| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation As of October 2, 2023 Version: October 9, 2023 Economic and Valuation Services © 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. Economic and Valuation Services |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Table of Contents As of October 2, 2023 Schedules Schedule 1 Summary of Values Schedule 2 Balance Sheets Schedule 3 Income Statements Schedule 4 Discounted Cash Flow Method Schedule 5 Weighted Average Cost of Capital Schedule 6 Guideline Public Company - Implied Multiples Workpapers Workpaper 1 Net Working Capital Workpaper 2 Guideline Public Company Data Workpaper 3 Guideline Public Company Descriptions Schedule/Workpaper Reference |
| Appendix 1: Capstone Green Energy Corporation |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 1 Summary of Values Page 1 of 1 As of October 2, 2023 (USD in thousands) Summary of Values Low Mid High Discounted Cash Flow Method 50,492.3 56,515.2 63,607.6 [1] Weight % 100.0% 100.0% 100.0% [2] Fair Value of Business Enterprise Value (Controlling, Marketable Basis) (Rounded) 50,492.0 56,515.0 63,608.0 [3] Plus: Cash and Short Term Investments 2,374.3 2,374.3 2,374.3 [3] [4] Less: Total Debt (Exc. Finance Lease Liabilities and Operating Lease Liabilities) 25,000.0 25,000.0 25,000.0 Fair Value of Equity (Controlling, Marketable Basis) 27,866.3 33,889.3 40,982.3 Notes: [1] We relied on DCF method and allocated 100% weight to DCF method. [2] Represents the fair value of the business enterprise value. [3] [4] Represents the sum of all interest bearing liabilities, less cash and short term investments. Unless otherwise noted, information directly sourced from, or calculated based on information provided by, Management. Assumed that fair value equals expected book value. Capstone Green Energy Corporation |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 2 Balance Sheets Page 1 of 1 As of October 2, 2023 (USD in thousands) As Of [1] 09/30/23 Cash and Cash Equivalents 2,374.3 Accounts Receivable 14,745.2 Inventory 25,474.6 Prepaid Expenses and Other Current Assets 8,084.4 Current Assets 50,678.5 Accounts Receivable, Noncurrent 25.4 [2] Property, Plant, and Equipment 30,099.4 Identifiable Intangible Assets, Net - Other Assets 10,964.2 Noncurrent Assets 41,089.1 Total Assets 91,767.6 Accounts Payable 22,434.2 Deferred Revenue, Current 6,559.7 Accrued Expenses 5,500.3 Deposits 4,189.5 FPP Liability 10,000.0 Revolving Credit Facility - Curr portion, notes payable & capital lease obligations 3,762.5 Current Liabilities 52,446.1 Revolver - DIP Facility (Amounts Drawn on Revolver) - [3] Term Note 25,000.0 PIK Interest - Nonoperating Liabilities, Noncurrent 9,506.8 Noncurrent Liabilities 34,506.8 Total Liabilities 86,952.9 Total Equity 4,814.6 Total Liabilities and Equity 91,767.6 Summary of Key Metrics - Book Values Cash and Cash Equivalents 2,374.3 [4] Total Debt (Exc. Finance Lease Liab. and Operating Lease Liab.) 25,000.0 [5] Book Value of Cash Free Net Working Capital 9,620.5 Cash Free NWC as a % of Revenue 11.0% Book Value of Business Enterprise Value Net of Operating Lease Liabilities 50,709.6 Book Value of Total Invested Capital Net of Operating Lease Liabilities 29,814.6 Notes: [1] Unless otherwise noted, information directly sourced from, or calculated based on information provided by, Management. [2] Excludes the right-of-use asset (ROU) associated with operating and finance leases. [3] Based on discussion with Management term note amount is the expected re-structured principal. [4] Represents the sum of all interest bearing liabilities. Management informed that emergence debt is expected to be $25.0 million. [5] Historical Represents current assets minus cash and current liabilities, excluding debt, finance leases, operating leases, nonoperating assets, or nonoperating liabilities. |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 3 Income Statements Page 1 of 1 As of October 2, 2023 (USD in thousands) Projected Projected FYE [1] Stub [2] FYE [1] 03/31/23 03/31/24 03/31/24 03/31/25 03/31/26 03/31/27 03/31/28 03/31/29 03/31/30 Total Revenue 80,228.9 94,528.2 43,579.0 107,575.2 114,631.6 123,132.6 130,904.7 137,722.2 143,374.3 Revenue Growth % 15.2% 17.8% n/a 13.8% 6.6% 7.4% 6.3% 5.2% 4.1% Cost of Sales 68,895.5 71,144.7 31,950.9 78,298.9 80,395.4 85,476.0 90,871.3 95,603.8 99,527.4 Cost of Sales % 85.9% 75.3% 73.3% 72.8% 70.1% 69.4% 69.4% 69.4% 69.4% Gross Profit 11,333.3 23,383.6 11,628.1 29,276.3 34,236.2 37,656.6 40,033.4 42,118.4 43,846.9 Gross Profit % 14.1% 24.7% 26.7% 27.2% 29.9% 30.6% 30.6% 30.6% 30.6% General and Administrative Expenses 11,243.8 12,347.7 4,981.3 11,955.2 11,955.2 11,955.2 12,709.8 13,371.7 13,920.5 General and Administrative Expenses % 14.0% 13.1% 11.4% 11.1% 10.4% 9.7% 9.7% 9.7% 9.7% Research and Development Expenses 2,376.7 3,014.6 1,305.0 3,132.0 3,132.0 3,132.0 3,329.7 3,503.1 3,646.9 Research and Development Expenses % 3.0% 3.2% 3.0% 2.9% 2.7% 2.5% 2.5% 2.5% 2.5% Bad Debt Expense (Recovery) 2,348.2 - - - - - - - - Bad Debt Expense (Recovery) % 2.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Customer Service 2,104.1 2,256.7 940.3 2,256.7 2,256.7 2,256.7 2,399.2 2,524.1 2,627.7 Customer Service % 2.6% 2.4% 2.2% 2.1% 2.0% 1.8% 1.8% 1.8% 1.8% Restructuring Expense 1,475.0 8,332.4 3,005.4 - - - - - - Restructuring Expense % 1.8% 8.8% 6.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Sales and Marketing Expenses 6,048.5 4,870.5 2,029.4 4,870.5 4,870.5 4,870.5 5,177.9 5,447.6 5,671.2 Sales and Marketing Expenses % 7.5% 5.2% 4.7% 4.5% 4.2% 4.0% 4.0% 4.0% 4.0% Depreciation Addback (4,502.5) (3,925.5) (1,311.5) (3,168.9) (3,565.9) (4,136.4) (4,397.5) (4,626.5) (4,816.4) Depreciation Addback % (5.6%) (4.2%) (3.0%) (2.9%) (3.1%) (3.4%) (3.4%) (3.4%) (3.4%) Total Operating Expenses 21,093.8 26,896.4 10,950.0 19,045.6 18,648.5 18,078.0 19,219.1 20,220.0 21,049.9 Total Operating Expenses % 26.3% 28.5% 25.1% 17.7% 16.3% 14.7% 14.7% 14.7% 14.7% EBITDA (3,512.8) (9,760.4) 678.2 10,230.7 15,587.7 19,578.5 20,814.3 21,898.3 22,797.0 EBITDA % (12.2%) (3.7%) 1.6% 9.5% 13.6% 15.9% 15.9% 15.9% 15.9% Depreciation Expenses on PP&E 4,502.5 3,925.5 1,311.5 3,168.9 3,565.9 4,136.4 4,397.5 4,626.5 4,816.4 Depreciation Expenses on PP&E 5.6% 4.2% 3.0% 2.9% 3.1% 3.4% 3.4% 3.4% 3.4% Tax Depreciation Expenses 3,925.5 4,502.5 1,311.5 3,168.9 3,565.9 4,136.4 4,397.5 4,626.5 4,816.4 Tax Depreciation Expenses % 5.6% 4.2% 3.0% 2.9% 3.1% 3.4% 3.4% 3.4% 3.4% EBIT (14,262.9) (7,438.3) (633.3) 7,061.9 12,021.7 15,442.1 16,416.8 17,271.8 17,980.6 EBIT % (17.8%) (7.9%) (1.5%) 6.6% 10.5% 12.5% 12.5% 12.5% 12.5% Income Taxes (3,777.2) (1,969.9) (167.7) 1,870.2 3,183.7 4,089.5 4,347.6 4,574.0 4,761.7 Income Tax Rate % 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% Net Operating Profit After Tax (10,485.7) (5,468.5) (465.6) 5,191.7 8,838.1 11,352.6 12,069.2 12,697.8 13,218.9 Capital Expenditures 7,936.6 3,166.8 515.7 560.0 7,084.6 5,218.6 5,548.0 5,836.9 6,076.5 Capital Expenditures 3,166.8 7,936.6 515.7 560.0 7,084.6 5,218.6 5,548.0 5,836.9 6,076.5 Capital Expenditures % 9.9% 3.4% 1.2% 0.5% 6.2% 4.2% 4.2% 4.2% 4.2% Notes: [1] Unless otherwise noted, information directly sourced from, or calculated based on information provided by, Management. [2] Stub period estimated by summing up financials from November 2023 to March 2024. |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 4 Discounted Cash Flow Method Page 1 of 1 As of October 2, 2023 (USD in thousands) Projected Stub [1] FYE [1] Terminal 03/31/24 03/31/25 03/31/26 03/31/27 03/31/28 03/31/29 03/31/30 Year [2] Total Revenue 43,579.0 107,575.2 114,631.6 123,132.6 130,904.7 137,722.2 143,374.3 147,675.5 Total Revenue Growth % n/a 13.8% 6.6% 7.4% 6.3% 5.2% 4.1% 3.0% Cost of Sales 31,950.9 78,298.9 80,395.4 85,476.0 90,871.3 95,603.8 99,527.4 102,513.2 Gross Profit 11,628.1 29,276.3 34,236.2 37,656.6 40,033.4 42,118.4 43,846.9 45,162.3 Gross Profit % 26.7% 27.2% 29.9% 30.6% 30.6% 30.6% 30.6% 30.6% Total Operating Expenses 10,950.0 19,045.6 18,648.5 18,078.0 19,219.1 20,220.0 21,049.9 21,681.4 EBITDA 10,230.7 678.2 15,587.7 19,578.5 20,814.3 21,898.3 22,797.0 23,480.9 EBITDA % 1.6% 9.5% 13.6% 15.9% 15.9% 15.9% 15.9% 15.9% Tax Depreciation Expenses 1,311.5 3,168.9 3,565.9 4,136.4 4,397.5 4,626.5 4,816.4 6,258.8 Tax Depreciation Expenses % 3.0% 2.9% 3.1% 3.4% 3.4% 3.4% 3.4% 4.2% EBITA 7,061.9 (633.3) 12,021.7 15,442.1 16,416.8 17,271.8 17,980.6 17,222.2 Income Taxes (167.7) 1,870.2 3,183.7 4,089.5 4,347.6 4,574.0 4,761.7 4,560.9 [3] Income Tax Rate % 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% 26.5% Net Operating Profit After Tax (465.6) 5,191.7 8,838.1 11,352.6 12,069.2 12,697.8 13,218.9 12,661.3 Plus: Tax Depreciation Expenses 1,311.5 3,168.9 3,565.9 4,136.4 4,397.5 4,626.5 4,816.4 6,258.8 Tax Depreciation Expenses and Amortization Expenses % 3.0% 2.9% 3.1% 3.4% 3.4% 3.4% 3.4% 4.2% [4] (Increase) / Decrease in Cash Free Net Working Capital (353.6) (652.3) (352.8) (425.1) (388.6) (340.9) (282.6) (215.1) Cash Free Net Working Capital % 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% [5] Less: Capital Expenditures 515.7 560.0 7,084.6 5,218.6 5,548.0 5,836.9 6,076.5 6,258.8 Capital Expenditures % 1.2% 0.5% 6.2% 4.2% 4.2% 4.2% 4.2% 4.2% Free Cash Flow (23.4) 7,148.2 4,966.6 9,845.4 10,530.1 11,146.5 11,676.2 12,446.2 [6] Terminal Value 99,569.8 Partial Period Factor 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 [7] Present Value Period 0.2473 0.9945 1.9945 2.9945 3.9945 4.9945 5.9945 5.9945 Present Value Factor @ 15.5% Discount Rate 0.9650 0.8665 0.7502 0.6495 0.5624 0.4869 0.4216 0.4216 Discounted Cash Flow (22.5) 6,193.8 3,725.9 6,394.8 5,921.7 5,427.1 4,922.1 41,973.8 Sum of Discounted Cash Flows 74,536.8 [8] Excess / (Deficient) Cash Free Net Working Capital 5,247.7 [9] Cash and Cash Equivalents 2,374.3 [9] Net Nonoperating Assets / (Liabilities) (23,269) Total Invested Capital 58,889.5 [9] Less: Cash and Cash Equivalents 2,374.3 Business Enterprise Value 56,515.2 Key Assumptions Sensitivity Table Long-Term Growth Rate 3.0% Long-Term Growth Rate Normalized Tax Rate 26.5% 56,515 2.5% 3.0% 3.5% Normalized Net Working Capital 5.0% 14.5% 61,141 63,608 66,298 Normalized Depreciation as % of CapEx 100.0% 15.0% 57,680 59,911 62,335 Weighted Average Cost of Capital 15.5% 15.5% 54,491 56,515 58,708 16.0% 51,543 53,386 55,375 16.5% 48,810 50,492 52,304 Notes: [1] Unless otherwise noted, information directly sourced from, or calculated based on information provided by, Management. Stub period estimated by summing up financials from November 2023 to March 2024. [2] Terminal year projections were estimated based on a perpetual growth rate of 3.0%. [3] Based on the effective tax rate provided by Management. [4] Represents the difference between the normalized cash free net working capital as of 2024 and the normalized cash free net working capital as of the Valuation Date. [5] Capital expenditures were assumed to equal depreciation expenses in the terminal year. [6] Calculated using the Gordon growth model with a perpetual growth rate of 3.0%. [7] Assumed mid-period cash flow receipts. [8] Represents the difference between normalized and actual cash free net working capital as of the Valuation Date. [9] Assumed that fair value equals closing balance sheet book value. Discount Rate |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 5 Weighted Average Cost of Capital Page 1 of 1 As of October 2, 2023 Accounting Observed Adjusted Debt / Adjusted Debt / Tax Unlevered Relevered Guideline Public Company Standard Ticker [1] Country [1] Beta [2] Total Equity [3] / TIC [3] Rate [4] Beta Beta Ballard Power Systems Inc. IFRS TSX:BLDP n/a n/a Canada 1.58 0.8% 0.8% 26.5% 1.57 1.77 Bloom Energy Corporation US GAAP NYSE:BE n/a n/a United States 2.46 44.4% 30.7% 27.0% 1.86 2.10 Caterpillar Inc. US GAAP NYSE:CAT A2 A United States 1.00 38.8% 28.0% 22.7% 0.77 0.87 Cummins Inc. US GAAP NYSE:CMI n/a A+ United States 0.98 13.3% 11.7% 21.4% 0.89 1.00 Electrovaya Inc. IFRS TSX:ELVA n/a n/a Canada 1.23 24.3% 19.6% 26.5% 1.05 1.18 Eos Energy Enterprises, Inc. US GAAP NasdaqCM:EOSE n/a n/a United States 1.56 36.6% 26.8% 27.0% 1.23 1.39 ESS Tech, Inc. US GAAP NYSE:GWH n/a n/a United States 1.56 0.8% 0.8% 27.0% 1.55 1.75 FuelCell Energy, Inc. US GAAP NasdaqGM:FCEL n/a n/a United States 2.06 32.8% 24.7% 27.0% 1.67 1.88 Generac Holdings Inc. US GAAP NYSE:GNRC n/a n/a United States 1.40 14.5% 12.6% 21.0% 1.25 1.42 Hyzon Motors Inc. US GAAP NasdaqGS:HYZN n/a n/a United States 1.85 0.0% 0.0% 27.0% 1.85 2.09 Plug Power Inc. US GAAP NasdaqCM:PLUG n/a n/a United States 1.98 16.3% 14.0% 27.0% 1.77 1.99 Polar Power, Inc. US GAAP NasdaqCM:POLA n/a n/a United States 1.61 5.0% 4.7% 27.0% 1.55 1.75 SES AI Corporation US GAAP NYSE:SES n/a n/a United States 0.93 0.0% 0.0% 27.0% 0.93 1.05 Maximum 2.46 44.4% 30.7% 27.0% 1.86 2.10 Upper Quartile 1.85 32.8% 24.7% 27.0% 1.67 1.88 Mean 1.55 17.5% 13.4% 25.7% 1.38 1.56 Median 1.56 14.5% 12.6% 27.0% 1.55 1.75 Lower Quartile 1.23 0.8% 0.8% 26.5% 1.05 1.18 Minimum 0.93 0.0% 0.0% 21.0% 0.77 0.87 Selected 15.0% 26.5% 1.30 1.47 Cost of Equity Cost of Debt Weighted Average Cost of Capital Weight Contribution + Risk Free Rate [5] 5.0% + Pre-Tax Cost of Debt [12] 6.5% Cost of Equity 17.4% 85.0% 14.8% + Currency Risk Premium [6] 0.0% + Sovereign Spread Premium [13] 0.0% Cost of Debt 4.8% 15.0% 0.7% + Beta [7] 1.47 + Currency Risk Premium [6] 0.0% x Equity Risk Premium [8] 5.0% = Adjusted Pre-Tax Cost of Debt 6.5% Weighted Average Cost of Capital (rounded) 15.5% + Country Risk Premium [9] 0.0% x (1-Tax Rate) 73.5% + Size Premium [10] 3.1% = After-Tax Cost of Debt 4.8% + Company Specific Premium [11] 2.0% = Cost of Equity 17.4% Notes: [1] Unless otherwise noted, information directly sourced from, or calculated based on information provided by, S&P Capital IQ. [2] Based on the 5 year weekly Raw Betas determined using individual closing stock prices, as provided by S&P Capital IQ. If 5 year weekly raw betas were unavailable, raw betas for the longest post-IPO period were used instead. [3] TIC = Total Invested Capital. Based on the average capital structure for the past five years, as provided by S&P Capital IQ. Excludes operating lease liabilities in both, Total Debt and TIC. [4] Based on the average effective tax rates for the past five years, as provided by S&P Capital IQ. If the information was unavailable, the statutory tax rate was used based on KPMG's Corporate and Indirect Tax Rate Survey. [5] Based on the yield of 20-year U.S. treasury bonds on the Valuation Date, as provided by S&P Capital IQ. [6] Based on macroeconomic factors sourced from the Economist Intelligence Unit and S&P Capital IQ. [7] Selected beta takes into account differences in leverage between the Company and the publicly traded guideline companies. [8] Based on KPMG's review of recently published articles, academic studies and surveys that attempt to quantify the expected equity risk premium for U.S. common stocks. [9] Based on the country risk ratings provided by Damodaran Online's Risk Premiums for Other Markets . Represents the risk attributable to the Company's sales in the United States, as no sales occur outside of the United States. [10] Based on the historical incremental return on companies of similar size as published by Kroll in the Cost of Capital Navigator as of October 2, 2023. [11] Represents all other nonsystematic and forecast risks specific to the Company, as estimated by KPMG. [12] Based on the yield of Moody's Baa-rated Corporate Bonds, which is commensurate with the credit ratings of the GPCs as of the Valuation Date, as provided by S&P Capital IQ. [13] Based on the difference between similar government bonds for the primary country of operations and the United States as of the Valuation Date. Moody's Credit Rating S&P Credit Rating |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 6 Guideline Public Company - Implied Multiples Page 1 of 2 As of October 2, 2023 (USD in millions) Guideline Public Company [1] FY FY FY+1 FY+1 FY+2 FY+2 Revenue EBITDA Revenue EBITDA Revenue EBITDA Ballard Power Systems Inc. TSX:BLDP Canada 224.8 83.8 (152.4) 93.0 (142.5) 139.5 (132.1) Bloom Energy Corporation NYSE:BE United States 3,726.0 1,199.1 (102.7) 1,449.0 66.9 1,874.7 199.0 Caterpillar Inc. NYSE:CAT United States 170,083.7 59,427.0 11,914.0 66,387.7 14,489.8 68,581.4 14,903.7 Cummins Inc. NYSE:CMI United States 38,672.0 28,074.0 4,136.0 33,042.8 5,006.9 32,732.3 4,971.9 Electrovaya Inc. TSX:ELVA Canada 104.0 42.0 2.7 73.5 11.0 119.0 37.2 Eos Energy Enterprises, Inc. NasdaqCM:EOSE United States 506.9 17.9 (207.6) 29.7 (111.3) 243.4 (27.7) ESS Tech, Inc. NYSE:GWH United States 216.5 0.9 (104.0) 9.9 (80.8) 71.9 (60.2) FuelCell Energy, Inc. NasdaqGM:FCEL United States 346.7 130.5 (120.7) 127.0 (98.2) 173.2 (64.6) Generac Holdings Inc. NYSE:GNRC United States 8,109.1 4,564.7 724.2 4,046.7 630.8 4,374.9 797.8 Hyzon Motors Inc. NasdaqGS:HYZN United States 123.2 3.7 (159.3) 0.8 (121.7) 36.9 (147.4) Plug Power Inc. NasdaqCM:PLUG United States 3,645.9 701.4 (626.4) 1,303.9 (475.2) 1,969.8 35.3 Polar Power, Inc. NasdaqCM:POLA United States 18.9 16.1 (5.0) n/a n/a n/a n/a SES AI Corporation NYSE:SES United States 461.9 n/a (77.0) n/a (92.1) 25.0 (130.7) Maximum 59,427.0 170,083.7 11,914.0 66,387.7 14,489.8 68,581.4 14,903.7 Upper Quartile 2,040.5 3,726.0 2.7 2,747.9 207.9 2,571.0 348.7 Mean 7,855.1 17,403.0 1,170.9 9,687.6 1,590.3 9,195.2 1,698.5 Median 107.1 461.9 (102.7) 127.0 (86.4) 208.3 3.8 Lower Quartile 17.5 216.5 (152.4) 51.6 (113.9) 107.2 (81.1) Minimum 0.9 18.9 (626.4) 0.8 (475.2) 25.0 (147.4) Subject Company Financials 80.2 56.5 (9.8) 94.5 (3.5) 107.6 10.2 Notes: [1] Information directly sourced from, or calculated based on, information provided by S&P Capital IQ. [2] BEV has been adjusted to exclude the impact of operating lease liabilities. Ticker Country Financial Metric [1] Financial Metric [1] Financial Metric [1] BEV (USD in millions)[2] |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Schedule 6 Guideline Public Company - Implied Multiples Page 2 of 2 As of October 2, 2023 sands) Guideline Public Company [1] Ticker Country FY FY FY+1 FY+1 FY+2 FY+2 Revenue EBITDA Revenue EBITDA Revenue EBITDA Ballard Power Systems Inc. TSX:BLDP Canada 2.7x nmf 2.4x nmf 1.6x nmf Bloom Energy Corporation NYSE:BE United States 3.1x nmf 2.6x 55.7x 2.0x 18.7x Caterpillar Inc. NYSE:CAT United States 2.9x 14.3x 2.6x 11.7x 2.5x 11.4x Cummins Inc. NYSE:CMI United States 1.4x 9.4x 1.2x 7.7x 1.2x 7.8x Electrovaya Inc. TSX:ELVA Canada 2.5x 38.5x 1.4x 9.5x 0.9x 2.8x Eos Energy Enterprises, Inc. NasdaqCM:EOSE United States 28.3x nmf 17.1x nmf 2.1x nmf ESS Tech, Inc. NYSE:GWH United States 242.2x nmf 21.9x nmf 3.0x nmf FuelCell Energy, Inc. NasdaqGM:FCEL United States 2.7x nmf 2.7x nmf 2.0x nmf Generac Holdings Inc. NYSE:GNRC United States 1.8x 11.2x 2.0x 12.9x 1.9x 10.2x Hyzon Motors Inc. NasdaqGS:HYZN United States 33.1x nmf 153.9x nmf 3.3x nmf Plug Power Inc. NasdaqCM:PLUG United States 5.2x nmf 2.8x nmf 1.9x 103.2x Polar Power, Inc. NasdaqCM:POLA United States 1.2x nmf n/a n/a n/a n/a SES AI Corporation NYSE:SES United States n/a nmf n/a nmf 18.5x nmf Maximum 242.2x 38.5x 153.9x 55.7x 18.5x 103.2x Upper Quartile 11.0x 20.3x 9.9x 12.9x 2.6x 16.9x Mean 27.2x 18.3x 19.1x 19.5x 3.4x 25.7x Median 2.8x 12.7x 2.6x 11.7x 2.0x 10.8x Lower Quartile 2.3x 10.7x 2.2x 9.5x 1.8x 8.4x Minimum 1.2x 9.4x 1.2x 7.7x 0.9x 2.8x Implied Multiples (Subject Company) 0.7x nmf 0.6x nmf 0.5x 5.5x Notes [1] Information directly sourced from, or calculated based on, information provided by S&P Capital IQ. [2] BEV has been adjusted to exclude the impact of operating lease liabilities. [3] If applicable, negative multiples have been marked not meaningful. Business Enterprise Value [3] Business Enterprise Value [3] Business Enterprise Value [3] |
| Workpapers: Capstone Green Energy Corporation |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 1 Net Working Capital Page 1 of 1 As of October 2, 2023 (USD in thousands) Balance Sheet Working Capital (Deficit)/Surplus Cash Free Net Working Capital (Required for Operations): Normalized Cash Free Net Working Capital % 5.0% TTM Revenues 87,456.7 Normalized Cash Free Net Working Capital (As of the Valuation Date) 4,372.8 Book Value of Cash Free Net Working Capital 9,620.5 Excess / (Deficient) Cash Free Net Working Capital 5,247.7 Projected FYE [1] 3/31/24 3/31/25 3/31/26 3/31/27 3/31/28 3/31/29 3/31/30 [1] Projected Revenues 94,528.2 107,575.2 114,631.6 123,132.6 130,904.7 137,722.2 143,374.3 147,675.5 [2] Cash Free Net Working Capital % 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Ending Cash Free Net Working Capital 4,372.8 4,726.4 5,378.8 5,731.6 6,156.6 6,545.2 6,886.1 7,168.7 7,383.8 (Increases) / Decreases in Cash Free Net Working Capital (353.6) (652.3) (352.8) (425.1) (388.6) (340.9) (282.6) (215.1) Key Assumptions Long-Term Growth Rate 3.0% [2] Normalized Cash Free Net Working Capital % 5.0% Cash Free Net Working Capital % excl. Operating Leases [3] Guideline Public Company [3] Ticker FY-2 FY-1 FY LTM 3-Yr Average Ballard Power Systems Inc. TSX:BLDP 38.0% 21.4% 51.9% 82.8% 37.1% Bloom Energy Corporation NYSE:BE 11.7% 12.6% 19.4% 41.3% 14.5% Caterpillar Inc. NYSE:CAT 15.6% 8.7% 10.9% 9.1% 11.7% Cummins Inc. NYSE:CMI 12.0% 11.4% 14.1% 14.9% 12.5% Electrovaya Inc. TSX:ELVA 27.2% 52.6% 34.2% 37.0% 38.0% Eos Energy Enterprises, Inc. NasdaqCM:EOSE nmf nmf nmf nmf nmf ESS Tech, Inc. NYSE:GWH n/a n/a nmf nmf nmf FuelCell Energy, Inc. NasdaqGM:FCEL 68.4% 99.9% 38.5% 60.7% 68.9% Generac Holdings Inc. NYSE:GNRC 17.5% 17.3% 25.2% 30.9% 20.0% Hyzon Motors Inc. NasdaqGS:HYZN n/a nmf nmf nmf nmf Plug Power Inc. NasdaqCM:PLUG nmf nmf nmf nmf nmf Polar Power, Inc. NasdaqCM:POLA nmf nmf nmf nmf nmf SES AI Corporation NYSE:SES n/a n/a n/a n/a nmf Maximum 68.4% 99.9% 51.9% 82.8% 68.9% Upper Quartile 32.6% 37.0% 36.3% 51.0% 37.6% Average 27.2% 32.0% 27.7% 39.5% 29.0% Median 17.5% 17.3% 25.2% 37.0% 20.0% Lower Quartile 13.8% 12.0% 16.7% 22.9% 13.5% Minimum 11.7% 8.7% 10.9% 9.1% 11.7% Notes: [1] Unless otherwise noted, information directly sourced from, or calculated based on information provided by, Management. [2] Selected considering the market participant level of cash free net working capital. [3] Information directly sourced from, or calculated based on information provided by, S&P Capital IQ. Terminal Year Normalized TTM Working Capital |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 2 Guideline Public Company Data Page 1 of 3 As of October 2, 2023 (USD in millions) Source: S&P Capital IQ As of October 2, 2023 Guideline Public Company Ticker A B C D E = A+B+C+D F E-F Ballard Power Systems Inc. TSX:BLDP 1,027.8 14.0 - 14.0 - - 1,041.8 817.1 224.8 Bloom Energy Corporation NYSE:BE 2,728.8 1,570.0 154.8 1,415.2 38.5 310.5 4,493.0 767.1 3,726.0 Caterpillar Inc. NYSE:CAT 139,186.7 37,699.0 - 37,699.0 21.0 - 176,906.7 6,823.0 170,083.7 Cummins Inc. NYSE:CMI 32,129.0 8,359.0 521.0 7,838.0 1,019.0 - 40,986.0 2,314.0 38,672.0 Electrovaya Inc. TSX:ELVA 85.5 19.3 - 19.3 - - 104.8 0.7 104.0 Eos Energy Enterprises, Inc. NasdaqCM:EOS 297.5 237.7 5.1 232.6 - - 530.1 23.2 506.9 ESS Tech, Inc. NYSE:GWH 314.9 4.4 3.3 1.1 - - 316.0 99.5 216.5 FuelCell Energy, Inc. NasdaqGM:FCE 540.8 128.8 9.9 118.9 8.3 59.9 727.8 381.1 346.7 Generac Holdings Inc. NYSE:GNRC 6,670.4 1,739.8 116.5 1,623.3 8.2 - 8,301.8 192.8 8,109.1 Hyzon Motors Inc. NasdaqGS:HYZN 296.3 8.6 8.6 (0.0) (0.7) - 295.6 172.4 123.2 Plug Power Inc. NasdaqCM:PLU 4,108.5 970.5 348.2 622.3 - - 4,730.7 1,084.8 3,645.9 Polar Power, Inc. NasdaqCM:POL 14.0 7.5 2.2 5.2 - - 19.2 0.3 18.9 SES AI Corporation NYSE:SES 818.6 12.6 12.6 - - - 818.6 356.6 461.9 Maximum 139,186.7 37,699.0 521.0 37,699.0 1,019.0 310.5 176,906.7 6,823.0 170,083.7 Upper Quartile 4,108.5 1,570.0 116.5 1,415.2 8.3 - 4,730.7 817.1 3,726.0 Mean 14,478.4 3,905.5 90.9 3,814.5 84.2 28.5 18,405.6 1,002.5 17,403.0 Median 818.6 128.8 8.6 118.9 - - 818.6 356.6 461.9 Lower Quartile 297.5 12.6 2.2 5.2 - - 316.0 99.5 216.5 Minimum 14.0 4.4 - (0.0) (0.7) - 19.2 0.3 18.9 CFNWC % of Revenue excl. Operating Leases D&A % of Revenue Capex % of Revenue Guideline Public Company Ticker Ballard Power Systems Inc. TSX:BLDP 38.0% 21.4% 51.9% 82.8% 4.8% 6.7% 12.1% 14.2% 12.1% 12.6% 40.5% 68.5% Bloom Energy Corporation NYSE:BE 11.7% 12.6% 19.4% 41.3% 3.6% 3.1% 4.1% 4.1% 4.8% 5.1% 9.7% 8.9% Caterpillar Inc. NYSE:CAT 15.6% 8.7% 10.9% 9.1% 5.8% 4.6% 3.6% 3.2% 5.1% 4.8% 4.4% 4.3% Cummins Inc. NYSE:CMI 12.0% 11.4% 14.1% 14.9% 3.4% 2.7% 2.8% 3.0% 2.7% 3.1% 3.3% 3.4% Electrovaya Inc. TSX:ELVA 27.2% 52.6% 34.2% 37.0% 0.3% 0.7% 4.4% 0.6% 4.8% 0.2% 20.5% 17.0% Eos Energy Enterprises, Inc. NasdaqCM:EOS (3263.5%) 336.8% (88.2%) 11.6% 711.4% 56.8% 38.0% 54.3% 1646.1% 339.0% 112.0% 104.8% ESS Tech, Inc. NYSE:GWH n/a n/a (1470.9%) (415.7%) n/a n/a 170.4% 92.9% n/a n/a 1586.1% 268.8% FuelCell Energy, Inc. NasdaqGM:FCE 68.4% 99.9% 38.5% 60.7% 27.3% 28.6% 16.3% 16.8% 45.9% 105.2% 35.8% 50.4% Generac Holdings Inc. NYSE:GNRC 17.5% 17.3% 25.2% 30.9% 2.8% 2.5% 3.4% 4.0% 2.5% 2.9% 1.9% 2.3% Hyzon Motors Inc. NasdaqGS:HYZN n/a (27036.3%) 370.0% 1926.4% n/a (1425.0%) 99.4% 541.8% n/a (19665.0%) 379.3% 1157.2% Plug Power Inc. NasdaqCM:PLU (152.0%) 50.0% 90.2% 96.3% (16.7%) 4.7% 7.4% 6.9% (51.8%) 38.3% 66.1% 71.5% Polar Power, Inc. NasdaqCM:POL 120.1% 104.3% 121.6% 117.9% 6.9% 3.2% 3.2% 2.6% 0.2% 0.4% 0.2% 1.1% SES AI Corporation NYSE:SES n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Capstone Green Energy Corporation n/a n/a 0.0% 11.0% 2.1% 2.9% 5.6% n/a 4.7% 14.2% 9.9% n/a Observations 10.0 11.0 12.0 12.0 10.0 11.0 12.0 12.0 10.0 11.0 12.0 12.0 Maximum 120.1% 336.8% 370.0% 1926.4% 711.4% 56.8% 170.4% 541.8% 1646.1% 339.0% 1586.1% 1157.2% Upper Quartile 35.3% 76.3% 61.5% 86.2% 6.6% 5.7% 21.7% 26.2% 10.4% 25.4% 77.6% 79.9% Mean (310.5%) (2392.8%) (65.3%) 167.8% 75.0% (119.2%) 30.4% 62.0% 167.2% (1741.2%) 188.3% 146.5% Median 16.5% 21.4% 29.7% 39.2% 4.2% 3.2% 5.9% 5.5% 4.8% 4.8% 28.1% 33.7% Lower Quartile 11.8% 12.0% 13.3% 14.1% 2.9% 2.6% 3.6% 3.2% 2.5% 1.7% 4.1% 4.1% Minimum (3263.5%) (27036.3%) (1470.9%) (415.7%) (16.7%) (1425.0%) 2.8% 0.6% (51.8%) (19665.0%) 0.2% 1.1% Preferred Equity Adjusted TIC Market Capitalization Total Debt NCI FY-2 FY-1 FY LTM LTM Less: Operating Adjusted Total Debt Unrestricted Cash Adjusted BEV FY-2 FY-1 FY FY-2 FY-1 FY LTM |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 2 Guideline Public Company Data Page 2 of 3 As of October 2, 2023 (USD in millions) Source: S&P Capital IQ Revenue Revenue Growth Guideline Public Company Ticker LTM FY+1 LTM FY-2 FY-1 FY FY+1 FY+2 FY+3 FY+4 FY+5 As of Date As of Date Revenue FY-1 FY FY+1 FY+2 FY+3 FY+4 FY+5 FY+6 Ballard Power Systems Inc. TSX:BLDP 6/30/2023 12/31/2023 70.5 0.6% (19.8%) 11.0% 50.0% 57.5% 52.7% 53.2% 39.2% Bloom Energy Corporation NYSE:BE 6/30/2023 12/31/2023 1,331.1 22.4% 23.3% 20.8% 29.4% 32.8% 37.2% 20.9% (1.5%) Caterpillar Inc. NYSE:CAT 6/30/2023 12/31/2023 64,771.0 22.1% 16.6% 11.7% 3.3% 3.0% n/a n/a n/a Cummins Inc. NYSE:CMI 6/30/2023 12/31/2023 32,194.0 21.3% 16.9% 17.7% (0.9%) 3.8% 2.4% 3.5% n/a Electrovaya Inc. TSX:ELVA 6/30/2023 9/30/2024 38.7 71.1% 111.9% 74.9% 62.0% 42.5% 39.9% 32.4% 22.5% Eos Energy Enterprises, Inc. NasdaqCM:EOS 6/30/2023 12/31/2023 17.8 1999.5% 289.8% 65.6% 719.9% 133.1% 140.2% n/a n/a ESS Tech, Inc. NYSE:GWH 6/30/2023 12/31/2023 3.4 n/a n/a 1004.7% 628.2% 221.4% 24.7% 115.7% 42.4% FuelCell Energy, Inc. NasdaqGM:FCE 7/31/2023 10/31/2023 140.1 (1.8%) 87.5% (2.7%) 36.4% 50.3% 25.6% 50.3% 31.8% Generac Holdings Inc. NYSE:GNRC 6/30/2023 12/31/2023 4,025.8 50.4% 22.1% (11.3%) 8.1% 10.7% 11.1% 4.8% 7.2% Hyzon Motors Inc. NasdaqGS:HYZN 6/30/2023 12/31/2023 0.8 n/a (4757.5%) (78.5%) 4514.1% 311.2% n/a n/a n/a Plug Power Inc. NasdaqCM:PLU 6/30/2023 12/31/2023 879.8 (638.8%) 39.6% 85.9% 51.1% 46.9% 34.8% 35.4% 28.8% Polar Power, Inc. NasdaqCM:POL 6/30/2023 12/31/2023 17.9 87.1% (5.0%) n/a n/a n/a n/a n/a n/a SES AI Corporation NYSE:SES 6/30/2023 12/31/2023 n/a n/a n/a n/a n/a 80.0% 407.2% 250.3% 31.3% Capstone Green Energy Corporation 10/2/2023 3/31/2024 87,456.7 3.0% 15.2% 17.8% 13.8% 6.6% 7.4% 6.3% 5.2% Observations 10.0 12.0 11.0 11.0 11.0 12.0 10.0 9.0 8.0 Maximum 64,771.0 1999.5% 289.8% 1004.7% 4514.1% 311.2% 407.2% 250.3% 42.4% Upper Quartile 2,004.8 65.9% 63.6% 70.2% 345.1% 93.3% 49.5% 53.2% 33.7% Mean 8,624.2 163.4% (379.5%) 109.1% 554.7% 82.8% 77.6% 62.9% 25.2% Median 105.3 22.2% 22.1% 17.7% 50.0% 48.6% 36.0% 35.4% 30.1% Lower Quartile 17.8 5.8% 5.8% 4.1% 18.7% 27.3% 25.0% 20.9% 18.6% Minimum 0.8 (638.8%) (4757.5%) (78.5%) (0.9%) 3.0% 2.4% 3.5% (1.5%) EBITDA EBITDA Margins EBITDA Margins Guideline Public Company Ticker LTM FY+1 LTM As of Date As of Date EBITDA Ballard Power Systems Inc. TSX:BLDP 6/30/2023 12/31/2023 (162.1) (230.0%) (45.8%) (91.1%) (181.9%) (153.2%) (94.7%) (49.1%) (28.3%) (11.4%) Bloom Energy Corporation NYSE:BE 6/30/2023 12/31/2023 (92.8) (7.0%) (6.6%) (8.7%) (8.6%) 4.6% 10.6% 14.2% 12.1% 12.8% Caterpillar Inc. NYSE:CAT 6/30/2023 12/31/2023 14,895.0 23.0% 17.4% 20.9% 20.0% 21.8% 21.7% 21.5% n/a n/a Cummins Inc. NYSE:CMI 6/30/2023 12/31/2023 4,708.0 14.6% 14.8% 14.5% 14.7% 15.2% 15.2% 15.4% 12.7% 12.8% Electrovaya Inc. TSX:ELVA 6/30/2023 9/30/2024 0.4 0.9% (39.5%) (21.4%) 6.4% 15.0% 31.3% n/a n/a n/a Eos Energy Enterprises, Inc. NasdaqCM:EOS 6/30/2023 12/31/2023 (164.3) (922.4%) (16316.0%) (2202.1%) (1158.2%) (374.9%) (11.4%) 14.7% 24.7% n/a ESS Tech, Inc. NYSE:GWH 6/30/2023 12/31/2023 (104.7) (3072.1%) n/a n/a (11629.6%) (817.8%) (83.7%) (1.4%) 17.3% 20.5% FuelCell Energy, Inc. NasdaqGM:FCE 7/31/2023 10/31/2023 (115.6) (82.5%) (24.5%) (57.5%) (92.5%) (77.4%) (37.3%) (6.5%) 3.8% 7.6% Generac Holdings Inc. NYSE:GNRC 6/30/2023 12/31/2023 486.7 12.1% 22.1% 22.3% 15.9% 15.6% 18.2% 19.4% 20.9% 21.1% Hyzon Motors Inc. NasdaqGS:HYZN 6/30/2023 12/31/2023 (185.5) (23422.6%) n/a 122360.0% (4274.8%) (15212.9%) (399.3%) (93.5%) n/a n/a Plug Power Inc. NasdaqCM:PLU 6/30/2023 12/31/2023 (743.7) (84.5%) 601.7% (79.3%) (89.3%) (36.4%) 1.8% 13.9% 22.9% 16.4% Polar Power, Inc. NasdaqCM:POL 6/30/2023 12/31/2023 (4.6) (25.6%) (136.7%) (15.1%) (31.3%) n/a n/a n/a n/a n/a SES AI Corporation NYSE:SES 6/30/2023 12/31/2023 (78.3) n/a n/a n/a n/a n/a (522.8%) (290.4%) (75.0%) (16.5%) Capstone Green Energy Corporation 10/2/2023 3/31/2024 n/a n/a (18.5%) (21.0%) (12.2%) (3.7%) 9.5% 13.6% 15.9% 15.9% Observations 12.0 13.0 10.0 11.0 12.0 11.0 12.0 11.0 9.0 8.0 Maximum 14,895.0 23.0% 601.7% 122360.0% 20.0% 21.8% 31.3% 21.5% 24.7% 21.1% Upper Quartile 0.4 3.7% 16.8% 17.7% 8.5% 15.1% 16.0% 15.0% 20.9% 17.4% Mean 1,418.3 (2316.3%) (1591.3%) 10903.9% (1450.8%) (1509.1%) (87.5%) (31.1%) 1.2% 7.9% Median (92.8) (54.1%) (15.5%) (15.1%) (60.3%) (36.4%) (4.8%) 13.9% 12.7% 12.8% Lower Quartile (162.1) (403.1%) (44.2%) (68.4%) (426.0%) (264.1%) (86.5%) (27.8%) 3.8% 2.8% Minimum (743.7) (23422.6%) (16316.0%) (2202.1%) (11629.6%) (15212.9%) (522.8%) (290.4%) (75.0%) (16.5%) LTM FY-2 FY FY-1 FY+1 FY+2 FY+3 FY+4 FY+5 |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 2 Guideline Public Company Data Page 3 of 3 As of October 2, 2023 (USD in millions) Source: S&P Capital IQ EBIT EBIT Margins EBIT Margins Guideline Public Company Ticker LTM FY+1 LTM As of Date As of Date EBIT Ballard Power Systems Inc. TSX:BLDP 6/30/2023 12/31/2023 (172.1) (244.2%) (50.6%) (97.8%) (194.0%) (174.4%) (114.0%) (66.3%) (34.4%) (12.8%) Bloom Energy Corporation NYSE:BE 6/30/2023 12/31/2023 (146.8) (11.0%) (10.2%) (11.8%) (12.7%) (8.4%) (0.5%) 5.5% 8.3% 8.9% Caterpillar Inc. NYSE:CAT 6/30/2023 12/31/2023 12,792.0 19.7% 11.6% 16.3% 16.4% 19.3% 19.0% 18.7% n/a n/a Cummins Inc. NYSE:CMI 6/30/2023 12/31/2023 3,752.0 11.7% 11.5% 11.7% 12.0% 11.7% 11.6% 12.1% 9.6% 9.7% Electrovaya Inc. TSX:ELVA 6/30/2023 9/30/2024 0.1 0.3% (39.8%) (22.2%) 2.1% 11.9% 22.7% 21.1% 24.1% 26.3% Eos Energy Enterprises, Inc. NasdaqCM:EOS 6/30/2023 12/31/2023 (174.0) (976.7%) (17027.4%) (2258.9%) (1196.2%) (441.0%) (23.0%) 14.1% 17.4% n/a ESS Tech, Inc. NYSE:GWH 6/30/2023 12/31/2023 (107.8) (3165.0%) n/a n/a (11800.0%) (968.1%) (115.2%) (20.8%) (4.4%) 8.1% FuelCell Energy, Inc. NasdaqGM:FCE 7/31/2023 10/31/2023 (139.2) (99.3%) (51.9%) (86.1%) (108.8%) (100.7%) (66.9%) (30.4%) (18.3%) (13.0%) Generac Holdings Inc. NYSE:GNRC 6/30/2023 12/31/2023 326.9 8.1% 19.3% 19.9% 12.4% 10.6% 13.8% 15.7% 16.6% 17.6% Hyzon Motors Inc. NasdaqGS:HYZN 6/30/2023 12/31/2023 (189.8) (23964.4%) n/a 123785.0% (4374.2%) (23321.6%) (463.3%) (113.0%) n/a n/a Plug Power Inc. NasdaqCM:PLU 6/30/2023 12/31/2023 (804.8) (91.5%) 618.4% (83.9%) (96.7%) (53.2%) (12.9%) 2.9% 10.8% 17.2% Polar Power, Inc. NasdaqCM:POL 6/30/2023 12/31/2023 (5.0) (28.3%) (143.5%) (18.3%) (34.5%) n/a n/a n/a n/a n/a SES AI Corporation NYSE:SES 6/30/2023 12/31/2023 (82.2) n/a n/a n/a n/a n/a (519.1%) (314.8%) (69.3%) (11.9%) Capstone Green Energy Corporation 10/2/2023 3/31/2024 n/a n/a (20.6%) (23.9%) (17.8%) (7.9%) 6.6% 10.5% 12.5% 12.5% Observations 12.0 13.0 10.0 11.0 12.0 11.0 12.0 12.0 10.0 9.0 Maximum 12,792.0 19.7% 618.4% 123785.0% 16.4% 19.3% 22.7% 21.1% 24.1% 26.3% Upper Quartile 0.1 2.3% 11.6% 14.0% 4.5% 11.2% 12.1% 14.5% 15.1% 17.2% Mean 1,157.6 (2378.4%) (1666.2%) 11023.1% (1481.2%) (2274.0%) (104.0%) (37.9%) (4.0%) 5.6% Median (107.8) (59.9%) (25.0%) (18.3%) (65.6%) (53.2%) (18.0%) 4.2% 9.0% 8.9% Lower Quartile (172.1) (427.3%) (51.5%) (85.0%) (444.5%) (307.7%) (114.3%) (39.4%) (14.8%) (11.9%) Minimum (804.8) (23964.4%) (17027.4%) (2258.9%) (11800.0%) (23321.6%) (519.1%) (314.8%) (69.3%) (13.0%) Liquidity Ratios Profitability Ratios Capital Structure Ratios Activity Ratios Adjusted [1] Adjusted [1] Adjusted [1] Adjusted [1] Guideline Public Company Return on Debt to Fixed Assets Total Assets Assets TIC Turnover Turnover Ballard Power Systems Inc. TSX:BLDP 13.8x 12.5x n/a (12.1%) 1.3% (147.1x) 1.4x 1.9x 4.8x 0.8x 0.1x Bloom Energy Corporation NYSE:BE 3.5x 2.6x n/a (369.8%) 31.5% (2.9x) 3.1x 5.4x 6.3x 2.2x 0.7x Caterpillar Inc. NYSE:CAT 1.3x 0.5x 11.7% 49.2% 21.3% 26.5x 2.7x 7.4x 5.5x 8.1x 0.8x Cummins Inc. NYSE:CMI 1.4x 0.7x 10.5% 26.6% 19.1% 11.2x 4.6x 6.4x 6.4x 6.4x 1.2x Electrovaya Inc. TSX:ELVA 0.9x 0.4x 0.5% 3571.7% 18.4% 0.0x 5.2x 6.6x 7.7x 6.0x 1.5x Eos Energy Enterprises, Inc. NasdaqCM:EOS 1.5x 1.0x n/a 230.1% 43.9% (3.4x) 8.0x 5.0x 5.3x 0.9x 0.2x ESS Tech, Inc. NYSE:GWH 5.0x 4.9x (64.0%) (71.4%) 0.4% n/a n/a 1.7x 0.0x 0.2x 0.0x FuelCell Energy, Inc. NasdaqGM:FCE 8.8x 7.6x n/a (17.2%) 16.3% (21.2x) 1.9x 5.4x 6.5x 2.1x 0.1x Generac Holdings Inc. NYSE:GNRC 2.4x 0.8x 5.0% 7.7% 19.6% 3.9x 2.0x 6.5x 5.1x 8.5x 0.8x Hyzon Motors Inc. NasdaqGS:HYZN 5.9x 4.5x n/a (50.2%) (0.0%) n/a 0.4x 105.6x 3.0x 0.0x 0.0x Plug Power Inc. NasdaqCM:PLU 3.4x 3.1x n/a (20.7%) 13.2% (19.6x) 1.7x 4.2x 6.1x 1.1x 0.2x Polar Power, Inc. NasdaqCM:POL 2.7x 0.4x (19.1%) (27.7%) 27.2% (21.5x) 1.0x 4.6x 19.8x 28.0x 0.7x SES AI Corporation NYSE:SES 25.5x 24.7x n/a (15.8%) 0.0% n/a 0.0x n/a 0.0x 0.0x 0.0x Observations 13 13 6 13 13 10 12 12 13 13 13 Maximum 25.5x 24.7x 11.7% 3571.7% 43.9% 26.5x 8.0x 105.6x 19.8x 28.0x 1.5x Upper Quartile 5.9x 4.9x 9.1% 26.6% 21.3% 3.0x 3.4x 6.6x 6.4x 6.4x 0.8x Mean 5.9x 4.9x (9.2%) 253.9% 16.3% (17.4x) 2.7x 13.4x 5.9x 4.9x 0.5x Median 3.4x 2.6x 2.7% (15.8%) 18.4% (3.1x) 1.9x 5.4x 5.5x 2.1x 0.2x Lower Quartile 1.5x 0.7x (14.2%) (27.7%) 1.3% (20.8x) 1.3x 4.5x 4.8x 0.8x 0.1x Minimum 0.9x 0.4x (64.0%) (369.8%) (0.0%) (147.1x) 0.0x 1.7x 0.0x 0.0x 0.0x Notes: [1] Excluding the impact of operating lease liabilities and right-of-use assets. Payables Turnover Receivables Turnover Inventory Turnover Ticker Return on Equity Interest Coverage Current Ratio Quick Ratio LTM FY-2 FY+2 FY+3 FY+4 FY+5 FY-1 FY FY+1 |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 3 Guideline Public Company Descriptions Page 1 of 3 As of October 2, 2023 Source: S&P Capital IQ Ballard Power Systems Inc. (TSX:BLDP) Primary Industry: Electrical Components and Equipment Bloom Energy Corporation (NYSE:BE) Primary Industry: Heavy Electrical Equipment Caterpillar Inc. (NYSE:CAT) Primary Industry: Construction Machinery and Heavy Transportation Equipment Cummins Inc. (NYSE:CMI) Primary Industry: Construction Machinery and Heavy Transportation Equipment Electrovaya Inc. (TSX:ELVA) Primary Industry: Electrical Components and Equipment Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product markets, consisting of heavy-duty motives, such as bus, truck, rail, and marine applications; material handling; and power generation. It also provides technology solutions, including engineering and technology transfer, as well as licenses and sells intellectual property portfolio and fundamental knowledge for various PEM fuel cell applications; and hydrogen fuel cell powertrain and vehicle systems integration solutions. It operates in the United States, Germany, the United Kingdom, China, France, Canada, Australia, Belgium, Denmark, Poland, Spain, India, Taiwan, Norway, Japan, and internationally. The company has a strategic alliance with Linamar Corporation for the co-development and sale of fuel cell powertrains and components for class 1 and 2 vehicles in North America and Europe. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada. Bloom Energy Corporation designs, manufactures, sells, and installs solid-oxide fuel cell systems for on-site power generation in the United States and internationally. The company offers Bloom Energy Server, a solid oxide technology that converts fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through an electrochemical process without combustion. It serves to data centers, retailers, hospitals, farming, semiconductors, and other manufacturing sectors. The company was formerly known as Ion America Corp. and changed its name to Bloom Energy Corporation in 2006. Bloom Energy Corporation was incorporated in 2001 and is headquartered in San Jose, California. Caterpillar Inc. manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, tractors, excavators, telehandlers, motor graders, and pipelayers; compact track and multi-terrain, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools. The company’s Resource Industries segment provides electric rope and hydraulic shovels, draglines, rotary drills, hard rock vehicles, tractors, mining trucks, longwall miners, wheel loaders, off-highway and articulated trucks, wheel tractor scrapers and dozers, fleet management products, landfill and soil compactors, machinery components, autonomous ready vehicles and solutions, work tools, and safety services and mining performance solutions, as well as related parts and services. Its Energy & Transportation segment offers reciprocating engine powered generator sets; reciprocating engines, drivetrain, and integrated systems and solutions; turbines, centrifugal gas compressors, and related services; and diesel-electric locomotives and components, and other rail-related products. The company’s Financial Products segment provides operating and finance leases, installment sale contracts, repair/rebuild financing services, working capital loans, and wholesale financing; and insurance and risk management products and services. Its All Other operating segment offers filters and fluids, undercarriage, ground engaging tools, fluid transfer products, precision seals, and rubber sealing and connecting components; parts distribution; integrated logistics solutions and distribution services; brand management and marketing strategy services; and digital investments services. Caterpillar Inc. was founded in 1925 and is headquartered in Irving, Texas. Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines. It also provides power generation systems, high-horsepower engines, heavy and medium duty engines, application engineering services, custom-designed assemblies, retail and wholesale aftermarket parts, and in-shop and field-based repair services. In addition, the company offers emission solutions; turbochargers; air and fuel filters, fuel water separators, lube and hydraulic filters, coolants, fuel additives, and other filtration systems; and electronic control modules, sensors, and supporting software, as well as new, replacement, and remanufactured fuel systems. Further, it provides automated transmissions; standby and prime power generators, controls, paralleling systems, and transfer switches, as well as A/C generator/alternator products under the Stamford and AVK brands; and electrified power systems with components and subsystems, including battery, fuel cell, and hydrogen production technologies. Additionally, it offers filtration, aftertreatment, controls systems, air handling systems, automated transmissions, electric power generation systems, and batteries. The company sells its products to original equipment manufacturers, distributors, dealers, and other customers. The company was formerly known as Cummins Engine Company and changed its name to Cummins Inc. in 2001. Cummins Inc. was founded in 1919 and is headquartered in Columbus, Indiana. Electrovaya Inc., together with its subsidiaries, engages in the designing, developing, and manufacturing lithium-ion advanced battery and battery systems in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including warehouse forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as building systems for third parties. The company was formerly known as Electrofuel Inc. and changed its name to Electrovaya Inc. in March 2002. Electrovaya Inc. was incorporated in 1996 and is headquartered in Mississauga, Canada. |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 3 Guideline Public Company Descriptions Page 2 of 3 As of October 2, 2023 Source: S&P Capital IQ Eos Energy Enterprises, Inc. (NasdaqCM:EOSE) Primary Industry: Electrical Components and Equipment ESS Tech, Inc. (NYSE:GWH) Primary Industry: Electrical Components and Equipment FuelCell Energy, Inc. (NasdaqGM:FCEL) Primary Industry: Electrical Components and Equipment Generac Holdings Inc. (NYSE:GNRC) Primary Industry: Electrical Components and Equipment Hyzon Motors Inc. (NasdaqGS:HYZN) Primary Industry: Construction Machinery and Heavy Transportation Equipment Hyzon Motors Inc. provides decarbonized solutions for commercial vehicle market and hydrogen supply infrastructure. The company commercializes its proprietary fuel cell technology through assembling and upfitting heavy duty (HD) hydrogen fuel cell electric vehicles (FCEVs). It focuses primarily on assembling and converting hydrogen-powered FCEVs; and building and fostering a clean hydrogen supply ecosystem with partners and third parties from feedstock through hydrogen production, dispensing, and financing. The company was founded in 2020 and is headquartered in Honeoye Falls, New York. Eos Energy Enterprises, Inc. designs, manufactures, and markets zinc-based energy storage solutions for utility, commercial and industrial, and microgrid markets in the United States. The company’s flagship product is the Eos Znyth DC system, a battery that can be used as an alternative to Li-ion batteries. Eos Energy Enterprises, Inc. was founded in 2008 and is headquartered in Edison, New Jersey. ESS Tech, Inc., an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which include Energy Warehouse, a behind-the-meter solution; and Energy Center, a front-of-the-meter solution. The company was founded in 2011 and is headquartered in Wilsonville, Oregon. FuelCell Energy, Inc., together with its subsidiaries, manufactures and sells stationary fuel cell energy platforms that decarbonize power and produce hydrogen. It offers SureSource 1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of hydrogen per day for multi-megawatt utility, microgrid, and distributed hydrogen applications, as well as on-site heat and chilling applications. The company also provides SureSource platform in various configurations and applications, including on-site power, utility grid support, and microgrid, as well as distributed hydrogen; solutions for long duration hydrogen-based energy storage and electrolysis technology; and carbon capture, separation, and utilization systems. Its SureSource power plants generate electricity, heat, hydrogen, and water. In addition, the company provides turn-key solutions, including development, engineering, procurement, construction, interconnection, and operation services. It serves various markets, including utilities and independent power producers, industrial and process applications, education and health care, data centers and communication, wastewater treatment, government, microgrids, hydrogen transportation, food and beverage, and commercial and hospitality. The company primarily operates in the United States, South Korea, England, Germany, and Switzerland. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut. Generac Holdings Inc. designs, manufactures, and sells power generation equipment, energy storage systems, energy management devices and solutions, and other power products for the residential, light commercial, and industrial markets worldwide. The company offers residential automatic standby generators, automatic transfer switch, air-cooled engine residential standby generators, and liquid-cooled engine generators; residential storage solution consists of a system of batteries, an inverter, photovoltaic optimizers, power electronic controls, and other components; Mobile Link, a remote monitoring system for home standby generators; smart home solutions, such as smart thermostats and a suite of home monitoring products; smart water heater controllers; residential clean energy solutions; and portable and inverter generators; outdoor power equipment, including trimmers, field and brush mowers, log splitters, stump grinders, chipper shredders, lawn and leaf vacuums, and pressure washers and water pumps; and battery-powered turf care products. It also provides commercial and industrial products comprising cleaner-burning natural gas fueled generators; light-commercial standby generators and related transfer switches; stationary generators and related transfer switches; single-engine industrial generators; industrial standby generators; industrial transfer switches; light towers, mobile generators, and mobile energy storage systems; and aftermarket service parts and product accessories. The company distributes its products through independent residential dealers, industrial distributors and dealers, national and regional retailers, e-commerce partners, electrical, HVAC and solar wholesalers, catalogs, equipment rental companies and distributors, and solar installers; and directly to end users. The company was founded in 1959 and is headquartered in Waukesha, Wisconsin. |
| Capstone Green Energy Corporation Valuation of Capstone Green Energy Corporation Workpaper 3 Guideline Public Company Descriptions Page 3 of 3 As of October 2, 2023 Source: S&P Capital IQ Plug Power Inc. (NasdaqCM:PLUG) Primary Industry: Electrical Components and Equipment Polar Power, Inc. (NasdaqCM:POLA) Primary Industry: Heavy Electrical Equipment SES AI Corporation (NYSE:SES) Primary Industry: Electrical Components and Equipment SES AI Corporation engages in the development and production of high-performance Lithium-metal rechargeable batteries for electric vehicles, electric vehicle take-off and landing, and other applications. The company was founded in 2012 and is headquartered in Boston, Massachusetts. Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including liquid green hydrogen production, storage and handling, transportation, and dispensing infrastructure. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It also provides GenKey, an integrated turn-key solution for transitioning to fuel cell power; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; Liquefaction systems; and Electrolyzers that are hydrogen generators optimized for clean hydrogen production. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was founded in 1997 and is headquartered in Latham, New York. Polar Power, Inc. designs, manufactures, and sells direct current (DC) power generators, renewable energy, and cooling systems in the United States and internationally. The company offers DC base power systems, DC hybrid power systems, DC solar hybrid power systems, and mobile power systems. Its DC power systems are available in diesel, natural gas, LPG/propane, and renewable fuel formats. It serves customers in the telecommunications, military, commercial, industrial, and marine markets. In addition, the company sells its products through a direct sales force, and a network of independent service providers and dealers. The company was formerly known as Polar Products, Inc. and changed its name to Polar Power, Inc. in October 1991. Polar Power, Inc. was incorporated in 1979 and is based in Gardena, California. |
