Ling 3.0 Flash Fin (free)vso3 Mini

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 one acceptable “short‐cut” working paper that shows the key steps. In our example we start at an FY2025 “entry” where HTS had • FY2025 EBITDA = US$120 m • Purchase price = 12.0× EBITDA = US$1,440 m • Total debt = 5.5× EBITDA = US$660 m, split as: – Term Loan = 4.0× EBITDA = US$480 m (9.0% cash interest…

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…

Internal Memo – LedgerLift (LLLT) Date: [Insert Date] ───────────────────────────── Recommendation & 12-Month Price Target Recommendation: SHORT 12-Month Price Target Range: $17 – $28/share Thesis: LedgerLift’s current trading price of $46 appears significantly expanded relative to our DCF valuations across base, bull…