My final rating:The ROIC is also very likely to drop if its revenue growth stops, which might trigger a selloff; for that reason, I give the final rating of:Uninvestable - while the company has some strengths, its risks make it an unstable investment - dependent on outside bidders for winning contracts, and ROIC, which differs year-to-year. No amount of management alignment is going to fix that.Phase 4:FCFNet cash flows from operating activities 30,668Acquisition of property, plant and equipment 12 (2,053)WARNING:Acquisition of other investments (221,380)I don’t know what that is, but it also doesn't mean it’s something that is related to other investments in the sense of my previous findings (current assets).It seems to me they are actively increasing their debt: I can see a line item - Treasury shares sold 53,370Are cash flows from investing activities related to Cash flows from financing activities?Or do they not interact? No, they must -money flows from one to the other - but unchanged from the value at each section, or does it really only get summed up from the expenses or income from each section? I’m confused.Ok, so they are essentially separate buckets.RR up next needed to calculate expected EBIT growth. Rule of 40 needs to be checked as well.I need net capex - but I will learn from my previous mistake made here, and WON’T use “Acquistion of other investments” - as that results in nonsense values, and is essentially just a treasury transaction, not a capital outflow.2025: CapEx: 2,053 -Depreciation: 2,072−0,019Net CapEx.I count other investments as cash for this, based on what I found earlier (they are placed in bank accounts instead of being actively invested):NWC (Net working capital): 2025 2024Current assets: 122,637 64,714-Cash and cash equivalents 16,513 3,662-Other investments 63,339 11,616-Current liabilities 37,972 45,838 4,813 3,598Change in NWC: an increase of 1,215RR = ( −19 +1215 ) / 20699 = 0,0577 = 5.77% - low numberExpected EBIT = ROIC X RR = 132.54 * 5.77 = 764,7558 = 7.64% - we can sue this to find their expected returnBut I need their actual FCF yield!fcf: 28,615,000Market cap:Jul 15, 2026 282.90 = 28290000010.11%Expected return = 10,11+7,64 = 17,75So what about revenue growth?34.09%2025 vs 2024:165,486 123,411This means they pass.FCF margin:28615000 / 16548600017.29%here the rule of 40 doesn’t pass!base case: 17,29 + 10.11 = 27,4% - rule of 40. (be careful here)bull case: 17.29 + 34.09 = 51,38verdict: undervalued.Phase 4Trade payables increased - why?Loan liabilities are at zero - that’s great - but why was it previously at 5.2MLN to the CEO?!I like the idea of choosing a bonus in cash, not in shares - and they receive 20% free money just for choosing shares? That’s a robbery on shareholders!It would be better if they were to implement something that Topicus has - management HAS to spend 75% of bonus cash on shares at market prices, not at a discount.So this move I would rate a 3/5.The CEO (Branislav Brizar) owns 64.5% of the shares.I will use this: “Key management remuneration for 2025 amounts to EUR 1,568 thousand (2024: EUR 2,531thousand). Key management consists of Management board members, i.e. 5 persons in 2025(2024: 4 persons). Key management remuneration for 2025 includes share-based paymentsas part of the short-term bonus program in the amount of EUR 185 thousand (2024: -). “1,568 / 5 = 3136000 per person / year.Let’s assume that the CEO has that salary - because I can’t find anything else.Ending share price in 2025: 56 EURUsing the share price of 75.40 EUR per share (current) - we get this:2,573,400 * 75.4 = 194,034,360 EUR in net worth3136000 ÷ 194034360 = 1.61% of net worth earned per year - rating ok - under 2-5% is aligned. 62 years until he isn’t aligned.Total verdict: 3/5 - there are some insider transactions I don’t understand, and employees get free shares, which I don’t like. But the CEO is aligned and earns a small bit of his net worth as a cash salary.The 2024 Buyback: The company spent EUR 23,052,000 to buy shares from the CEO at EUR 17/share.The current price is EUR 75.40.AI:The Forensic Conclusion: In 2024, the CEO provided the company with a massive amount of “cheap” equity while taking 23M in liquidity. Most “mercenary” CEOs sell to the market at high prices. Brizar sold to the company at what turned out to be a massive discount for the remaining shareholders. This is a rare Bullish alignment signal.You wrote: “An idiot would fail this company. It needs to be guided well.”The Audit: Peter Lynch’s rule is: “Buy a business that any idiot can run, because sooner or later, one will.”The Consequence: If ING-grad requires the “Genius” of Brizar to navigate government relations and subcontractor management, then your investment is Key Man Dependent. If Brizar leaves, your 132% ROIC likely leaves with him. This must be listed as a primary risk in your 5-page PDF.