{ "docId": "019de510-6950-7438-8d54-fd1b6075c353", "docSlug": "c0d460ac3a0cdf30fdde69facf4b1320", "documentTitle": "Berkshire Grey | SPAC Presentation Deck | 45 slides", "authorId": "berkshire-grey", "authorName": "Berkshire Grey", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investment_bank", "sourceTypeLabel": "Investment bank", "presentationDate": "2021-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 42, "pageCount": 45, "prevPage": 41, "nextPage": 43, "slideType": "competitive_analysis", "function": "analyze_data", "density": "overcrowded", "nDataPoints": 15, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de510-6950-7438-8d54-fd1b6075c353/42", "deckHref": "/decks/019de510-6950-7438-8d54-fd1b6075c353", "deckJsonHref": "/decks/019de510-6950-7438-8d54-fd1b6075c353.json", "deckAnchorHref": "/decks/019de510-6950-7438-8d54-fd1b6075c353#slide-42", "components": [ { "bbox": { "h": 0.41, "w": 0.23, "x": 0.49, "y": 0.21 }, "kind": "chart", "text": "Implied Discounted EV\nMidpoint represents 60% upside to transaction value\n$4,475\n$2,685", "attrs": {}, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aa1dd7a3-df0d-4b9a-b467-f1be64cb2f24", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.41, "w": 0.15, "x": 0.76, "y": 0.21 }, "kind": "chart", "text": "Implied Post-Money EV\n$2,234", "attrs": {}, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4741121-7e2b-4264-90ea-ea437137d5ee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.41, "w": 0.23, "x": 0.22, "y": 0.21 }, "kind": "chart", "text": "Implied Future EV\n$9,275\n$5,565\nMidpoint represents 232% upside to transaction value", "attrs": {}, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd041e1a-8c6b-4f31-b66a-38e0f4b3b63c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.11, "x": 0.03, "y": 0.92 }, "kind": "image", "text": "BG\nBERKSHIRE\nGREY", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8fed7fb2-6450-419c-9799-247ad9c24ff4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.49, "x": 0.2, "y": 0.15 }, "kind": "list", "text": "Implied EV Based on Selected Comparable Companies Trading\n($ in millions; implied future and discounted EV rounded to the nearest $5m)", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "22424891-2c6a-438f-bbc0-318595baf3ec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.37, "x": 0.18, "y": 0.83 }, "kind": "list", "text": "Transaction priced at a substantial discount", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3f581e4b-581b-4d92-9d5d-df67753bf939", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.79, "x": 0.18, "y": 0.79 }, "kind": "list", "text": "The implied future EV is then discounted 20% over a 4-year period to arrive at an implied present value of $3,580m(2)", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b891ff9d-1b86-4c85-8c6b-746b5963e385", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.79, "x": 0.18, "y": 0.73 }, "kind": "list", "text": "Using a future valuation date of 12/31/2024, Berkshire Grey is valued by applying 2025E revenue of $927m to a EV/NTM revenue multiple of 6.0 - 10.0x based on peer multiples, which results in an implied future EV of $7,420m", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdb50bd9-dd03-4b2b-941d-60a0a27b4897", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.73, "y": 0.15 }, "kind": "list", "text": "Transaction Value", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f55b2a12-13e1-4321-a3ab-1ba3da895cc3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.95, "y": 0.95 }, "kind": "other", "text": "42", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "222a480e-37b6-4080-ac2d-37cff85e1cdb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.04, "y": 0.78 }, "kind": "paragraph", "text": "Valuation Approach", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "785ff706-141e-4976-932a-b90db2236106", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.55, "x": 0.18, "y": 0.95 }, "kind": "source-note", "text": "Assumes a 20% discount rate; based on midpoint of implied future enterprise value of $7,420m.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "36cbe72a-85a7-46b4-87bb-656c27fc56f8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.14, "x": 0.15, "y": 0.92 }, "kind": "source-note", "text": "Source: Company projections.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "48565e29-a709-4f6c-bf73-83637b901889", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.69, "x": 0.18, "y": 0.93 }, "kind": "source-note", "text": "Excludes stock-based compensation and depreciation and amortization. Adjusted EBITDA is a non-GAAP measure. See reconciliations of historic measures in Appendix.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c1da188d-9bd5-4bb5-a8fc-9eda980284b4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.91, "x": 0.03, "y": 0.63 }, "kind": "table", "text": "Implied Multiples\nEV / 2025E Revenue\nEV / 2025E Adj. EBITDA(1)\n6.0x - 10.0x\n24.0x - 40.0x\n2.9x - 4.8x\n11.6x - 19.3x\n2.4x\n9.6x", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d22bd7c-463d-4f67-a16a-35a6e0a1f630", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Transaction Priced At A Discount To Selected Peer Multiples", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3f7c4581-5142-4cae-b5c1-d77d3314e430", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }