Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 952

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 952
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TRA) Using the most recently filed financial statements of the selected guideline companies as of the Valuation Date, we compiled a summary their historical financial performance and projected financial performance and calculated their enterprise value and the following valuation multiples: •Enterprise Value to Sales (EV/S), •Enterprise Value to 2023 Sales (EV/’23 S), •Enterprise Value to 2024 Sales (EV/’24 S), •Enterprise Value to 2025 Sales (EV/’25 S), •Enterprise Value to 2026 Sales (EV/’25 S), The compiled information and these calculations are presented in Schedule C.1. Based on this analysis, we established a relative basis for comparison between the guideline public companies and Scage. We determined the low and high end of the range and calculated the mean and median of the pricing multiples of the comparable companies. Due to Scage’s current life-cycle stage and high projected growth, we determined that the EV/’25 S multiples were appropriate to conclude a value of Scage. The EV/’25 S multiples ranged from 0.7x to 5.3x with a median of 1.5x. We selected an EV/’25 S multiple of 2.0x, for application to Scage. After applying this multiple, adjusting for cash and debt, and adding a control premium of 16.0%, we calculated an enterprise value of ¥5.9 billion on a controlling, marketable interest basis. Conclusion—Guideline Public Company Method Based on the analysis and procedures described herein, it is our opinion that the enterprise value of Scage, on a controlling, marketable basis, can be reasonably stated as ¥5.9 billion. The analysis is presented in Schedule C.2. Annex D-2-20 Conclusion of Value We utilized the discounted cash flow method under the income approach and the guideline company method under the market approach to derive conclusions of the value for Scage on a control, marketable interest basis. We weighed each method equally. The conclusion of enterprise value is presented in the following table and in the Summary Schedule. Annex D-2-21 Appendix F: Assumptions and Limiting Conditions This Fairness Opinion prepared by ValueScope, Inc. (“ValueScope”) is subject to and governed by the following Assumptions and Limiting Conditions and other terms, assumptions and conditions contained in the engagement letter. Limitation on Distribution and Use The Fairness Opinion, the conclusion of fairness, and the prospective financial analyses included therein are intended