notes": "Uses a 20% discount rate to bring 2025 valuation back to 2020.",
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      "text": "~80% Discount To Relative Value",
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      "text": "Comparison of Pro Forma Enterprise Value vs Relative Valuation ranges",
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      "text": "Applies a range of multiples to Momentus' 2025E management forecasted EBITDA to arrive at an implied future EV. The future EV is discounted 4 years back to December 31, 2020 at 20% to arrive at an implied discounted EV. The applied range of multiples is centered around the median of Momentus' peer group (~10.0x), with sensitivity built on both high and low ends. 2025E projected financials-based valuation is the appropriate approach given Momentus' significant revenue growth and ramp to steady-state EBITDA margins of ~60%",
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      "text": "TRANSACTION PRICED AT A DISCOUNT TO PEER MULTIPLES",
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