7707 - Valuation Report

Valuation Report of DIET IDEAS SDN BHD
As of 2023-01-01
Contacts:
ZUHAILI BIN ZAKARIA
Report generated on 10 Jul, 2023  zuhaili@dietideas.com.my
make it worth it with equidam.com

DIET IDEAS SDN BHD Valuation Report
Table of Contents
Company summary 3
Forecasts summary 4
Past funding rounds & Current ownership 5
Valuation 6
Current funding round 7
Use of funds 8
Qualitative methods
Scorecard Method 9
Checklist Method 10
Qualitative traits summary 11
VC method 12
DCF Methods
DCF with LTG 13

DCF with Multiples 14
Financial Projections 15
Conclusion 19
Appendix 20
© Equidam 2023 make it worth it with equidam.com /// 2

Company summary
DIET IDEAS SDN BHD
 6-1, JALAN USJ 1/1b USJ 1, REGALIA BUSINESS CENTER, 47620 SUBANG JAYA, SELANGOR
 Malaysia
Industry: Healthcare Facilities & Services

Business Activity: Founders: 2
Employees: 9
A health-tech company with the mission to improve noncommunicable diseases in Started in: 2019
Malaysia and South East Asia through nutrition and lifestyle intervention. Incorporated: Yes
Year of incorporation: 2019
 https: //dietideas.com.my
Founders' committed capital:
RM1150968
 
Opportunity Latest operating performance
01/2022 - 12/2022
Business model: B2C
Scalable Product: Yes Revenue 225,005 -
Exit strategy: Multiple exit opportunities
EBITDA -232,650 -
 Ebitda margin -100 % -
Current Operations EBIT -234,571 -
Ebit margin -100 % -

Stage of development: Startup stage
Employees (excluding founders, interns and freelancers): 9
Profitability: Not breakeven yet
Cash in hand 14,315 -
All numbers in RM
/// More information on the history, milestones, team, etc., (e.g. pitchdeck) can be requested by the company

Forecasts summary
Future profitability
Revenues Costs EBITDA
35.0M
30.0M
25.0M
20.0M
15.0M
10.0M
5.0M
0.0
-5.0M
RM 500 RM 1,549 RM 3,019 RM 8,051 RM 15,027 RM 35,000
RM 797 RM 1,493 RM 2,273 RM 5,206 RM 9,935 RM 21,500
-RM 297 RM 56 RM 746 RM 2,844 RM 5,092 RM 13,500
01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 -

12/2023 12/2024 12/2025 12/2026 12/2027 12/2028
Cash forecast
Cash in hand Free cash flow to equity
80.0M
70.0M
60.0M
50.0M
40.0M
30.0M
20.0M
10.0M
0.0
-10.0M
RM 2,640 RM 5,596 RM 11,044 RM 22,779 RM 41,056 RM 71,106
-RM 374 -RM 44 RM 448 RM 1,735 RM 3,277 RM 10,049
01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 -

12/2023 12/2024 12/2025 12/2026 12/2027 12/2028
/// Full profit and loss and cash flow forecast at page 14.

Past funding rounds

Here is an overview of the past funding rounds and valuations of the company.
Type Date Post-Money/Valuation Cap Investment Equity %
Equity round 12-31-2022 RM 10,000,000 RM 1,000,000 10.00%
Current ownership
Here is an overview of the current shareholders in the company. More information on type of shares, unassigned shares, and
in general a detailed cap table can be requested to the company in question.
9% ZUHAILI BIN ZAKARIA
36% YUSREN BIN ABDU...
45% MASFARA WAHIDAH...
10% KOAY ENG KIONG

Valuation
The valuation displayed below is the result of the weighted average of different methods. The use of several methods is a
best practice in company valuation, as looking at the business from different perspectives results in a more comprehensive
and reliable view.
These methods are compliant with IPEV (International Private Equity Valuation) Guidelines and each of them will be explained
in more detail in the following pages of the report.
More information on the weights can be found in the Appendix.
Pre-money Valuation
Low Bound High Bound
RM 17,677,000
RM 20,823,282 RM 23,969,000
5 Valuation Methods
RM 33,606,803 RM 25,033,964 RM 995,658 RM 12,342,909 RM 31,612,133

Scorecard Checklist Venture Capital DCF with LTG DCF with Multiples
Method weights
15% 15% 16% 27% 27%

Current funding round

Please find below the amount of capital currently needed and the consequent percentage of equity based on the valuation of
previous page as a starting point for the negotiations.
Pre-money valuation
Low Bound RM 20,823,282 High Bound
RM 17,677,000 RM 23,969,000
Capital needed
14.51% RM 3,000,000 11.12%
12.59%
Post-money valuation
Low Bound RM 23,823,282 High Bound
RM 20,677,000 RM 26,969,000
Starting from the post-money valuation of the company, the equity percentage that relates to the investment is calculated as
investment/post-money valuation. Keeping the investment amount fixed, the lower the pre-money valuation, the higher the
equity stake, and vice versa.

Use of funds
Here is a breakdown on how the company will use the capital raised.
Sales and marketing:

RM 1,050,000 ‎(35 %)
Product and R&D:

RM 1,050,000 ‎(35 %)
Operations:
RM 900,000 ‎(30 %)

Qualitative methods
Scorecard Method: RM 33,606,803
This method was conceived by William H. Payne of Ohio TechAngels group and endorsed by the Ewing Marion Kauffman
Foundation. The valuation of the startup depends on how different this is from the assumed average of a set of comparable
companies from the same region.
Startups’ qualitative traits are divided in 6 criteria, compared with the assumed traits of the average company, and given a
score according to whether it over- or under-performs the assumed average company. These scores are multiplied by
weights that represent the impact of the criteria on the valuation. The sum of these weighted scores multiplied by the
average valuation leads to the company’s valuation.
Normalized scores of the company for each criteria
0.875 0.250 1.063 -0.125 0.375 0.000

Strength of the team Size of the Opportunity Strength and protection Competitive Strategic relationships Funding required
of the product /service Environment with partners
 Parameters
Average valuation (Malaysia): RM 22,265,377
Weights of the criteria
Strength of the team: 30% Competitive Environment: 10%

Size of the Opportunity: 25% Strategic relationships with partners: 10%
Strength and protection of the product /service: 15% Funding required: 10%
/// Please see appendix for data sources, defaults, and breakdown of the traits

DIET IDEAS SDN BHD Valuation Report Qualitative methods
Checklist Method: RM 25,033,964

The creator of the method is Dave Berkus, one of the most prominent Californian angel investors. The valuation of the startup
consists of intangible building blocks that sum up to the assumed maximum valuation.
The maximum valuation is split in 5 criteria according to their weight. The startup obtains portions of these maximum criteria
valuations according to how close its qualitative traits are to the most desirable ones. Their sum is the startup valuation.
Criteria valuations Max valuations
16.0M
14.0M
12.0M
10.0M
8.0M
6.0M
4.0M
2.0M
0.0
RM 8,221,200 RM 5,855,556 RM 3,513,333 RM 4,808,875 RM 2,635,000

Quality of the core team Quality of the Idea Product roll-out and IP Strategic Relationships Operating Stage
protection
 Parameters
Maximum valuation (Malaysia): RM 52,700,000
Criteria maximum valuations

Quality of the core team: RM 15,810,000 (30%) Strategic Relationships: RM 7,905,000 (15%)
Quality of the Idea: RM 10,540,000 (20%) Operating Stage: RM 10,540,000 (20%)
Product roll-out and IP protection: RM 7,905,000 (15%)
/// Please see appendix for data sources, defaults, and breakdown of the traits

DIET IDEAS SDN BHD Valuation Report Qualitative methods
Qualitative traits summary

Below a summary of the traits at the basis of the scores for the two qualitative methods. Please see appendix for detailed
breakdown of which trait is used in which method.
 
Team Network
Founders Board of advisors: Advisors not organized in a board
Time commitment: Full time Legal consultants: Yes
Average age: Between 25 and 34 Current shareholders: Friends and Family, Business angel
Founded other companies before: No, first experience
Core team skills and expertise

Working together for: 3 to 5 years
Years of experience in the industry: 6
Business and managerial background: Mid-level management
experience
Technical skills: All technical skills inhouse
 
Market Product
Total Addressable Market (TAM): RM21,000,000,000 Product roll-out: Already to Market
Annual growth rate of the market: 15.00 % Feedback received: Mainly positive
Demand validated: Yes Loyalty to the product /service: High retention
Internationalization: Local focus now, international expansion Partners: Contracts with key strategic partners signed
planned
 
Competition Protection
Level of competition: Many small players Barriers to entry of the market: Modest
Competitive products are: Good Applicable IP: Trademark and/or domain names
Differentiation from current solutions: We innovate in terms of Current IP protection: IP pending for approval
execution
International competition: Growing, but not yet as developed as
locally

VC Method
Pre-money Valuation: RM 995,658
The VC (Venture Capital) method is one of most common approaches among financial practitioners in the private company
market. The startup is given the valuation that will grant investors a predetermined return at the exit.
The potential exit value of the company is computed with an industry-based EBITDA multiple. The valuation is equal to this
value discounted by a required ROI (Return On Investment). This depends on the startup’s stage of development, higher for
early stage riskier companies, lower for more mature ones. It is the minimum rate that will allow investors to have positive
returns from portfolios where most companies fail and gains come from a selected few.
14.0M
13.0M
RM 13,500,000
12.0M
Last Year EBITDA
11.0M
10.0M
9.0M

8.0M
EBITDA
7.0M
6.0M 13.54
EBITDA multiple
5.0M
4.0M
3.0M
2.0M RM 182,790,000
1.0M Last Year Exit value
0.0
-1.0M
-RM 297 RM 56 RM 746 RM 2,844 RM 5,092 RM 13,500 89.12 %

Annual Required ROI
01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 -
12/2023 12/2024 12/2025 12/2026 12/2027 12/2028
RM 3,995,658
Post-money Valuation
 Parameters RM 3,000,000
Industry Multiple: 13.54 Capital needed
Annual Required ROI: 89.12 %
RM 995,658
Pre-money Valuation

DCF Methods
The DCF (Discounted Cash Flow) methods represent the most renown approach to company valuation, recommended by
academics and a daily tool for financial analysts. The valuation is the present value of all the free cash flows to equity the
startup is going to generate in the future, discounted by its risk.
These methods weight the projected free cash flow to equity by the probability the startup will survive. Then, the flows are
discounted to present by a rate that represents risks related to industry, size, development stage and profitability. Lastly, an
illiquidity discount is applied to the sum of the discounted cash flows to compute the valuation.
The value of cash flows beyond the projected ones is represented by the TV (Terminal Value) and the way it is calculated is
the difference between the following two methods.
DCF with LTG: RM 12,342,909

The DCF with LTG (Long Term Growth) assumes the cash flows beyond the projected ones will grow forever at a constant
rate based on the industry and computes the TV accordingly.
12.0M
10.0M RM 10,049,072
Free cash flow to equity
8.0M Last year FCF to equity
6.0M
4.0M
2.0M 2.50 %
Long term growth
0.0
-2.0M
-RM 374 -RM 44 RM 448 RM 1,735 RM 3,277 RM 10,049

RM 37,829,096
01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 - Terminal value
12/2023 12/2024 12/2025 12/2026 12/2027 12/2028
19.31 %
Discount rate
25.90 % RM 12,342,909
Illiquidity discount Pre-money Valuation
 Parameters Long term growth: 2.50 % Discount rate Survival rates

Illiquidity discount: 25.90 % Risk free rate: 3.93 % Year 1: 90.66 %
Beta: 1.92 Year 2: 82.70 %
Market Risk Premium: 8.01 % Year 3: 76.19 %
Year 4: 70.69 %
Year 5: 65.93 %
Year 6: 61.73 %
/// Please see appendix for data sources and defaults

DIET IDEAS SDN BHD Valuation Report DCF Methods
DCF with Multiples: RM 31,612,133

The DCF with Multiple assumes the TV (Terminal Value) is equal to the exit value of the company computed with an industry-
based EBITDA multiple.
Free cash flow to equity EBITDA
RM 13,500,000
14.0M Last Year EBITDA
12.0M
10.0M
8.0M

6.0M
4.0M
2.0M 13.54
0.0 EBITDA multiple
-2.0M
-RM 374 -RM 44 RM 448 RM 1,735 RM 3,277 RM 10,049
-RM 297 RM 56 RM 746 RM 2,844 RM 5,092 RM 13,500

RM 112,829,833
Terminal value
01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 -
12/2023 12/2024 12/2025 12/2026 12/2027 12/2028
19.31 %
Discount rate
25.90 % RM 31,612,133
Illiquidity discount Pre-money Valuation
 Parameters EBITDA multiple: 13.54 Discount rate Survival rates

Illiquidity discount: 25.90 % Risk free rate: 3.93 % Year 1: 90.66 %
Beta: 1.92 Year 2: 82.70 %
Market Risk Premium: 8.01 % Year 3: 76.19 %
Year 4: 70.69 %
Year 5: 65.93 %
Year 6: 61.73 %
/// Please see appendix for data sources and defaults

DIET IDEAS SDN BHD Valuation Report Financial Projections
Financial Projections
Profit & Loss
The profit & loss projections are displayed below. Data about revenue and operating costs are provided by the company.
Depreciation and amortization, interest, and taxes are either provided by the company or estimated by Equidam. Please
consult our methodology document for more details.
01-2022 - 12-2022 01-2023 - 12-2023 01-2024 - 12-2024 01-2025 - 12-2025
Revenue 225,005 - 500,000 +2X 1,548,777 +3X 3,018,665 +95%
Cost of Goods Sold 96,318 - 150,000 +56% 374,401 +2X 684,495 +83%
Salaries 195,320 - 371,534 +90% 698,823 +88% 961,736 +38%
Operating Expenses 166,017 - 275,825 +66% 419,852 +52% 626,383 +49%
EBITDA -232,650 - -297,359 -28% 55,701 - 746,051 +13X
Ebitda margin - - - - 3% - 24 % -
D&A 1,921 - 25,285 +13X 25,477 +1% 50,955 +2X
EBIT -234,571 - -322,644 -38% 30,224 - 695,096 +23X
Ebit margin - - - - 1% - 23 % -
Interest 1,724 - 32,968 +19X 1,972 -94% 1,972 0%
EBT - - -355,612 - 28,252 - 693,124 +25X
Taxes - - - - 4,803 - 166,350 +35X
Nominal tax rate - - - - -
Effective tax payable - - -85,346 - 6,780 - 166,349 -
Deferred tax assets - - 85,346 - 83,369 - 83,369 -
Net profit -236,295 - -355,612 -50% 23,449 - 526,774 +22X
Net profit margin - - - - 1% - 17 % -
All numbers in RM

Profit & Loss

01-2026 - 12-2026 01-2027 - 12-2027 01-2028 - 12-2028
Revenue 8,050,665 +3X 15,026,880 +87% 35,000,000 +2X
Cost of Goods Sold 2,152,810 +3X 4,727,514 +2X 10,500,000 +2X
Salaries 1,560,272 +62% 2,427,596 +56% 5,000,000 +2X
Operating Expenses 1,493,135 +2X 2,780,201 +86% 6,000,000 +2X
EBITDA 2,844,448 +4X 5,091,569 +79% 13,500,000 +3X
Ebitda margin 35 % - 33 % - 38 % -
D&A 76,432 +50% 101,909 +33% 130,000 +28%
EBIT 2,768,016 +4X 4,989,660 +80% 13,370,000 +3X
Ebit margin 34 % - 33 % - 38 % -
Interest 1,972 0% 1,972 0% 1,972 0%
EBT 2,766,044 +4X 4,987,688 +80% 13,368,028 +3X
Taxes 663,851 +4X 1,197,045 +80% 2,128,327 +78%
Nominal tax rate - - -
Effective tax payable 663,850 - 1,197,045 - 3,208,326 -
Deferred tax assets 83,370 - 83,369 - -996,629 -
Net profit 2,102,193 +4X 3,790,643 +80% 11,239,701 +3X
Net profit margin 26 % - 25 % - 32 % -
All numbers in RM

Cash Flow
The cash flow projections are displayed below. Capital expenditure, debt at the end of the year, and equity fundraising are
provided by the company. Account payables, account receivables, inventory and D&A are either provided by the company or
estimated by Equidam based on the average percentage of revenue for public companies in the company's industry.
01/2022 - 12/2022 01/2023 - 12/2023 01/2024 - 12/2024 01/2025 - 12/2025
Net profit -236,295 - -355,612 -50% 23,449 - 526,774 +22X
Change in Working Capital - - 44,100 - 92,502 - 129,644 -
Working capital - - 44,100 - 136,602 +3X 266,246 +95%
Account Payables - - 41,050 - 127,154 - 247,832 -
Account Receivables - - 72,500 - 224,572 - 437,706 -
Inventory - - 12,650 - 39,184 - 76,372 -
D&A 1,921 - 25,285 +13X 25,477 +1% 50,955 +2X
Capital expenditures - - - - - - - -
Change in outstanding debt - - - - - - - -
Debt at the end of the year - - - - - - - -
Free cash flow to equity - - -374,427 - -43,576 +88% 448,085 -
Equity fundraising - - - - 3,000,000 - 5,000,000 +67%
Free cash flow - - -374,427 - 2,956,424 - 5,448,085 +84%
Beginning of the year cash - - 3,014,315 - 2,639,888 -12% 5,596,312 +2X
End of the year cash - - 2,639,888 - 5,596,312 - 11,044,397 -
All numbers in RM

Cash Flow
01/2026 - 12/2026 01/2027 - 12/2027 01/2028 - 12/2028
Net profit 2,102,193 +4X 3,790,643 +80% 11,239,701 +3X
Change in Working Capital 443,822 - 615,303 - 1,320,629 -
Working capital 710,068 +3X 1,325,371 +87% 2,646,000 +2X
Account Payables 660,959 - 1,233,706 - 2,463,000 -
Account Receivables 1,167,346 - 2,178,897 - 4,350,000 -
Inventory 203,681 - 380,180 - 759,000 -
D&A 76,432 +50% 101,909 +33% 130,000 +28%
Capital expenditures - - - - - -
Change in outstanding debt - - - - - -
Debt at the end of the year - - - - - -
Free cash flow to equity 1,734,803 +4X 3,277,249 +89% 10,049,072 +3X
Equity fundraising 10,000,000 +2X 15,000,000 +50% 20,000,000 +33%
Free cash flow 11,734,803 +2X 18,277,249 +56% 30,049,072 +64%
Beginning of the year cash 11,044,397 +97% 22,779,200 +2X 41,056,449 +80%
End of the year cash 22,779,200 - 41,056,449 - 71,105,521 -
All numbers in RM

Conclusion
Legal Notes
Equidam Valuation SL does not represent or endorse the accuracy or reliability of any advice, opinion, statement or any other
information displayed or distributed through this report or its website. The estimates and the data contained herein are made
using the information provided by the user, publicly available information and data for different industries. Equidam Valuation
SL has not audited or attempted to confirm this information for accuracy or completeness.
Under no circumstances the present report is to be used or considered as an offer, solicitation, or recommendation to sell, or
a solicitation of any offer to buy any security. Equidam Valuation SL excludes any warranties and responsibilities concerning
the results to be obtained from the present report nor their use and shall not be liable for any claims, losses or damages
arising from or occasioned by any inaccuracy, error, delay, or omission, or from use of the report or actions taken in reliance on
the information contained in it. The use of this report and the information provided herein is subject to Equidam Valuation SL
online Terms of Use and Privacy Policy .

Appendix
Weights of the methods
The default weight of each method is determined by Equidam based on the stage of development, and they are shown below.
They can be manually adjusted by the company.
Default weights of the 5 methods
Stage of development Checklist Method Scorecard Method VC Method DCF with LTG DCF with Multiples
Idea stage 38% 38% 16% 4% 4%
Development stage 30% 30% 16% 12% 12%
Star tup stage 15% 15% 16% 27%* 27%
Expansion stage 6% 6% 16% 36% 36%
DIET IDEAS SDN BHD stage of development: Star tup stage
These are determined according to the following principles:
• Qualitative information is more important in early stage companies, where performance uncertainty is extremely high, so
qualitative methods are weighted in more
• The investors' view is equally important across all stages, so the weight of the VC method does not change
• Quantitative information is more reliable in later stages, when a company already has a proven financial track record.
Therefore, it is possible to use the DCF methods more extensively as projected results get founded in past performance

DIET IDEAS SDN BHD Valuation Report Appendix
Qualitative methods
Default average and maximum valuations data sources
Dataset: Market valuations from transactions in the last 30 months of company in all industries, all countries, and at
seed funding stage
Datasource: Crunchbase
Usage: Computation of average and maximum (net of outliers) valuations in given geographic areas for the qualitative
methods (Scorecard and Checklist respectively)
Update: Biannual
Average valuation (Scorecard Method) in Malaysia: RM 22,265,377
Maximum valuation (Checklist Method) in Malaysia: RM 52,700,000
Scorecard Method
Default weights of the criteria and breakdown in their traits
Strength of the team 30% Size of the Opportunity 25%
Time commitment of the founders Estimated revenue in the third year according to the stage of the
Number of employees development
Team spirit and comradeship Estimated size of the market in three years
Years of industry experience of the core team Geographical scope of the business
Business and managerial background of the core team
Competitive Environment 10% Strength and protection of the product/service 15%
Level of competition in the market Stage of the product/service roll-out

Quality of competitive products/services Degree of loyalty of customers
Competitive advantage over other products/services Type of IP protection applicable
Barriers to entry of the market IP protection in place (if any)
Threat of international competition
Strategic relationships with partners 10% Funding required 10%
Strength of the relationships with key strategic partners Capital required according to the stage of development

Checklist Method
Default weights of the criteria and breakdown in their traits
Quality of the core team analyzes: 30%
Average age of the founders

Presence in the team of serial, successful entrepreneurs
Time commitment of the founders
Team spirit and comradeship
Years of industry experience of the core team
Business and managerial background of the core team
Technical skills of the core team
Quality of the idea analyzes: 20%
Validation of the demand for the product/service

Feedback received by early adopters/industry experts
Level of competition in the market
Competitive advantage over other products/services
Geographical scope of the business
Threat of international competition
Degree of loyalty of customers
Product roll-out and IP protection analyzes: 15%
Stage of the product/service roll-out

Type of IP protection applicable
IP protection in place (if any)
Strategic relationships analyzes: 15%
Presence of an advisory board and number of advisors

Presence and type of current shareholders
Relationship with legal counselors
Strength of the relationships with key strategic partners
Operating stage 20%
Stage of development
Current profitability

VC method
Below the sources of the valuation parameters used in the VC Method: EBITDA Multiple and Annual Required ROI, and their
default values provided by Equidam
EBITDA multiple
Description: Enterprise value on EBITDA multiples computed over a dataset of global, publicly listed firms organized by
industry
Datasource: Prof. A. Damodaran, NYU Stern School of Busines
Update: Annual
Notes: We favor the use of EBITDA multiple, as we believe revenue multiples fail to capture the ability of startups to
generate cash flow, i.e. the ultimate determinant of value.
DIET IDEAS SDN BHD industry:
EBITDA multiple: 13.54
Annual Required ROI
The default annual required ROI rates are determined by Equidam based on the returns investors require for companies at
different stage of development, and are shown below. They can be manually adjusted by the company.
Stage of development Discount/Required ROI
Idea stage 135.93%
Development stage 111.47%
Star tup stage 89.12%
Expansion stage 48.60%
DIET IDEAS SDN BHD stage of development: Star tup stage

DCF Methods
Below the sources of the valuation parameters used in the DCF Methods: Discount Rate, Survival Rates and Illiquidity
Discounts, and their default values provided by Equidam.
Discount rate
Risk Free Rate
Description: 10Y government rates
Datasource: Trading Economics (tradingeconomics.com), various public databases
Update: Bi-annual (but more frequent if macroeconomic conditions are more volatile)
Notes: For the Eurozone we apply the German 10Y Bond rate
DIET IDEAS SDN BHD country: Malaysia
Malaysia risk free rate: 3.93%
Industry betas
Description: Industry beta computed over industry specific portfolios of global, public listed companies (same as in EBITDA
multiple)
Datasource: Prof. A. Damodaran, NYU Stern School of Business
Update: Annual
default beta: 1.92%
Market Risk Premium
Description: Country based total equity risk premium as implied in the previous 12 trailing months.
Update: Biannual
DIET IDEAS SDN BHD country: Malaysia
Malaysia default market risk premium: 8.01%

Survival Rate
Dataset: Country-level survival probabilities of the latest cohort of companies with three years of data available.
Datasource: European Office of Statistics (http://ec.europa.eu/eurostat), U.S. Bureau of Labor Statistics

(https://www.bls.gov/), specific academic research and public offices of statistics for different countries.
Update: Annual
DIET IDEAS SDN BHD year of incorporation: 2019
Default survival rate Year 1: 90.66%
Illiquidity discount
The default illiquidity discount is assigned based on current profitability and projected revenue, according to the approach
suggested by William L. Silber.
DIET IDEAS SDN BHD illiquidity discount: 25.90%

DCF with LTG

Long term growth
Dataset: Global, publicly listed companies organized by industry (same as in EBITDA multiple)
Update: Annual
Notes: The value is winsorized over a 0% - 2.5% range. We do not want the long term growth to be above world GDP
growth expectations, as it would mean the company is going to overgrow world economy at some point in time
default long term growth: 2.50
DCF with Multiples

EBITDA multiple
Dataset: Global, publicly listed companies organized by industry
Update: Annual
Notes: We favor the use of EBITDA multiple, as we believe revenue multiples fail to capture the ability of startups to
generate cash flow, the ultimate determinant of value.
default EBITDA multiple:

Last Available Balance Sheet

Below the simplified, last available balance sheet of the company.
01/2022 - 12/2022
Cash and equivalents - 14,315 -
Cash and equivalents - - -
Tangible assets - 23,076 -
Intangible assets - - -
Financial assets - - -
Deferred tax assets - - -
Total Assets - 37,391 -
Debts due within one year time - 5,240 -
Debt due beyond one year time - - -
Equity - 53,000 -
Total Liabilities and Shareholder's Equity - 58,240 -
All numbers in RM

Updated Default Values

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7707 - Valuation Report

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7707 - Valuation Report

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Valuation Report of DIET IDEAS SDN BHD

make it worth it with equidam.com

Past funding rounds & Current ownership 5

Current funding round 7

DCF with LTG 13

© Equidam 2023 make it worth it with equidam.com /// 2

Industry: Healthcare Facilities & Services

 Ebitda margin -100 % -

Current Operations EBIT -234,571 -

Ebit margin -100 % -

© Equidam 2023 make it worth it with equidam.com /// 3

RM 797 RM 1,493 RM 2,273 RM 5,206 RM 9,935 RM 21,500

-RM 297 RM 56 RM 746 RM 2,844 RM 5,092 RM 13,500

01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 -

-RM 374 -RM 44 RM 448 RM 1,735 RM 3,277 RM 10,049

01/2023 - 01/2024 - 01/2025 - 01/2026 - 01/2027 - 01/2028 -

© Equidam 2023 make it worth it with equidam.com /// 4

Past funding rounds

Type Date Post-Money/Valuation Cap Investment Equity %

Equity round 12-31-2022 RM 10,000,000 RM 1,000,000 10.00%

9% ZUHAILI BIN ZAKARIA

36% YUSREN BIN ABDU...

45% MASFARA WAHIDAH...

10% KOAY ENG KIONG

© Equidam 2023 make it worth it with equidam.com /// 5

RM 33,606,803 RM 25,033,964 RM 995,658 RM 12,342,909 RM 31,612,133

15% 15% 16% 27% 27%

© Equidam 2023 make it worth it with equidam.com /// 6

Current funding round

14.51% RM 3,000,000 11.12%

© Equidam 2023 make it worth it with equidam.com /// 7

Sales and marketing:

Product and R&D:

© Equidam 2023 make it worth it with equidam.com /// 8

Normalized scores of the company for each criteria

0.875 0.250 1.063 -0.125 0.375 0.000

Weights of the criteria

Strength of the team: 30% Competitive Environment: 10%

© Equidam 2023 make it worth it with equidam.com /// 9

Checklist Method: RM 25,033,964

Criteria valuations Max valuations

RM 8,221,200 RM 5,855,556 RM 3,513,333 RM 4,808,875 RM 2,635,000

Criteria maximum valuations

© Equidam 2023 make it worth it with equidam.com /// 10

Qualitative traits summary

Core team skills and expertise

© Equidam 2023 make it worth it with equidam.com /// 11

-RM 297 RM 56 RM 746 RM 2,844 RM 5,092 RM 13,500 89.12 %

Annual Required ROI: 89.12 %

© Equidam 2023 make it worth it with equidam.com /// 12

DCF with LTG: RM 12,342,909

8.0M Last year FCF to equity

-RM 374 -RM 44 RM 448 RM 1,735 RM 3,277 RM 10,049

 Parameters Long term growth: 2.50 % Discount rate Survival rates

/// Please see appendix for data sources and defaults

© Equidam 2023 make it worth it with equidam.com /// 13

DCF with Multiples: RM 31,612,133

Free cash flow to equity EBITDA

-RM 374 -RM 44 RM 448 RM 1,735 RM 3,277 RM 10,049

-RM 297 RM 56 RM 746 RM 2,844 RM 5,092 RM 13,500

 Parameters EBITDA multiple: 13.54 Discount rate Survival rates

/// Please see appendix for data sources and defaults

© Equidam 2023 make it worth it with equidam.com /// 14