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  "documentTitle": "Li-Cycle | SPAC Presentation Deck | 40 slides",
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  "notes": "The slide uses a waterfall-style bridge to show the transition from future firm value to discounted value and finally to post-money enterprise value.",
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      "text": "Source: Company filings and presentations, FactSet. Market data as of January 27, 2021. (1) The applied range of EBITDA multiples based on median of comp universe. (2) The implied discounted firm value is calculated using the future firm value and discounting it back three periods at a 20% discount rate.",
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