Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 316

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 316
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 other matters, many of which are beyond the control of Btab. These include, among other things, comparable company (i.e., overall industry) growth and profitability, the impact of competition both within the industry and from outside the industry (e.g. competition from increased in-store purchasing replacing online purchasing) on the businesses of Btab and the industry generally, 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 including currency and interest rate stability across global markets. Mathematical analysis (such as determining the mean or median) is not in itself a meaningful method of using comparable company data. Discounted Cash Flow Analysis The Mentor Group performed a discounted cash flow analysis, which is designed to provide an implied value of a company by calculating estimated future cash flows and terminal value of that company. The Mentor Group calculated a range of implied enterprise values of Btab based on estimates of future cash flows provided by Btab management for fiscal years 2024 through 2028, as described herein in the section entitled “Certain Unaudited Projected Financial Information”. The Mentor Group first calculated the estimated unlevered free cash flows (calculated as tax-affected earnings before interest and taxes, plus depreciation and amortization, less capital expenditures, and adjusted for changes in working capital). The Mentor Group then calculated a range of terminal values for Btab as of February 10, 2024 by applying two perpetual growth rates of 3.0% and 5.0% based on the 4.8% average rate of inflation in Australia for the years 1960 – 2022. The unlevered free cash flows from fiscal years 2024 through 2028 and the terminal value were then discounted to present values using a range of discount rates (which The Mentor Group derived based on Btab’s assumed weighted average cost of capital using its experience and professional judgment), to calculate an implied enterprise value for Btab. Based on the above-described analysis, The Mentor Group derived the following range of implied equity values for Btab common stock as of February 10, 2024:

| Discounted Cash Flow Analysis                      | ​ | ​ | Implied Value of Btab TotalEquity ($000) |   |           |   |   |   |   |   |           |   | ​ |
|:---------------------------------------------------|:--|:--|:-----------------------------------------|:--|----------:|:--|:--|:--|:--