urns: relative to current pricing of $10.01, our target price of $15.91 represents —60% upside and —19% IRft (2018). • Upside Downside Ratio: our Upside Case yields a price target of —$24 (+140%) and our Downside Case yields a price target of —$7 (-31%). which implies a favorable Upside / Down- side Rati

202.3 $232.2 $174.1 Net Profit (Loss) $51.9 $118.6 $212.6 $148.7 $206.6 $92.5 26 EFTA00596103 Investor Returns Upside Case • Under its Upside Case, the Josephson Animated Company will return a Lifetime IRR on capital of 25.0%, with Payback within 6 years of funding and 2 years after the first r