PROJECTION

Jan-24 Jan-25 Jan-26 Jan-27

Revenues
Total Revenues $ 60,922 $ 73,106 $ 97,963 $ 142,046
Cost Of Revenues 16,621 22,663 36,246 59,659
Gross Profit 44,301 50,443 61,716 82,387
Operating Expenses & Income
Selling General & Admin Expenses 2,654 5,117 7,837 18,466
R&D Expenses 8,675 18,277 16,654 26,989
Total Operating Expenses 11,329 23,394 24,491 45,455
Operating Income 32,972 27,049 37,226 36,932
Earnings from Continuing Operations
Interest Expense (257) (257) (257) (257)
Interest And Investment Income 866 1,087 1,730 2,264
Net Interest Expenses 609 609 609 609
Other Non Operating Income (Expenses) (1) - - -
EBT, Incl. Unusual Items 33,580 27,658 37,835 37,541
Income Tax Expense 3,820 5,808 4,830 4,830
Net Income $ 29,760 $ 21,850.1 $ 33,004.8 $ 32,710.9

Jan-24 Jan-25 Jan-26 Jan-27

Total Cash & ST Investments $ 25,984 $ 25,984 $ 25,984 $ 25,984

Total Receivables 9,999 16,083 26,450 44,034
Inventory 5,282 10,966 17,633 22,727
Prepaid Expenses 3,080 2,924 6,857 11,364
Deferred Tax Assets Current - - - -
Total Current Assets 44,345 55,958 76,925 104,109

Surplus Cash 8,834 34,352 35,568

Net Property, Plant & Equipment 5,260 18,277 8,817 31,250

Long-Term Investments 1,546 1,546 1,546 1,546
Goodwill 4,430 4,430 4,430 4,430
Other Intangibles 1,112 1,112 1,112 1,112
Deferred Tax Assets 6,081 6,081 6,081 6,081
Other Long-Term Assets 2,954 2,954 2,954 2,954
Total Long Term Assets 21,383 34,400 24,940 47,373

Total Asets $ 65,728 $ 99,191 $ 136,217 $ 187,051

Accounts Payable $ 2,699 $ 10,966 $ 13,715 $ 25,568

Accrued Expenses 675.00 2,193.19 3,918.50 2,840.91
Current Portion of LT Debt 1,250.00 1,250.00 1,250.00 1,250.00
Current Portion of Lease Obligations 228.00 228.00 228.00 228.00
Current Income Taxes Payable 296.00 296.00 296.00 296.00
Unearned Revenue, Current 764.00 2,924.26 2,938.88 4,261.37
Other Current Liabilities 4,719.00 4,386.38 3,918.50 9,943.20
Total Current Liabilities $ 10,631 $ 22,244 $ 26,265 $ 44,388

Additional Funding Needed 0 0 0

Long-Term Debt $ 8,459 $ 8,459 $ 8,459 $ 8,459

Unearned Revenue Non-Current 573 573 573 573
Pension & Other Post-Retire. Benefits - - - -
Def. Tax Liability, Non-Curr. 462 462 462 462
Capital Leases 1,119 1,119 1,119 1,119
Other Non-Current Liabilities 1,506 1,506 1,506 1,506
Total Long-Term Liabilities 12,119 12,119 12,119 12,119
$ -
Total Liabilities $ 22,750 $ 34,363 $ 38,384 $ 56,507

Total Stockholders' Equity 42,978 64,828.11 97,832.89 130,543.78

Total Liabilities And Equity $ 65,728 $ 99,191 $ 136,217 $ 187,051

Check
- - -
OJECTION
Jan-28 Jan-29

$ 217,330 $ 349,901
95,625 174,951
121,705 174,951

23,906 34,990
60,852 104,970
84,759 139,961
36,946 34,990

(257) (257)
2,741 3,373
609 609
- -
37,555 35,599
4,830 4,830
$ 32,725.1 $ 30,769.1

Jan-28 Jan-29

$ 25,984 $ 25,984
71,719 73,479
23,906 87,475
10,866 31,491
- -
132,476 218,430

39,430 60,854
2025 2026 2027
45,639 52,485 Change in NCCA 11,613 20,967 27,185
1,546 1,546 Change in CL $ 11,613 $ 4,021 $ 18,123
4,430 4,430 Change in NCWC (0) 16,946 9,062
1,112 1,112
6,081 6,081
2,954 2,954
 61,762 68,608

$ 233,668 $ 347,892

$ 41,293 $ 76,978
2,173.30 10,497.04
1,250.00 1,250.00
228.00 228.00
296.00 296.00
4,346.60 3,499.01
8,693.20 48,986.18
$ 58,280 $ 141,735

0 0

$ 8,459 $ 8,459
573 573
- -
462 462
1,119 1,119
1,506 1,506
12,119 12,119

$ 70,399 $ 153,854

163,268.88 194,038.00

$ 233,668 $ 347,892

- -
 2028 2029
28,367 85,954
$ 13,892 $ 83,455
14,474 2,499
Ratio Analysis
Jan-25 Jan-26 Jan-27 Jan-28
Liquidity:
Current ratio 2.52 2.93 2.35 2.27

Activity:
Receivables turnover 4.55 3.70 3.23 3.03
Average Receivables Collection Period 80.30 98.55 113.15 120.45
Fixed asset turnover 4.00 11.11 4.55 4.76
Total asset turnover 0.74 0.72 0.76 0.93

Debt Management:
Debt Ratio 0.35 0.28 0.30 0.30

Profitability:
Gross margin 69.00% 63.00% 58.00% 56.00%
Operating margin 37.00% 38.00% 26.00% 17.00%
Profit margin on sales 29.89% 33.69% 23.03% 15.06%
Return on assets 22.03% 24.23% 17.49% 14.00%
Return on equity 33.70% 33.74% 25.06% 20.04%
All ratios calculated on year end figures

Dupont Analysis
Profit Margin on Sales 29.89% 33.69% 23.03% 15.06%
Total Asset Turnover 0.74 0.72 0.76 0.93
Equity Multiplier

ROE
Jan-29

1.54

4.76
76.65
6.67
1.01

0.44

50.00%
10.00%
8.79%
8.84%
15.86%

8.79%
1.01
 Jan-15 Jan-16

Revenues
Total Revenues 100% 100%
Cost Of Revenues 44% 44%
Gross Profit 56% 56%
Operating Expenses & Income 0% 0%
Selling General & Admin Expenses 10% 12%
R&D Expenses 29% 27%
Total Operating Expenses 39% 39%
Operating Income 16% 18%
Earnings from Continuing Operations 0% 0%
Interest Expense -1% -1%
Interest And Investment Income 1% 1%
Net Interest Expenses 0% 0%
Other Non Operating Income (Expenses) 0% 0%
EBT, Incl. Unusual Items 16% 17%
Income Tax Expense 3% 5%
Net Income 13% 12%

Jan-15 Jan-16

Total Cash & ST Investments 64% 68%

Total Receivables 7% 7%
Inventory 7% 6%
Prepaid Expenses 1% 1%
Deferred Tax Assets Current 1% 0%
Total Current Assets 79% 82%

Surplus Cash

Net Property, Plant & Equipment 8% 6%

Long-Term Investments 0% 0%
Goodwill 9% 8%
Other Intangibles 3% 2%
Deferred Tax Assets 0% 0%
Other Long-Term Assets 1% 1%
Total Long Term Assets 21% 18%
Total Asets

Accounts Payable 4% 4%
Accrued Expenses 2% 1%
Current Portion of LT Debt 0% 19%
Current Portion of Lease Obligations 0% 0%
Current Income Taxes Payable 0% 0%
Unearned Revenue, Current 4% 4%
Other Current Liabilities 2% 3%
Total Current Liabilities 12% 32%

Additional Funding Needed

Long-Term Debt 19% 0%

Unearned Revenue Non-Current 1% 1%
Pension & Other Post-Retire. Benefits 0% 0%
Def. Tax Liability, Non-Curr. 3% 4%
Capital Leases 0% 0%
Other Non-Current Liabilities 2% 3%
Total Long-Term Liabilities 26% 7%

Total Liabilities 39% 39%

Total Stockholders' Equity 61% 61%

Total Liabilities And Equity 100% 100%

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

100% 100% 100% 100% 100%

41% 40% 39% 38% 37%
59% 60% 61% 62% 63%
0% 0% 0% 0% 0%
10% 8% 8% 10% 11%
21% 18% 20% 26% 24%
31% 27% 29% 36% 35%
28% 33% 32% 26% 28%
0% 0% 0% 0% 0%
-1% -1% 0% 0% -1%
1% 1% 1% 2% 0%
0% 0% 1% 1% -1%
0% 0% 0% 0% 0%
28% 33% 33% 27% 28%
4% 2% -2% 2% 2%
24% 31% 35% 26% 26%

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

69% 63% 56% 63% 40%

8% 11% 11% 10% 8%
8% 7% 12% 6% 6%
1% 1% 1% 1% 1%
0% 0% 0% 0% 0%
87% 82% 79% 79% 56%

5% 9% 11% 13% 10%

0% 0% 0% 0% 1%
6% 5% 5% 4% 15%
1% 0% 0% 0% 10%
0% 2% 4% 3% 3%
1% 1% 1% 0% 7%
13% 18% 21% 21% 44%
 5% 5% 4% 4% 4%
2% 2% 2% 1% 1%
8% 0% 0% 0% 3%
0% 0% 0% 1% 0%
0% 0% 1% 0% 0%
1% 0% 1% 1% 1%
2% 2% 3% 3% 4%
18% 10% 10% 10% 14%

20% 18% 15% 11% 21%

0% 0% 0% 0% 1%
0% 0% 0% 0% 0%
1% 0% 0% 0% 1%
0% 0% 0% 3% 2%
2% 5% 4% 4% 3%
23% 23% 20% 19% 28%

41% 34% 30% 30% 41%

59% 66% 70% 70% 59%

100% 100% 100% 100% 100%

Jan-22 Jan-23 Jan-24 Jan-25 Jan-26

100% 100% 100%

35% 43% 27%
65% 57% 73%
0% 0% 0%
8% 9% 4%
20% 27% 14%
28% 36% 19% 6
37% 21% 54%
0% 0% 0%
-1% -1% 0%
0% 1% 1%
-1% 0% 1%
0% 0% 0%
37% 21% 55%
0% 4% 6%
36% 16% 49%

Jan-22 Jan-23 Jan-24 Jan-25 Jan-26

48% 32% 40%

11% 9% 15%
6% 13% 8%
1% 2% 5%
0% 0% 0%
65% 56% 67%

8% 12% 8%
1% 1% 2%
10% 11% 7%
5% 4% 2%
3% 8% 9%
8% 9% 4%
35% 44% 33%
 4% 3% 4%
1% 1% 1%
0% 3% 2%
0% 0% 0%
0% 1% 0%
1% 1% 1%
4% 6% 7%
10% 16% 16%

25% 24% 13%

0% 1% 1%
0% 0% 0%
1% 1% 1%
2% 2% 2%
3% 4% 2%
30% 30% 18%

40% 46% 35%

60% 54% 65%

100% 100% 100%

Jan-27 Jan-28 Jan-29

Jan-27 Jan-28 Jan-29

 Forecast
Jan-25 Jan-26 Jan-27
Revenue Growth Rate 20% 34% 45%
COGS/Sales 31% 37% 42%
SG&A/Sales 7% 8% 13%
R&D/Sales 25% 17% 19%
Interest Rate Earned on Surplus Cash 5% 4% 4%
Interest Rate Paid on Additional financing
Tax Rate 21% 21% 21%
Average Shares Outstanding

AR/Sales 22% 27% 31%

Inventory/Sales 15% 18% 16%
Prepaid Expenses/Sales 4% 7% 8%
Net PPE/Sales 25% 9% 22%

Payables/Sales 15% 14% 18%

Accruals/Sales 3% 4% 2%
Unearned Revenue/Sales 4% 3% 3%
Other Current Liabilities/Sales 6% 4% 7%
Forecast
Jan-28 Jan-29
53% 61%
44% 50%
11% 10%
28% 30%
5% 5%

21% 21%

33% 21%
11% 25%
5% 9%
21% 15%

19% 22%
1% 3%
2% 1%
4% 14%
 Forecast 2025
Net Income $ 21,850
Change in Non-Cash WC (0)
Change in Net PPE 13,017
FCFE 8,834

Cfs to Discount $ 8,834

Estimated Value $ 218,254

Estimated Share Price $ 88.40

Current Share Price

ERi​=Rf​+βi​(ERm​−Rf​)
Expected return for the market 8%
Beta 1.75
rf 4.43%
Require return 10.68%

Long Term Growth Rate 3%

Shares Outstanding 2469

 Forecast 2026 Forecast 2027 Forecast 2028 Forecast 2029
$ 33,005 $ 32,711 $ 32,725 $ 30,769
16,946 9,062 14,474 2,499
(9,460) 22,433 14,389 6,846
25,519 1,216 3,861 21,424
287,420
$ 25,519 $ 1,216 $ 3,861 $ 308,844
Terminal Value