Nemotron 3 Nano Omni (free)vsOpenAI o4-mini

We need to build a simplified year-by-year table FY2026-FY2030. First, compute initial purchase price: EBITDA FY2025 = $120m. Purchase price = 12.0x EBITDA = 12 * 120 = $1,440m (enterprise value). Transaction fees = 2.0% of EV = 0.02 * 1440 = $28.8m, paid at close from equity. Total leverage at close = 5.5x EBITDA.

Base‐case LBO Cash‐Flow & Debt Schedule (all $ m) Assumptions: Term‐loan amort = 4.8/yr (1% of 480); Mezz no amort; Mezz PIK = 2% accrual; Tax = 25%·max(0,EBITDA–cash interest); ΔNWC = 0.5%·ΔRev; Capex = 3%·Rev; all excess cash pays Term optional.

LedgerLift (LLLT) – Investment Committee Memo Date: 3 Nov 2025 Recommendation & Thesis Recommendation: Long 12‑month price target: $55 – $60 (≈20‑30 % upside vs.

Recommendation Short LLLT; 12-month price target $30–40 (vs. $46 today). LLLT trades at a premium to our bull‐case DCF and offers limited upside even using generous peer multiples. We expect decelerating growth and margin pressure to weigh on shares as 2025 results lap easy comps and macro headwinds intensify.