Company: TGE
Filing Date: 2025-04-25
Form Type: F-4/A
Source: 0001213900-25-035536
Chunk: 263

Company: Generation Essentials Group
Filing Date: 2025-04-25
Form: F-4/A
Chunk 263
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ade II. 154 The Black Spade II Board used a sum -of-the-partsmethodology with three (3) unique segments: (i) media and entertainment, (ii) premium hospitality and properties, and (iii) long -termequity investments. Media and Entertainment The analysis of the media and entertainment segment focused on an analysis of competitors in the media and publishing space. These comparable companies were: •Future Plc •Gannett Co. •Lee Enterprises •News Corp. •The New York Times •Ziff Davis Key metrics of comparable companies reviewed were enterprise value (defined as the equity value of comparable companies as of January20, 2025 plus outstanding debt and non -controllinginterests, minus cash), projected revenue compounded annual growth rate for 2024, 2025 and 2026, revenue growth percentage for each of 2024 and projected for 2025, gross profit margin for each of 2024, 2025 and 2026, EBITDA margin for each of 2024, 2025 and 2026, and the multiples of enterprise value to revenue, gross profit and EBITDA for each of 2024, 2025 and 2026. EBITDA means earnings before interest taxes depreciation and amortization. The 2024 EV/EBITDA multiple was the primary valuation metric used by the Black Spade II Board in its analysis. Using the above, the Black Spade II Board’s subsequent valuation for the media and entertainment segment of $70million was based on an assumed 2024 EBITDA of $8.4million, calculated by annualizing TGE’s 1H 2024 revenue then applying an EBITDA margin based on peer operating metrics, and valuing with a 7.0x EV/2024 EBITDA multiple (based on midpoint of 6.0x – 8.0x range for comparable companies) plus movie income rights with a fair value of $11.6million, which is the fair value of income generating investments from movie production, as set forth in the June30, 2024 combined financial statements of TGE. Premium Hospitality and Properties The analysis for the premium hospitality and properties segment relies solely on third -partyvaluation reports previously commissioned by TGE, which used a discounted cash flow analysis for the two premium hotels while also assessing the market value of the two residential real estate assets. For iClub AMTD, a 32 -storyhotel with