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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.

Investment Committee Memo: LedgerLift (LLLT) To: Investment Committee From: Research Date: October 26, 2023 Subject: Long/Short Recommendation: LedgerLift (LLLT) Recommendation Action: Long 12-Month PT Range: $55 – $65 Thesis: LedgerLift demonstrates best-in-class SaaS metrics (123% NRR, 94% gross retention) within a…

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.

518.51935 New TL: 276.34682 - 86.82747 = 189.51935 Mezz: PIK 194.8377888 * 0.02 = 3.896755776 New Mezz: 194.8377888 + 3.896755776 = 198.734544576 Ending Balances: TL: 189.52 Mezz: 198.73 Total Debt: 388.25 Exit (End of FY2030): Exit EBITDA: 206.6252668 Exit Multiple: 10.5x Exit EV: 206.6252668 * 10.5 = 2,169.5653014…