I built this as a single-name coverage exercise: variant view, three-case framing, and KPI monitoring. The point is to show how the thesis would be defended, updated, and pressure-tested after each print.
The scenario ranges below mirror the repo's model inputs. The point is to show how the underwriting changes when retention, margins, and valuation assumptions move.
Conviction depends on retention stability and clean cash conversion. These trends anchor the base-case debate.