ELECTRIC vehicle manufacturer Tesla is worth an astounding $680 billion on the NASDAQ stock exchange – which translates roughly into R10 trillion.
Agilitee, which makes a claim at being the first electric vehicle manufacturer, is not quite revving at that heady valuation. In fact, according to CBN’s calculations Agilitee carries an inferred value of only R20m – which would be the sum needed to buy just two or three Teslas.
Last month CBN reported that small Stellenbosch-based property company Visual International would undergo a radical transformation by acquiring Agilitee. Initially no price was disclosed for the deal.
But a recent announcement proposes that Visual issue 400 million new shares at no par value to settle the acquisition of Agilitee. With the Visual share price sitting at 5c at the time of writing, that would infer a value of R20m on Agilitee.
It is difficult to gauge the price tag placed on Agilitee, which at this juncture has not disclosed the value of its net assets and attributable profits. These will need to be released shortly.
As pointed out previously, Agilitee is currently controlled by entrepreneur and investor Mandla Lamba, who is already an indirect shareholder in Visual through investment company Verityhurst. Verityhurst, which was founded and is headed up by Lamba, recently bailed out a cash strapped Visual by subscribing for 133 million new shares to raise R5.3 million.
When the deal was first mooted Visual indicated Agilitee was at the forefront of the 4th industrial revolution in electric vehicles – pioneering, researching, importing, assembling, manufacturing, and franchising electric vehicles technology.
If there is a profit history at Agilitee, then CBN suspects it might be fairly abridged. As previously reported Agilitee’s first motorbike and scooter models were only launched in Cape Town in May. But Agilitee’s website suggests “the business will be highly profitable even in tremulous economic environments”. The website states further: “Profits exceed industry norms. With Agilitee’s aggressive expansion strategy, returns are expected to flourish.”
