{ "asOf": "2026-09-15", "ticker": "LPTH", "engineCommit": "d6b04bf8", "methodology": "Ten explicit fiscal years. All forecasts are author estimates. Net cash adjusted for future G5 cash earnout. Perpetuity and illustrative 15x exit EBITDA kept separate. Each scenario has its own override grid; do not reuse the base override grid for other cases.", "review": { "period": "FY27", "reviewedAt": "2026-09-15", "conclusion": "not_provided", "rationale": "Reviewed the September 10 FY26 release and complete Q4 earnings call. Neither provides a quantified total FY27 revenue outlook. The $85.6M customer delivery schedule is backlog, and $300M within five years is an ambition. All modeled revenue is our estimate.", "sources": [ { "date": "2026-09-10", "url": "https://www.sec.gov/Archives/edgar/data/889971/000143774926030074/ex_922995.htm", "doc": "FY26 release" }, { "date": "2026-09-10", "url": "https://web.quartr.com/companies/11719/events/665861/transcript", "doc": "Q4 earnings call" } ] }, "netDebt": -86.1, "spot": 9.11, "assumptionBasis": "All forecast values are analyst estimates. Shares 75M in FY27 then 0.5% annual drift. Cash93.2 minus funded debt/finance leases0.8 minus G5 cash earnout6.3=86.1. Operating rent retained in expenses.", "bear": { "dr": { "g1": 18.549511854951174, "g2": 11.764705882352944, "rev": 2.1739130434782705, "gm": 40, "sga": 22, "capex": 5, "nwc": 35, "tax": 25, "wacc": 14, "tg": 2 }, "ov": { "revenue:9": 85, "cogs:9": 51.85, "sga:9": 23.8, "rnd:9": 4.25, "other:9": 1.7, "da:9": 5.1, "capex:9": 8.5, "shares:9": 75, "revenue:10": 95, "cogs:10": 57.844444444444434, "sga:10": 25.966666666666665, "rnd:10": 4.75, "other:10": 1.9000000000000001, "da:10": 5.488888888888889, "capex:10": 8.972222222222223, "shares:10": 75.37499999999999, "revenue:11": 105, "cogs:11": 63.81666666666666, "sga:11": 28, "rnd:11": 5.25, "other:11": 2.1, "da:11": 5.833333333333333, "capex:11": 9.333333333333334, "shares:11": 75.75187499999998, "revenue:12": 113, "cogs:12": 68.55333333333334, "sga:12": 29.38, "rnd:12": 5.65, "other:12": 2.2600000000000002, "da:12": 6.026666666666666, "capex:12": 9.416666666666668, "shares:12": 76.13063437499997, "revenue:13": 120, "cogs:13": 72.66666666666667, "sga:13": 30.4, "rnd:13": 6, "other:13": 2.4, "da:13": 6.133333333333333, "capex:13": 9.333333333333334, "shares:13": 76.51128754687497, "revenue:14": 126, "cogs:14": 76.16, "sga:14": 31.08, "rnd:14": 6.300000000000001, "other:14": 2.52, "da:14": 6.159999999999999, "capex:14": 9.100000000000001, "shares:14": 76.89384398460933, "revenue:15": 131, "cogs:15": 79.03666666666666, "sga:15": 31.44, "rnd:15": 6.550000000000001, "other:15": 2.62, "da:15": 6.113333333333332, "capex:15": 8.733333333333334, "shares:15": 77.27831320453238, "revenue:16": 135, "cogs:16": 81.3, "sga:16": 31.5, "rnd:16": 6.75, "other:16": 2.7, "da:16": 5.999999999999999, "capex:16": 8.25, "shares:16": 77.66470477055503, "revenue:17": 138, "cogs:17": 82.95333333333333, "sga:17": 31.28, "rnd:17": 6.9, "other:17": 2.7600000000000002, "da:17": 5.826666666666666, "capex:17": 7.666666666666667, "shares:17": 78.0530282944078, "revenue:18": 141, "cogs:18": 84.6, "sga:18": 31.02, "rnd:18": 7.050000000000001, "other:18": 2.82, "da:18": 5.639999999999999, "capex:18": 7.050000000000001, "shares:18": 78.44329343587982 }, "input": { "actuals": { "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, null, null, null, null, null ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, null, null, null, null, null ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, null, null, null, null, null ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, null, null, null, null, null ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, null, null, null, null, null ], "tags": { "da": "DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation", "dwc": "derived", "rnd": "ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost", "sga": "SellingGeneralAndAdministrativeExpense", "tax": "IncomeTaxExpenseBenefit", "cogs": "CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold", "capex": "PaymentsToAcquirePropertyPlantAndEquipment", "opInc": "OperatingIncomeLoss", "shares": "WeightedAverageNumberOfDilutedSharesOutstanding", "revenue": "RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, null, null, null, null, null ], "opInc": [ 0.4, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, null, null, null, null, null ], "fyEnds": [ "2018-06-30", "2019-06-30", "2020-06-30", "2021-06-30", "2022-06-30", "2023-06-30", "2024-06-30", "2025-06-30", "2026-06-30", null, null, null, null, null ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, null, null, null, null, null ], "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E" ], "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, null, null, null, null, null ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, null, null, null, null, null ], "firstForecast": 9 }, "netDebt": -86.1, "spot": 9.11, "overrides": { "revenue:9": 85, "cogs:9": 51.85, "sga:9": 23.8, "rnd:9": 4.25, "other:9": 1.7, "da:9": 5.1, "capex:9": 8.5, "shares:9": 75, "revenue:10": 95, "cogs:10": 57.844444444444434, "sga:10": 25.966666666666665, "rnd:10": 4.75, "other:10": 1.9000000000000001, "da:10": 5.488888888888889, "capex:10": 8.972222222222223, "shares:10": 75.37499999999999, "revenue:11": 105, "cogs:11": 63.81666666666666, "sga:11": 28, "rnd:11": 5.25, "other:11": 2.1, "da:11": 5.833333333333333, "capex:11": 9.333333333333334, "shares:11": 75.75187499999998, "revenue:12": 113, "cogs:12": 68.55333333333334, "sga:12": 29.38, "rnd:12": 5.65, "other:12": 2.2600000000000002, "da:12": 6.026666666666666, "capex:12": 9.416666666666668, "shares:12": 76.13063437499997, "revenue:13": 120, "cogs:13": 72.66666666666667, "sga:13": 30.4, "rnd:13": 6, "other:13": 2.4, "da:13": 6.133333333333333, "capex:13": 9.333333333333334, "shares:13": 76.51128754687497, "revenue:14": 126, "cogs:14": 76.16, "sga:14": 31.08, "rnd:14": 6.300000000000001, "other:14": 2.52, "da:14": 6.159999999999999, "capex:14": 9.100000000000001, "shares:14": 76.89384398460933, "revenue:15": 131, "cogs:15": 79.03666666666666, "sga:15": 31.44, "rnd:15": 6.550000000000001, "other:15": 2.62, "da:15": 6.113333333333332, "capex:15": 8.733333333333334, "shares:15": 77.27831320453238, "revenue:16": 135, "cogs:16": 81.3, "sga:16": 31.5, "rnd:16": 6.75, "other:16": 2.7, "da:16": 5.999999999999999, "capex:16": 8.25, "shares:16": 77.66470477055503, "revenue:17": 138, "cogs:17": 82.95333333333333, "sga:17": 31.28, "rnd:17": 6.9, "other:17": 2.7600000000000002, "da:17": 5.826666666666666, "capex:17": 7.666666666666667, "shares:17": 78.0530282944078, "revenue:18": 141, "cogs:18": 84.6, "sga:18": 31.02, "rnd:18": 7.050000000000001, "other:18": 2.82, "da:18": 5.639999999999999, "capex:18": 7.050000000000001, "shares:18": 78.44329343587982 }, "guidance": [], "horizon": 10, "quarters": { "da": [ 0.8, 0.9, 0.9, 0.9, 0.9, 0.9, 0.9, 0.9, 0.8, 0.8, 0.8, 0.8, 0.8, 1.1, 1, 1.1, 1, 0.6, 0.7, 0.8, 1.2, 0.8, 0.8, 1.3 ], "ocf": [ 0.7, 0.9, 1.5, 1.7, -1.6, 1.5, 0.5, 1.1, -0.4, -0.3, -0.2, -1.9, 1.1, -0.3, -0.4, 0.1, -1.7, -0.7, -3.2, -2.6, -1.1, 2.8, -6.8, -5.1 ], "cogs": [ 5.7, 6.3, 6.8, 6.3, 5.9, 6.4, 5.3, 6.1, 5.1, 5.2, 4.9, 6.6, 5.7, 5.1, 6.1, 6.1, 5.6, 5.5, 6.5, 9.5, 10.6, 10.3, 12.2, 12.8 ], "ends": [ "2020-09-30", "2020-12-31", "2021-03-31", "2021-06-30", "2021-09-30", "2021-12-31", "2022-03-31", "2022-06-30", "2022-09-30", "2022-12-31", "2023-03-31", "2023-06-30", "2023-09-30", "2023-12-31", "2024-03-31", "2024-06-30", "2024-09-30", "2024-12-31", "2025-03-31", "2025-06-30", "2025-09-30", "2025-12-31", "2026-03-31", "2026-06-30" ], "capex": [ 1.2, 0.9, 0.6, 0.4, 1.2, 0.1, 0.2, 0.1, 0.2, 0.2, 1.9, 0.8, 1, 0.5, 0.4, 0.3, 0.1, 0.1, 0.4, 0.7, 0.1, 0.9, 0.9, 4.4 ], "opInc": [ 0.7, 0.1, 0.2, -2.7, -0.4, -1, -0.5, -0.8, -1.2, -0.6, -1, -0.8, -1.3, -1.8, -2.6, -2.2, -1.4, -2.5, -3.3, -4.6, -2.5, -8.6, -4.3, -4.3 ], "netInc": [ 0.1, -0.1, -0.2, -2.9, -0.6, -1.1, -0.5, -1.4, -1.4, -0.7, -1.2, -0.8, -1.3, -1.7, -2.6, -2.4, -1.6, -2.6, -3.6, -7.1, -2.9, -9.4, -4.1, -4.1 ], "revenue": [ 9.5, 9.9, 10.7, 8.3, 9.1, 9.2, 8.3, 8.9, 7.4, 8.5, 7.4, 9.7, 8.1, 7.3, 7.7, 8.6, 8.4, 7.4, 9.2, 12.2, 15.1, 16.4, 19.1, 21.2 ], "grossProfit": [ 3.9, 3.6, 3.9, 2.1, 3.2, 2.8, 3, 2.8, 2.2, 3.2, 2.5, 3.1, 2.3, 2.2, 1.6, 2.5, 2.8, 1.9, 2.7, 2.7, 4.5, 6, 7, 8.3 ] }, "statements": { "bs": { "ppe": [ 11.8, 11.7, 11.8, 13.3, 11.6, 12.8, 15.2, 15.9, null ], "cash": [ 5.5, 4.6, 5.4, 6.8, 5.5, 4.7, 3.5, 4.9, 93.2 ], "assets": [ 47.1, 46, 47.6, 54.6, 50.7, 53.5, 48.1, 81.5, 194 ], "equity": [ 35.4, 33.5, 34.6, 33.6, 29.7, 36, 30.2, 15.6, 149.5 ], "intang": [ null, null, null, null, null, null, null, null, 17.1 ], "curLiab": [ 5.7, 6.4, 7.4, 8.4, 7.7, 6.8, 8, 17.1, 26.2 ], "netDebt": [ -0.4, 0.4, -1, -2.7, -2.3, -3.1, -3.2, -0.1, null ], "goodwill": [ 5.9, 5.9, 5.9, 5.9, 5.9, 5.9, 6.8, 13.8, 19.3 ], "payables": [ 2, 2.2, 2.6, 2.9, 3.1, 2.6, 3.2, 7.4, 7.7 ], "curAssets": [ 19.4, 19.6, 21.3, 20.7, 18.2, 21.8, 15.5, 28.4, 129.9 ], "inventory": [ 6.4, 7.7, 9, 8.7, 7, 7.4, 6.6, 12.9, 18 ], "totalDebt": [ 5.1, 5, 4.4, 4.1, 3.2, 1.6, 0.3, 4.8, null ], "securities": [ null, null, null, null, null, null, null, null, null ], "debtCurrent": [ null, null, null, null, null, null, null, null, null ], "liabilities": [ 11.8, 12.5, 13, 21, 21, 17.6, 17.9, 31.6, 35.6 ], "receivables": [ 5.4, 6.2, 6.2, 4.7, null, null, 4.9, 9.5, 15.1 ], "debtNoncurrent": [ 5.1, 5, 4.4, 4.1, 3.2, 1.6, 0.3, 4.8, null ] }, "cf": { "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5 ], "acq": [ null, null, null, null, null, null, null, -18.5, null ], "cff": [ -1.3, -1.4, -0.6, -0.8, -0.6, 7.5, -1.5, 29.3, 111 ], "cfi": [ -2.5, -1.2, -2.3, -3.2, -1.6, -2.9, -2.7, -19.7, -12.8 ], "div": [ null, null, null, null, null, null, null, null, null ], "dwc": [ null, null, null, null, null, null, null, null, null ], "fcf": [ 0.1, -1.5, 1.3, 1.5, -0.1, -5.9, -1.7, -9.6, -16.5 ], "ocf": [ 2.6, 0.4, 3.7, 4.7, 1.5, -2.8, 0.5, -8.3, -10.2 ], "sbc": [ 0.4, 0.4, 0.3, 0.6, 0.8, 1.3, 1, 1, 2.9 ], "capex": [ -2.5, -1.9, -2.4, -3.2, -1.6, -3.1, -2.2, -1.3, -6.3 ], "netInc": [ 1.1, -2.7, 0.9, -3.2, -3.5, -4, -8, -14.9, -20.5 ], "buyback": [ null, null, null, null, null, null, null, null, null ], "debtIssued": [ 2.9, 5.8, 0.4, 0.3, null, null, null, null, 0 ], "debtRepaid": [ null, null, null, null, null, null, null, null, -5.5 ] }, "is": { "gp": [ 12.5, 12.5, 13.8, 13.4, 11.8, 11.1, 8.6, 10.1, 25.8 ], "eps": [ 0.04, -0.1, 0.03, -0.12, -0.13, -0.13, -0.21, -0.36, -0.38 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7 ], "tax": [ -0.8, -0.5, -0.8, -0.9, -0.9, -0.2, -0.1, 0, -0.3 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9 ], "opInc": [ 0.4, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7 ], "netInc": [ 1.1, -2.7, 0.9, -3.2, -3.5, -4, -8, -14.9, -20.5 ], "pretax": [ 0.2, -2.2, 1.6, -2.3, -2.7, -3.8, -7.9, -14.8, -20.2 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37 ], "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7 ], "interest": [ null, null, null, null, -0.2, -0.3, -0.2, -1.1, null ] }, "tags": { "da": "DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation", "acq": "PaymentsToAcquireBusinessesNetOfCashAcquired", "cff": "NetCashProvidedByUsedInFinancingActivities", "cfi": "NetCashProvidedByUsedInInvestingActivities", "eps": "EarningsPerShareDiluted", "ocf": "NetCashProvidedByUsedInOperatingActivities", "ppe": "PropertyPlantAndEquipmentNet", "rnd": "ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost", "sbc": "ShareBasedCompensation", "sga": "SellingGeneralAndAdministrativeExpense", "tax": "IncomeTaxExpenseBenefit", "cash": "CashAndCashEquivalentsAtCarryingValue + CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "cogs": "CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold", "capex": "PaymentsToAcquirePropertyPlantAndEquipment", "opInc": "OperatingIncomeLoss", "assets": "Assets", "equity": "StockholdersEquity", "intang": "IntangibleAssetsNetExcludingGoodwill", "netInc": "NetIncomeLoss + ProfitLoss", "pretax": "IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "shares": "WeightedAverageNumberOfDilutedSharesOutstanding", "curLiab": "LiabilitiesCurrent", "revenue": "RevenueFromContractWithCustomerIncludingAssessedTax + Revenues", "goodwill": "Goodwill", "interest": "InterestExpense", "payables": "AccountsPayableCurrent", "curAssets": "AssetsCurrent", "inventory": "InventoryNet", "debtIssued": "ProceedsFromIssuanceOfLongTermDebt", "debtRepaid": "RepaymentsOfLongTermDebt", "grossProfit": "GrossProfit", "liabilities": "Liabilities", "receivables": "AccountsReceivableNetCurrent", "debtNoncurrent": "LongTermDebtNoncurrent" }, "years": [ 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026 ], "fyEnds": [ "2018-06-30", "2019-06-30", "2020-06-30", "2021-06-30", "2022-06-30", "2023-06-30", "2024-06-30", "2025-06-30", "2026-06-30" ] }, "peers": [], "exitPeers": [] }, "perp": { "R": { "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, 85, 95, 105, 113, 120, 126, 131, 135, 138, 141 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, 51.85, 57.844444444444434, 63.81666666666666, 68.55333333333334, 72.66666666666667, 76.16, 79.03666666666666, 81.3, 82.95333333333333, 84.6 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, 23.8, 25.966666666666665, 28, 29.38, 30.4, 31.08, 31.44, 31.5, 31.28, 31.02 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, 4.25, 4.75, 5.25, 5.65, 6, 6.300000000000001, 6.550000000000001, 6.75, 6.9, 7.050000000000001 ], "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, 5.1, 5.488888888888889, 5.833333333333333, 6.026666666666666, 6.133333333333333, 6.159999999999999, 6.113333333333332, 5.999999999999999, 5.826666666666666, 5.639999999999999 ], "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, 8.5, 8.972222222222223, 9.333333333333334, 9.416666666666668, 9.333333333333334, 9.100000000000001, 8.733333333333334, 8.25, 7.666666666666667, 7.050000000000001 ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, 4.6549999999999985, 3.5, 3.5, 2.8, 2.4499999999999997, 2.0999999999999996, 1.75, 1.4, 1.0499999999999998, 1.0499999999999998 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, 75, 75.37499999999999, 75.75187499999998, 76.13063437499997, 76.51128754687497, 76.89384398460933, 77.27831320453238, 77.66470477055503, 78.0530282944078, 78.44329343587982 ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, 25, 25, 25, 25, 25, 25, 25, 25, 25, 25 ], "other": [ 1.3000000000000007, 1.1000000000000036, 1.0999999999999983, 1.0999999999999999, 1.2000000000000028, 1.0999999999999996, 1.6999999999999966, 3.0000000000000018, 17.000000000000004, 1.7, 1.9000000000000001, 2.1, 2.2600000000000002, 2.4, 2.52, 2.62, 2.7, 2.7600000000000002, 2.82 ], "gp": [ 12.5, 12.500000000000004, 13.899999999999999, 13.5, 11.900000000000002, 11, 8.599999999999998, 10.100000000000001, 25.800000000000004, 33.15, 37.155555555555566, 41.18333333333334, 44.44666666666666, 47.33333333333333, 49.84, 51.96333333333334, 53.7, 55.04666666666667, 56.400000000000006 ], "gmpct": [ 38.46153846153847, 37.091988130563806, 39.71428571428571, 35.064935064935064, 33.426966292134836, 33.43465045592705, 27.129337539432168, 27.150537634408607, 35.98326359832637, 38.99999999999999, 39.11111111111112, 39.22222222222223, 39.33333333333333, 39.44444444444444, 39.55555555555556, 39.66666666666667, 39.77777777777778, 39.88888888888889, 40 ], "ebit": [ 0.3999999999999999, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, 3.3999999999999977, 4.5388888888889, 5.8333333333333375, 7.156666666666659, 8.53333333333333, 9.940000000000005, 11.353333333333335, 12.750000000000004, 14.106666666666667, 15.510000000000005 ], "opmpct": [ 1.2307692307692304, -3.2640949554896146, 6.000000000000001, -4.675324675324675, -7.303370786516854, -10.94224924012158, -24.605678233438486, -31.72043010752688, -27.475592747559276, 3.9999999999999973, 4.77777777777779, 5.55555555555556, 6.333333333333327, 7.111111111111108, 7.888888888888893, 8.666666666666668, 9.444444444444446, 10.222222222222223, 11.000000000000004 ], "ebitda": [ 3.8, 2.4, 5.5, 1.7, 1, -0.3999999999999999, -3.8, -7.700000000000001, -14.7, 8.499999999999996, 10.02777777777779, 11.666666666666671, 13.183333333333326, 14.666666666666663, 16.100000000000005, 17.46666666666667, 18.750000000000004, 19.933333333333334, 21.150000000000006 ], "taxpaid": [ -0.08399999999999998, 0, -0.9828, 0, 0, 0, 0, 0, 0, -0.8499999999999994, -1.134722222222225, -1.4583333333333344, -1.7891666666666648, -2.1333333333333324, -2.485000000000001, -2.838333333333334, -3.187500000000001, -3.526666666666667, -3.8775000000000013 ], "fcf": [ 1.2159999999999997, -1.4, 1.2172, 0.7, -0.6000000000000001, -3.5, -6, -15.600000000000001, -31.5, -5.505000000000002, -3.5791666666666586, -2.6249999999999964, -0.822500000000006, 0.749999999999996, 2.4150000000000027, 4.145, 5.912500000000003, 7.689999999999999, 9.172500000000003 ], "fcfps": [ 0.04535621036926519, -0.054284606436603336, 0.044310156534401166, 0.0266058532877233, -0.022205773501110294, -0.11061946902654866, -0.15814443858724303, -0.38169806704184006, -0.5902192242833053, -0.07340000000000002, -0.04748479823106679, -0.03465260760872252, -0.010803798060430997, 0.009802475217012984, 0.031406935521176134, 0.053637299109123085, 0.07612853248418715, 0.098522762896452, 0.116931602412865 ], "revg": [ null, 3.692307692307706, 3.857566765578624, 10.000000000000009, -7.532467532467524, -7.584269662921361, -3.6474164133738607, 17.350157728706627, 92.74193548387095, 18.549511854951174, 11.764705882352944, 10.526315789473696, 7.619047619047614, 6.194690265486735, 5.000000000000004, 3.9682539682539764, 3.053435114503822, 2.2222222222222143, 2.1739130434782705 ], "ebitdam": [ 11.692307692307692, 7.121661721068248, 15.714285714285714, 4.415584415584416, 2.8089887640449436, -1.2158054711246198, -11.98738170347003, -20.698924731182796, -20.502092050209203, 9.999999999999996, 10.555555555555568, 11.111111111111116, 11.66666666666666, 12.22222222222222, 12.777777777777782, 13.333333333333336, 13.888888888888893, 14.444444444444446, 15.000000000000005 ], "fcfm": [ 3.7415384615384606, -4.154302670623144, 3.477714285714286, 1.8181818181818181, -1.6853932584269666, -10.638297872340425, -18.927444794952685, -41.935483870967744, -43.93305439330544, -6.476470588235296, -3.767543859649115, -2.4999999999999964, -0.7278761061946957, 0.6249999999999967, 1.916666666666669, 3.16412213740458, 4.3796296296296315, 5.572463768115941, 6.505319148936173 ], "disc": [ null, null, null, null, null, null, null, null, null, 0.8771929824561403, 0.7694675284702984, 0.6749715162020161, 0.5920802773701894, 0.5193686643598152, 0.45558654768404844, 0.39963732252986695, 0.3505590548507605, 0.3075079428515442, 0.2697438095188984 ], "pv": [ null, null, null, null, null, null, null, null, null, -4.828947368421054, -2.7540525289832702, -1.77180023003029, -0.48698602813698433, 0.38952649826985936, 1.1002415126569782, 1.6564967018862984, 2.0726804118051225, 2.3647360805283744, 2.474225092812097 ] }, "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E", "FY32E", "FY33E", "FY34E", "FY35E", "FY36E" ], "firstForecast": 9, "shape": { "rndPct": 0.07068057260433486, "otherPct": 0.12379064841753029, "daPct": 0.10204434201220869, "nwcPct": 0.30434782608695654, "taxRate": 0.21, "shareDrift": 1.15, "from": { "rndPct": "filed", "otherPct": "filed", "daPct": "filed", "nwcPct": "filed", "taxRate": "default", "shareDrift": "filed" } }, "ev": 21.247033431289953, "eq": 107.34703343128994, "fv": 1.3684666812088437, "pvTv": 21.030913288902823, "tv": 77.96625000000003, "term": "perp", "exitX": null, "spot": 9.11, "netDebt": -86.1, "upside": -84.97841184183487, "inverted": false, "P": { "revenue": [ { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "cogs": [ { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "sga": [ { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "rnd": [ { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "other": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "da": [ { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "capex": [ { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "nwc": [ { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" } ], "shares": [ { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "gp": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "gmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebit": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "opmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitda": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "taxpaid": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" } ], "fcf": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfps": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "revg": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitdam": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfm": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "pv": [ null, null, null, null, null, null, null, null, null, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "disc": [ null, null, null, null, null, null, null, null, null, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" } ] }, "ladder": { "g": [ null, null, null, null, null, null, null, null, null, null ], "gLo": [ null, null, null, null, null, null, null, null, null, null ], "gHi": [ null, null, null, null, null, null, null, null, null, null ], "gm": [ null, null, null, null, null, null, null, null, null, null ], "opex": [ null, null, null, null, null, null, null, null, null, null ], "shares": [ null, null, null, null, null, null, null, null, null, null ], "taxRate": null, "basis": {}, "src": {}, "filedQ": null }, "why": null }, "exit": { "R": { "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, 85, 95, 105, 113, 120, 126, 131, 135, 138, 141 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, 51.85, 57.844444444444434, 63.81666666666666, 68.55333333333334, 72.66666666666667, 76.16, 79.03666666666666, 81.3, 82.95333333333333, 84.6 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, 23.8, 25.966666666666665, 28, 29.38, 30.4, 31.08, 31.44, 31.5, 31.28, 31.02 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, 4.25, 4.75, 5.25, 5.65, 6, 6.300000000000001, 6.550000000000001, 6.75, 6.9, 7.050000000000001 ], "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, 5.1, 5.488888888888889, 5.833333333333333, 6.026666666666666, 6.133333333333333, 6.159999999999999, 6.113333333333332, 5.999999999999999, 5.826666666666666, 5.639999999999999 ], "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, 8.5, 8.972222222222223, 9.333333333333334, 9.416666666666668, 9.333333333333334, 9.100000000000001, 8.733333333333334, 8.25, 7.666666666666667, 7.050000000000001 ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, 4.6549999999999985, 3.5, 3.5, 2.8, 2.4499999999999997, 2.0999999999999996, 1.75, 1.4, 1.0499999999999998, 1.0499999999999998 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, 75, 75.37499999999999, 75.75187499999998, 76.13063437499997, 76.51128754687497, 76.89384398460933, 77.27831320453238, 77.66470477055503, 78.0530282944078, 78.44329343587982 ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, 25, 25, 25, 25, 25, 25, 25, 25, 25, 25 ], "other": [ 1.3000000000000007, 1.1000000000000036, 1.0999999999999983, 1.0999999999999999, 1.2000000000000028, 1.0999999999999996, 1.6999999999999966, 3.0000000000000018, 17.000000000000004, 1.7, 1.9000000000000001, 2.1, 2.2600000000000002, 2.4, 2.52, 2.62, 2.7, 2.7600000000000002, 2.82 ], "gp": [ 12.5, 12.500000000000004, 13.899999999999999, 13.5, 11.900000000000002, 11, 8.599999999999998, 10.100000000000001, 25.800000000000004, 33.15, 37.155555555555566, 41.18333333333334, 44.44666666666666, 47.33333333333333, 49.84, 51.96333333333334, 53.7, 55.04666666666667, 56.400000000000006 ], "gmpct": [ 38.46153846153847, 37.091988130563806, 39.71428571428571, 35.064935064935064, 33.426966292134836, 33.43465045592705, 27.129337539432168, 27.150537634408607, 35.98326359832637, 38.99999999999999, 39.11111111111112, 39.22222222222223, 39.33333333333333, 39.44444444444444, 39.55555555555556, 39.66666666666667, 39.77777777777778, 39.88888888888889, 40 ], "ebit": [ 0.3999999999999999, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, 3.3999999999999977, 4.5388888888889, 5.8333333333333375, 7.156666666666659, 8.53333333333333, 9.940000000000005, 11.353333333333335, 12.750000000000004, 14.106666666666667, 15.510000000000005 ], "opmpct": [ 1.2307692307692304, -3.2640949554896146, 6.000000000000001, -4.675324675324675, -7.303370786516854, -10.94224924012158, -24.605678233438486, -31.72043010752688, -27.475592747559276, 3.9999999999999973, 4.77777777777779, 5.55555555555556, 6.333333333333327, 7.111111111111108, 7.888888888888893, 8.666666666666668, 9.444444444444446, 10.222222222222223, 11.000000000000004 ], "ebitda": [ 3.8, 2.4, 5.5, 1.7, 1, -0.3999999999999999, -3.8, -7.700000000000001, -14.7, 8.499999999999996, 10.02777777777779, 11.666666666666671, 13.183333333333326, 14.666666666666663, 16.100000000000005, 17.46666666666667, 18.750000000000004, 19.933333333333334, 21.150000000000006 ], "taxpaid": [ -0.08399999999999998, 0, -0.9828, 0, 0, 0, 0, 0, 0, -0.8499999999999994, -1.134722222222225, -1.4583333333333344, -1.7891666666666648, -2.1333333333333324, -2.485000000000001, -2.838333333333334, -3.187500000000001, -3.526666666666667, -3.8775000000000013 ], "fcf": [ 1.2159999999999997, -1.4, 1.2172, 0.7, -0.6000000000000001, -3.5, -6, -15.600000000000001, -31.5, -5.505000000000002, -3.5791666666666586, -2.6249999999999964, -0.822500000000006, 0.749999999999996, 2.4150000000000027, 4.145, 5.912500000000003, 7.689999999999999, 9.172500000000003 ], "fcfps": [ 0.04535621036926519, -0.054284606436603336, 0.044310156534401166, 0.0266058532877233, -0.022205773501110294, -0.11061946902654866, -0.15814443858724303, -0.38169806704184006, -0.5902192242833053, -0.07340000000000002, -0.04748479823106679, -0.03465260760872252, -0.010803798060430997, 0.009802475217012984, 0.031406935521176134, 0.053637299109123085, 0.07612853248418715, 0.098522762896452, 0.116931602412865 ], "revg": [ null, 3.692307692307706, 3.857566765578624, 10.000000000000009, -7.532467532467524, -7.584269662921361, -3.6474164133738607, 17.350157728706627, 92.74193548387095, 18.549511854951174, 11.764705882352944, 10.526315789473696, 7.619047619047614, 6.194690265486735, 5.000000000000004, 3.9682539682539764, 3.053435114503822, 2.2222222222222143, 2.1739130434782705 ], "ebitdam": [ 11.692307692307692, 7.121661721068248, 15.714285714285714, 4.415584415584416, 2.8089887640449436, -1.2158054711246198, -11.98738170347003, -20.698924731182796, -20.502092050209203, 9.999999999999996, 10.555555555555568, 11.111111111111116, 11.66666666666666, 12.22222222222222, 12.777777777777782, 13.333333333333336, 13.888888888888893, 14.444444444444446, 15.000000000000005 ], "fcfm": [ 3.7415384615384606, -4.154302670623144, 3.477714285714286, 1.8181818181818181, -1.6853932584269666, -10.638297872340425, -18.927444794952685, -41.935483870967744, -43.93305439330544, -6.476470588235296, -3.767543859649115, -2.4999999999999964, -0.7278761061946957, 0.6249999999999967, 1.916666666666669, 3.16412213740458, 4.3796296296296315, 5.572463768115941, 6.505319148936173 ], "disc": [ null, null, null, null, null, null, null, null, null, 0.8771929824561403, 0.7694675284702984, 0.6749715162020161, 0.5920802773701894, 0.5193686643598152, 0.45558654768404844, 0.39963732252986695, 0.3505590548507605, 0.3075079428515442, 0.2697438095188984 ], "pv": [ null, null, null, null, null, null, null, null, null, -4.828947368421054, -2.7540525289832702, -1.77180023003029, -0.48698602813698433, 0.38952649826985936, 1.1002415126569782, 1.6564967018862984, 2.0726804118051225, 2.3647360805283744, 2.474225092812097 ] }, "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E", "FY32E", "FY33E", "FY34E", "FY35E", "FY36E" ], "firstForecast": 9, "shape": { "rndPct": 0.07068057260433486, "otherPct": 0.12379064841753029, "daPct": 0.10204434201220869, "nwcPct": 0.30434782608695654, "taxRate": 0.21, "shareDrift": 1.15, "from": { "rndPct": "filed", "otherPct": "filed", "daPct": "filed", "nwcPct": "filed", "taxRate": "default", "shareDrift": "filed" } }, "ev": 85.79234371225768, "eq": 171.89234371225768, "fv": 2.1912943246418366, "pvTv": 85.57622356987055, "tv": 317.2500000000001, "term": "exit", "exitX": 15, "spot": 9.11, "netDebt": -86.1, "upside": -75.94627525091288, "inverted": false, "P": { "revenue": [ { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "cogs": [ { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "sga": [ { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "rnd": [ { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "other": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "da": [ { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "capex": [ { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "nwc": [ { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" } ], "shares": [ { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "gp": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "gmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebit": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "opmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitda": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "taxpaid": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" } ], "fcf": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfps": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "revg": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitdam": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfm": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "pv": [ null, null, null, null, null, null, null, null, null, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "disc": [ null, null, null, null, null, null, null, null, null, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 14% WACC — a judgement, not a filed figure" } ] }, "ladder": { "g": [ null, null, null, null, null, null, null, null, null, null ], "gLo": [ null, null, null, null, null, null, null, null, null, null ], "gHi": [ null, null, null, null, null, null, null, null, null, null ], "gm": [ null, null, null, null, null, null, null, null, null, null ], "opex": [ null, null, null, null, null, null, null, null, null, null ], "shares": [ null, null, null, null, null, null, null, null, null, null ], "taxRate": null, "basis": {}, "src": {}, "filedQ": null }, "why": null }, "audit": [ { "id": "guidance", "level": "warn", "title": "No quantified revenue guidance for FY27", "detail": "All forecast years are analyst estimates. Reviewed 2026-09-15: Reviewed the September 10 FY26 release and complete Q4 earnings call. Neither provides a quantified total FY27 revenue outlook. The $85.6M customer delivery schedule is backlog, and $300M within five years is an ambition. All modeled revenue is our estimate. Sources: FY26 release (2026-09-10) https://www.sec.gov/Archives/edgar/data/889971/000143774926030074/ex_922995.htm; Q4 earnings call (2026-09-10) https://web.quartr.com/companies/11719/events/665861/transcript" }, { "id": "horizon", "level": "pass", "title": "10-year horizon", "detail": "guided years, then a fade to the long-run rate over ten years — the terminal is struck on a normalised year." }, { "id": "fade", "level": "pass", "title": "Fades to 2.1739130434782705% by FY36E", "detail": "" }, { "id": "nwc", "level": "pass", "title": "Working capital 35% of growth, inside the filed 26.2–40.3%", "detail": "" }, { "id": "tax", "level": "pass", "title": "Cash tax 25%", "detail": "" }, { "id": "terminal", "level": "pass", "title": "FY36E free cash flow $9M", "detail": "" }, { "id": "methods", "level": "pass", "title": "Perpetuity $1.37 and exit $2.19 within 1.6×", "detail": "" }, { "id": "comps", "level": "warn", "title": "0 comps set the exit multiple", "detail": "Fewer than three is one company's multiple with extra steps. Curate the peer group." }, { "id": "rerate", "level": "pass", "title": "Exit 15× against the company's own 47.1× on the guided year", "detail": "" }, { "id": "shape", "level": "warn", "title": "taxRate on a default, not the filings", "detail": "A default plausible for one issuer is a fabrication for another. Check the tagged lines." }, { "id": "calls", "level": "warn", "title": "Transcripts layer is warn", "detail": "The working-capital, horizon and guidance reads come from the calls. Backfill Quartr before quoting the model." }, { "id": "dossier", "level": "pass", "title": "Dossier: 4 traps, 4 watch items", "detail": "" } ], "summary": { "fail": 0, "warn": 4, "pass": 8 } }, "base": { "dr": { "g1": 39.470013947001384, "g2": 25, "rev": 4.1269841269841345, "gm": 46, "sga": 17, "capex": 5, "nwc": 35, "tax": 25, "wacc": 13, "tg": 2 }, "ov": { "revenue:9": 100, "cogs:9": 61, "sga:9": 28, "rnd:9": 5, "other:9": 2, "da:9": 6, "capex:9": 10, "shares:9": 75, "revenue:10": 125, "cogs:10": 75.27777777777777, "sga:10": 33.47222222222222, "rnd:10": 6.25, "other:10": 2.5, "da:10": 7.222222222222222, "capex:10": 11.805555555555557, "shares:10": 75.37499999999999, "revenue:11": 155, "cogs:11": 92.13888888888889, "sga:11": 39.611111111111114, "rnd:11": 7.75, "other:11": 3.1, "da:11": 8.61111111111111, "capex:11": 13.777777777777779, "shares:11": 75.75187499999998, "revenue:12": 190, "cogs:12": 111.46666666666667, "sga:12": 46.23333333333333, "rnd:12": 9.5, "other:12": 3.8000000000000003, "da:12": 10.133333333333333, "capex:12": 15.833333333333336, "shares:12": 76.13063437499997, "revenue:13": 225, "cogs:13": 130.24999999999997, "sga:13": 52, "rnd:13": 11.25, "other:13": 4.5, "da:13": 11.5, "capex:13": 17.5, "shares:13": 76.51128754687497, "revenue:14": 250, "cogs:14": 142.77777777777777, "sga:14": 54.72222222222223, "rnd:14": 12.5, "other:14": 5, "da:14": 12.222222222222221, "capex:14": 18.055555555555557, "shares:14": 76.89384398460933, "revenue:15": 275, "cogs:15": 154.91666666666669, "sga:15": 56.83333333333334, "rnd:15": 13.75, "other:15": 5.5, "da:15": 12.833333333333332, "capex:15": 18.333333333333336, "shares:15": 77.27831320453238, "revenue:16": 297, "cogs:16": 165, "sga:16": 57.74999999999999, "rnd:16": 14.850000000000001, "other:16": 5.94, "da:16": 13.2, "capex:16": 18.150000000000002, "shares:16": 77.66470477055503, "revenue:17": 315, "cogs:17": 172.55, "sga:17": 57.4, "rnd:17": 15.75, "other:17": 6.3, "da:17": 13.299999999999999, "capex:17": 17.5, "shares:17": 78.0530282944078, "revenue:18": 328, "cogs:18": 177.12, "sga:18": 55.76, "rnd:18": 16.400000000000002, "other:18": 6.5600000000000005, "da:18": 13.119999999999997, "capex:18": 16.400000000000002, "shares:18": 78.44329343587982 }, "input": { "actuals": { "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, null, null, null, null, null ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, null, null, null, null, null ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, null, null, null, null, null ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, null, null, null, null, null ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, null, null, null, null, null ], "tags": { "da": "DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation", "dwc": "derived", "rnd": "ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost", "sga": "SellingGeneralAndAdministrativeExpense", "tax": "IncomeTaxExpenseBenefit", "cogs": "CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold", "capex": "PaymentsToAcquirePropertyPlantAndEquipment", "opInc": "OperatingIncomeLoss", "shares": "WeightedAverageNumberOfDilutedSharesOutstanding", "revenue": "RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, null, null, null, null, null ], "opInc": [ 0.4, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, null, null, null, null, null ], "fyEnds": [ "2018-06-30", "2019-06-30", "2020-06-30", "2021-06-30", "2022-06-30", "2023-06-30", "2024-06-30", "2025-06-30", "2026-06-30", null, null, null, null, null ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, null, null, null, null, null ], "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E" ], "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, null, null, null, null, null ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, null, null, null, null, null ], "firstForecast": 9 }, "netDebt": -86.1, "spot": 9.11, "overrides": { "revenue:9": 100, "cogs:9": 61, "sga:9": 28, "rnd:9": 5, "other:9": 2, "da:9": 6, "capex:9": 10, "shares:9": 75, "revenue:10": 125, "cogs:10": 75.27777777777777, "sga:10": 33.47222222222222, "rnd:10": 6.25, "other:10": 2.5, "da:10": 7.222222222222222, "capex:10": 11.805555555555557, "shares:10": 75.37499999999999, "revenue:11": 155, "cogs:11": 92.13888888888889, "sga:11": 39.611111111111114, "rnd:11": 7.75, "other:11": 3.1, "da:11": 8.61111111111111, "capex:11": 13.777777777777779, "shares:11": 75.75187499999998, "revenue:12": 190, "cogs:12": 111.46666666666667, "sga:12": 46.23333333333333, "rnd:12": 9.5, "other:12": 3.8000000000000003, "da:12": 10.133333333333333, "capex:12": 15.833333333333336, "shares:12": 76.13063437499997, "revenue:13": 225, "cogs:13": 130.24999999999997, "sga:13": 52, "rnd:13": 11.25, "other:13": 4.5, "da:13": 11.5, "capex:13": 17.5, "shares:13": 76.51128754687497, "revenue:14": 250, "cogs:14": 142.77777777777777, "sga:14": 54.72222222222223, "rnd:14": 12.5, "other:14": 5, "da:14": 12.222222222222221, "capex:14": 18.055555555555557, "shares:14": 76.89384398460933, "revenue:15": 275, "cogs:15": 154.91666666666669, "sga:15": 56.83333333333334, "rnd:15": 13.75, "other:15": 5.5, "da:15": 12.833333333333332, "capex:15": 18.333333333333336, "shares:15": 77.27831320453238, "revenue:16": 297, "cogs:16": 165, "sga:16": 57.74999999999999, "rnd:16": 14.850000000000001, "other:16": 5.94, "da:16": 13.2, "capex:16": 18.150000000000002, "shares:16": 77.66470477055503, "revenue:17": 315, "cogs:17": 172.55, "sga:17": 57.4, "rnd:17": 15.75, "other:17": 6.3, "da:17": 13.299999999999999, "capex:17": 17.5, "shares:17": 78.0530282944078, "revenue:18": 328, "cogs:18": 177.12, "sga:18": 55.76, "rnd:18": 16.400000000000002, "other:18": 6.5600000000000005, "da:18": 13.119999999999997, "capex:18": 16.400000000000002, "shares:18": 78.44329343587982 }, "guidance": [], "horizon": 10, "quarters": { "da": [ 0.8, 0.9, 0.9, 0.9, 0.9, 0.9, 0.9, 0.9, 0.8, 0.8, 0.8, 0.8, 0.8, 1.1, 1, 1.1, 1, 0.6, 0.7, 0.8, 1.2, 0.8, 0.8, 1.3 ], "ocf": [ 0.7, 0.9, 1.5, 1.7, -1.6, 1.5, 0.5, 1.1, -0.4, -0.3, -0.2, -1.9, 1.1, -0.3, -0.4, 0.1, -1.7, -0.7, -3.2, -2.6, -1.1, 2.8, -6.8, -5.1 ], "cogs": [ 5.7, 6.3, 6.8, 6.3, 5.9, 6.4, 5.3, 6.1, 5.1, 5.2, 4.9, 6.6, 5.7, 5.1, 6.1, 6.1, 5.6, 5.5, 6.5, 9.5, 10.6, 10.3, 12.2, 12.8 ], "ends": [ "2020-09-30", "2020-12-31", "2021-03-31", "2021-06-30", "2021-09-30", "2021-12-31", "2022-03-31", "2022-06-30", "2022-09-30", "2022-12-31", "2023-03-31", "2023-06-30", "2023-09-30", "2023-12-31", "2024-03-31", "2024-06-30", "2024-09-30", "2024-12-31", "2025-03-31", "2025-06-30", "2025-09-30", "2025-12-31", "2026-03-31", "2026-06-30" ], "capex": [ 1.2, 0.9, 0.6, 0.4, 1.2, 0.1, 0.2, 0.1, 0.2, 0.2, 1.9, 0.8, 1, 0.5, 0.4, 0.3, 0.1, 0.1, 0.4, 0.7, 0.1, 0.9, 0.9, 4.4 ], "opInc": [ 0.7, 0.1, 0.2, -2.7, -0.4, -1, -0.5, -0.8, -1.2, -0.6, -1, -0.8, -1.3, -1.8, -2.6, -2.2, -1.4, -2.5, -3.3, -4.6, -2.5, -8.6, -4.3, -4.3 ], "netInc": [ 0.1, -0.1, -0.2, -2.9, -0.6, -1.1, -0.5, -1.4, -1.4, -0.7, -1.2, -0.8, -1.3, -1.7, -2.6, -2.4, -1.6, -2.6, -3.6, -7.1, -2.9, -9.4, -4.1, -4.1 ], "revenue": [ 9.5, 9.9, 10.7, 8.3, 9.1, 9.2, 8.3, 8.9, 7.4, 8.5, 7.4, 9.7, 8.1, 7.3, 7.7, 8.6, 8.4, 7.4, 9.2, 12.2, 15.1, 16.4, 19.1, 21.2 ], "grossProfit": [ 3.9, 3.6, 3.9, 2.1, 3.2, 2.8, 3, 2.8, 2.2, 3.2, 2.5, 3.1, 2.3, 2.2, 1.6, 2.5, 2.8, 1.9, 2.7, 2.7, 4.5, 6, 7, 8.3 ] }, "statements": { "bs": { "ppe": [ 11.8, 11.7, 11.8, 13.3, 11.6, 12.8, 15.2, 15.9, null ], "cash": [ 5.5, 4.6, 5.4, 6.8, 5.5, 4.7, 3.5, 4.9, 93.2 ], "assets": [ 47.1, 46, 47.6, 54.6, 50.7, 53.5, 48.1, 81.5, 194 ], "equity": [ 35.4, 33.5, 34.6, 33.6, 29.7, 36, 30.2, 15.6, 149.5 ], "intang": [ null, null, null, null, null, null, null, null, 17.1 ], "curLiab": [ 5.7, 6.4, 7.4, 8.4, 7.7, 6.8, 8, 17.1, 26.2 ], "netDebt": [ -0.4, 0.4, -1, -2.7, -2.3, -3.1, -3.2, -0.1, null ], "goodwill": [ 5.9, 5.9, 5.9, 5.9, 5.9, 5.9, 6.8, 13.8, 19.3 ], "payables": [ 2, 2.2, 2.6, 2.9, 3.1, 2.6, 3.2, 7.4, 7.7 ], "curAssets": [ 19.4, 19.6, 21.3, 20.7, 18.2, 21.8, 15.5, 28.4, 129.9 ], "inventory": [ 6.4, 7.7, 9, 8.7, 7, 7.4, 6.6, 12.9, 18 ], "totalDebt": [ 5.1, 5, 4.4, 4.1, 3.2, 1.6, 0.3, 4.8, null ], "securities": [ null, null, null, null, null, null, null, null, null ], "debtCurrent": [ null, null, null, null, null, null, null, null, null ], "liabilities": [ 11.8, 12.5, 13, 21, 21, 17.6, 17.9, 31.6, 35.6 ], "receivables": [ 5.4, 6.2, 6.2, 4.7, null, null, 4.9, 9.5, 15.1 ], "debtNoncurrent": [ 5.1, 5, 4.4, 4.1, 3.2, 1.6, 0.3, 4.8, null ] }, "cf": { "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5 ], "acq": [ null, null, null, null, null, null, null, -18.5, null ], "cff": [ -1.3, -1.4, -0.6, -0.8, -0.6, 7.5, -1.5, 29.3, 111 ], "cfi": [ -2.5, -1.2, -2.3, -3.2, -1.6, -2.9, -2.7, -19.7, -12.8 ], "div": [ null, null, null, null, null, null, null, null, null ], "dwc": [ null, null, null, null, null, null, null, null, null ], "fcf": [ 0.1, -1.5, 1.3, 1.5, -0.1, -5.9, -1.7, -9.6, -16.5 ], "ocf": [ 2.6, 0.4, 3.7, 4.7, 1.5, -2.8, 0.5, -8.3, -10.2 ], "sbc": [ 0.4, 0.4, 0.3, 0.6, 0.8, 1.3, 1, 1, 2.9 ], "capex": [ -2.5, -1.9, -2.4, -3.2, -1.6, -3.1, -2.2, -1.3, -6.3 ], "netInc": [ 1.1, -2.7, 0.9, -3.2, -3.5, -4, -8, -14.9, -20.5 ], "buyback": [ null, null, null, null, null, null, null, null, null ], "debtIssued": [ 2.9, 5.8, 0.4, 0.3, null, null, null, null, 0 ], "debtRepaid": [ null, null, null, null, null, null, null, null, -5.5 ] }, "is": { "gp": [ 12.5, 12.5, 13.8, 13.4, 11.8, 11.1, 8.6, 10.1, 25.8 ], "eps": [ 0.04, -0.1, 0.03, -0.12, -0.13, -0.13, -0.21, -0.36, -0.38 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7 ], "tax": [ -0.8, -0.5, -0.8, -0.9, -0.9, -0.2, -0.1, 0, -0.3 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9 ], "opInc": [ 0.4, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7 ], "netInc": [ 1.1, -2.7, 0.9, -3.2, -3.5, -4, -8, -14.9, -20.5 ], "pretax": [ 0.2, -2.2, 1.6, -2.3, -2.7, -3.8, -7.9, -14.8, -20.2 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37 ], "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7 ], "interest": [ null, null, null, null, -0.2, -0.3, -0.2, -1.1, null ] }, "tags": { "da": "DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation", "acq": "PaymentsToAcquireBusinessesNetOfCashAcquired", "cff": "NetCashProvidedByUsedInFinancingActivities", "cfi": "NetCashProvidedByUsedInInvestingActivities", "eps": "EarningsPerShareDiluted", "ocf": "NetCashProvidedByUsedInOperatingActivities", "ppe": "PropertyPlantAndEquipmentNet", "rnd": "ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost", "sbc": "ShareBasedCompensation", "sga": "SellingGeneralAndAdministrativeExpense", "tax": "IncomeTaxExpenseBenefit", "cash": "CashAndCashEquivalentsAtCarryingValue + CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "cogs": "CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold", "capex": "PaymentsToAcquirePropertyPlantAndEquipment", "opInc": "OperatingIncomeLoss", "assets": "Assets", "equity": "StockholdersEquity", "intang": "IntangibleAssetsNetExcludingGoodwill", "netInc": "NetIncomeLoss + ProfitLoss", "pretax": "IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "shares": "WeightedAverageNumberOfDilutedSharesOutstanding", "curLiab": "LiabilitiesCurrent", "revenue": "RevenueFromContractWithCustomerIncludingAssessedTax + Revenues", "goodwill": "Goodwill", "interest": "InterestExpense", "payables": "AccountsPayableCurrent", "curAssets": "AssetsCurrent", "inventory": "InventoryNet", "debtIssued": "ProceedsFromIssuanceOfLongTermDebt", "debtRepaid": "RepaymentsOfLongTermDebt", "grossProfit": "GrossProfit", "liabilities": "Liabilities", "receivables": "AccountsReceivableNetCurrent", "debtNoncurrent": "LongTermDebtNoncurrent" }, "years": [ 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026 ], "fyEnds": [ "2018-06-30", "2019-06-30", "2020-06-30", "2021-06-30", "2022-06-30", "2023-06-30", "2024-06-30", "2025-06-30", "2026-06-30" ] }, "peers": [], "exitPeers": [] }, "perp": { "R": { "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, 100, 125, 155, 190, 225, 250, 275, 297, 315, 328 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, 61, 75.27777777777777, 92.13888888888889, 111.46666666666667, 130.24999999999997, 142.77777777777777, 154.91666666666669, 165, 172.55, 177.12 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, 28, 33.47222222222222, 39.611111111111114, 46.23333333333333, 52, 54.72222222222223, 56.83333333333334, 57.74999999999999, 57.4, 55.76 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, 5, 6.25, 7.75, 9.5, 11.25, 12.5, 13.75, 14.850000000000001, 15.75, 16.400000000000002 ], "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, 6, 7.222222222222222, 8.61111111111111, 10.133333333333333, 11.5, 12.222222222222221, 12.833333333333332, 13.2, 13.299999999999999, 13.119999999999997 ], "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, 10, 11.805555555555557, 13.777777777777779, 15.833333333333336, 17.5, 18.055555555555557, 18.333333333333336, 18.150000000000002, 17.5, 16.400000000000002 ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, 9.904999999999998, 8.75, 10.5, 12.25, 12.25, 8.75, 8.75, 7.699999999999999, 6.3, 4.55 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, 75, 75.37499999999999, 75.75187499999998, 76.13063437499997, 76.51128754687497, 76.89384398460933, 77.27831320453238, 77.66470477055503, 78.0530282944078, 78.44329343587982 ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, 25, 25, 25, 25, 25, 25, 25, 25, 25, 25 ], "other": [ 1.3000000000000007, 1.1000000000000036, 1.0999999999999983, 1.0999999999999999, 1.2000000000000028, 1.0999999999999996, 1.6999999999999966, 3.0000000000000018, 17.000000000000004, 2, 2.5, 3.1, 3.8000000000000003, 4.5, 5, 5.5, 5.94, 6.3, 6.5600000000000005 ], "gp": [ 12.5, 12.500000000000004, 13.899999999999999, 13.5, 11.900000000000002, 11, 8.599999999999998, 10.100000000000001, 25.800000000000004, 39, 49.72222222222223, 62.861111111111114, 78.53333333333333, 94.75000000000003, 107.22222222222223, 120.08333333333331, 132, 142.45, 150.88 ], "gmpct": [ 38.46153846153847, 37.091988130563806, 39.71428571428571, 35.064935064935064, 33.426966292134836, 33.43465045592705, 27.129337539432168, 27.150537634408607, 35.98326359832637, 39, 39.777777777777786, 40.55555555555556, 41.333333333333336, 42.11111111111112, 42.88888888888889, 43.66666666666666, 44.44444444444444, 45.22222222222222, 46 ], "ebit": [ 0.3999999999999999, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, 4, 7.500000000000007, 12.4, 19.000000000000004, 27.00000000000003, 35, 43.99999999999997, 53.46, 62.999999999999986, 72.16 ], "opmpct": [ 1.2307692307692304, -3.2640949554896146, 6.000000000000001, -4.675324675324675, -7.303370786516854, -10.94224924012158, -24.605678233438486, -31.72043010752688, -27.475592747559276, 4, 6.000000000000006, 8, 10.000000000000002, 12.000000000000012, 14.000000000000002, 15.99999999999999, 18, 19.999999999999996, 22 ], "ebitda": [ 3.8, 2.4, 5.5, 1.7, 1, -0.3999999999999999, -3.8, -7.700000000000001, -14.7, 10, 14.722222222222229, 21.011111111111113, 29.133333333333336, 38.50000000000003, 47.22222222222222, 56.8333333333333, 66.66, 76.29999999999998, 85.28 ], "taxpaid": [ -0.08399999999999998, 0, -0.9828, 0, 0, 0, 0, 0, 0, -1, -1.8750000000000018, -3.1, -4.750000000000001, -6.750000000000007, -8.75, -10.999999999999993, -13.365, -15.749999999999996, -18.04 ], "fcf": [ 1.2159999999999997, -1.4, 1.2172, 0.7, -0.6000000000000001, -3.5, -6, -15.600000000000001, -31.5, -10.904999999999998, -7.70833333333333, -6.366666666666667, -3.6999999999999993, 2.0000000000000213, 11.666666666666664, 18.74999999999997, 27.444999999999997, 36.749999999999986, 46.290000000000006 ], "fcfps": [ 0.04535621036926519, -0.054284606436603336, 0.044310156534401166, 0.0266058532877233, -0.022205773501110294, -0.11061946902654866, -0.15814443858724303, -0.38169806704184006, -0.5902192242833053, -0.14539999999999997, -0.10226644555002762, -0.08404632448591759, -0.04860067212595062, 0.026139933912035042, 0.1517243261892565, 0.2426295194924141, 0.35337802520566847, 0.47083374986275817, 0.5901078087426024 ], "revg": [ null, 3.692307692307706, 3.857566765578624, 10.000000000000009, -7.532467532467524, -7.584269662921361, -3.6474164133738607, 17.350157728706627, 92.74193548387095, 39.470013947001384, 25, 24, 22.580645161290324, 18.421052631578938, 11.111111111111116, 10.000000000000009, 8.000000000000007, 6.060606060606055, 4.1269841269841345 ], "ebitdam": [ 11.692307692307692, 7.121661721068248, 15.714285714285714, 4.415584415584416, 2.8089887640449436, -1.2158054711246198, -11.98738170347003, -20.698924731182796, -20.502092050209203, 10, 11.777777777777782, 13.555555555555557, 15.333333333333336, 17.111111111111125, 18.88888888888889, 20.666666666666657, 22.444444444444443, 24.222222222222218, 26 ], "fcfm": [ 3.7415384615384606, -4.154302670623144, 3.477714285714286, 1.8181818181818181, -1.6853932584269666, -10.638297872340425, -18.927444794952685, -41.935483870967744, -43.93305439330544, -10.904999999999998, -6.166666666666664, -4.10752688172043, -1.9473684210526314, 0.8888888888888984, 4.666666666666665, 6.818181818181808, 9.24074074074074, 11.666666666666663, 14.112804878048783 ], "disc": [ null, null, null, null, null, null, null, null, null, 0.8849557522123894, 0.7831466833737961, 0.6930501622776957, 0.6133187276793768, 0.5427599359994485, 0.48031852743314035, 0.42506064374614194, 0.3761598617222495, 0.3328848333825217, 0.2945883481261255 ], "pv": [ null, null, null, null, null, null, null, null, null, -9.650442477876105, -6.036755684339676, -4.41241936650133, -2.2692792924136937, 1.0855198719989085, 5.603716153386636, 7.96988707024015, 10.323707404967138, 12.233517626807668, 13.636494634758352 ] }, "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E", "FY32E", "FY33E", "FY34E", "FY35E", "FY36E" ], "firstForecast": 9, "shape": { "rndPct": 0.07068057260433486, "otherPct": 0.12379064841753029, "daPct": 0.10204434201220869, "nwcPct": 0.30434782608695654, "taxRate": 0.21, "shareDrift": 1.15, "from": { "rndPct": "filed", "otherPct": "filed", "daPct": "filed", "nwcPct": "filed", "taxRate": "default", "shareDrift": "filed" } }, "ev": 154.93144164515095, "eq": 241.03144164515095, "fv": 3.072683859738398, "pvTv": 126.4474957041229, "tv": 429.2345454545455, "term": "perp", "exitX": null, "spot": 9.11, "netDebt": -86.1, "upside": -66.27130779650497, "inverted": false, "P": { "revenue": [ { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "cogs": [ { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "sga": [ { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "rnd": [ { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "other": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "da": [ { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "capex": [ { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "nwc": [ { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" } ], "shares": [ { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "gp": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "gmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebit": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "opmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitda": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "taxpaid": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" } ], "fcf": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfps": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "revg": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitdam": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfm": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "pv": [ null, null, null, null, null, null, null, null, null, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "disc": [ null, null, null, null, null, null, null, null, null, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" } ] }, "ladder": { "g": [ null, null, null, null, null, null, null, null, null, null ], "gLo": [ null, null, null, null, null, null, null, null, null, null ], "gHi": [ null, null, null, null, null, null, null, null, null, null ], "gm": [ null, null, null, null, null, null, null, null, null, null ], "opex": [ null, null, null, null, null, null, null, null, null, null ], "shares": [ null, null, null, null, null, null, null, null, null, null ], "taxRate": null, "basis": {}, "src": {}, "filedQ": null }, "why": null }, "exit": { "R": { "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, 100, 125, 155, 190, 225, 250, 275, 297, 315, 328 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, 61, 75.27777777777777, 92.13888888888889, 111.46666666666667, 130.24999999999997, 142.77777777777777, 154.91666666666669, 165, 172.55, 177.12 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, 28, 33.47222222222222, 39.611111111111114, 46.23333333333333, 52, 54.72222222222223, 56.83333333333334, 57.74999999999999, 57.4, 55.76 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, 5, 6.25, 7.75, 9.5, 11.25, 12.5, 13.75, 14.850000000000001, 15.75, 16.400000000000002 ], "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, 6, 7.222222222222222, 8.61111111111111, 10.133333333333333, 11.5, 12.222222222222221, 12.833333333333332, 13.2, 13.299999999999999, 13.119999999999997 ], "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, 10, 11.805555555555557, 13.777777777777779, 15.833333333333336, 17.5, 18.055555555555557, 18.333333333333336, 18.150000000000002, 17.5, 16.400000000000002 ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, 9.904999999999998, 8.75, 10.5, 12.25, 12.25, 8.75, 8.75, 7.699999999999999, 6.3, 4.55 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, 75, 75.37499999999999, 75.75187499999998, 76.13063437499997, 76.51128754687497, 76.89384398460933, 77.27831320453238, 77.66470477055503, 78.0530282944078, 78.44329343587982 ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, 25, 25, 25, 25, 25, 25, 25, 25, 25, 25 ], "other": [ 1.3000000000000007, 1.1000000000000036, 1.0999999999999983, 1.0999999999999999, 1.2000000000000028, 1.0999999999999996, 1.6999999999999966, 3.0000000000000018, 17.000000000000004, 2, 2.5, 3.1, 3.8000000000000003, 4.5, 5, 5.5, 5.94, 6.3, 6.5600000000000005 ], "gp": [ 12.5, 12.500000000000004, 13.899999999999999, 13.5, 11.900000000000002, 11, 8.599999999999998, 10.100000000000001, 25.800000000000004, 39, 49.72222222222223, 62.861111111111114, 78.53333333333333, 94.75000000000003, 107.22222222222223, 120.08333333333331, 132, 142.45, 150.88 ], "gmpct": [ 38.46153846153847, 37.091988130563806, 39.71428571428571, 35.064935064935064, 33.426966292134836, 33.43465045592705, 27.129337539432168, 27.150537634408607, 35.98326359832637, 39, 39.777777777777786, 40.55555555555556, 41.333333333333336, 42.11111111111112, 42.88888888888889, 43.66666666666666, 44.44444444444444, 45.22222222222222, 46 ], "ebit": [ 0.3999999999999999, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, 4, 7.500000000000007, 12.4, 19.000000000000004, 27.00000000000003, 35, 43.99999999999997, 53.46, 62.999999999999986, 72.16 ], "opmpct": [ 1.2307692307692304, -3.2640949554896146, 6.000000000000001, -4.675324675324675, -7.303370786516854, -10.94224924012158, -24.605678233438486, -31.72043010752688, -27.475592747559276, 4, 6.000000000000006, 8, 10.000000000000002, 12.000000000000012, 14.000000000000002, 15.99999999999999, 18, 19.999999999999996, 22 ], "ebitda": [ 3.8, 2.4, 5.5, 1.7, 1, -0.3999999999999999, -3.8, -7.700000000000001, -14.7, 10, 14.722222222222229, 21.011111111111113, 29.133333333333336, 38.50000000000003, 47.22222222222222, 56.8333333333333, 66.66, 76.29999999999998, 85.28 ], "taxpaid": [ -0.08399999999999998, 0, -0.9828, 0, 0, 0, 0, 0, 0, -1, -1.8750000000000018, -3.1, -4.750000000000001, -6.750000000000007, -8.75, -10.999999999999993, -13.365, -15.749999999999996, -18.04 ], "fcf": [ 1.2159999999999997, -1.4, 1.2172, 0.7, -0.6000000000000001, -3.5, -6, -15.600000000000001, -31.5, -10.904999999999998, -7.70833333333333, -6.366666666666667, -3.6999999999999993, 2.0000000000000213, 11.666666666666664, 18.74999999999997, 27.444999999999997, 36.749999999999986, 46.290000000000006 ], "fcfps": [ 0.04535621036926519, -0.054284606436603336, 0.044310156534401166, 0.0266058532877233, -0.022205773501110294, -0.11061946902654866, -0.15814443858724303, -0.38169806704184006, -0.5902192242833053, -0.14539999999999997, -0.10226644555002762, -0.08404632448591759, -0.04860067212595062, 0.026139933912035042, 0.1517243261892565, 0.2426295194924141, 0.35337802520566847, 0.47083374986275817, 0.5901078087426024 ], "revg": [ null, 3.692307692307706, 3.857566765578624, 10.000000000000009, -7.532467532467524, -7.584269662921361, -3.6474164133738607, 17.350157728706627, 92.74193548387095, 39.470013947001384, 25, 24, 22.580645161290324, 18.421052631578938, 11.111111111111116, 10.000000000000009, 8.000000000000007, 6.060606060606055, 4.1269841269841345 ], "ebitdam": [ 11.692307692307692, 7.121661721068248, 15.714285714285714, 4.415584415584416, 2.8089887640449436, -1.2158054711246198, -11.98738170347003, -20.698924731182796, -20.502092050209203, 10, 11.777777777777782, 13.555555555555557, 15.333333333333336, 17.111111111111125, 18.88888888888889, 20.666666666666657, 22.444444444444443, 24.222222222222218, 26 ], "fcfm": [ 3.7415384615384606, -4.154302670623144, 3.477714285714286, 1.8181818181818181, -1.6853932584269666, -10.638297872340425, -18.927444794952685, -41.935483870967744, -43.93305439330544, -10.904999999999998, -6.166666666666664, -4.10752688172043, -1.9473684210526314, 0.8888888888888984, 4.666666666666665, 6.818181818181808, 9.24074074074074, 11.666666666666663, 14.112804878048783 ], "disc": [ null, null, null, null, null, null, null, null, null, 0.8849557522123894, 0.7831466833737961, 0.6930501622776957, 0.6133187276793768, 0.5427599359994485, 0.48031852743314035, 0.42506064374614194, 0.3761598617222495, 0.3328848333825217, 0.2945883481261255 ], "pv": [ null, null, null, null, null, null, null, null, null, -9.650442477876105, -6.036755684339676, -4.41241936650133, -2.2692792924136937, 1.0855198719989085, 5.603716153386636, 7.96988707024015, 10.323707404967138, 12.233517626807668, 13.636494634758352 ] }, "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E", "FY32E", "FY33E", "FY34E", "FY35E", "FY36E" ], "firstForecast": 9, "shape": { "rndPct": 0.07068057260433486, "otherPct": 0.12379064841753029, "daPct": 0.10204434201220869, "nwcPct": 0.30434782608695654, "taxRate": 0.21, "shareDrift": 1.15, "from": { "rndPct": "filed", "otherPct": "filed", "daPct": "filed", "nwcPct": "filed", "taxRate": "default", "shareDrift": "filed" } }, "ev": 405.32136086396775, "eq": 491.4213608639677, "fv": 6.264670175604744, "pvTv": 376.83741492293973, "tv": 1279.2, "term": "exit", "exitX": 15, "spot": 9.11, "netDebt": -86.1, "upside": -31.233038687104898, "inverted": false, "P": { "revenue": [ { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "cogs": [ { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "sga": [ { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "rnd": [ { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "other": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "da": [ { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "capex": [ { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "nwc": [ { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" } ], "shares": [ { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "gp": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "gmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebit": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "opmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitda": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "taxpaid": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" } ], "fcf": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfps": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "revg": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitdam": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfm": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "pv": [ null, null, null, null, null, null, null, null, null, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "disc": [ null, null, null, null, null, null, null, null, null, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 13% WACC — a judgement, not a filed figure" } ] }, "ladder": { "g": [ null, null, null, null, null, null, null, null, null, null ], "gLo": [ null, null, null, null, null, null, null, null, null, null ], "gHi": [ null, null, null, null, null, null, null, null, null, null ], "gm": [ null, null, null, null, null, null, null, null, null, null ], "opex": [ null, null, null, null, null, null, null, null, null, null ], "shares": [ null, null, null, null, null, null, null, null, null, null ], "taxRate": null, "basis": {}, "src": {}, "filedQ": null }, "why": null }, "audit": [ { "id": "guidance", "level": "warn", "title": "No quantified revenue guidance for FY27", "detail": "All forecast years are analyst estimates. Reviewed 2026-09-15: Reviewed the September 10 FY26 release and complete Q4 earnings call. Neither provides a quantified total FY27 revenue outlook. The $85.6M customer delivery schedule is backlog, and $300M within five years is an ambition. All modeled revenue is our estimate. Sources: FY26 release (2026-09-10) https://www.sec.gov/Archives/edgar/data/889971/000143774926030074/ex_922995.htm; Q4 earnings call (2026-09-10) https://web.quartr.com/companies/11719/events/665861/transcript" }, { "id": "horizon", "level": "pass", "title": "10-year horizon", "detail": "guided years, then a fade to the long-run rate over ten years — the terminal is struck on a normalised year." }, { "id": "fade", "level": "pass", "title": "Fades to 4.1269841269841345% by FY36E", "detail": "" }, { "id": "nwc", "level": "pass", "title": "Working capital 35% of growth, inside the filed 26.2–40.3%", "detail": "" }, { "id": "tax", "level": "pass", "title": "Cash tax 25%", "detail": "" }, { "id": "terminal", "level": "pass", "title": "FY36E free cash flow $46M", "detail": "" }, { "id": "methods", "level": "warn", "title": "Perpetuity $3.07 vs exit $6.26 — 2.0× apart", "detail": "The two methods disagree on what the terminal year is worth: earnings at a comps multiple vs the cash it throws off. State the disagreement in the memo; do not average it." }, { "id": "comps", "level": "warn", "title": "0 comps set the exit multiple", "detail": "Fewer than three is one company's multiple with extra steps. Curate the peer group." }, { "id": "rerate", "level": "pass", "title": "Exit 15× against the company's own 40× on the guided year", "detail": "" }, { "id": "shape", "level": "warn", "title": "taxRate on a default, not the filings", "detail": "A default plausible for one issuer is a fabrication for another. Check the tagged lines." }, { "id": "calls", "level": "warn", "title": "Transcripts layer is warn", "detail": "The working-capital, horizon and guidance reads come from the calls. Backfill Quartr before quoting the model." }, { "id": "dossier", "level": "pass", "title": "Dossier: 4 traps, 4 watch items", "detail": "" } ], "summary": { "fail": 0, "warn": 5, "pass": 7 } }, "bull": { "dr": { "g1": 60.39051603905159, "g2": 34.78260869565217, "rev": 3.9583333333333304, "gm": 50, "sga": 16, "capex": 5, "nwc": 35, "tax": 25, "wacc": 12, "tg": 2 }, "ov": { "revenue:9": 115, "cogs:9": 70.14999999999999, "sga:9": 32.2, "rnd:9": 5.75, "other:9": 2.3000000000000003, "da:9": 6.8999999999999995, "capex:9": 11.5, "shares:9": 75, "revenue:10": 155, "cogs:10": 92.65555555555555, "sga:10": 41.33333333333334, "rnd:10": 7.75, "other:10": 3.1, "da:10": 8.955555555555556, "capex:10": 14.638888888888891, "shares:10": 75.37499999999999, "revenue:11": 210, "cogs:11": 122.96666666666668, "sga:11": 53.2, "rnd:11": 10.5, "other:11": 4.2, "da:11": 11.666666666666666, "capex:11": 18.666666666666668, "shares:11": 75.75187499999998, "revenue:12": 270, "cogs:12": 154.8, "sga:12": 64.8, "rnd:12": 13.5, "other:12": 5.4, "da:12": 14.399999999999999, "capex:12": 22.500000000000004, "shares:12": 76.13063437499997, "revenue:13": 330, "cogs:13": 185.16666666666666, "sga:13": 74.8, "rnd:13": 16.5, "other:13": 6.6000000000000005, "da:13": 16.866666666666667, "capex:13": 25.666666666666668, "shares:13": 76.51128754687497, "revenue:14": 380, "cogs:14": 208.57777777777778, "sga:14": 81.06666666666666, "rnd:14": 19, "other:14": 7.6000000000000005, "da:14": 18.577777777777776, "capex:14": 27.444444444444446, "shares:14": 76.89384398460933, "revenue:15": 423, "cogs:15": 227.01, "sga:15": 84.6, "rnd:15": 21.150000000000002, "other:15": 8.46, "da:15": 19.74, "capex:15": 28.200000000000006, "shares:15": 77.27831320453238, "revenue:16": 457, "cogs:16": 239.67111111111114, "sga:16": 85.30666666666666, "rnd:16": 22.85, "other:16": 9.14, "da:16": 20.31111111111111, "capex:16": 27.92777777777778, "shares:16": 77.66470477055503, "revenue:17": 480, "cogs:17": 245.86666666666662, "sga:17": 83.20000000000002, "rnd:17": 24, "other:17": 9.6, "da:17": 20.266666666666666, "capex:17": 26.666666666666668, "shares:17": 78.0530282944078, "revenue:18": 499, "cogs:18": 249.5, "sga:18": 79.84, "rnd:18": 24.950000000000003, "other:18": 9.98, "da:18": 19.959999999999997, "capex:18": 24.950000000000003, "shares:18": 78.44329343587982 }, "input": { "actuals": { "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, null, null, null, null, null ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, null, null, null, null, null ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, null, null, null, null, null ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, null, null, null, null, null ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, null, null, null, null, null ], "tags": { "da": "DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation", "dwc": "derived", "rnd": "ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost", "sga": "SellingGeneralAndAdministrativeExpense", "tax": "IncomeTaxExpenseBenefit", "cogs": "CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold", "capex": "PaymentsToAcquirePropertyPlantAndEquipment", "opInc": "OperatingIncomeLoss", "shares": "WeightedAverageNumberOfDilutedSharesOutstanding", "revenue": "RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, null, null, null, null, null ], "opInc": [ 0.4, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, null, null, null, null, null ], "fyEnds": [ "2018-06-30", "2019-06-30", "2020-06-30", "2021-06-30", "2022-06-30", "2023-06-30", "2024-06-30", "2025-06-30", "2026-06-30", null, null, null, null, null ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, null, null, null, null, null ], "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E" ], "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, null, null, null, null, null ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, null, null, null, null, null ], "firstForecast": 9 }, "netDebt": -86.1, "spot": 9.11, "overrides": { "revenue:9": 115, "cogs:9": 70.14999999999999, "sga:9": 32.2, "rnd:9": 5.75, "other:9": 2.3000000000000003, "da:9": 6.8999999999999995, "capex:9": 11.5, "shares:9": 75, "revenue:10": 155, "cogs:10": 92.65555555555555, "sga:10": 41.33333333333334, "rnd:10": 7.75, "other:10": 3.1, "da:10": 8.955555555555556, "capex:10": 14.638888888888891, "shares:10": 75.37499999999999, "revenue:11": 210, "cogs:11": 122.96666666666668, "sga:11": 53.2, "rnd:11": 10.5, "other:11": 4.2, "da:11": 11.666666666666666, "capex:11": 18.666666666666668, "shares:11": 75.75187499999998, "revenue:12": 270, "cogs:12": 154.8, "sga:12": 64.8, "rnd:12": 13.5, "other:12": 5.4, "da:12": 14.399999999999999, "capex:12": 22.500000000000004, "shares:12": 76.13063437499997, "revenue:13": 330, "cogs:13": 185.16666666666666, "sga:13": 74.8, "rnd:13": 16.5, "other:13": 6.6000000000000005, "da:13": 16.866666666666667, "capex:13": 25.666666666666668, "shares:13": 76.51128754687497, "revenue:14": 380, "cogs:14": 208.57777777777778, "sga:14": 81.06666666666666, "rnd:14": 19, "other:14": 7.6000000000000005, "da:14": 18.577777777777776, "capex:14": 27.444444444444446, "shares:14": 76.89384398460933, "revenue:15": 423, "cogs:15": 227.01, "sga:15": 84.6, "rnd:15": 21.150000000000002, "other:15": 8.46, "da:15": 19.74, "capex:15": 28.200000000000006, "shares:15": 77.27831320453238, "revenue:16": 457, "cogs:16": 239.67111111111114, "sga:16": 85.30666666666666, "rnd:16": 22.85, "other:16": 9.14, "da:16": 20.31111111111111, "capex:16": 27.92777777777778, "shares:16": 77.66470477055503, "revenue:17": 480, "cogs:17": 245.86666666666662, "sga:17": 83.20000000000002, "rnd:17": 24, "other:17": 9.6, "da:17": 20.266666666666666, "capex:17": 26.666666666666668, "shares:17": 78.0530282944078, "revenue:18": 499, "cogs:18": 249.5, "sga:18": 79.84, "rnd:18": 24.950000000000003, "other:18": 9.98, "da:18": 19.959999999999997, "capex:18": 24.950000000000003, "shares:18": 78.44329343587982 }, "guidance": [], "horizon": 10, "quarters": { "da": [ 0.8, 0.9, 0.9, 0.9, 0.9, 0.9, 0.9, 0.9, 0.8, 0.8, 0.8, 0.8, 0.8, 1.1, 1, 1.1, 1, 0.6, 0.7, 0.8, 1.2, 0.8, 0.8, 1.3 ], "ocf": [ 0.7, 0.9, 1.5, 1.7, -1.6, 1.5, 0.5, 1.1, -0.4, -0.3, -0.2, -1.9, 1.1, -0.3, -0.4, 0.1, -1.7, -0.7, -3.2, -2.6, -1.1, 2.8, -6.8, -5.1 ], "cogs": [ 5.7, 6.3, 6.8, 6.3, 5.9, 6.4, 5.3, 6.1, 5.1, 5.2, 4.9, 6.6, 5.7, 5.1, 6.1, 6.1, 5.6, 5.5, 6.5, 9.5, 10.6, 10.3, 12.2, 12.8 ], "ends": [ "2020-09-30", "2020-12-31", "2021-03-31", "2021-06-30", "2021-09-30", "2021-12-31", "2022-03-31", "2022-06-30", "2022-09-30", "2022-12-31", "2023-03-31", "2023-06-30", "2023-09-30", "2023-12-31", "2024-03-31", "2024-06-30", "2024-09-30", "2024-12-31", "2025-03-31", "2025-06-30", "2025-09-30", "2025-12-31", "2026-03-31", "2026-06-30" ], "capex": [ 1.2, 0.9, 0.6, 0.4, 1.2, 0.1, 0.2, 0.1, 0.2, 0.2, 1.9, 0.8, 1, 0.5, 0.4, 0.3, 0.1, 0.1, 0.4, 0.7, 0.1, 0.9, 0.9, 4.4 ], "opInc": [ 0.7, 0.1, 0.2, -2.7, -0.4, -1, -0.5, -0.8, -1.2, -0.6, -1, -0.8, -1.3, -1.8, -2.6, -2.2, -1.4, -2.5, -3.3, -4.6, -2.5, -8.6, -4.3, -4.3 ], "netInc": [ 0.1, -0.1, -0.2, -2.9, -0.6, -1.1, -0.5, -1.4, -1.4, -0.7, -1.2, -0.8, -1.3, -1.7, -2.6, -2.4, -1.6, -2.6, -3.6, -7.1, -2.9, -9.4, -4.1, -4.1 ], "revenue": [ 9.5, 9.9, 10.7, 8.3, 9.1, 9.2, 8.3, 8.9, 7.4, 8.5, 7.4, 9.7, 8.1, 7.3, 7.7, 8.6, 8.4, 7.4, 9.2, 12.2, 15.1, 16.4, 19.1, 21.2 ], "grossProfit": [ 3.9, 3.6, 3.9, 2.1, 3.2, 2.8, 3, 2.8, 2.2, 3.2, 2.5, 3.1, 2.3, 2.2, 1.6, 2.5, 2.8, 1.9, 2.7, 2.7, 4.5, 6, 7, 8.3 ] }, "statements": { "bs": { "ppe": [ 11.8, 11.7, 11.8, 13.3, 11.6, 12.8, 15.2, 15.9, null ], "cash": [ 5.5, 4.6, 5.4, 6.8, 5.5, 4.7, 3.5, 4.9, 93.2 ], "assets": [ 47.1, 46, 47.6, 54.6, 50.7, 53.5, 48.1, 81.5, 194 ], "equity": [ 35.4, 33.5, 34.6, 33.6, 29.7, 36, 30.2, 15.6, 149.5 ], "intang": [ null, null, null, null, null, null, null, null, 17.1 ], "curLiab": [ 5.7, 6.4, 7.4, 8.4, 7.7, 6.8, 8, 17.1, 26.2 ], "netDebt": [ -0.4, 0.4, -1, -2.7, -2.3, -3.1, -3.2, -0.1, null ], "goodwill": [ 5.9, 5.9, 5.9, 5.9, 5.9, 5.9, 6.8, 13.8, 19.3 ], "payables": [ 2, 2.2, 2.6, 2.9, 3.1, 2.6, 3.2, 7.4, 7.7 ], "curAssets": [ 19.4, 19.6, 21.3, 20.7, 18.2, 21.8, 15.5, 28.4, 129.9 ], "inventory": [ 6.4, 7.7, 9, 8.7, 7, 7.4, 6.6, 12.9, 18 ], "totalDebt": [ 5.1, 5, 4.4, 4.1, 3.2, 1.6, 0.3, 4.8, null ], "securities": [ null, null, null, null, null, null, null, null, null ], "debtCurrent": [ null, null, null, null, null, null, null, null, null ], "liabilities": [ 11.8, 12.5, 13, 21, 21, 17.6, 17.9, 31.6, 35.6 ], "receivables": [ 5.4, 6.2, 6.2, 4.7, null, null, 4.9, 9.5, 15.1 ], "debtNoncurrent": [ 5.1, 5, 4.4, 4.1, 3.2, 1.6, 0.3, 4.8, null ] }, "cf": { "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5 ], "acq": [ null, null, null, null, null, null, null, -18.5, null ], "cff": [ -1.3, -1.4, -0.6, -0.8, -0.6, 7.5, -1.5, 29.3, 111 ], "cfi": [ -2.5, -1.2, -2.3, -3.2, -1.6, -2.9, -2.7, -19.7, -12.8 ], "div": [ null, null, null, null, null, null, null, null, null ], "dwc": [ null, null, null, null, null, null, null, null, null ], "fcf": [ 0.1, -1.5, 1.3, 1.5, -0.1, -5.9, -1.7, -9.6, -16.5 ], "ocf": [ 2.6, 0.4, 3.7, 4.7, 1.5, -2.8, 0.5, -8.3, -10.2 ], "sbc": [ 0.4, 0.4, 0.3, 0.6, 0.8, 1.3, 1, 1, 2.9 ], "capex": [ -2.5, -1.9, -2.4, -3.2, -1.6, -3.1, -2.2, -1.3, -6.3 ], "netInc": [ 1.1, -2.7, 0.9, -3.2, -3.5, -4, -8, -14.9, -20.5 ], "buyback": [ null, null, null, null, null, null, null, null, null ], "debtIssued": [ 2.9, 5.8, 0.4, 0.3, null, null, null, null, 0 ], "debtRepaid": [ null, null, null, null, null, null, null, null, -5.5 ] }, "is": { "gp": [ 12.5, 12.5, 13.8, 13.4, 11.8, 11.1, 8.6, 10.1, 25.8 ], "eps": [ 0.04, -0.1, 0.03, -0.12, -0.13, -0.13, -0.21, -0.36, -0.38 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7 ], "tax": [ -0.8, -0.5, -0.8, -0.9, -0.9, -0.2, -0.1, 0, -0.3 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9 ], "opInc": [ 0.4, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7 ], "netInc": [ 1.1, -2.7, 0.9, -3.2, -3.5, -4, -8, -14.9, -20.5 ], "pretax": [ 0.2, -2.2, 1.6, -2.3, -2.7, -3.8, -7.9, -14.8, -20.2 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37 ], "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7 ], "interest": [ null, null, null, null, -0.2, -0.3, -0.2, -1.1, null ] }, "tags": { "da": "DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation", "acq": "PaymentsToAcquireBusinessesNetOfCashAcquired", "cff": "NetCashProvidedByUsedInFinancingActivities", "cfi": "NetCashProvidedByUsedInInvestingActivities", "eps": "EarningsPerShareDiluted", "ocf": "NetCashProvidedByUsedInOperatingActivities", "ppe": "PropertyPlantAndEquipmentNet", "rnd": "ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost", "sbc": "ShareBasedCompensation", "sga": "SellingGeneralAndAdministrativeExpense", "tax": "IncomeTaxExpenseBenefit", "cash": "CashAndCashEquivalentsAtCarryingValue + CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents", "cogs": "CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold", "capex": "PaymentsToAcquirePropertyPlantAndEquipment", "opInc": "OperatingIncomeLoss", "assets": "Assets", "equity": "StockholdersEquity", "intang": "IntangibleAssetsNetExcludingGoodwill", "netInc": "NetIncomeLoss + ProfitLoss", "pretax": "IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest", "shares": "WeightedAverageNumberOfDilutedSharesOutstanding", "curLiab": "LiabilitiesCurrent", "revenue": "RevenueFromContractWithCustomerIncludingAssessedTax + Revenues", "goodwill": "Goodwill", "interest": "InterestExpense", "payables": "AccountsPayableCurrent", "curAssets": "AssetsCurrent", "inventory": "InventoryNet", "debtIssued": "ProceedsFromIssuanceOfLongTermDebt", "debtRepaid": "RepaymentsOfLongTermDebt", "grossProfit": "GrossProfit", "liabilities": "Liabilities", "receivables": "AccountsReceivableNetCurrent", "debtNoncurrent": "LongTermDebtNoncurrent" }, "years": [ 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026 ], "fyEnds": [ "2018-06-30", "2019-06-30", "2020-06-30", "2021-06-30", "2022-06-30", "2023-06-30", "2024-06-30", "2025-06-30", "2026-06-30" ] }, "peers": [], "exitPeers": [] }, "perp": { "R": { "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, 115, 155, 210, 270, 330, 380, 423, 457, 480, 499 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, 70.14999999999999, 92.65555555555555, 122.96666666666668, 154.8, 185.16666666666666, 208.57777777777778, 227.01, 239.67111111111114, 245.86666666666662, 249.5 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, 32.2, 41.33333333333334, 53.2, 64.8, 74.8, 81.06666666666666, 84.6, 85.30666666666666, 83.20000000000002, 79.84 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, 5.75, 7.75, 10.5, 13.5, 16.5, 19, 21.150000000000002, 22.85, 24, 24.950000000000003 ], "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, 6.8999999999999995, 8.955555555555556, 11.666666666666666, 14.399999999999999, 16.866666666666667, 18.577777777777776, 19.74, 20.31111111111111, 20.266666666666666, 19.959999999999997 ], "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, 11.5, 14.638888888888891, 18.666666666666668, 22.500000000000004, 25.666666666666668, 27.444444444444446, 28.200000000000006, 27.92777777777778, 26.666666666666668, 24.950000000000003 ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, 15.154999999999998, 14, 19.25, 21, 21, 17.5, 15.049999999999999, 11.899999999999999, 8.049999999999999, 6.6499999999999995 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, 75, 75.37499999999999, 75.75187499999998, 76.13063437499997, 76.51128754687497, 76.89384398460933, 77.27831320453238, 77.66470477055503, 78.0530282944078, 78.44329343587982 ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, 25, 25, 25, 25, 25, 25, 25, 25, 25, 25 ], "other": [ 1.3000000000000007, 1.1000000000000036, 1.0999999999999983, 1.0999999999999999, 1.2000000000000028, 1.0999999999999996, 1.6999999999999966, 3.0000000000000018, 17.000000000000004, 2.3000000000000003, 3.1, 4.2, 5.4, 6.6000000000000005, 7.6000000000000005, 8.46, 9.14, 9.6, 9.98 ], "gp": [ 12.5, 12.500000000000004, 13.899999999999999, 13.5, 11.900000000000002, 11, 8.599999999999998, 10.100000000000001, 25.800000000000004, 44.85000000000001, 62.34444444444445, 87.03333333333332, 115.19999999999999, 144.83333333333334, 171.42222222222222, 195.99, 217.32888888888886, 234.13333333333338, 249.5 ], "gmpct": [ 38.46153846153847, 37.091988130563806, 39.71428571428571, 35.064935064935064, 33.426966292134836, 33.43465045592705, 27.129337539432168, 27.150537634408607, 35.98326359832637, 39.00000000000001, 40.22222222222223, 41.44444444444444, 42.666666666666664, 43.88888888888889, 45.11111111111111, 46.333333333333336, 47.55555555555555, 48.777777777777786, 50 ], "ebit": [ 0.3999999999999999, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, 4.600000000000005, 10.161111111111106, 19.133333333333315, 31.499999999999993, 46.933333333333344, 63.75555555555555, 81.78, 100.03222222222219, 117.33333333333337, 134.73 ], "opmpct": [ 1.2307692307692304, -3.2640949554896146, 6.000000000000001, -4.675324675324675, -7.303370786516854, -10.94224924012158, -24.605678233438486, -31.72043010752688, -27.475592747559276, 4.000000000000004, 6.555555555555552, 9.111111111111102, 11.666666666666664, 14.222222222222225, 16.77777777777778, 19.333333333333332, 21.888888888888882, 24.444444444444454, 26.999999999999996 ], "ebitda": [ 3.8, 2.4, 5.5, 1.7, 1, -0.3999999999999999, -3.8, -7.700000000000001, -14.7, 11.500000000000004, 19.11666666666666, 30.799999999999983, 45.89999999999999, 63.80000000000001, 82.33333333333333, 101.52, 120.3433333333333, 137.60000000000002, 154.69 ], "taxpaid": [ -0.08399999999999998, 0, -0.9828, 0, 0, 0, 0, 0, 0, -1.1500000000000012, -2.5402777777777765, -4.783333333333329, -7.874999999999998, -11.733333333333336, -15.938888888888888, -20.445, -25.008055555555547, -29.333333333333343, -33.6825 ], "fcf": [ 1.2159999999999997, -1.4, 1.2172, 0.7, -0.6000000000000001, -3.5, -6, -15.600000000000001, -31.5, -16.304999999999996, -12.062500000000009, -11.900000000000013, -5.475000000000012, 5.400000000000009, 21.450000000000003, 37.82499999999999, 55.507499999999986, 73.55000000000001, 89.40749999999998 ], "fcfps": [ 0.04535621036926519, -0.054284606436603336, 0.044310156534401166, 0.0266058532877233, -0.022205773501110294, -0.11061946902654866, -0.15814443858724303, -0.38169806704184006, -0.5902192242833053, -0.21739999999999995, -0.16003316749585422, -0.15709182115954246, -0.0719158594296163, 0.07057782156249398, 0.2789560111508188, 0.4894646173226973, 0.7147068950301927, 0.9423080898613846, 1.1397723895043035 ], "revg": [ null, 3.692307692307706, 3.857566765578624, 10.000000000000009, -7.532467532467524, -7.584269662921361, -3.6474164133738607, 17.350157728706627, 92.74193548387095, 60.39051603905159, 34.78260869565217, 35.48387096774193, 28.57142857142858, 22.222222222222232, 15.15151515151516, 11.315789473684212, 8.037825059101644, 5.032822757111588, 3.9583333333333304 ], "ebitdam": [ 11.692307692307692, 7.121661721068248, 15.714285714285714, 4.415584415584416, 2.8089887640449436, -1.2158054711246198, -11.98738170347003, -20.698924731182796, -20.502092050209203, 10.000000000000004, 12.333333333333329, 14.666666666666659, 16.999999999999996, 19.333333333333336, 21.666666666666664, 24, 26.333333333333325, 28.666666666666675, 31 ], "fcfm": [ 3.7415384615384606, -4.154302670623144, 3.477714285714286, 1.8181818181818181, -1.6853932584269666, -10.638297872340425, -18.927444794952685, -41.935483870967744, -43.93305439330544, -14.178260869565214, -7.782258064516134, -5.666666666666672, -2.027777777777782, 1.6363636363636394, 5.644736842105265, 8.942080378250589, 12.146061269146605, 15.32291666666667, 17.917334669338675 ], "disc": [ null, null, null, null, null, null, null, null, null, 0.8928571428571428, 0.7971938775510203, 0.7117802478134109, 0.6355180784048311, 0.5674268557185992, 0.5066311211773206, 0.4523492153368934, 0.40388322797936904, 0.36061002498157946, 0.32197323659069593 ], "pv": [ null, null, null, null, null, null, null, null, null, -14.55803571428571, -9.61615114795919, -8.470184948979599, -3.4794614792664578, 3.064105020880441, 10.867237549253527, 17.110109070117986, 22.418548277064822, 26.522867337395173, 28.786822150482642 ] }, "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E", "FY32E", "FY33E", "FY34E", "FY35E", "FY36E" ], "firstForecast": 9, "shape": { "rndPct": 0.07068057260433486, "otherPct": 0.12379064841753029, "daPct": 0.10204434201220869, "nwcPct": 0.30434782608695654, "taxRate": 0.21, "shareDrift": 1.15, "from": { "rndPct": "filed", "otherPct": "filed", "daPct": "filed", "nwcPct": "filed", "taxRate": "default", "shareDrift": "filed" } }, "ev": 366.27144204962656, "eq": 452.3714420496266, "fv": 5.766859373636557, "pvTv": 293.6255859349229, "tv": 911.9564999999998, "term": "perp", "exitX": null, "spot": 9.11, "netDebt": -86.1, "upside": -36.697482177425265, "inverted": false, "P": { "revenue": [ { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "cogs": [ { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "sga": [ { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "rnd": [ { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "other": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "da": [ { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "capex": [ { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "nwc": [ { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" } ], "shares": [ { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "gp": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "gmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebit": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "opmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitda": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "taxpaid": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" } ], "fcf": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfps": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "revg": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitdam": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfm": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "pv": [ null, null, null, null, null, null, null, null, null, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "disc": [ null, null, null, null, null, null, null, null, null, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" } ] }, "ladder": { "g": [ null, null, null, null, null, null, null, null, null, null ], "gLo": [ null, null, null, null, null, null, null, null, null, null ], "gHi": [ null, null, null, null, null, null, null, null, null, null ], "gm": [ null, null, null, null, null, null, null, null, null, null ], "opex": [ null, null, null, null, null, null, null, null, null, null ], "shares": [ null, null, null, null, null, null, null, null, null, null ], "taxRate": null, "basis": {}, "src": {}, "filedQ": null }, "why": null }, "exit": { "R": { "revenue": [ 32.5, 33.7, 35, 38.5, 35.6, 32.9, 31.7, 37.2, 71.7, 115, 155, 210, 270, 330, 380, 423, 457, 480, 499 ], "cogs": [ 20, 21.2, 21.1, 25, 23.7, 21.9, 23.1, 27.1, 45.9, 70.14999999999999, 92.65555555555555, 122.96666666666668, 154.8, 185.16666666666666, 208.57777777777778, 227.01, 239.67111111111114, 245.86666666666662, 249.5 ], "sga": [ 9.2, 10.5, 9, 12, 11.2, 11.4, 12.3, 15.8, 24.7, 32.2, 41.33333333333334, 53.2, 64.8, 74.8, 81.06666666666666, 84.6, 85.30666666666666, 83.20000000000002, 79.84 ], "rnd": [ 1.6, 2, 1.7, 2.2, 2.1, 2.1, 2.4, 3.1, 3.8, 5.75, 7.75, 10.5, 13.5, 16.5, 19, 21.150000000000002, 22.85, 24, 24.950000000000003 ], "da": [ 3.4, 3.5, 3.4, 3.5, 3.6, 3.2, 4, 4.1, 5, 6.8999999999999995, 8.955555555555556, 11.666666666666666, 14.399999999999999, 16.866666666666667, 18.577777777777776, 19.74, 20.31111111111111, 20.266666666666666, 19.959999999999997 ], "capex": [ 2.5, 1.9, 2.4, 3.2, 1.6, 3.1, 2.2, 1.3, 6.3, 11.5, 14.638888888888891, 18.666666666666668, 22.500000000000004, 25.666666666666668, 27.444444444444446, 28.200000000000006, 27.92777777777778, 26.666666666666668, 24.950000000000003 ], "nwc": [ 0, 1.9, 0.9, -2.2, 0, 0, 0, 6.6, 10.5, 15.154999999999998, 14, 19.25, 21, 21, 17.5, 15.049999999999999, 11.899999999999999, 8.049999999999999, 6.6499999999999995 ], "shares": [ 26.81, 25.79, 27.47, 26.31, 27.02, 31.64, 37.94, 40.87, 53.37, 75, 75.37499999999999, 75.75187499999998, 76.13063437499997, 76.51128754687497, 76.89384398460933, 77.27831320453238, 77.66470477055503, 78.0530282944078, 78.44329343587982 ], "taxRate": [ null, null, 46.8, null, null, null, null, null, null, 25, 25, 25, 25, 25, 25, 25, 25, 25, 25 ], "other": [ 1.3000000000000007, 1.1000000000000036, 1.0999999999999983, 1.0999999999999999, 1.2000000000000028, 1.0999999999999996, 1.6999999999999966, 3.0000000000000018, 17.000000000000004, 2.3000000000000003, 3.1, 4.2, 5.4, 6.6000000000000005, 7.6000000000000005, 8.46, 9.14, 9.6, 9.98 ], "gp": [ 12.5, 12.500000000000004, 13.899999999999999, 13.5, 11.900000000000002, 11, 8.599999999999998, 10.100000000000001, 25.800000000000004, 44.85000000000001, 62.34444444444445, 87.03333333333332, 115.19999999999999, 144.83333333333334, 171.42222222222222, 195.99, 217.32888888888886, 234.13333333333338, 249.5 ], "gmpct": [ 38.46153846153847, 37.091988130563806, 39.71428571428571, 35.064935064935064, 33.426966292134836, 33.43465045592705, 27.129337539432168, 27.150537634408607, 35.98326359832637, 39.00000000000001, 40.22222222222223, 41.44444444444444, 42.666666666666664, 43.88888888888889, 45.11111111111111, 46.333333333333336, 47.55555555555555, 48.777777777777786, 50 ], "ebit": [ 0.3999999999999999, -1.1, 2.1, -1.8, -2.6, -3.6, -7.8, -11.8, -19.7, 4.600000000000005, 10.161111111111106, 19.133333333333315, 31.499999999999993, 46.933333333333344, 63.75555555555555, 81.78, 100.03222222222219, 117.33333333333337, 134.73 ], "opmpct": [ 1.2307692307692304, -3.2640949554896146, 6.000000000000001, -4.675324675324675, -7.303370786516854, -10.94224924012158, -24.605678233438486, -31.72043010752688, -27.475592747559276, 4.000000000000004, 6.555555555555552, 9.111111111111102, 11.666666666666664, 14.222222222222225, 16.77777777777778, 19.333333333333332, 21.888888888888882, 24.444444444444454, 26.999999999999996 ], "ebitda": [ 3.8, 2.4, 5.5, 1.7, 1, -0.3999999999999999, -3.8, -7.700000000000001, -14.7, 11.500000000000004, 19.11666666666666, 30.799999999999983, 45.89999999999999, 63.80000000000001, 82.33333333333333, 101.52, 120.3433333333333, 137.60000000000002, 154.69 ], "taxpaid": [ -0.08399999999999998, 0, -0.9828, 0, 0, 0, 0, 0, 0, -1.1500000000000012, -2.5402777777777765, -4.783333333333329, -7.874999999999998, -11.733333333333336, -15.938888888888888, -20.445, -25.008055555555547, -29.333333333333343, -33.6825 ], "fcf": [ 1.2159999999999997, -1.4, 1.2172, 0.7, -0.6000000000000001, -3.5, -6, -15.600000000000001, -31.5, -16.304999999999996, -12.062500000000009, -11.900000000000013, -5.475000000000012, 5.400000000000009, 21.450000000000003, 37.82499999999999, 55.507499999999986, 73.55000000000001, 89.40749999999998 ], "fcfps": [ 0.04535621036926519, -0.054284606436603336, 0.044310156534401166, 0.0266058532877233, -0.022205773501110294, -0.11061946902654866, -0.15814443858724303, -0.38169806704184006, -0.5902192242833053, -0.21739999999999995, -0.16003316749585422, -0.15709182115954246, -0.0719158594296163, 0.07057782156249398, 0.2789560111508188, 0.4894646173226973, 0.7147068950301927, 0.9423080898613846, 1.1397723895043035 ], "revg": [ null, 3.692307692307706, 3.857566765578624, 10.000000000000009, -7.532467532467524, -7.584269662921361, -3.6474164133738607, 17.350157728706627, 92.74193548387095, 60.39051603905159, 34.78260869565217, 35.48387096774193, 28.57142857142858, 22.222222222222232, 15.15151515151516, 11.315789473684212, 8.037825059101644, 5.032822757111588, 3.9583333333333304 ], "ebitdam": [ 11.692307692307692, 7.121661721068248, 15.714285714285714, 4.415584415584416, 2.8089887640449436, -1.2158054711246198, -11.98738170347003, -20.698924731182796, -20.502092050209203, 10.000000000000004, 12.333333333333329, 14.666666666666659, 16.999999999999996, 19.333333333333336, 21.666666666666664, 24, 26.333333333333325, 28.666666666666675, 31 ], "fcfm": [ 3.7415384615384606, -4.154302670623144, 3.477714285714286, 1.8181818181818181, -1.6853932584269666, -10.638297872340425, -18.927444794952685, -41.935483870967744, -43.93305439330544, -14.178260869565214, -7.782258064516134, -5.666666666666672, -2.027777777777782, 1.6363636363636394, 5.644736842105265, 8.942080378250589, 12.146061269146605, 15.32291666666667, 17.917334669338675 ], "disc": [ null, null, null, null, null, null, null, null, null, 0.8928571428571428, 0.7971938775510203, 0.7117802478134109, 0.6355180784048311, 0.5674268557185992, 0.5066311211773206, 0.4523492153368934, 0.40388322797936904, 0.36061002498157946, 0.32197323659069593 ], "pv": [ null, null, null, null, null, null, null, null, null, -14.55803571428571, -9.61615114795919, -8.470184948979599, -3.4794614792664578, 3.064105020880441, 10.867237549253527, 17.110109070117986, 22.418548277064822, 26.522867337395173, 28.786822150482642 ] }, "periods": [ "FY18", "FY19", "FY20", "FY21", "FY22", "FY23", "FY24", "FY25", "FY26", "FY27E", "FY28E", "FY29E", "FY30E", "FY31E", "FY32E", "FY33E", "FY34E", "FY35E", "FY36E" ], "firstForecast": 9, "shape": { "rndPct": 0.07068057260433486, "otherPct": 0.12379064841753029, "daPct": 0.10204434201220869, "nwcPct": 0.30434782608695654, "taxRate": 0.21, "shareDrift": 1.15, "from": { "rndPct": "filed", "otherPct": "filed", "daPct": "filed", "nwcPct": "filed", "taxRate": "default", "shareDrift": "filed" } }, "ev": 819.7364556379249, "eq": 905.8364556379249, "fv": 11.547659665492793, "pvTv": 747.0905995232213, "tv": 2320.35, "term": "exit", "exitX": 15, "spot": 9.11, "netDebt": -86.1, "upside": 26.758064385211778, "inverted": false, "P": { "revenue": [ { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "A", "note": "filed — us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax + Revenues" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "cogs": [ { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "A", "note": "filed — us-gaap:CostOfGoodsAndServicesSold + CostOfRevenue + CostOfGoodsSold" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "sga": [ { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "A", "note": "filed — us-gaap:SellingGeneralAndAdministrativeExpense" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "rnd": [ { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "A", "note": "filed — us-gaap:ResearchAndDevelopmentExpense + ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "other": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "da": [ { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "A", "note": "filed — us-gaap:DepreciationDepletionAndAmortization + DepreciationAndAmortization + Depreciation" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "capex": [ { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "A", "note": "filed — us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "nwc": [ { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "A", "note": "filed — us-gaap:derived" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" }, { "k": "E", "note": "35% of the revenue increase consumed as working capital — your setting; the filed median is 30.4%" } ], "shares": [ { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "A", "note": "filed — us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" }, { "k": "O", "note": "typed by hand — the driver is bypassed for this cell" } ], "gp": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "gmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebit": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "opmpct": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitda": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "taxpaid": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" }, { "k": "E", "note": "25% cash tax on positive EBIT — your setting; the filed median is 21%" } ], "fcf": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfps": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "revg": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "ebitdam": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "fcfm": [ { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "A", "note": "filed — 10-K" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "pv": [ null, null, null, null, null, null, null, null, null, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" }, { "k": "D", "note": "arithmetic on the lines above" } ], "disc": [ null, null, null, null, null, null, null, null, null, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" }, { "k": "E", "note": "discounted at your 12% WACC — a judgement, not a filed figure" } ] }, "ladder": { "g": [ null, null, null, null, null, null, null, null, null, null ], "gLo": [ null, null, null, null, null, null, null, null, null, null ], "gHi": [ null, null, null, null, null, null, null, null, null, null ], "gm": [ null, null, null, null, null, null, null, null, null, null ], "opex": [ null, null, null, null, null, null, null, null, null, null ], "shares": [ null, null, null, null, null, null, null, null, null, null ], "taxRate": null, "basis": {}, "src": {}, "filedQ": null }, "why": null }, "audit": [ { "id": "guidance", "level": "warn", "title": "No quantified revenue guidance for FY27", "detail": "All forecast years are analyst estimates. Reviewed 2026-09-15: Reviewed the September 10 FY26 release and complete Q4 earnings call. Neither provides a quantified total FY27 revenue outlook. The $85.6M customer delivery schedule is backlog, and $300M within five years is an ambition. All modeled revenue is our estimate. Sources: FY26 release (2026-09-10) https://www.sec.gov/Archives/edgar/data/889971/000143774926030074/ex_922995.htm; Q4 earnings call (2026-09-10) https://web.quartr.com/companies/11719/events/665861/transcript" }, { "id": "horizon", "level": "pass", "title": "10-year horizon", "detail": "guided years, then a fade to the long-run rate over ten years — the terminal is struck on a normalised year." }, { "id": "fade", "level": "pass", "title": "Fades to 3.9583333333333304% by FY36E", "detail": "" }, { "id": "nwc", "level": "pass", "title": "Working capital 35% of growth, inside the filed 26.2–40.3%", "detail": "" }, { "id": "tax", "level": "pass", "title": "Cash tax 25%", "detail": "" }, { "id": "terminal", "level": "pass", "title": "FY36E free cash flow $89M", "detail": "" }, { "id": "methods", "level": "warn", "title": "Perpetuity $5.77 vs exit $11.55 — 2.0× apart", "detail": "The two methods disagree on what the terminal year is worth: earnings at a comps multiple vs the cash it throws off. State the disagreement in the memo; do not average it." }, { "id": "comps", "level": "warn", "title": "0 comps set the exit multiple", "detail": "Fewer than three is one company's multiple with extra steps. Curate the peer group." }, { "id": "rerate", "level": "pass", "title": "Exit 15× against the company's own 34.8× on the guided year", "detail": "" }, { "id": "shape", "level": "warn", "title": "taxRate on a default, not the filings", "detail": "A default plausible for one issuer is a fabrication for another. Check the tagged lines." }, { "id": "calls", "level": "warn", "title": "Transcripts layer is warn", "detail": "The working-capital, horizon and guidance reads come from the calls. Backfill Quartr before quoting the model." }, { "id": "dossier", "level": "pass", "title": "Dossier: 4 traps, 4 watch items", "detail": "" } ], "summary": { "fail": 0, "warn": 5, "pass": 7 } }, "reverse": { "perpScale": 4.568222985907168, "exitScale": 1.5825874127986488 } }