Project Alder · Reference Case · As of 2025-06-30
Illustrative workflow — reference data · Draft for review
3 items need a human decision before sign-off. Every claim in the draft remains a draft until a reviewer has worked through this list.
Confirm each of these before the committee relies on the draft.
Margin guidance (to FY2027)
Derived — needs analystThe memo states: “management guidance implies EBITDA margin expansion of roughly 150-200 bps by FY2027”
Public filing excerpt — Management's discussion and analysis (MD&A) · as of 2025-06-30
What to verify: Derived from qualitative MD&A language; the 150-200 bps quantification is an analyst reading, not a stated figure. An analyst must confirm the margin bridge with management before the committee relies on it.
Comparable transactions
Sourced — verify before useThe memo states: “comparable vertical-software transactions cleared at 4.9x-6.8x EV/Revenue”
Data export — comps.csv · rows 2-9 · as of 2025-06-20
What to verify: Verify comparability: the vendor export mixes deal sizes and end markets; confirm which transactions are genuinely comparable before quoting the range to the committee.
The draft cannot be signed off while this item is open.
Net leverage at close
Unresolved — escalateThe memo states: “the base case assumes net leverage of 4.0x at close”
Internal note — Financing assumptions · as of 2025-06-24
What to verify: Assumption only. The internal model note states it is pending lender feedback and not yet confirmed. Must be resolved with financing counterparties before committee sign-off.
Enforced automatically on every run, before the draft reaches a reviewer.