Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 916

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 916
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 |   |     |    — |   |     |    — |   |     |    — |   |     |     — |   |     |     — |   |     |          — |   |
| Net Investment                              |     |                        |   |     |    — |   |     |    — |   |     |    — |   |     |     — |   |     |     — |   |     |          — |   |
| IX. Operating cash flow(FCF)                |     |                 16,798 |   |     |  390 |   |     |  518 |   |     |  670 |   |     |   851 |   |     | 1,066 |   |     |     13,303 |   |
| Present value of cash flows (FCFF)          |     |                 10,275 |   |     |  369 |   |     |  440 |   |     |  511 |   |     |   582 |   |     |   653 |   |     |      7,720 |   |

____________ (*1)Depreciation expense and net investment in wholesalers have not been considered as the impact of income tax savings on pro forma cash flows is not material. Discount rate estimation results The company’s enterprise value is determined by discounting the present value of estimated future operating cash flows using the weighted average cost of capital (WACC). The discount rate is calculated to be 11.495%, which is derived from the weighted average of the cost of equity (Ke = 14.70%), calculated using the beta value of comparable publicly traded companies, and the cost of debt (Kd = 9.58%), reflecting the corporate tax savings on the yield of unsecured 5-year BBB- rated corporate bonds.

Annex I-33

Discount rate estimation contents WACC = Kd × (1-T) × D/(D+E) + Ke × E/(D+E) = 11.495%. (Kd: Cost of debt, Ke: Cost of equity, T: Tax rate, D: Debt, E: Equity) Ke = Rf + (Rm-Rf)× ß = 3.73% + 10.968%×0.7291 = 11.728% Rf: The risk-free rate of 3.73%, as published by Bloomberg on December 31