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Technology Stocks : Blank Check IPOs (SPACS)

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sixty2nds

To: Glenn Petersen who wrote (2685)	6/12/2020 10:43:02 AM
From: Glenn Petersen	1 Recommendation of 3862

Some commentary from SPAC Insider: Quick takes: There has been huge speculation as to what company FMCI was going to buy. Impossible Foods, being one….which sort of seemed “impossible”. But the Tattooed Chef has a great product offering and plant-based foods are a hot and growing sector. In fact, FMCI provided a handy benchmarking page in their presentation (page 26) that shows based on the last twelve months the Tattooed Chef racked up $102.1 million in net sales versus Beyond Meat’s $87.9 million, which is helpful to get a sense of scale for this company. And if we look at the EV/EBITDA multiples, Beyond Meat shows 126.8x versus Top Chef’s 15.6x. The rest of the comps do not have as stratospheric multiples, but it still feels like a solid discount was built into this transaction. Plus, I’ve tried the Beyond Burger and didn’t love it, but I would absolutely try some of the meals they show in the presentation and I like the greater variety in product offering. And frankly, the logo is pretty cool too. Sounds like FMCI cooked up a winner. spacinsider.com

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