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	SENSITIVITY ANALYSIS
	Scenario analysis on key assumptions for FY2028 (mid-projection)
	SCENARIO 1: FY2028 EBITDA SENSITIVITY ($mm)
	Impact of Revenue Growth & COGS margin changes on EBITDA
	Base Case Revenue ($mm)	643
	Base Case COGS %	55.5%
	Base Case EBITDA ($mm)	140
	COGS % Adj.	Revenue Growth Adj.
	EBITDA ($mm)	-10.0%	-5.0%	0.0%	5.0%	10.0%
	-3.0%	143	151	159	167	175
	-1.5%	134	142	149	157	164
	0.0%	126	133	140	147	153
	1.5%	117	123	130	136	143
	3.0%	108	114	120	126	132
	SCENARIO 2: FY2028 NET INCOME SENSITIVITY ($mm)
	Impact of Revenue Growth & Tax Rate changes on Net Income
	Base Case Net Income ($mm)	82
	Base Case Tax Rate	25.0%
	Tax Rate Adj.	Revenue Growth Adj.
	Net Income ($mm)	-10.0%	-5.0%	0.0%	5.0%	10.0%
	-5.0%	78	82	87	92	96
	-2.5%	75	80	84	89	93
	0.0%	73	77	82	86	90
	2.5%	71	75	79	83	87
	5.0%	68	72	76	80	84
	SCENARIO SUMMARY: THREE CASES
	Metric	Bear Case	Base Case	Bull Case
	Revenue Growth Adj.	-5.0%	0.0%	5.0%
	COGS Margin Adj.	2.0%	0.0%	-2.0%
	Tax Rate Adj.	2.5%	0.0%	-2.5%
	FY2028 Revenue ($mm)	611	643	675
	FY2028 EBITDA ($mm)	120	140	160
	FY2028 Net Income ($mm)	65	82	100
	EBITDA Margin	19.7%	21.7%	23.7%
	Net Margin	10.6%	12.7%	14.8%
	Notes:
	- Yellow highlighted cell = base case (no adjustments)
	- Sensitivity tables show approximate impact; full model recalculation requires changing Assumptions sheet
	- Blue text = editable scenario inputs