Summary of all values Based on the figures provided by the Company, making necessary adjustments for risk-based factors and the analysts’ expectations of future performance for the Company, an enterprise value of $7 673 549 was calculated using the DCF approach under the base case. Intrinsic Value - Worst Case Enterprise Value Plus: Cash Less: Debt Equity Value Weighting Applied Weighted Value Final Weighted Value
745 807
Intrinsic Value - Base Case Enterprise Value Plus: Cash Less: Debt Equity Value
30% 223 742
Weighting Applied Weighted Value
745 807
7 673 549
Intrinsic Value - Bull Case Enterprise Value Plus: Cash Less: Debt Equity Value
50% 3 836 775
Weighting Applied Weighted Value
7 673 549
18 814 581
Discounted Cash Flows: Base Case: $7 673 549 Bear Case: $745 807 Bull Case: $73 770 323 A final estimated fair value of The Trading Challenge is $18 814 581.
19 | P a g e
73 770 323
73 770 323 20% 14 754 065
