Valuation question

Hi, 

I am looking at a tech company with $10m in ARR and profitable. They invested around $3m in a new product they want to launch in mid-2023 which they hope will generate and extra $10m in ARR over the next 5 years (so $20m ARR by 2028).

It's easy to validate the valuation for the existing business but how about the pipe dream they are selling?

1. What valuation methodology would you use?

2. What deal structure and would you offer? (knowing that we usually integrate the products to our main product suite) 

3. Do you pay for synergies? 

Thanks 

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