Methodology

This plan preserves the sponsor’s headline revenue and EBITDA exactly and re-derives every line below EBITDA, depreciation, amortisation, financing cost, taxation and net profit, from an integrated three-statement model. The model applies South African corporate tax of 27% with the post-2022 80% assessed-loss cap, a per-vintage capital-expenditure and depreciation schedule, two amortising senior debt tranches, a Series B expansion equity round and a revolving facility solved iteratively so that cash remains feasible and never falls below the R8 million minimum. The balance sheet is required to tie to zero in every year and is verified by an automated assertion. Returns are computed on unlevered free cash flow with an 8.5× EV/EBITDA terminal value; equity returns are computed to a Year-5 exit net of ending net debt. Market and macro data are drawn from independent industry studies and South African Reserve Bank sources current to July 2026.

Glossary

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LuminaScanX South Africa Diagnostic Centres (Pty) Ltd • Strictly Private & Confidential • July 2026