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…
IC MEMO – LedgerLift (LLLT) Short – 12M PT $28 [Range: $17 Bear / $42 Bull] Price: $46 MCap $8.74B EV $7.34B [190m shares, $1.4B net cash] FY25 Rev $820m Thesis in 2 sentences: LLLT is a good mid-market spend/AP SaaS business with strong NRR, but priced for perfection at ~9.3x NTM rev / 37x NTM EBIT vs our Base DCF of…Read the full answer
TO: Investment Committee FROM: Equity Research Team DATE: October 26, 2025 SUBJECT: LedgerLift (LLLL) – Long Recommendation Recommendation & Thesis Recommendation: Long Price Target: $52 – $58 (12-month range) Thesis: LedgerLift is a high-quality B2B SaaS compounder trading at a discount to peers (7.4x FY26 NTM Rev vs.Read the full answer