EVIDENCE PULL REQUEST · PR-004

A changed fact should not leave an old decision behind.

Review the evidence, compile its financial consequences, and see exactly which investment assertions no longer hold.

2FAILED TESTS

1PASSED · UNAFFECTED

2STALE PARAGRAPHS

1IMPACT PATH

01 · CANDIDATE EVIDENCE

FY2030 Exit EBITDA

VALUE CHANGE

APPROVED V3$24.0m

→

CANDIDATE V4$20.0m

−16.7%

DEFINITION UNCHANGEDSame period · same USD millions unit · same Adjusted basis

Source · Management Model v4 · Cell F42 ↗

02 · EXECUTABLE POLICY

Decision Tests

DETERMINISTIC

Base-case MOIC ≥ 2.50xThreshold v1 · EVALUATED

FAIL

Base-case IRR ≥ 20%Threshold v1 · EVALUATED

FAIL

Top customer concentration ≤ 20%Threshold v1 · REUSED

UNAFFECTEDPASS

04 · AFFECTED WORK PRODUCT

IC Memo Assertions

2 STALE

MEMO-P4

Exit case

The base case assumes $24.0m of FY2030 Adjusted EBITDA at an 8.0x exit multiple.

STALE

MEMO-P7

Base-case returns

The base case clears the fund's 2.50x MOIC and 20% IRR hurdles.

STALE

03 · DECISION BLAST RADIUS

One fact, one traceable path

1 PATH

FY2030 Exit EBITDAINPUT

$24.00m$20.00m

Exit Enterprise ValueDERIVED

$192.00m$160.00m

Exit Equity ValueDERIVED

$180.00m$148.00m

Base-case MOICDERIVED · TESTED

3.00x2.47x

5-year IRRDERIVED · TESTED

24.57%19.79%

LOCKED INPUTS

8.0x exit multiple · $12m exit net debt · $60m entry equity · 5-year hold

WHY THIS IS DIFFERENT

Document AI updates words. RedFlame invalidates decisions.

DOCUMENT WORKFLOW

Detect update → regenerate memo

REDFLAME

Evidence → calculations → tests → assertions → human resolution

A source-backed adjacent-product capability matrix is included in the repository.