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Further to Proterra - and shameless plug for NFIVery interesting article on Proterra over at SeekingAlpha. I would urge everyone to read and copy for future reference before it disappears behind the SA subscription wall. I can’t post a link but look for it under ACTC (ArcLight Transition, the SPAC they’re merging with) or by the author’s name, Steve Zachritz. Besides the EV bus angle, the article also talks about fleet chargers capable of zapping up to 40 buses at a time, and most interesting, the Proterra Powered division. They apparently take LG and Panasonic batteries and tailor them together with their own software for the likes of Daimler. In buses, the author claims Proterra has 50% market share in N. Amer. For people worried about the SPAC craze and the wild values for EV companies, consider the projections over the next few years. 2020 revenues were about $193 million and are supposed to grow to $246 million in 2021, broken down as $189 from buses and $57 from power systems. In 2024, the revenue number goes to $1449 million, $640 from buses and $809 from power. Then things go nuts, adding another B in sales in ’25. Isn’t this fun??? Proterra will have 240 million shares outstanding, $51 million debt and $852 mm cash. At around $23 today, Proterra has an enterprise value of $4.72 Billion Meanwhile, NFI Group is supposed to have 2021 sales of $2.84 Billion of which 20%-25% is EV. At mid-point, $639 million in EV bus sales, the same as Proterra is expecting in 2024. NFI has 63 million shares out, $1.275 B in debt and at $24.75 per, NFYEF has an EV of $2.25 B. So a little under half the EV of Proterra. |
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