Figure 32: INCR.U: SOTP valuation US$ per share SOTP Valuation Israel (medical only) 9.60 $ 410 EU Export 2.18 $ 93 Cash 1.57 $ 67 SOTP Valuation 13.34 569 Shares O/S - FD (MM) 42.7 Source: Canaccord Genuity estimates The third column from the left is labelled 'Value (US$ MM)'. For the 'Israel' and 'EU Export' opportunities, these values are most likely to be: Select one: O a. Equity market values O b. Asset market values O c. Equity book values O d. Asset book values O e. Enterprise values $ $ $ $ Value FY22 (US$ MM) EV/EBITDA EBITDA (US$MM) 10.4x $ 20.7x $ na 12.1x $ 39.2 4.5 na 41.7 Discount Rate 12.0% 17.0% na 12.9%