Advanced Investment Memo (IC Memo)
You are writing an internal investment committee memo for a long/short equity fund. Company (fictional): LedgerLift (ticker: LLLT) – B2B…
I'll run the panel to cross-check the DCF math and valuation reasoning before writing the memo.# IC MEMO — LedgerLift, Inc. (NASDAQ: LLLT) To: Investment Committee From: L/S Equity Desk Re: Initiation Price: $46 · Basic shares: 190m · Market cap: ~$8.7B · Net cash: $1.4B · EV: ~$7.3B Fictional exercise.Read the full answer
LedgerLift (LLLT) – IC Memo Confidential – For Internal Use Only 1) Recommendation & Thesis Pass (bias cautious). 12-month PT: $32–$48. Thesis: LLLT has defensible mid-market AP lock-in and solid NRR, but at $46 the stock trades above DCF-implied value ($28 base) and only just clears comps on revenue multiples; we need…Read the full answer