Ling 3.0 Flash Fin (free)vso1

Entry & Sources & Uses FY2025 EBITDA: $120m Purchase Price (EV): 12.0x × $120m = $1,440m Transaction Fees: 2.0% × $1,440m = $28.8m Total Uses: $1,440m + $28.8m = $1,468.8m Total Leverage: 5.5x × $120m = $660m Term Loan: 4.0x × $120m = $480m (9.0% cash interest, 1.0% mandatory amortization = $4.8m/yr) Mezzanine: 1.5x ×…

Below is a self‐contained “quick‐and‐dirty” 5‐year LBO illustration for “HarborTech Services,” based strictly on the data given. All figures in US$ millions unless noted.

INTERNAL INVESTMENT COMMITTEE MEMO To: Investment Committee From: Equity Research Date: October 24, 2025 Subject: LedgerLift (LLLT) – Short Recommendation Recommendation & Thesis Recommendation: Short 12-Month PT Range: $30 – $38 Thesis: LedgerLift’s 123% NRR and 18-month CAC payback mask an eventual growth…

RECOMMENDATION, PRICE TARGET, THESIS Recommendation: SHORT LedgerLift (LLLT). 12-month Price Target Range: $25–$35 (implying 25–45% downside). Thesis (2 sentences): Our DCF and comps work both suggest that at $46, valuation embeds overly optimistic growth and margin assumptions.