Company: FVN
Filing Date: 2025-03-10
Form Type: DRS/A
Source: 0001829126-25-001610
Chunk: 202

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-03-10
Form: DRS/A
Chunk 202
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WO will generate for the fiscal years 2025 through fiscal year 2029. King Kee utilized illustrative terminal values
in the year 2029 based on a range of terminal multiples of 16.5x on projected fiscal year’s 2029 EBITDA. The terminal multiple
was based on the discounted mean multiple of EV/LTM EBITDA of 16.5x calculated in the selected public companies analysis. King Kee estimated
VIWO’s cost of equity to be16.8% and the after-tax cost of debt to be 2.9%. The average debt-to-total capitalization of the eight
companies in the selected public companies analysis was 3.9%. King Kee used this average as the basis for estimating VIWO’s target
capital structure to be 96.1% equity/ 3.9% debt. Based on the preceding inputs, VIWO’s weighted average cost of capital was calculated
to be16.5%. As was the case with the terminal multiples, the discount rates were determined to be 16.5%. This analysis resulted in Indicated
equity value for VIWO is $100 million.

Financial projection

KKG relied on the financial
projection from October 1, 2024 to March 30, 2029 with the terminal year provided and approved by the VIWO Management

| ● | Revenue: growth margin range from 20.0% to 60.0% over the forecasting period |

| ● | EBIT: EBIT range from 10.0% to 15.0% over the forecasting period |

| ● | Income tax: The income tax over the forecasting period is 25.0% effective tax rate of the Company |

| ● | Working capital: range from 5.1% to 5.9% over the forecasting period |

| ● | Capital expenditure: keep around 0.1% as of revenue over the forecasting period |

The key parameters utilised included the following:

| ● | A discount rate of 16.5%. KKG utilized WACC of 16.5% as the discount rate in DCF approach |

| ● | A constant growth rate of 2.0% in terminal year. in determining the terminal value, KKG have adopted the constant growth model which is based on expected long term growth of the business into perpetuity |

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| ● | A marketability discount of 28%. KKG applied marketability discount