Mullen Automotive Inc (MULN)

[StockItOut]

You're right, goodwill. Yet too, you're using Mullen's today announced information that calculates the new MULN outstanding share count at approximately 355,000,000 shares.

Michery also relayed $135,000,000 of cash, I think we can assume $135M free cash.

Yet your and our previous calculations were based upon assets (including free cash) as from latest 10-Q financial filing as of March 31st, 2023.

By today's Mullen shareholder update letter, there is an additional $75,000,000 in cash that we must also account for and include as total assets, as means to appropriately calculate Book Value, BV per share, and Price to Book Value.

Having done the previous Book Value math without the new approx $75M cash:

Book Value was $57,567,756

Add $75,000,000 additional cash to $57,567,756 = $132,567,756

Mullen's current Book Value is: $132,567,756


Divide by 355,000,000 shares = 0.3734

Mullen's Book Value per share is: 0.3734

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Price to Book Value: $0.2616 / 0.3734 = 0.7

Mullen's price to book in under $1.

Auto/Motor Vehicles Industry average Price to Book Value is about 6X.

0.3734 X 6 = $2.24 per share

Consumer Discretionary sectors average Price to Book Value is about 8X to 12X.

0.3734 X 8 = $2.99 per share


Mullen seems particularly under-valued.

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