{"summary":{"engine":"dcf","engine_version":"dcf-1.0.0","passed":4,"failed":0,"pending":0,"all_passing":true,"workbook_sha256":"967c42a220ac5bcc9e3508e9f5b838317856cacfb606de74de4174b43d680362","checked_at":"2026-08-17T19:33:31.020093+00:00"},"conventions":{"convention":"End-of-year discounting: PV = CF_t / (1+WACC)^t.","enterprise_value":"sum(PV of projection FCFs) + PV(terminal value). Matches Excel NPV(WACC, stream) with terminal folded into the final year.","terminal_exit":"Exit multiple: terminal EBITDA x EV/EBITDA multiple.","terminal_gordon":"Gordon growth: FCF_n x (1+g) / (WACC - g).","equity_bridge":"Equity = EV - net_debt; implied share price = equity / shares_outstanding.","sensitivity_not_reconciled":"The 9x9 sensitivity grid is not reconciled: the workbook uses fixed axes (8-12% discount, 8-12x multiple) while the engine centres on base WACC +/-200bps. Different points. test_parity asserts the engine's sensitivity centre cell equals base EV."},"tolerances":{"cash":0.01},"cases":[{"id":"dcf_exit_multiple","status":"pass","source":{"workbook":"dcf.xlsx","sha256":"967c42a220ac5bcc9e3508e9f5b838317856cacfb606de74de4174b43d680362","toggle":"exit side, D7=0","recalc":"LibreOffice Calc headless (validated to the cent against the workbook examples); Gordon PV-of-TV injected as =P14/((1+D8)^P11)"}},{"id":"dcf_exit_netdebt","status":"pass","source":{"workbook":"dcf.xlsx","sha256":"967c42a220ac5bcc9e3508e9f5b838317856cacfb606de74de4174b43d680362","toggle":"exit side, D7=20000","recalc":"LibreOffice Calc headless (validated to the cent against the workbook examples); Gordon PV-of-TV injected as =P14/((1+D8)^P11)"}},{"id":"dcf_gordon_growth","status":"pass","source":{"workbook":"dcf.xlsx","sha256":"967c42a220ac5bcc9e3508e9f5b838317856cacfb606de74de4174b43d680362","toggle":"gordon side, D7=0","recalc":"LibreOffice Calc headless (validated to the cent against the workbook examples); Gordon PV-of-TV injected as =P14/((1+D8)^P11)"}},{"id":"dcf_gordon_netdebt","status":"pass","source":{"workbook":"dcf.xlsx","sha256":"967c42a220ac5bcc9e3508e9f5b838317856cacfb606de74de4174b43d680362","toggle":"gordon side, D7=150000000","recalc":"LibreOffice Calc headless (validated to the cent against the workbook examples); Gordon PV-of-TV injected as =P14/((1+D8)^P11)"}}]}