Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 220

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 220
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 narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by Newbridge.

Financial Analyses

Newbridge employed various methods to analyze the range of values of HCYC.

Comparable Public Company Analysis

To calculate the implied equity value of the operating business, Newbridge first obtained the average 2024E Price-to-Earnings multiples from a total of eight comparable public companies identified by Newbridge that most resembled HCYC’s business, and applied to HCYC’s 2024E Net Income. The public company comparables were selected using the following criteria: (i) listed on a major Stock Exchange in the United States, (ii) in the “Insurance Brokerage” sector, and (iii) had forecasted Earnings-per-Share data for 2024.

The 2024E P/E multiple was 14.5x and was then multiplied by the 2024E Net Income of HCYC of $5.8M, to derive an Enterprise Value of $83.7M. The Net Debt (of +$4.0M) was added to the Enterprise Value to obtain an Implied Equity Value using this analysis of $87.7M.

The table below summarizes certain observed historical and projected financial performance and trading multiples of the selected public companies were sourced from S&P Capital IQ data as of January 4, 2024.

| Insurance Brokerage                         
 Company Name                                |     | 1/4/2024      
 Symbol        |     | Stock 
 Price |       |     | Balance Sheet  
 Market         
 Capitalization |          |     | Enterprise 
 Value      |          |   |
|:--------------------------------------------|:----|:--------------|:----|:------|------:|:----|:---------------|---------:|:----|:-----------|---------:|:--|
| Aon plc                                     |     | NYSE:AON      |     | $     | 290.7 |     | $              | 58,210.9 |     | $          | 69,299.9 |   |
| Arthur J. Gallagher & Co.                   |     | NYSE:AJG      |     | $     | 225.9 |     | $              | 48,774.3 |     | $          | 56,249.9 |   |
| Willis Towers Watson Public Limited Company |     | NasdaqGS:WTW  |