================================================================================ INTRINSIC VALUE (DCF) CALCULATION BREAKDOWN — NASDAQ:DLO ================================================================================ Target Fair Value: USD 50.96 Current Stock Price: USD 15.24 Market Assessment: 70.1% Undervalued / +234.2% Upside Potential -------------------------------------------------------------------------------- 1. MARKET METRICS RECONCILIATION -------------------------------------------------------------------------------- * Undervaluation Formula: (Fair Value - Current Price) / Fair Value (50.96 - 15.24) / 50.96 = 0.7008 -> 70.1% * Upside Potential Formula: (Fair Value - Current Price) / Current Price (50.96 - 15.24) / 15.24 = 2.3425 -> +234.2% -------------------------------------------------------------------------------- 2. DISCOUNT RATE / COST OF EQUITY (CAPM) -------------------------------------------------------------------------------- * Formula: Risk-Free Rate + (Beta * Equity Risk Premium) * Inputs: Risk-Free Rate = 4.25% Beta = 1.10 ERP = 5.00% * Calculation: 4.25% + (1.10 * 5.00%) = 4.25% + 5.50% = 9.75% (Rounded to 9.8%) -------------------------------------------------------------------------------- 3. 10-YEAR CASH FLOW FORECAST ARCHITECTURE -------------------------------------------------------------------------------- * Base Year Free Cash Flow (FCF0): USD 437.59M (USD 1.4837 per share) * Shares Outstanding: 294.93m (Market Cap 4.50B / Price 15.24) * FCF Margin: 40.0% * Growth Rate Fading Schedule: - Year 1: +25.00% FCF USD 546.99M - Years 2-10: Linear reduction from +25.00% down to +2.50% - Year 10: +2.50% FCF USD 1.56B - Year 11+: +2.50% (Terminal Perpetual Growth Rate) -------------------------------------------------------------------------------- 4. MATHEMATICAL STEPS TO INTRINSIC VALUE -------------------------------------------------------------------------------- * Step A: Present Value of Discrete Cash Flows (Years 1 to 10) PV_Cash_Flows = Sum [ FCF_t / (1 + 0.0975)^t ] for t = 1 to 10 PV_Cash_Flows = USD 6.35B * Step B: Terminal Value (Gordon Growth Model at Year 10) TV_10 = [ FCF_10 * (1 + 0.0250) ] / (0.0975 - 0.0250) TV_10 = [ 1.56B * 1.0250 ] / 0.0725 = USD 21.99B * Step C: Discount the Terminal Value to Present Day PV_TV = 21.99B / (1 + 0.0975)^10 = 21.99B / 2.5354 PV_TV = USD 8.67B * Step D: Equity Value and Fair Value per Share Equity Value = 6.35B + 8.67B = USD 15.03B Fair Value = 15.03B / 294.93m = USD 50.96 -------------------------------------------------------------------------------- 5. FUTURE P/E MULTIPLE BLENDED BENCHMARK -------------------------------------------------------------------------------- * Formula: Sum of (Multiple * Re-normalized Weight) * Inputs: Forward Multiple: 17.1x @ 45% Weight Peer Median (n=31): 20.2x @ 35% Weight Current Multiple: 22.7x @ 20% Weight * Calculation: (17.1 * 0.45) + (20.2 * 0.35) + (22.7 * 0.20) = 7.684 + 7.077 + 4.540 = 19.301x (Rounded to 19.3x) -------------------------------------------------------------------------------- 6. SENSITIVITY OF THE FAIR VALUE -------------------------------------------------------------------------------- * Growth +22.0% -> 45.47 | +25.0% -> 50.96 | +28.0% -> 50.96 * Discount 8.75% -> 60.09 | 9.75% -> 50.96 | 10.75% -> 44.07 ================================================================================

================================================================================ INTRINSIC VALUE (DCF) CALCULATION BREAKDOWN — NASDAQ:PAYS ================================================================================ Target Fair Value: USD 43.01 Current Stock Price: USD 9.17 Market Assessment: 78.7% Undervalued / +369.1% Upside Potential -------------------------------------------------------------------------------- 1. MARKET METRICS RECONCILIATION -------------------------------------------------------------------------------- * Undervaluation Formula: (Fair Value - Current Price) / Fair Value (43.01 - 9.17) / 43.01 = 0.7868 -> 78.7% * Upside Potential Formula: (Fair Value - Current Price) / Current Price (43.01 - 9.17) / 9.17 = 3.6906 -> +369.1% -------------------------------------------------------------------------------- 2. DISCOUNT RATE / COST OF EQUITY (CAPM) -------------------------------------------------------------------------------- * Formula: Risk-Free Rate + (Beta * Equity Risk Premium) * Inputs: Risk-Free Rate = 4.25% Beta = 1.10 ERP = 5.00% * Calculation: 4.25% + (1.10 * 5.00%) = 4.25% + 5.50% = 9.75% (Rounded to 9.8%) -------------------------------------------------------------------------------- 3. 10-YEAR CASH FLOW FORECAST ARCHITECTURE -------------------------------------------------------------------------------- * Base Year Free Cash Flow (FCF0): USD 70.02M (USD 1.2524 per share) * Shares Outstanding: 55.91m (Market Cap 512.66M / Price 9.17) * FCF Margin: 76.5% * Growth Rate Fading Schedule: - Year 1: +25.00% FCF USD 87.52M - Years 2-10: Linear reduction from +25.00% down to +2.50% - Year 10: +2.50% FCF USD 248.91M - Year 11+: +2.50% (Terminal Perpetual Growth Rate) -------------------------------------------------------------------------------- 4. MATHEMATICAL STEPS TO INTRINSIC VALUE -------------------------------------------------------------------------------- * Step A: Present Value of Discrete Cash Flows (Years 1 to 10) PV_Cash_Flows = Sum [ FCF_t / (1 + 0.0975)^t ] for t = 1 to 10 PV_Cash_Flows = USD 1.02B * Step B: Terminal Value (Gordon Growth Model at Year 10) TV_10 = [ FCF_10 * (1 + 0.0250) ] / (0.0975 - 0.0250) TV_10 = [ 248.91M * 1.0250 ] / 0.0725 = USD 3.52B * Step C: Discount the Terminal Value to Present Day PV_TV = 3.52B / (1 + 0.0975)^10 = 3.52B / 2.5354 PV_TV = USD 1.39B * Step D: Equity Value and Fair Value per Share Equity Value = 1.02B + 1.39B = USD 2.40B Fair Value = 2.40B / 55.91m = USD 43.01 -------------------------------------------------------------------------------- 5. FUTURE P/E MULTIPLE BLENDED BENCHMARK -------------------------------------------------------------------------------- * Formula: Sum of (Multiple * Re-normalized Weight) * Inputs: Forward Multiple: 39.9x @ 45% Weight Peer Median (n=13): 13.8x @ 35% Weight Current Multiple: 53.6x @ 20% Weight * Calculation: (39.9 * 0.45) + (13.8 * 0.35) + (53.6 * 0.20) = 17.941 + 4.817 + 10.719 = 33.477x (Rounded to 33.5x) -------------------------------------------------------------------------------- 6. SENSITIVITY OF THE FAIR VALUE -------------------------------------------------------------------------------- * Growth +22.0% -> 38.38 | +25.0% -> 43.01 | +28.0% -> 43.01 * Discount 8.75% -> 50.72 | 9.75% -> 43.01 | 10.75% -> 37.20 ================================================================================

================================================================================ INTRINSIC VALUE (DCF) CALCULATION BREAKDOWN — NASDAQ:NRDS ================================================================================ Target Fair Value: USD 44.66 Current Stock Price: USD 9.09 Market Assessment: 79.6% Undervalued / +391.3% Upside Potential -------------------------------------------------------------------------------- 1. MARKET METRICS RECONCILIATION -------------------------------------------------------------------------------- * Undervaluation Formula: (Fair Value - Current Price) / Fair Value (44.66 - 9.09) / 44.66 = 0.7964 -> 79.6% * Upside Potential Formula: (Fair Value - Current Price) / Current Price (44.66 - 9.09) / 9.09 = 3.9126 -> +391.3% -------------------------------------------------------------------------------- 2. DISCOUNT RATE / COST OF EQUITY (CAPM) -------------------------------------------------------------------------------- * Formula: Risk-Free Rate + (Beta * Equity Risk Premium) * Inputs: Risk-Free Rate = 4.25% Beta = 1.10 ERP = 5.00% * Calculation: 4.25% + (1.10 * 5.00%) = 4.25% + 5.50% = 9.75% (Rounded to 9.8%) -------------------------------------------------------------------------------- 3. 10-YEAR CASH FLOW FORECAST ARCHITECTURE -------------------------------------------------------------------------------- * Base Year Free Cash Flow (FCF0): USD 122.80M (USD 1.8663 per share) * Shares Outstanding: 65.80m (Market Cap 598.11M / Price 9.09) * FCF Margin: 14.5% * Growth Rate Fading Schedule: - Year 1: +15.61% FCF USD 141.97M - Years 2-10: Linear reduction from +15.61% down to +2.50% - Year 10: +2.50% FCF USD 290.01M - Year 11+: +2.50% (Terminal Perpetual Growth Rate) -------------------------------------------------------------------------------- 4. MATHEMATICAL STEPS TO INTRINSIC VALUE -------------------------------------------------------------------------------- * Step A: Present Value of Discrete Cash Flows (Years 1 to 10) PV_Cash_Flows = Sum [ FCF_t / (1 + 0.0975)^t ] for t = 1 to 10 PV_Cash_Flows = USD 1.32B * Step B: Terminal Value (Gordon Growth Model at Year 10) TV_10 = [ FCF_10 * (1 + 0.0250) ] / (0.0975 - 0.0250) TV_10 = [ 290.01M * 1.0250 ] / 0.0725 = USD 4.10B * Step C: Discount the Terminal Value to Present Day PV_TV = 4.10B / (1 + 0.0975)^10 = 4.10B / 2.5354 PV_TV = USD 1.62B * Step D: Equity Value and Fair Value per Share Equity Value = 1.32B + 1.62B = USD 2.94B Fair Value = 2.94B / 65.80m = USD 44.66 -------------------------------------------------------------------------------- 5. FUTURE P/E MULTIPLE BLENDED BENCHMARK -------------------------------------------------------------------------------- * Formula: Sum of (Multiple * Re-normalized Weight) * Inputs: Forward Multiple: 10.6x @ 45% Weight Peer Median (n=31): 20.2x @ 35% Weight Current Multiple: 9.8x @ 20% Weight * Calculation: (10.6 * 0.45) + (20.2 * 0.35) + (9.8 * 0.20) = 4.782 + 7.077 + 1.952 = 13.811x (Rounded to 13.8x) -------------------------------------------------------------------------------- 6. SENSITIVITY OF THE FAIR VALUE -------------------------------------------------------------------------------- * Growth +12.6% -> 39.68 | +15.6% -> 44.66 | +18.6% -> 50.19 * Discount 8.75% -> 52.34 | 9.75% -> 44.66 | 10.75% -> 38.85 ================================================================================

================================================================================ INTRINSIC VALUE (DCF) CALCULATION BREAKDOWN — NASDAQ:PRDO ================================================================================ Target Fair Value: USD 91.64 Current Stock Price: USD 32.91 Market Assessment: 64.1% Undervalued / +178.5% Upside Potential -------------------------------------------------------------------------------- 1. MARKET METRICS RECONCILIATION -------------------------------------------------------------------------------- * Undervaluation Formula: (Fair Value - Current Price) / Fair Value (91.64 - 32.91) / 91.64 = 0.6409 -> 64.1% * Upside Potential Formula: (Fair Value - Current Price) / Current Price (91.64 - 32.91) / 32.91 = 1.7849 -> +178.5% -------------------------------------------------------------------------------- 2. DISCOUNT RATE / COST OF EQUITY (CAPM) -------------------------------------------------------------------------------- * Formula: Risk-Free Rate + (Beta * Equity Risk Premium) * Inputs: Risk-Free Rate = 4.25% Beta = 1.10 ERP = 5.00% * Calculation: 4.25% + (1.10 * 5.00%) = 4.25% + 5.50% = 9.75% (Rounded to 9.8%) -------------------------------------------------------------------------------- 3. 10-YEAR CASH FLOW FORECAST ARCHITECTURE -------------------------------------------------------------------------------- * Base Year Free Cash Flow (FCF0): USD 220.92M (USD 3.5233 per share) * Shares Outstanding: 62.70m (Market Cap 2.06B / Price 32.91) * FCF Margin: 25.8% * Growth Rate Fading Schedule: - Year 1: +17.75% FCF USD 260.13M - Years 2-10: Linear reduction from +17.75% down to +2.50% - Year 10: +2.50% FCF USD 573.80M - Year 11+: +2.50% (Terminal Perpetual Growth Rate) -------------------------------------------------------------------------------- 4. MATHEMATICAL STEPS TO INTRINSIC VALUE -------------------------------------------------------------------------------- * Step A: Present Value of Discrete Cash Flows (Years 1 to 10) PV_Cash_Flows = Sum [ FCF_t / (1 + 0.0975)^t ] for t = 1 to 10 PV_Cash_Flows = USD 2.55B * Step B: Terminal Value (Gordon Growth Model at Year 10) TV_10 = [ FCF_10 * (1 + 0.0250) ] / (0.0975 - 0.0250) TV_10 = [ 573.80M * 1.0250 ] / 0.0725 = USD 8.11B * Step C: Discount the Terminal Value to Present Day PV_TV = 8.11B / (1 + 0.0975)^10 = 8.11B / 2.5354 PV_TV = USD 3.20B * Step D: Equity Value and Fair Value per Share Equity Value = 2.55B + 3.20B = USD 5.75B Fair Value = 5.75B / 62.70m = USD 91.64 -------------------------------------------------------------------------------- 5. FUTURE P/E MULTIPLE BLENDED BENCHMARK -------------------------------------------------------------------------------- * Formula: Sum of (Multiple * Re-normalized Weight) * Inputs: Current Multiple: 12.6x @ 20% Weight * Calculation: (12.6 * 0.20) = 2.517 = 2.517 / 0.20 = 12.586x (Rounded to 12.6x) -------------------------------------------------------------------------------- 6. SENSITIVITY OF THE FAIR VALUE -------------------------------------------------------------------------------- * Growth +14.7% -> 81.50 | +17.7% -> 91.64 | +20.7% -> 102.90 * Discount 8.75% -> 107.57 | 9.75% -> 91.64 | 10.75% -> 79.61 ================================================================================