It is August 5, 2022. In 7 days on the Nasdaq there will be the IPO of the Reborn Coffee, Inc. that the Investment Fund you work for as a financial analyst is following closely. Today, the last version of the IPO Prospectus1 has just been released and you have been asked to provide an independent valuation of the stock to understand whether the Fund should buy the stocks and at which price. Your boss in particular has requested a valuation report where you have to indicate:

- The target price for Reborn Coffee, Inc.

- The main risk factors and their impact on stock price

For your valuation, you can start from the information contained in the Prospectus, but you can use any other public source of information (but remember, you are in August 2022, and you cannot look into the future! Moreover, it is not fair looking at other financial analysts reports, your boss could notice that). You can follow the Discounted Cash Flow method and the multiple approach. Be sure to report:

- The company overview

- The Historical Income Statement and Balance sheet

- The Forecasted Income Statement and Balance sheet

- The WACC calculation

- The beta calculation

- The growth rate calculation