CommerceHub: Valuation A Few Methodology Notes • Few sellside analysts who cover the stock lump Dropshipping Business and Brands Initiative together. o We DISAGREE. • SOTP valuation is the best approach: o Dropshipping Business should be valued separately. o Brands Initiative should be valued separately. • We treat stock-based compensation as a true expense. • We treat capitalized software as a true expense. Caro-Kann Capital LLC 62