Why Churchill Capital IV Stock Is a Screaming Buy at $20

Motley Fool2021-04-19

Long-term investors focusing on the next three to five years and confident in Lucid's ability to execute are looking at bargain prices. It's been a brutal couple of months for special-purpose ...

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Comments

LateWizard
2021-04-21
LateWizard
Lost cause.
Wallstrtbets
2021-04-21
Wallstrtbets
Bought.
Nicholwong
2021-04-19
Nicholwong
Hope cciv will go up..
AntheaNikki
2021-04-19
AntheaNikki
Still not moving up ?
Zaviersoon
2021-04-19
Zaviersoon
Strong buy
Yappy
2021-04-19
Yappy
[強]
- Yappy:
  well done
- OWYONG:
  Very positive

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The pullback has hitelectric vehicle SPACs particularly hard, since the EV revolution remains in the early innings and much of the expected growth is in","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"为什么丘吉尔资本IV的股票在20美元的时候会被疯狂买入","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CCIV":0.9},"content_text":"Long-term investors focusing on the next three to five years and confident in Lucid's ability to execute are looking at bargain prices.\n\nIt's been a brutal couple of months for special-purpose acquisition companies (SPACs), which have been selling off broadly as investors shun speculative growth stocks with lofty valuations in favor of safer investments. The pullback has hitelectric vehicle (EV)SPACs particularly hard, since the EV revolution remains in the early innings and much of the expected growth is in the distant future.\nIt didn't help that President Biden's infrastructure plan that will encourage EV adoption was a bit lacking in concrete details, creating more uncertainty and testing the patience of investors. The turmoil has created buying opportunities for long-term investors, particularly for the relatively more mature EV start-ups that have the greatest potential. Here's whyChurchill Capital IV(NYSE:CCIV), which is merging with Lucid Motors, is a screaming buy at $20.\nCloser to the PIPE\nFor the first time since confirming the merger in February, Churchill Capital IV shares dipped below $20 on Friday. Recall that the PIPE (private investment in public equity) investors committed to buying in at $15, anunprecedented arrangementdue to the extenuating circumstances surrounding the deal following a month of rampant speculation. At $20, this is the closest that public investors have gotten (so far) to being able to invest alongside institutional heavyweights likeBlackRockand Fidelity, among others.\nAs part of the deal, those PIPE investors also agreed to a lock-up provision that prevents them from selling shares until either Sept. 1. With the de-SPAC transaction expected to close during the second quarter, shares will trade as Lucid Motors for a few months before that lock-up expiration. As we enter the second half of 2021, investors will be closely watching the start of Air deliveries.\nIt's also worth remembering that the SPAC sponsor has committed to an even longer lock-up period of 18 months. Churchill Capital and its operating team, which notably includes formerFordCEO Alan Mulally, are committed as long-term investors that want to add as much value as possible by offering advice from its stable of industry veterans. In fact, Lucid's decision to delay Air deliveries from the spring to the second half was made based on feedback from Mulally, and the legendary auto exec's input will also be invaluable as Lucid ramps manufacturing operations.\nBeing greedy when others are fearful\nGenerally speaking, companies within the same sector tend to trade in correlation with each other, for better or for worse. It's true that many EV SPAC stocks are incredibly speculative and that some will inevitably fail. To be clear, there have been numerous controversies among EV SPACs, such asNikola's scandal around fraud allegations orCanoo's pivot to an entirely different business model.\nThose episodes have justifiably shaken investor confidence in the space, but long-term investors can benefit from company-specific fears that are contributing to a sector-wide sell-off but don't apply to other companies. Unlike Nikola, Lucid's vehicle can propel itself without the assistance of gravity. Unlike Canoo, Lucid has a clear vision and go-to-market strategy and is imminently about to start executing on said strategy.\nThe decline has also brought the stock's valuation back down meaningfully. There will be an estimated 1.6 billion shares outstanding after the deal closes, translating into an implied market cap of $32 billion at $20 per share. That means Churchill Capital IV shares are trading at approximately 14.5 times 2022 estimated revenue of $2.2 billion -- almost exactlyTesla's forward sales multiple right now.\nInvesting in Churchill Capital IV and Lucid Motors for the long-term should be about the EV maker's execution over the next three to five years, not about near-term volatility over the next several months. Investors that have confidence in Lucid's ability to ramp manufacturing and deliveries -- with revenue forecast to reach $10 billion in 2024 and $23 billion in 2026 -- should be scooping up shares right now.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":371430492,"gmtCreate":1618964651716,"gmtModify":1704717521202,"author":{"id":"3576797853255359","authorId":"3576797853255359","authorIdStr":"3576797853255359","name":"LateWizard","avatar":"https://static.tigerbbs.com/2623f0ebfedf9dedaf6b68dc8fe2f4b8","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3576797853255359"},"htmlText":"Lost cause.&nbsp;","listText":"Lost cause.&nbsp;","text":"Lost 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