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GreenMobility - ABGSC’s DK small/mid-cap seminar feedback

23 september 2020

Targeting 5-6 new cities a year until 2025…
…which will need additional funding
Overall strong development and execution so far in 2020
Ambitious 2025 strategy that will require capital
During today’s seminar, the IR dept. said that this Monday GreenMobility will launch in both Antwerp and Gent, increasing its total fleet from 700 to 900 cars. The company also unveiled its 2025 strategy, where it aims to be operational in 35 cities with a fleet of 10k EVs. This would equate to 5-6 new cities a year and it expects to be in five new cities this year. The cost is EUR 2-3m, which would equate to ~DKK 0.5bn. The company expects to raise DKK 50-100m in equity capital during H2’20 (ABGSCe: 1m shares equating to ~DKK 100m) and reach operation loans of up to DKK 75m. The company says that 55% is for operations in new cities, 17% for the launch in new cities, 8% for existing cities and 20% for the development of the central organization. The company expects to break-even a city within 18 months and to accelerate this rate onwards.

Strong customer acquisition to lifetime value development
The company also released data on its customer acquisition strategy, where the average customer acquisition cost (CAC) is DKK 80/user with a lifetime value (LTV) of DKK 1.4k, resulting in a velocity of three months and a LTV/CAC of 18x, which has been relatively stable. We have witnessed that the average cost per minute has been decreasing for the past few quarters, which is associated with more customer’s using ‘packages’ instead of pay-per-minute. The company expects to further improve its heat-map considerations to develop discounts in certain areas and develop collaborations (such as the food delivery company WOLT outside peak hours). There have been political discussions in Denmark concerning obligatory helmets on e-scooters, which would have a revenue overlap of ~10% and could give some tailwind on short-distance trips.

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