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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…

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.

HarborTech Services – 5-Year LBO Underwriting Entry Summary Item Value FY2025 Revenue / EBITDA $900m / $120m Purchase EV (12.0x) $1,440m Transaction fees (2%) $28.8m → equity Term Loan (4.0x) $480m @ 9% cash, 1% amort Mezzanine (1.5x) $180m @ 12% cash + 2% PIK Equity invested $808.8m Year-by-Year Model (FY2026–FY2030)…

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.