# Valuation Framework

## Workforce Valuation

### Rationale

We have 600 talented workforces and are growing. Our quota partners have paid each workforce 9,000THB each month for a one-year contract. In practice, we obtain 600 workforces to engage as data labelers for a cost of 0THB. How much productivity value can these workforces offer Vulcan in the future?

### Assumption

• Minimum productivity value per one workforce = Annual wage = 108,000THB
• Workforce annual growth rate (First stage: year 1-4) = 50%
• Workforce annual growth rate (Second stage: year 5-n) = 0%
• Discount rate for DCF = 10%

### Valuation

We use the DCF model to calculate the company's valuation based on workforce productivity.
$\text{1st-stage value}=CF_0\cdot{\dfrac{1-\dfrac{(1+g_1)^n}{(1+r_1)^n}}{r_1-g_1}}$
$\text{2nd-stage value}=CF_0\cdot{ \dfrac{ (1+g_1)^{n-1}(1+g_2) }{ (1+r_1)^n(r_2-g_2) } }$
where
$CF_0 \text{ is the initial cash flow at the end of the period} \\g_1, g_2 \text{ are growth rates in stage 1 and stage 2, respectively} \\r_1, r_2 \text{ are discount rates in stage 1 and stage 2, respectively} \\n \text{ is the number of periods in stage 1}$
Total valuation based on the workforce valuation method is:
$\text{1st-stage value}=(108,000\cdot600)\cdot{\dfrac{1-\dfrac{(1+0.5)^4}{(1+0.1)^4}}{0.1-0.5}}$
$\text{2nd-stage value}=(108,000\cdot600)\cdot{\dfrac{(1+0.5)^{4-1}(1+0)}{(1+0.1)^4(0.1-0)}}$
$\text{Total value}=398.16M + 1,493.75M = 1,891.91M$

## Token Presales

• We will pre-sell 20 million (26.3 percent) Vulcan tokens
• At a price of 9.87THB per token
• The estimated fundraising total is 98.7MTHB
• The project is valued at 375MTHB in total
• It's a 80% discount from workforce valuation
• Vulcan Workforces are our most valuable asset (600 and rising at an exponential rate each year), not mention valuation of Vulcan datasets, Vulcan AI, Vulcan Platforms, Vulcan Products and Services (Edio Book, Depression Detection AI, and Home Automation AI).