DW8 Growth, page-4009

DW8 DCF Based Valuation

Current MC = $183M at 11c SP

Current revenue - $4M pa run rate

1 yr = $20M pa at current growth 400% YOY

2 yr = $60M pa at half growth 200% YOY

3 yr = $120M pa at half growth 100% YOY

$120M revenue in 2024 x 5 multiple same as TWE prior China crash = $600M MC

Thus $600M MC @ 15% DCF = 57.175% thus $343M & 20.6c SP

@ 10% DCF = 68.3% thus $409.8M & 24.6c SP

At $100M revenue in 2024 & multiple x5 same as TWE prior China crash = $500M MC

Thus $500M MC @ 15% DCF = 57.175% thus $285.75M & 17c SP

@ 10% DCF = 68.3% thus $341.5M & 20.5c SP