Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 318

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 318
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 a result, the ranges of valuations resulting from any particular analysis described above should not be taken to be The Mentor Group’s view of the actual value of Btab. In performing its analyses, The Mentor Group made numerous assumptions with regard to industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond the control of Btab. These include, among other things, the impact of competition on Btab’s business and the industry generally, industry growth, and the absence of any adverse material change in the financial condition and prospects of Btab, or the industry, or in the financial markets in general. Any estimates contained in The Mentor Group’s analyses are not necessarily indicative of future results or actual values, which may be significantly more or less favorable than those suggested by such estimates. The Mentor Group relied upon two of the three primary approaches to valuation in its analysis: the Income Approach and the Market Approach. For both approaches, The Mentor Group determined a range of value based on various factors. In applying the Income Approach, The Mentor Group performed a discounted cash flow analysis of the detailed forecast provided by Btab. The Mentor Group varied the terminal growth rate and the discount rate to determine a range of value under this approach. For the Market Approach, The Mentor Group utilized one method, the Guideline Public Company Method. For the Guideline Public Company Method, The Mentor Group selected ten public companies similar to Btab; in the same industry segment, but as public companies, much larger than Btab.

The Mentor Group relied primarily on a detailed forecast for the sale of products by Btab from four different revenue streams: a) product supply and online stores, b) managed listing and advertising, c) physical showroom display and d) warehousing fulfillment. This forecast was constructed on an annual basis from 2024 through 2028. The forecast provided details related to a) number of sellers and annual growth in sellers, b) products supplied by Btab and other firms to sellers, c) number of showrooms and space available for showing products, and d) number of warehouses including growth in total space available and space available for products. The revenue forecast was based on sales of both Btab and Btab reseller products. The detailed revenue analysis by implication incorporated such macro factors as the impact of current and future competition on revenue and “industry” growth in each of the forecast revenue streams.

Along with the detailed revenue forecast, a detailed expense forecast was also provided including details of expenses for each of the four revenue streams