sample_output_three_stage.json

{
  "ticker": "AAPL",
  "market": "US",
  "valuation_model": "three_stage",
  "requested_valuation_model": "three_stage",
  "effective_valuation_model": "three_stage",
  "degraded": false,
  "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": "manual_input",
    "selected_path": "manual_anchor",
    "anchor_ebiat_path": null,
    "anchor_cfo_path": null,
    "ebiat_path_available": false,
    "cfo_path_available": false,
    "after_tax_interest": null,
    "after_tax_interest_source": null,
    "reconciliation_gap": null,
    "reconciliation_gap_pct": null,
    "anchor_mode": "manual",
    "anchor_observation_count": 1,
    "delta_nwc_source": "manual_input",
    "last_report_period": "2025-09-27"
  },
  "valuation": {
    "enterprise_value": 2339877686433.277,
    "equity_value": 2293877686433.277,
    "per_share_value": 147.9921088021469,
    "terminal_growth_rate": 0.03,
    "terminal_growth_rate_effective": 0.03,
    "present_value_stage1": 514861452010.79553,
    "present_value_stage2": 285871425709.4699,
    "present_value_terminal": 1539144808713.0115,
    "terminal_value": 3095373176764.218,
    "terminal_value_share": 0.6577885748631422,
    "explicit_forecast_years": 8,
    "stage1_years": 5,
    "stage2_years": 3,
    "stage2_decay_mode": "linear"
  },
  "diagnostics": [
    "tax_rate_paths_are_separated",
    "fcff_path_selected:manual_anchor",
    "valuation_model_three_stage"
  ],
  "warnings": []
}