cn_tencent_two_stage.output.json

{
  "ticker": "0700.HK",
  "market": "HK",
  "valuation_model": "two_stage",
  "requested_valuation_model": "two_stage",
  "effective_valuation_model": "two_stage",
  "degraded": false,
  "currency": "HKD",
  "as_of_date": "2026-04-11",
  "tax": {
    "effective_tax_rate": 0.17,
    "effective_tax_rate_source": "yahoo:tax_rate",
    "marginal_tax_rate": 0.25,
    "marginal_tax_rate_source": "market_default"
  },
  "wacc_inputs": {
    "risk_free_rate": 0.025,
    "risk_free_rate_source": "yahoo:^TNX",
    "equity_risk_premium": 0.06,
    "equity_risk_premium_source": "market_default",
    "beta": 1.05,
    "beta_source": "yahoo_price_regression:^HSI",
    "cost_of_equity": 0.088,
    "pre_tax_cost_of_debt": 0.035,
    "pre_tax_cost_of_debt_source": "yahoo:interest_expense_over_total_debt",
    "wacc": 0.081825
  },
  "capital_structure": {
    "equity_weight": 0.9,
    "debt_weight": 0.1,
    "source": "yahoo:market_value_using_total_debt"
  },
  "fcff": {
    "anchor": 201339480000.0,
    "anchor_method": "cfo_plus_after_tax_interest_minus_capex",
    "selected_path": "cfo",
    "anchor_ebiat_path": 59826610000.0,
    "anchor_cfo_path": 201339480000.0,
    "ebiat_path_available": true,
    "cfo_path_available": true,
    "after_tax_interest": 11168480000.0,
    "after_tax_interest_source": "interest_expense_proxy",
    "reconciliation_gap": 141512870000.0,
    "reconciliation_gap_pct": 0.7028570352918364,
    "anchor_mode": "latest",
    "anchor_observation_count": 1,
    "delta_nwc_source": "op_nwc_delta",
    "last_report_period": "2025-12-31"
  },
  "valuation": {
    "enterprise_value": 5407745180600.819,
    "equity_value": 5142387180600.819,
    "per_share_value": 569.0433375521699,
    "terminal_growth_rate": 0.03,
    "terminal_growth_rate_effective": 0.03,
    "present_value_stage1": 1058586879223.2845,
    "present_value_stage2": null,
    "present_value_terminal": 4349158301377.5347,
    "terminal_value": 6444515645206.835,
    "terminal_value_share": 0.8042461610394016,
    "explicit_forecast_years": 5,
    "stage1_years": null,
    "stage2_years": null,
    "stage2_decay_mode": null
  },
  "diagnostics": [
    "provider_normalization:yahoo:A",
    "provider_cache_miss:yahoo",
    "tax_rate_paths_are_separated",
    "fcff_path_selector_preferred_cfo",
    "fcff_path_selected:cfo",
    "valuation_model_two_stage"
  ],
  "warnings": [
    "interest_paid_missing_used_interest_expense_proxy",
    "fcff_reconciliation_gap_pct_above_0.10",
    "terminal_value_share_above_0.75"
  ],
  "sensitivity": {
    "metric": "per_share_value",
    "metric_label": "Per Share Value",
    "base_wacc": 0.081825,
    "base_terminal_growth_rate": 0.03,
    "base_metric_value": 569.0433375521699,
    "market_price": null,
    "wacc_axis": {
      "min": 0.061825,
      "max": 0.101825,
      "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/cn_tencent_two_stage.output.sensitivity.png",
    "sensitivity_heatmap_svg_path": "examples/cn_tencent_two_stage.output.sensitivity.svg"
  }
}