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.
1st-stage value=CF0⋅1−(1+g1)n(1+r1)nr1−g1\text{1st-stage value}=CF_0\cdot{\dfrac{1-\dfrac{(1+g_1)^n}{(1+r_1)^n}}{r_1-g_1}}1st-stage value=CF0​⋅r1​−g1​1−(1+r1​)n(1+g1​)n​​
2nd-stage value=CF0⋅(1+g1)n−1(1+g2)(1+r1)n(r2−g2)\text{2nd-stage value}=CF_0\cdot{
\dfrac{
(1+g_1)^{n-1}(1+g_2)
}{
(1+r_1)^n(r_2-g_2)
}
}2nd-stage value=CF0​⋅(1+r1​)n(r2​−g2​)(1+g1​)n−1(1+g2​)​
where
CF0 is the initial cash flow at the end of the periodg1,g2 are growth rates in stage 1 and stage 2, respectivelyr1,r2 are discount rates in stage 1 and stage 2, respectivelyn is the number of periods in stage 1CF_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}CF0​ is the initial cash flow at the end of the periodg1​,g2​ are growth rates in stage 1 and stage 2, respectivelyr1​,r2​ are discount rates in stage 1 and stage 2, respectivelyn is the number of periods in stage 1
Total valuation based on the workforce valuation method is:
1st-stage value=(108,000⋅600)⋅1−(1+0.5)4(1+0.1)40.1−0.5\text{1st-stage value}=(108,000\cdot600)\cdot{\dfrac{1-\dfrac{(1+0.5)^4}{(1+0.1)^4}}{0.1-0.5}}1st-stage value=(108,000⋅600)⋅0.1−0.51−(1+0.1)4(1+0.5)4​​
2nd-stage value=(108,000⋅600)⋅(1+0.5)4−1(1+0)(1+0.1)4(0.1−0)\text{2nd-stage value}=(108,000\cdot600)\cdot{\dfrac{(1+0.5)^{4-1}(1+0)}{(1+0.1)^4(0.1-0)}}2nd-stage value=(108,000⋅600)⋅(1+0.1)4(0.1−0)(1+0.5)4−1(1+0)​
Total value=398.16M+1,493.75M=1,891.91M\text{Total value}=398.16M + 1,493.75M = 1,891.91MTotal 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).
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