FP-DCF/examples/sample_output.json at main · tiejiang8/FP-DCF · GitHub

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
{
  "ticker": "AAPL",
  "market": "US",
  "valuation_model": "steady_state_single_stage",
  "requested_valuation_model": "steady_state_single_stage",
  "effective_valuation_model": "steady_state_single_stage",
  "degraded": true,
  "degradation_reasons": [
    "degraded_due_to_ebiat_only_fcff_anchor"
  ],
  "currency": "USD",
  "as_of_date": "2026-04-05",
  "tax": {
    "effective_tax_rate": 0.187,
    "effective_tax_rate_source": "manual_input",
    "marginal_tax_rate": 0.21,
    "marginal_tax_rate_source": "manual_input"
  },
  "wacc_inputs": {
    "risk_free_rate": 0.043,
    "risk_free_rate_source": "manual_input",
    "equity_risk_premium": 0.05,
    "equity_risk_premium_source": "manual_input",
    "beta": 1.08,
    "beta_source": "manual_input",
    "cost_of_equity": 0.097,
    "pre_tax_cost_of_debt": 0.032,
    "pre_tax_cost_of_debt_source": "manual_input",
    "wacc": 0.0912624
  },
  "capital_structure": {
    "equity_weight": 0.92,
    "debt_weight": 0.08,
    "source": "manual_input"
  },
  "fcff": {
    "anchor": 106216000000.0,
    "anchor_method": "ebiat_plus_da_minus_capex_minus_delta_nwc",
    "selected_path": "ebiat",
    "anchor_ebiat_path": 106216000000.0,
    "anchor_cfo_path": null,
    "ebiat_path_available": true,
    "cfo_path_available": false,
    "after_tax_interest": null,
    "after_tax_interest_source": null,
    "reconciliation_gap": null,
    "reconciliation_gap_pct": null,
    "anchor_mode": "latest",
    "anchor_observation_count": 1,
    "delta_nwc_source": "OpNWC_delta",
    "last_report_period": "2025-09-27"
  },
  "valuation": {
    "enterprise_value": 1785801405103.2935,
    "equity_value": 1739801405103.2935,
    "per_share_value": 112.24525194214796,
    "terminal_growth_rate": 0.03,
    "terminal_growth_rate_effective": 0.03,
    "present_value_stage1": 0.0,
    "present_value_stage2": null,
    "present_value_terminal": 1785801405103.2935,
    "terminal_value": 1785801405103.2935,
    "terminal_value_share": 1.0,
    "explicit_forecast_years": 0,
    "stage1_years": null,
    "stage2_years": null,
    "stage2_decay_mode": null
  },
  "market_implied_growth": {
    "enabled": true,
    "success": true,
    "valuation_model": "steady_state_single_stage",
    "solved_field": "growth_rate",
    "solved_value": 0.059551681104481925,
    "solver_used": "closed_form",
    "lower_bound": -0.5,
    "upper_bound": 0.5,
    "iterations": 0,
    "residual": 0.0,
    "market_price": 226.0,
    "market_enterprise_value": 3549000000000.0,
    "base_case_per_share_value": 112.24525194214796,
    "base_case_enterprise_value": 1785801405103.2935,
    "message": "Market-implied growth solved successfully."
  },
  "diagnostics": [
    "tax_rate_paths_are_separated",
    "fcff_path_selector_only_ebiat_available",
    "fcff_path_selected:ebiat",
    "valuation_model_steady_state_single_stage"
  ],
  "warnings": [],
  "market_inputs": {
    "enterprise_value_market": 3549000000000.0,
    "enterprise_value_market_source": "derived_from_market_price_shares_out_and_net_debt",
    "equity_value_market": 3503000000000.0,
    "market_price": 226.0,
    "market_price_source": "market_inputs.market_price",
    "shares_out": 15500000000.0,
    "shares_out_source": "fundamentals.shares_out",
    "net_debt": 46000000000.0,
    "net_debt_source": "fundamentals.net_debt"
  },
  "sensitivity": {
    "metric": "per_share_value",
    "metric_label": "Per Share Value",
    "base_wacc": 0.091262,
    "base_terminal_growth_rate": 0.03,
    "base_metric_value": 112.24525194214796,
    "market_price": 226.0,
    "wacc_axis": {
      "min": 0.071262,
      "max": 0.111262,
      "points": 5
    },
    "terminal_growth_axis": {
      "min": 0.02,
      "max": 0.04,
      "points": 5
    },
    "diagnostics": [
      "sensitivity_heatmap:wacc_x_terminal_growth",
      "sensitivity_metric:per_share_value"
    ],
    "warnings": []
  },
  "artifacts": {
    "sensitivity_heatmap_path": "examples/sample_output.sensitivity.png",
    "sensitivity_heatmap_svg_path": "examples/sample_output.sensitivity.svg"
  }
}