Valuation Analysis
Implied Valuation & Scenarios
Valuation ranges derived from VDR financial data, 10 inference rules, 6 confidence tiers
EV/EBITDA Multiple Scenarios
Based on 2025 projected EBITDA of $12M (consolidated proforma, Jan 2026 teaser). Historical 2024 EBITDA $6.2M (OBI from sworn filings). Transportation/fleet companies typically trade at 5-10x EBITDA.
| Scenario | Multiple | Enterprise Value | Implied Price/Revenue | Commentary |
|---|---|---|---|---|
| Bear Case | 5.0x | $60M | 1.30x | Conservative — taxi ops only, no EV/AV upside |
| Teaser Ask | 6.7x | $80M | 1.74x | Client's capital ask — 3-way merger (taxi + tech + EV) |
| Base Case | 7.5x | $90M | 1.96x | Fair value with partial EV/Uber upside credited |
| Full Upside | 10.0x | $120M | 2.61x | Full delivery on AV transition + charging monetization |
EV/EBITDA Range
$60M – $120M
5.0x – 10.0x on 2025P EBITDA ($12M)
2025P EBITDA (Proforma)$12M
Client Ask$80M (6.7x)
2025P Revenue$46M
Historical EBITDA (2024)$6.2M (sworn)
Asset-Based Valuation
$28M – $42M
Fleet + Real Estate + EV Infrastructure
Fleet (350+ vehicles)$8M – $12M
Real Estate & Facilities$12M – $18M
EV Chargers (27 units)$3M – $5M
NTA Certificates & Permits$5M – $7M
EV Infrastructure Upside
$85.7M
JLL Appraisal — Full Build-Out Potential
AppraiserJLL (Third Party)
Current EV %8% (27/337)
Proforma EV Target6.8% (30/444)
ConfidenceProjected (0.55)
Note: JLL appraisal assumes full EV charging network build-out. Current infrastructure is early stage. Significant capex required.
Key Financial Data Points (VDR-Sourced)
Revenue (2025P)
$46M
Consolidated proforma
EBITDA (2025P)
$12M
26% margin
Revenue (2029P)
$175M
EBITDA $108M (62%)
Capital Ask
$80M
Close Apr 15, 2026