# Valuation of Beself Brands

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To determine the company's present value, future cash flows were discounted using a WACC of 15.3%. The present value of the expected cash flows amounts to €46.14 million.
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<figure><img src="/files/mJzZd0H0Q2C6Bz0XJkwj" alt=""><figcaption></figcaption></figure>

**The present value of Beself Brands at the beginning of the project amounts to €49.01 million.**

For the calculation of the current value, the base scenario has been considered, a cash-flow of the project has been made based on the cash inflows and outflows of the items of the income statement (EBITDA, financial costs and taxes).

The **investments** defined for each financial year correspond both to the investments in technological infrastructure and website development shown in the ‘Destination of investment’ section of the whitepaper (see table below) and to other investments that will be necessary for the organic development of the activity.

<figure><img src="/files/YCslvx9ArNUhWYSHbxY5" alt=""><figcaption></figcaption></figure>

The change in **working capital**, i.e. working capital, is a consequence of the increase in activity. It is calculated taking into account the usual terms of payment of suppliers and creditors, international taxes and the collection period for sales made. The effect, given that the collection period is significantly shorter than the payment period, is positive in each year.

In order to obtain the **present value of the company**, the future cash flows have been discounted using a WACC of 15.3% and a residual income for the years after the completion of the project described, which shows an organic growth similar to the average long-term inflation rate (2.0%). The present value of the expected cash flows amounts to €46,142,000.00.

If we take into account that the financial value of the company’s debt at the end of fiscal year 2024 amounts to €5.1 million, and the capital increase described in this whitepaper, the company's valuation—shown in the table at the beginning of this section—stands at €49.01 million. Given the total number of tokens created, this results in a theoretical average value per token of €2.70.

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**The main intangible assets held by Beself Brands are its five commercial brands, which—together with the value of the expansion project—contribute to a present company valuation of €49.01 million.**
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