Company: FVN
Filing Date: 2025-05-02
Form Type: S-4
Source: 0001829126-25-003304
Chunk: 203

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-05-02
Form: S-4
Chunk 203
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 terminal value, KKG have adopted the constant growth model which is based on expected long term growth of the business into perpetuity |

| ● | A marketability discount of 28%. KKG applied marketability discount of 28% by reference to various studies of private transactions before IPOs. |

Based on the investigation and analyses, KKG is of the opinion that the fair value of 100% equity interest in VIWO Technology Inc. as at the valuation date on a control and non-marketable basis, primarily based on the DCF approach is 100,000,000 USD.

Further, KKG adopted market approach to cross-check the VIWO’s 100% equity value. The result of market approach is around USD 111 million. As the comparable companies were listed company which may have better financial performance than VIWO resulting in higher multiples. KKG deemed the result derived from market approach higher than the result derived from income approach is reasonable. And the value of VIWO 100% equity derived by income approach and market approach are relatively close. KKG deemed the value range is reasonable as well.

| Market approach - CoCos method   |     | Capital IQ  
 Ticker      |     | Market Capitalization 
 ($Billion)            |       |     | 2024  
 P/S   |
| AppLovin Corporation             |     | NASDAQ:APP  |     |                       | 1,107 |     | 10.2x |
| Grid Dynamics Holdings, Inc.     |     | NASDAQ:GDYN |     |                       |  15.8 |     | 3.3x  |
| Viant Technology Inc.            |     | NASDAQ:DSP  |     |                       |   3.2 |     | 0.7x  |
| PubMatic, Inc.                   |     | NASDAQ:PUBM |     |                       |   7.8 |     | 2.5x  |
| Weimob Inc.                      |     | SEHK:02013  |     |                       |   7.4 |     | 2.8x  |
| Digital Turbine, Inc.            |     | NASDAQ:APPS |     |                       |   1.6 |     | 0.6x  |
| Brightcove Inc.                  |     | NASDAQ:BCOV |     |                       |     2 |     | 0.5x  |
| Many