1# Nordvale Capital Partners — Assignment: DCF valuation of Laurentide Composites Inc.23**From:** Geneviève Marchand, Vice-President, Industrials4**To:** Associate, Industrials coverage5**Date:** 12 January 202667## Context89We are pitching the board of Laurentide Composites Inc. ("LCI"), a TSX-listed manufacturer of engineered composite panels10(FY2025 revenue CAD 572 million). I need a base-case discounted cash-flow valuation of LCI's equity as at1131 December 2025 and a short investment memorandum that I can take into the partners' meeting. The data room is in `inputs/`.1213## Inputs (`inputs/`)1415| File | Content |16|---|---|17| `financial_statements.xlsx` | Audited income statement, balance sheet and cash-flow statement, FY2021–FY2025, CAD thousands |18| `annual_report_excerpt_2025.pdf` | MD&A excerpt: business overview, segment information, capex guidance, Note 14 (leases), Note 18 (provisions and contingencies) |19| `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) |20| `assignment_memo.docx` | My memorandum fixing every projection and discount-rate assumption for the base case — follow it exactly |21| `broker_note.pdf` | A recent sell-side initiation on LCI, for market context and the comparables discussion |2223If the deal portal is available to you (credentials in `portal/`), the same documents are in its document library, the comparables24are in the "comparables" records table, and the `valuation_summary` form is where the headline numbers are submitted.2526## What I need in `out/`27281. **`dcf_model.xlsx`** — the model, with five sheets named exactly `Assumptions`, `Projections`, `WACC`, `Valuation` and29 `Sensitivity`. Live formulas throughout (projections, discount factors, terminal value, bridge to equity, sensitivity table):30 a reviewer must be able to trace every number back to an input. Values must be visible when the file is opened. Clearly31 label the WACC (in %), the enterprise value, the net debt bridge, the equity value and the value per share (CAD).322. **`investment_memo.docx`** — at least 600 words, with these sections: business overview; assumptions; valuation summary33 table (WACC, PV of explicit cash flows, PV of terminal value, enterprise value, net debt, equity value, value per share);34 sensitivity table; comparables cross-check; risks (including the legal matter and leverage); recommendation versus the35 current share price using the house convention in my memo.363. **`COMPLETION.json`** — per `COMPLETION_SCHEMA.json`. List in `issues_found` anything in the data room that is inconsistent,37 erroneous or that you decided to exclude, with the reason.384. If the portal is available: submit the `valuation_summary` form (WACC in %, enterprise value in CAD millions, value per share39 in CAD, recommendation).4041## Conventions4243- Currency CAD; the model works in CAD thousands like the statements; present per-share values to two decimals and the WACC to44 two decimals of a percent.45- Valuation date 31 December 2025; explicit forecast FY2026–FY2030; the assumptions in `assignment_memo.docx` are binding.46- Where documents disagree, the audited financial statements govern; say so in the memo and in `COMPLETION.json`.47- Use only the information in the data room. Do not look up LCI or the comparables elsewhere — they are not public companies48 you would find anyway.495051---52**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.53