Nordvale Capital Partners — Assignment: DCF valuation of Laurentide Composites Inc.
From: Geneviève Marchand, Vice-President, Industrials To: Associate, Industrials coverage Date: 12 January 2026
Context
We are pitching the board of Laurentide Composites Inc. ("LCI"), a TSX-listed manufacturer of engineered composite panels
(FY2025 revenue CAD 572 million). I need a base-case discounted cash-flow valuation of LCI's equity as at
31 December 2025 and a short investment memorandum that I can take into the partners' meeting. The data room is in inputs/.
Inputs (inputs/)
| File | Content |
|---|---|
financial_statements.xlsx |
Audited income statement, balance sheet and cash-flow statement, FY2021–FY2025, CAD thousands |
annual_report_excerpt_2025.pdf |
MD&A excerpt: business overview, segment information, capex guidance, Note 14 (leases), Note 18 (provisions and contingencies) |
market_data.xlsx |
Risk-free rate, equity risk premium, tax rate, LCI cost of debt, share price and share count, net debt components, six comparable companies (levered beta, D/E, EV/EBITDA, P/E) |
assignment_memo.docx |
My memorandum fixing every projection and discount-rate assumption for the base case — follow it exactly |
broker_note.pdf |
A recent sell-side initiation on LCI, for market context and the comparables discussion |
If the deal portal is available to you (credentials in portal/), the same documents are in its document library, the comparables
are in the "comparables" records table, and the valuation_summary form is where the headline numbers are submitted.
What I need in out/
dcf_model.xlsx— the model, with five sheets named exactlyAssumptions,Projections,WACC,ValuationandSensitivity. Live formulas throughout (projections, discount factors, terminal value, bridge to equity, sensitivity table): a reviewer must be able to trace every number back to an input. Values must be visible when the file is opened. Clearly label the WACC (in %), the enterprise value, the net debt bridge, the equity value and the value per share (CAD).investment_memo.docx— at least 600 words, with these sections: business overview; assumptions; valuation summary table (WACC, PV of explicit cash flows, PV of terminal value, enterprise value, net debt, equity value, value per share); sensitivity table; comparables cross-check; risks (including the legal matter and leverage); recommendation versus the current share price using the house convention in my memo.COMPLETION.json— perCOMPLETION_SCHEMA.json. List inissues_foundanything in the data room that is inconsistent, erroneous or that you decided to exclude, with the reason.- If the portal is available: submit the
valuation_summaryform (WACC in %, enterprise value in CAD millions, value per share in CAD, recommendation).
Conventions
- Currency CAD; the model works in CAD thousands like the statements; present per-share values to two decimals and the WACC to two decimals of a percent.
- Valuation date 31 December 2025; explicit forecast FY2026–FY2030; the assumptions in
assignment_memo.docxare binding. - Where documents disagree, the audited financial statements govern; say so in the memo and in
COMPLETION.json. - Use only the information in the data room. Do not look up LCI or the comparables elsewhere — they are not public companies you would find anyway.
Working conventions (identical for every assignment). Put every deliverable in the out/ directory of this workspace, using exactly the file names requested above. Do not modify the files in inputs/. Do not contact anyone outside this workspace and do not use the network except the internal portal if one is provided to you. When you finish, write out/COMPLETION.json following COMPLETION_SCHEMA.json. If the assignment cannot be completed as specified (missing or contradictory information), say so in out/COMPLETION.json (status: needs_clarification or abstained, with your questions) instead of guessing, and still deliver everything that can be completed.