Advanced Transportation Market Update
April 2019
Electric Mobility-as- Autonomous Data & Trucking & Vehicles a-Service Infrastructure Analytics Logistics
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Greentech Capital Advisors / 1 Advanced Transportation Market Update April 2019 News
Selected Business Developments > Alibaba has adapted its operating system, AliOS, to find restaurants, order food and complete other tasks from connected vehicles (TechCrunch) > Amazon will shift its Prime shipping to free one-day shipping (Bloomberg) > Enterprise announced the launch of a vehicle subscription service that will allow customers to swap out vehicles up to four times per month (The Verge) Greentech’s Take: > Ford announced plans to bring an electric commercial van to the European > EV powertrains, market by 2021 as part of its plan to electrify its portfolio (TechCrunch) historically seen as best suited for sedans > Ford announced an electric pickup designed around the skateboard platform of and sports vehicles, EV startup Rivian, in which Ford invested $500mm this month (TechCrunch) are gaining traction in heavier duty vehicles > GM announced the addition of a full-size electric pickup truck as part of its “all- as battery chemistry electric future” that will include a complete range of EVs (TechCrunch) and technology > Penske Truck Leasing rolled out the first commercial heavy-duty electric improves vehicle charging stations in the U.S. (New Mobility) > Nauto has developed an AI-powered coaching dashboard for fleet managers and a self-coaching mobile app, Nauto Driver, for fleet drivers (CCJ) > Toyota announced it will give royalty-free access to nearly 24,000 patents related to electrification technology and systems through 2030 (TechCrunch) > SF Motors, a U.S-based, China-funded EV maker, has rebranded as “Seres” and unveiled the production version of its first vehicle, the SF5 (Electrek) > Tesla announced it expects to launch a robotaxi service in 2020, utilizing a fleet of consumer-owned Teslas integrated into a “Tesla Network” (TechCrunch) > Tesla and Panasonic froze plans to expand the capacity of the Nevada Gigafactory as concerns mount about dipping sales (Nikkei Asian Review) > Tesla released a chip designed in-house (and manufactured by Samsung) that will replace the use of NVIDIA chips for data processing in Teslas (TechCrunch) > Toyota AI Ventures launched another $100mm fund, investing in early-stage startups developing disruptive AV technologies and business models (Toyota) > Uber filed its S-1, launched a roadshow and is already oversubscribed for a ~$10bn public offering at a ~$90bn valuation (TechCrunch) > Volvo announced the rollout of V2V communication in Europe that will enable vehicles to warn each other about hazardous road conditions (TechCrunch)
Selected > Amsterdam is reducing the number of parking permits issued, increasing their Regulatory price and replacing former parking spots with bike lanes, trees, parks and Developments walking paths to improve quality of life within the city (CleanTechnica) Greentech’s Take: > California proposed a new law allowing deployment of light duty autonomous > European cities delivery vans under 10,000 pounds (~4,500kg) on public roads (VentureBeat) continue to take steps to limit use of older, > Canada rolled out a C$300mm EV rebate program that offers subsidies of up high emission ICE to C$5,000 for vehicles with a maximum price of C$45,000 (Electrive) vehicles in city > London set up an Ultra Low Emission Zone (ULEZ) that charges £12.50 a day centers, accelerating the transition to for entry by cars, vans and motorbikes, and £100 a day for lorries, buses, and multi-modal, coaches that do not meet Euro 4 emission standards (CleanTechnica) electrified urban > Lawmakers in both chambers of U.S. Congress reintroduced legislation to transportation solutions extend the EV tax credit and remove the 200,000 vehicle cap (CleanTechnica)
Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 2 Advanced Transportation Market Update Partnerships & Transactions
Selected > Affectiva, a vehicle passenger monitoring startup, raised a $26mm round Capital Raises from Motley Fool Ventures, with participation from Aptiv (VentureBeat) > FirstElement Fuel, a producer and distributor of hydrogen for fuel cell EVs, raised a $24mm round from Air Liquide and Hy Solutions (New Mobility) Greentech’s Take: > Glovo, a Spanish on-demand delivery startup, raised a $168 million round led > Companies by Lakestar, with participation from Drake and Idinvest (VentureBeat) developing solutions > KeepTruckin, a developer of fleet tracking solutions, raised a $149mm round to address led by Greenoaks Capital, with participation from GV (TechCrunch) shortcomings in the logistics industry are > Phantom Auto, a provider of remote driving solutions for logistics clients, receiving significant raised a $14mm round led by Bessemer Venture Partners (TechCrunch) interest from capital > Pony.ai, a developer of AV tech, raised $50mm from Kunlun, a Chinese video providers game developer, at a $1.6bn pre-money valuation (TechCrunch) > Rivian, a maker of electric pickup trucks, raised $500mm from Ford and will start to supply the company with its EV “skateboard” platform (TechCrunch) > Shift, an online marketplace for used vehicles, added $40mm to its ongoing raise, bringing the total round size to $181mm (TechCrunch) > Sila Nano, a developer of silicon anodes for batteries, raised a $170mm round led by Daimler at a $820mm pre-money valuation (TechCrunch) > Stord, a provider of freight and warehousing services, raised a $12mm round led by Kleiner Perkins, with participation from Dynamo (VentureBeat) > Uber ATG, the AV-focused division, raised a $1bn round from Denso, SoftBank and Toyota at a $6.25bn pre-money valuation (TechCrunch) > Uber raised $500mm from PayPal, who will invest through a concurrent private placement at the IPO price and time (VentureBeat) > Zencargo, a London-based freight forwarding startup, raised a $19mm round led by HV Holtzbrinck Ventures, with participation from DST (TechCrunch) > Zoomcar, an Indian car rental platform, raised $500mm from Mahindra & Mahindra at a $500mm pre-money valuation (Deal Street Asia) Selected > CalAmp, a telematics solutions provider, acquired Synovia, a provider of Mergers & telematics solutions for government-operated fleets, for $50mm (PR Newswire) Acquisitions > Geotab, a provider of connected transportation services, acquired BSM Technologies, a telematics and asset management solutions provider to government and private fleets in North America (New Mobility) > Getaround, a peer-to-peer car sharing service, acquired Drivy, a French direct competitor, for $300mm as they move into Europe (FT) > ICONIQ Capital acquired a majority stake in Truckstop.com, a developer of online freight-managing software, for an undisclosed sum (WSJ) > Lear Corporation, an auto supplier, announced the acquisition of Xevo, an automotive software supplier, for $320mm (The Detroit News) > Nidec acquired Omron Corp’s automotive electronics unit, a maker of motor control systems, LiDAR and radar, for $900mm (Reuters) > Providence Equity Partners acquired GlobalTranz Enterprises, a freight brokerage and logistics firm, for an undisclosed sum (WSJ) Selected > Bosch partnered with Powercell to develop and license a new line of Partnerships hydrogen fuel cells for the automotive market (CleanTechnica) > GM, Ford and Toyota formed a consortium to draw up AV safety standards to Greentech’s Take: support the development of regulation in the United States (Reuters) > Traditional automotive > Velodyne partnered with Nikon to mass-produce LiDAR sensors (CNET) manufacturers will > Via partnered with Mori, a Japanese real estate firm, and conglomerate seek new “non- Itochu to expand into Japan, a historically closed market (PR Newswire) traditional” partners > Waymo is partnering with American Axle & Manufacturing to repurpose an to stay competitive existing parts factory in Detroit for production of L4 vehicles (TechCrunch)
Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 3 Advanced Transportation Market Update Transactions
Capital Raises
Amount Raised Date Company ($mm) Disclosed Investors Company Description 4/2 FirstElement $24 Air Liquide, Hy Solutions Distributor of hydrogen for fuel cell EVs Fuel 4/3 Zoomcar $500 Mahindra & Mahindra Indian car rental platform
4/10 Shift $181 Alliance Ventures, BMW i Ventures, DCM Ventures, Provider of an online car marketplace G2VP, Goldman Sachs Investment Partners, Highland Capital Partners, Lithia Motors, Threshold Ventures 4/11 Affectiva $26 Aptiv, CAC Holdings, Motley Fool Ventures, Trend Developer of driver monitoring solutions Forward Capital 4/12 Pony.ai $50 Beijing Kunlun Technology Company Chiense developer of AV technology
4/16 Sila Nano $170 8VC, Chengwei Capital, Daimler, Matrix Partners, Developer of battery technology Next47, Sutter Hill Ventures 4/16 Zencargo $21 DST Global, HV Holtzbrinck Ventures, LocalGlobe, Developer of a digital freight forwarding Pentland Group, Picus Capital, Samos Investments platform
4/17 Stord $12 Dynamo, Kleiner Perkins, Susa Ventures, Thomas Developer of a software-enabled network of Noonan warehouses and distribution centers 4/18 Phantom Auto $14 Bessemer Venture Partners, Maniv Mobility Provider of remote driving solutions for the logistics industry 4/18 Uber ATG $1,000 Denso, SoftBank, Toyota Uber's AV division
4/23 KeepTruckin $149 Greenoaks Capital Partners, GV, Index Ventures, Developer of an electronic fleet tracking system IVP, Scale Venture Partners 4/24 Rivian $500 Ford Manufacturer of electric pickup trucks
4/27 Uber $500 Paypal Provider of ride-hailing solutions
4/30 Glovo $168 Aubrey Graham, Idinvest Partners, Korelya Spanish provider of on-demand delivery services Capital, Lakestar
M&A
EV EV Date Target Acquiror ($mm) Revenue EBITDA Target Description 4/2 Xevo Lear $320 ND ND Provider of automotive telematics solutions
4/3 Truckstop.com ICONIQ Capital ND ND ND Developer of online freight-managing software
4/3 GlobalTranz Providence $930 0.7x ND Developer of freight management and logistics Equity Partners software 4/8 BSM Technologies Geotab ND ND ND Provider of real-time positioning system fleet and asset management solutions 4/15 Synovia Solutions CalAmp $50 ND ND Provider of fleet tracking solutions for commercial and government markets 4/16 Omrom (Automotive Nidec $900 ND ND Automotive Electronics unit that produces motor Electronics) control systems, LiDAR and Radar 4/24 Drivy Getaround $300 ND ND European peer-to-peer vehicle sharing platform
Greentech Capital Advisors / 4 Source: Greentech Estimates, FactSet, Public Disclosures. Advanced Transportation Market Update Trading Comparables
Price as of Market Firm EV / Revenue EV / EBITDA P / E Company 4/30/2019 Cap ($mm) Value ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Automotive Companies Toyota ¥ 6905.00 $202,299 $347,298 1.3x 1.2x 10.1x 9.6x 8.8x 8.0x Daimler € 58.34 69,948 215,946 1.1x 1.1x 10.8x 10.5x 7.9x 7.6x Ford $ 10.45 41,094 160,695 1.0x 1.0x 12.5x 12.8x 7.8x 7.5x BMW € 75.90 55,307 156,468 1.4x 1.4x 10.8x 10.0x 8.4x 7.7x Volkswagen € 159.40 88,544 141,206 0.5x 0.5x 3.5x 3.3x 5.8x 5.6x General Motors $ 38.95 54,963 139,660 0.9x 1.0x 9.2x 9.4x 5.9x 6.1x Nissan ¥ 893.30 33,853 98,391 0.9x 0.9x 10.8x 10.2x 7.8x 7.0x Honda ¥ 3101.00 50,435 97,373 0.7x 0.7x 8.0x 7.6x 7.4x 7.0x Hyundai W 138500.00 29,915 75,761 0.9x 0.8x 11.6x 10.7x 9.4x 8.2x SAIC Motor Y 27.38 47,484 59,664 0.4x 0.4x 10.8x 8.2x 8.7x 8.1x Tesla $ 238.69 40,652 51,295 2.4x 1.6x 21.3x 13.0x NM 34.8x Fiat Chrysler € 13.73 30,161 32,026 0.2x 0.3x 2.2x 2.2x 4.9x 4.6x BYD HK$ 53.40 21,542 30,601 1.7x 1.2x 12.4x 11.1x 34.3x 29.0x Suzuki ¥ 5065.00 22,331 22,842 0.7x 0.6x 4.8x 4.4x 10.4x 9.5x Geely HK$ 15.74 18,215 21,800 1.4x 1.2x 8.4x 7.6x 9.3x 8.3x Peugeot € 23.36 23,688 17,770 0.2x 0.2x 2.0x 1.9x 6.7x 6.3x Renault € 60.82 20,157 16,723 0.3x 0.3x 2.4x 2.3x 4.8x 4.6x Tata Motors RS 214.20 9,639 14,991 0.3x 0.3x 3.0x 2.5x 16.9x 9.7x KIA W 45250.00 15,702 14,884 0.3x 0.3x 4.6x 4.4x 8.9x 8.5x Guangzhou Automobile HK$ 8.43 16,558 13,832 1.3x 1.2x 14.1x 12.4x 6.3x 5.6x Subaru ¥ 2720.50 18,788 11,483 0.4x 0.4x 3.3x 2.9x 9.7x 8.3x Dongfeng Motor HK$ 7.61 8,358 11,241 0.7x 0.7x 31.2x 40.5x 4.2x 4.2x Mazda ¥ 1315.50 7,463 7,042 0.2x 0.2x 4.1x 3.7x 10.7x 9.0x Mitsubishi ¥ 623.00 8,336 6,578 0.3x 0.3x 3.7x 3.3x 8.0x 7.4x NIO $ 4.85 4,926 4,374 5.9x 0.8x NM NM NM NM FAW Car Goup(1) Y 10.49 2,534 2,546 NM NM NM NM NM NM Mean 1.0x 0.7x 9.0x 8.5x 9.3x 9.3x Median 0.7x 0.7x 8.8x 7.9x 8.0x 7.7x Truck Companies Daimler € 58.34 $69,948 $215,946 1.1x 1.1x 10.8x 10.5x 7.9x 7.6x Volvo KR 152.00 34,025 44,752 1.0x 1.1x 7.2x 8.0x 9.9x 11.5x PACCAR $ 71.67 24,550 30,248 1.4x 1.4x 9.9x 11.5x 10.7x 12.5x MAN SE € 71.80 11,830 15,282 0.9x NM NM NM 24.5x 20.6x Isuzu ¥ 1595.50 12,154 13,759 0.7x 0.7x 5.8x 5.4x 9.4x 8.7x Navistar $ 34.14 3,268 7,442 0.7x 0.7x 8.5x 9.0x 9.3x 10.5x Mean 1.0x 1.0x 8.4x 8.9x 12.0x 11.9x Median 1.0x 1.1x 8.5x 9.0x 9.7x 11.0x Tier 1 Suppliers Continental € 147.36 $33,030 $35,470 0.7x 0.7x 5.2x 4.7x 11.4x 9.9x Denso ¥ 4853.00 34,334 34,452 0.7x 0.7x 5.6x 5.1x 12.5x 11.2x Bridgestone ¥ 4406.00 30,126 28,945 0.9x 0.9x 5.1x 4.9x 10.7x 10.3x Michelin € 115.15 23,209 27,748 1.1x 1.0x 5.4x 5.1x 10.2x 9.4x Aptiv $ 85.70 21,571 25,552 1.8x 1.6x 10.3x 9.5x 16.2x 14.3x Magna C$ 74.57 17,703 21,518 0.5x 0.5x 5.0x 5.0x 8.1x 7.3x Valeo € 32.37 8,716 12,306 0.6x 0.5x 4.7x 4.3x 12.8x 10.2x BorgWarner $ 41.77 8,508 10,189 1.0x 0.9x 6.1x 5.7x 9.9x 9.1x Goodyear $ 19.21 4,305 10,124 0.7x 0.6x 5.4x 5.0x 9.3x 7.4x Lear $ 143.00 8,875 9,948 0.5x 0.4x 4.6x 4.4x 8.1x 7.3x Faurecia € 45.28 7,005 7,945 0.4x 0.4x 3.2x 2.9x 8.3x 7.4x Delphi $ 22.13 1,916 3,233 0.7x 0.7x 5.0x 4.5x 7.2x 6.0x Visteon $ 66.02 1,855 1,942 0.7x 0.6x 7.4x 5.7x 16.6x 10.5x ATS Automation Tooling Systems C$ 21.45 1,449 1,421 1.6x 1.3x 10.4x 9.5x 21.4x 19.5x Veoneer (1) $ 22.07 1,922 1,346 0.6x 0.6x NM NM NM NM Stoneridge $ 31.43 898 916 1.1x 1.0x 9.4x 8.0x 19.3x 15.4x Mean 0.8x 0.8x 6.2x 5.6x 12.1x 10.3x Median 0.7x 0.7x 5.4x 5.0x 10.7x 9.9x Mobility-as-a-Service Lyft $ 59.80 $16,795 $19,908 9.2x 4.7x NM NM NM NM Mean 9.2x 4.7x NM NM NM NM Median 9.2x 4.7x NM NM NM NM
Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. Greentech Capital Advisors / 5 (1) Denotes limited equity research coverage. Advanced Transportation Market Update Trading Comparables (cont.)
Price as of Market Firm EV / Revenue EV / EBITDA P / E Company 4/30/2019 Cap ($mm) Value ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Autonomous Driving Chip Makers Intel $ 51.04 $227,253 $243,982 3.4x 3.4x 7.8x 7.3x 11.8x 11.1x Qualcomm $ 86.13 104,244 110,315 4.9x 4.5x 16.1x 13.5x 20.1x 15.3x Nvidia $ 181.00 109,815 104,381 8.9x 7.9x 28.4x 22.1x 37.0x 28.8x Advanced Micro Devices $ 27.63 28,997 28,897 4.5x 3.5x 29.4x 20.4x 42.4x 28.1x Mean 5.4x 4.8x 20.4x 15.8x 27.8x 20.8x Median 4.7x 4.0x 22.3x 16.9x 28.6x 21.7x Intelligent Transport Roper Technologies $ 359.70 $37,086 $41,196 7.9x 7.4x 22.1x 20.5x 28.0x 27.5x Fortive $ 86.34 28,611 30,678 4.8x 3.8x 16.9x 15.3x 23.9x 21.5x FLIR Systems $ 52.94 7,186 7,671 4.3x 3.8x 15.8x 14.4x 22.5x 20.2x LS Corp W 49550.00 1,366 4,991 0.6x 0.5x 7.4x 7.0x 6.5x 5.8x Conduent $ 12.83 2,685 3,629 0.7x 0.8x 6.0x 5.4x 13.5x 11.3x Cubic Corporation $ 56.78 1,749 1,950 1.6x NM 12.0x NM 35.6x 19.9x Vaisala € 19.34 790 762 1.9x 1.7x 13.2x 12.1x 24.9x 20.5x Kapsch TrafficCom € 33.00 481 531 0.7x 0.7x 6.4x 6.6x 11.4x 12.2x INIT Innovation in Traffic Systems € 13.90 156 174 1.1x 1.0x 12.3x 10.5x 33.7x 23.8x Iteris, Inc $ 4.34 141 130 1.3x 1.0x NM 9.0x NM 48.0x Q-Free NOK 8.05 83 98 1.0x 0.8x 6.9x 5.8x 15.2x 11.6x Image Sensing Systems(1) $ 5.34 28 23 NM NM NM NM NM NM Mean 2.4x 2.2x 11.9x 10.7x 21.5x 20.2x Median 1.3x 1.0x 12.1x 9.8x 23.2x 20.2x ITS / Smart Tolling Atlantia € 24.32 $22,507 $39,351 5.1x 3.0x 4.7x 4.6x 13.1x 12.5x Ferrovial € 21.96 18,174 23,800 3.6x 2.6x 29.6x 26.9x 40.3x 34.9x Autostrada € 22.70 2,519 5,679 NM NM NM NM 9.5x 9.2x Mean 4.4x 2.8x 17.1x 15.8x 21.0x 18.9x Median 4.4x 2.8x 17.1x 15.8x 13.1x 12.5x Telematics Descartes Systems $ 39.98 $3,091 $3,089 11.2x 8.6x 26.6x 23.3x 71.2x 57.1x TomTom € 7.69 2,027 1,840 1.9x 2.2x 12.1x 11.9x NM 66.7x Ituran $ 36.77 773 799 3.2x 2.0x 7.8x 7.4x 12.7x 12.0x Orbcomm $ 7.24 603 798 2.9x 2.5x 11.4x 9.5x NM NM Inseego $ 4.57 372 482 2.4x 1.8x 20.8x 11.2x NM 17.4x CalAmp $ 14.61 480 482 1.3x 1.2x 9.7x 8.3x 16.7x 14.9x MiX Telematics R 10.35 435 416 3.0x 2.6x 9.3x 8.2x 23.2x 20.0x TeleNav (1) $ 6.23 275 187 1.8x NM NM NM NM NM Quartix £ 2.55 159 151 4.5x 4.7x 17.3x 16.5x 22.2x 21.2x Quarterhill (fka Wi-LAN) C$ 1.49 131 66 0.8x 0.6x 3.1x 3.9x 9.8x 7.9x Mean 3.3x 2.9x 13.1x 11.1x 26.0x 27.2x Median 2.6x 2.2x 11.4x 9.5x 19.5x 18.7x Logistics UPS $ 106.22 $90,028 $105,310 1.5x 1.3x 9.8x 9.1x 14.2x 13.1x FedEx $ 189.46 48,368 63,912 0.9x 0.9x 7.2x 6.6x 11.7x 10.5x Deustche Post € 30.90 42,820 59,315 0.9x 0.8x 7.1x 6.4x 14.2x 12.4x XPO Logistics $ 68.08 7,330 11,533 0.7x 0.6x 7.0x 6.4x 19.5x 15.6x J.B. Hunt $ 94.48 9,983 11,216 1.3x 1.1x 8.3x 7.6x 16.5x 14.6x Werner $ 33.50 2,256 2,316 0.9x 0.9x 4.7x 4.6x 12.7x 12.6x Mean 1.0x 0.9x 7.3x 6.8x 14.8x 13.2x Median 0.9x 0.9x 7.1x 6.5x 14.2x 12.9x Communications / Infrastructure AT&T $ 30.96 $224,675 $403,478 2.4x 2.2x 6.7x 6.7x 8.7x 8.5x Verizon $ 57.19 233,750 345,600 2.6x 2.6x 7.2x 7.0x 12.1x 11.8x Cisco Systems $ 55.95 244,665 229,912 4.7x 4.2x 12.3x 11.9x 17.5x 16.1x T-Mobile $ 72.99 62,860 91,585 2.1x 1.9x 7.0x 6.6x 18.4x 15.4x Sprint $ 5.58 22,681 55,707 1.7x 1.7x 4.3x 4.2x NM NM Hitachi ¥ 3689.00 32,019 44,131 0.5x 0.5x 4.4x 4.1x 9.5x 7.8x Xerox $ 33.36 7,530 11,879 1.2x 1.4x 7.1x 6.9x 8.6x 8.1x Toshiba ¥ 3700.00 18,072 11,421 0.4x 0.4x 7.2x 5.9x 7.7x 20.7x Mean 1.9x 1.9x 7.0x 6.7x 11.8x 12.6x Median 1.9x 1.8x 7.1x 6.6x 9.5x 11.8x
Aggregate Mean 1.8x 1.5x 9.7x 8.8x 14.8x 14.2x Aggregate Median 1.0x 1.0x 7.8x 7.4x 10.7x 10.5x
Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. Greentech Capital Advisors / 6 (1) Denotes limited equity research coverage. Global Experts in Sustainable Technology and Infrastructure
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