{ "$schema": "https://json-schema.org/draft/2020-12/schema", "$id": "/ai/valuation-report.schema.json", "$comment": "10Y STOCK VALUE Protocol v1.10.0; modified 2026-08-30", "title": "10Y STOCK VALUE professional valuation report", "type": "object", "additionalProperties": false, "required": [ "protocol_version", "protocol_date_modified", "status", "as_of", "company", "ticker", "currency", "amount_unit", "engagement", "security_context", "currency_context", "model", "macro_context", "data_quality", "evidence", "normalization_adjustments", "assumptions", "capital_cost", "multiple_calibration", "forecast", "sotp", "results", "calculation_trace", "validation", "missing_information", "not_computable_reason", "limitations" ], "properties": { "protocol_version": { "const": "1.10.0" }, "protocol_date_modified": { "const": "2026-08-30" }, "status": { "enum": [ "calculated", "not_computable" ] }, "as_of": { "type": "string", "description": "YYYY-MM-DD。決算基準日と市場価格取得日が異なる場合はsecurity_contextで分離" }, "company": { "type": "string", "minLength": 1 }, "ticker": { "type": [ "string", "null" ] }, "currency": { "type": "string" }, "amount_unit": { "type": "string" }, "engagement": { "type": "object", "additionalProperties": false, "required": [ "requested_level", "claim_status", "claim_explanation" ], "properties": { "requested_level": { "const": "professional_valuation" }, "claim_status": { "enum": [ "professional_standard_passed", "indicative_only", "not_computable" ] }, "claim_explanation": { "type": "string", "minLength": 1 } } }, "security_context": { "type": "object", "additionalProperties": false, "required": [ "legal_entity", "country_or_region", "security_type", "share_class", "exchange", "security_identifier", "primary_listing", "adr_or_unit_ratio", "underlying_shares_per_listed_security", "financial_statement_as_of", "market_price_as_of", "current_market_price", "price_unit", "price_currency", "price_quote_unit_code", "quote_unit_to_price_currency", "identity_verified" ], "properties": { "legal_entity": { "type": "string", "minLength": 1 }, "country_or_region": { "type": [ "string", "null" ] }, "security_type": { "enum": [ "common", "preferred", "adr", "gdr", "unit", "fund", "index", "private_equity" ] }, "share_class": { "type": [ "string", "null" ] }, "exchange": { "type": [ "string", "null" ] }, "security_identifier": { "type": [ "string", "null" ] }, "primary_listing": { "type": [ "boolean", "null" ] }, "adr_or_unit_ratio": { "type": [ "number", "null" ], "exclusiveMinimum": 0 }, "underlying_shares_per_listed_security": { "type": [ "number", "null" ], "exclusiveMinimum": 0, "description": "上場証券1単位が表す原普通株数。普通株は1" }, "financial_statement_as_of": { "type": [ "string", "null" ] }, "market_price_as_of": { "type": [ "string", "null" ] }, "current_market_price": { "type": [ "number", "null" ], "exclusiveMinimum": 0 }, "price_unit": { "type": [ "string", "null" ] }, "price_currency": { "type": [ "string", "null" ] }, "price_quote_unit_code": { "type": [ "string", "null" ], "description": "GBPとGBXを区別" }, "quote_unit_to_price_currency": { "type": [ "number", "null" ], "exclusiveMinimum": 0 }, "identity_verified": { "type": "boolean" } } }, "currency_context": { "type": "object", "additionalProperties": false, "required": [ "reporting_currency", "functional_currency", "price_currency", "valuation_currency", "input_amount_unit", "output_amount_unit", "price_quote_unit_code", "quote_unit_to_price_currency", "rates", "year10_fx_policy", "year10_financial_to_valuation_rate", "currency_exposures", "conversion_trace", "consistent" ], "properties": { "reporting_currency": { "type": "string" }, "functional_currency": { "type": [ "string", "null" ] }, "price_currency": { "type": "string" }, "valuation_currency": { "type": "string" }, "input_amount_unit": { "type": "string" }, "output_amount_unit": { "type": "string" }, "price_quote_unit_code": { "type": "string" }, "quote_unit_to_price_currency": { "type": "number", "exclusiveMinimum": 0 }, "rates": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "rate_id", "from", "to", "rate_to_per_from", "rate_kind", "as_of", "period", "use", "classification", "source_url" ], "properties": { "rate_id": { "type": "string", "minLength": 1 }, "from": { "type": "string" }, "to": { "type": "string" }, "rate_to_per_from": { "type": "number", "exclusiveMinimum": 0 }, "rate_kind": { "enum": [ "spot", "closing", "average", "forward", "assumption" ] }, "as_of": { "type": [ "string", "null" ] }, "period": { "type": [ "string", "null" ] }, "use": { "enum": [ "market_price", "balance_sheet", "income_statement", "today_value", "year10_value", "sensitivity" ] }, "classification": { "enum": [ "observed", "estimate", "assumption" ] }, "source_url": { "type": [ "string", "null" ] } } } }, "year10_fx_policy": { "enum": [ "constant_spot", "explicit_year10", "scenario_path" ] }, "year10_financial_to_valuation_rate": { "type": [ "number", "null" ], "exclusiveMinimum": 0 }, "currency_exposures": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "currency", "revenue_share", "cost_share", "asset_share", "debt_share", "hedging_note", "evidence_refs" ], "properties": { "currency": { "type": "string" }, "revenue_share": { "type": [ "number", "null" ], "minimum": 0, "maximum": 1 }, "cost_share": { "type": [ "number", "null" ], "minimum": 0, "maximum": 1 }, "asset_share": { "type": [ "number", "null" ], "minimum": 0, "maximum": 1 }, "debt_share": { "type": [ "number", "null" ], "minimum": 0, "maximum": 1 }, "hedging_note": { "type": [ "string", "null" ] }, "evidence_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true } } } }, "conversion_trace": { "type": "array", "items": { "type": "string" } }, "consistent": { "type": "boolean" } } }, "model": { "type": "object", "additionalProperties": false, "required": [ "id", "name", "selection_reason", "selection_evidence_refs", "segment_approach", "applicable", "theory_status", "valuation_role", "primary_value_eligible", "consistency_checks", "rejected_alternatives" ], "properties": { "id": { "enum": [ "profitable", "lossmaking", "private", "bank", "dcf-listed", "dcf-loss", "dcf-private", "bank-residual-income", "index-passive", "fund-active", "sector:insurance", "sector:reit", "sector:rental_real_estate", "sector:resources_energy", "sector:biotech_pharma", "sector:power_gas", "sector:public_utility", "sector:sogo_shosha", "sector:investment_holdco", "sector:conglomerate", "sector:securities", "sector:asset_management", "sector:airline", "sector:shipping", "sector:steel", "sector:memory_semiconductor", "sector:telecom", "sector:infrastructure", "sector:construction_engineering", "sector:real_estate_dev", "sector:saas_subscription" ] }, "name": { "type": "string" }, "selection_reason": { "type": "string", "minLength": 1 }, "selection_evidence_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true }, "segment_approach": { "enum": [ "single_model", "sotp", "not_applicable" ] }, "applicable": { "type": "boolean" }, "theory_status": { "enum": [ "standard", "conditional", "heuristic" ] }, "valuation_role": { "enum": [ "primary", "cross_check", "stress_only", "not_applicable" ] }, "primary_value_eligible": { "type": "boolean", "description": "適用門番・理論整合・証拠・監査を全て通った場合だけtrue" }, "consistency_checks": { "type": "array", "items": { "type": "string" } }, "rejected_alternatives": { "type": "array", "items": { "type": "string" } } } }, "macro_context": { "type": "object", "additionalProperties": false, "required": [ "status", "model_id", "theory_status", "valuation_role", "primary_value_eligible", "bridge_status", "scenario_order", "calibration", "inputs", "scenarios", "warnings", "stop_reason", "evidence_refs" ], "properties": { "status": { "enum": [ "used", "not_used", "blocked", "not_applicable" ] }, "model_id": { "const": "macro-structural" }, "theory_status": { "const": "conditional" }, "valuation_role": { "const": "assumption_support" }, "primary_value_eligible": { "const": false }, "bridge_status": { "enum": [ "not_used", "pending", "applied", "already_embedded" ] }, "scenario_order": { "type": "array", "minItems": 3, "maxItems": 3, "prefixItems": [ { "const": "bear" }, { "const": "base" }, { "const": "bull" } ], "items": false }, "calibration": { "type": "object", "additionalProperties": false, "required": [ "as_of", "economy", "domestic_currency", "foreign_currency", "coefficient_status", "estimation_window", "source_refs", "limitations" ], "properties": { "as_of": { "type": [ "string", "null" ], "description": "マクロ観測値・市場入力の共通基準日 YYYY-MM-DD" }, "economy": { "type": [ "string", "null" ] }, "domestic_currency": { "type": [ "string", "null" ] }, "foreign_currency": { "type": [ "string", "null" ] }, "coefficient_status": { "enum": [ "calibrated", "externally_sourced", "assumed", "unavailable", "not_applicable" ] }, "estimation_window": { "type": [ "string", "null" ], "description": "係数推定期間または外部推定値の対象期間" }, "source_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true }, "limitations": { "type": "array", "items": { "type": "string" } } } }, "inputs": { "type": "array", "maxItems": 43, "items": { "oneOf": [ { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "horizonYears" }, "value": { "const": 10 }, "unit": { "const": "years" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "realGdp0" }, "value": { "type": "number" }, "unit": { "const": "input_level_unit" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "potentialGdp0" }, "value": { "type": "number" }, "unit": { "const": "input_level_unit" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "priceIndex0" }, "value": { "type": "number" }, "unit": { "const": "input_index_unit" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "potentialRealGrowth" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "outputGapClosure" }, "value": { "type": "number" }, "unit": { "const": "decimal" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "outputGap0" }, "value": { "type": "number" }, "unit": { "const": "decimal" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "inflation0" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "inflationTarget" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "inflationMeanReversion" }, "value": { "type": "number" }, "unit": { "const": "decimal" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "outputGapInterestSensitivity" }, "value": { "type": "number" }, "unit": { "const": "x" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "inflationOutputGapCoeff" }, "value": { "type": "number" }, "unit": { "const": "x" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "inflationFxPassThrough" }, "value": { "type": "number" }, "unit": { "const": "x" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "policyRate0" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "neutralRealRate" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "taylorInflationCoeff" }, "value": { "type": "number" }, "unit": { "const": "x" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "taylorOutputGapCoeff" }, "value": { "type": "number" }, "unit": { "const": "x" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "policySmoothing" }, "value": { "type": "number" }, "unit": { "const": "decimal" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "termPremium0" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "termPremium10" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] }, { "type": "object", "additionalProperties": false, "required": [ "key", "value", "unit", "classification", "evidence_refs" ], "properties": { "key": { "const": "foreignPolicyRate0" }, "value": { "type": "number" }, "unit": { "const": "decimal rate" }, "classification": { "enum": [ "observed", "estimate", "assumption", "not_applicable" ] }, "evidence_refs": { "type": "array", "items": { "type": "string", "minLength": 1 }, "uniqueItems": true } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "evidence_refs": { "minItems": 1 } } } } ] 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"required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "termPremium10" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "foreignPolicyRate0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "foreignPolicyRate10" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "fxIndex0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "fxInterestSensitivity" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "fxRiskPremium0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "fxRiskPremium10" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "sales0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "salesRealGdpBeta" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "salesInflationPassThrough" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "salesFxExposure" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "salesOtherRealGrowth0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "salesOtherRealGrowth10" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "erp0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "erp10" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "beta" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "preTaxCostOfDebt0" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "preTaxCostOfDebt10" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "taxRate" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 }, { "contains": { "properties": { "key": { "const": "debtRatio" } }, "required": [ "key" ] }, "minContains": 1, "maxContains": 1 } ] }, "scenarios": { "prefixItems": [ { "properties": { "status": { "const": "ok" } } }, { "properties": { "status": { "const": "ok" } } }, { "properties": { "status": { "const": "ok" } } } ] } } } }, { "if": { "properties": { "status": { "const": "blocked" } }, "required": [ "status" ] }, "then": { "properties": { "stop_reason": { "type": "string", "minLength": 1 } } } } ] }, "data_quality": { "type": "object", "additionalProperties": false, "required": [ "source_access", "latest_filings_checked", "material_events_checked_through", "required_fields", "covered_fields", "missing_fields", "coverage_ratio", "unresolved_source_conflicts", "stale_inputs", "evidence_pack_complete" ], "properties": { "source_access": { "enum": [ "complete", "partial", "unavailable" ] }, "latest_filings_checked": { "type": "boolean" }, "material_events_checked_through": { "type": [ "string", "null" ] }, "required_fields": { "type": "array", "items": { "type": "string" }, "uniqueItems": true }, "covered_fields": { "type": "array", "items": { "type": "string" }, "uniqueItems": true }, "missing_fields": { "type": "array", "items": { "type": "string" }, "uniqueItems": true }, "coverage_ratio": { "type": "number", "minimum": 0, "maximum": 1 }, "unresolved_source_conflicts": { "type": "array", "items": { "type": "string" } }, "stale_inputs": { "type": "array", "items": { "type": "string" } }, "evidence_pack_complete": { "type": "boolean" } } }, "evidence": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "input_id", "field", "value", "unit", "period", "classification", "source_title", "source_url", "source_location", "retrieved_at", "normalization" ], "properties": { "input_id": { "type": "string", "minLength": 1 }, "field": { "type": "string" }, "value": { "type": [ "number", "string", "null" ] }, "unit": { "type": "string" }, "period": { "type": [ "string", "null" ] }, "classification": { "enum": [ "observed", "estimate", "assumption" ] }, "source_title": { "type": [ "string", "null" ] }, "source_url": { "type": [ "string", "null" ] }, "source_location": { "type": [ "string", "null" ], "description": "ページ・表・行" }, "retrieved_at": { "type": [ "string", "null" ] }, "normalization": { "type": "string" } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "period": { "type": "string", "minLength": 1 }, "source_title": { "type": "string", "minLength": 1 }, "source_url": { "type": "string", "format": "uri" }, "source_location": { "type": "string", "minLength": 1 }, "retrieved_at": { "type": "string", "minLength": 1 } } } } ] } }, "normalization_adjustments": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "field", "category", "reported_value", "normalized_value", "unit", "rationale", "evidence_refs" ], "properties": { "field": { "type": "string" }, "category": { "enum": [ "one_off", "accounting_policy", "lease", "currency", "fiscal_period", "share_count", "cyclical_normalization", "other" ] }, "reported_value": { "type": [ "number", "string", "null" ] }, "normalized_value": { "type": [ "number", "string", "null" ] }, "unit": { "type": "string" }, "rationale": { "type": "string", "minLength": 1 }, "evidence_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true } } } }, "assumptions": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "field", "unit", "start_year", "end_year", "bear", "base", "bull", "basis_type", "basis", "confidence", "sensitivity", "substitutes_missing_input", "rationale", "evidence_refs" ], "properties": { "field": { "type": "string" }, "unit": { "type": "string" }, "start_year": { "type": [ "integer", "null" ], "minimum": 0, "maximum": 11 }, "end_year": { "type": [ "integer", "null" ], "minimum": 0, "maximum": 11 }, "bear": { "type": [ "number", "string", "null" ] }, "base": { "type": [ "number", "string", "null" ] }, "bull": { "type": [ "number", "string", "null" ] }, "basis_type": { "enum": [ "company_guidance", "historical_range", "sector_benchmark", "macro_anchor", "user_provided", "analyst_judgment" ] }, "basis": { "type": "string", "minLength": 1, "description": "採用値を置いた具体的な根拠。出典がない場合も判断方法を書く" }, "confidence": { "enum": [ "low", "medium", "high" ] }, "sensitivity": { "type": "string", "minLength": 1, "description": "この仮定を動かしたときの価値への影響または感度表の参照" }, "substitutes_missing_input": { "type": "boolean", "description": "欠損していた入力を仮定で補った場合true" }, "rationale": { "type": "string", "minLength": 1 }, "evidence_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true } } } }, "capital_cost": { "type": "object", "additionalProperties": false, "required": [ "status", "inputs", "ke", "wacc", "calculation", "currency_consistent" ], "properties": { "status": { "enum": [ "used", "not_used", "not_applicable" ] }, "inputs": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "field", "value", "unit", "as_of", "classification", "basis", "source_title", "source_url" ], "properties": { "field": { "type": "string" }, "value": { "type": "number" }, "unit": { "type": "string" }, "as_of": { "type": "string" }, "classification": { "enum": [ "observed", "estimate", "assumption" ] }, "basis": { "type": "string", "minLength": 1 }, "source_title": { "type": [ "string", "null" ] }, "source_url": { "type": [ "string", "null" ] } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "source_title": { "type": "string", "minLength": 1 }, "source_url": { "type": "string", "format": "uri" } } } } ] } }, "ke": { "type": [ "number", "null" ] }, "wacc": { "type": [ "number", "null" ] }, "calculation": { "type": [ "string", "null" ] }, "currency_consistent": { "type": "boolean" } } }, "multiple_calibration": { "type": "object", "additionalProperties": false, "required": [ "status", "method", "metric", "period", "observations", "selected_value", "selection_rule", "denominator_consistent" ], "properties": { "status": { "enum": [ "used", "not_used", "not_applicable" ] }, "method": { "enum": [ "peer_set", "own_history", "fundamental_justification", "no_multiple", "not_applicable" ] }, "metric": { "type": [ "string", "null" ] }, "period": { "type": [ "string", "null" ] }, "observations": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "label", "value", "classification", "basis", "source_url", "inclusion_reason" ], "properties": { "label": { "type": "string" }, "value": { "type": "number" }, "classification": { "enum": [ "observed", "estimate", "assumption" ] }, "basis": { "type": "string", "minLength": 1 }, "source_url": { "type": [ "string", "null" ] }, "inclusion_reason": { "type": "string" } }, "allOf": [ { "if": { "properties": { "classification": { "enum": [ "observed", "estimate" ] } }, "required": [ "classification" ] }, "then": { "properties": { "source_url": { "type": "string", "format": "uri" } } } } ] } }, "selected_value": { "type": [ "number", "null" ] }, "selection_rule": { "type": [ "string", "null" ] }, "denominator_consistent": { "type": "boolean" } } }, "forecast": { "type": "array", "description": "年次モデルでは1〜10年と必要なyear11/terminalを保持。非年次モデルは空配列可", "items": { "type": "object", "additionalProperties": false, "required": [ "year", "period", "metrics", "formula_checks", "evidence_refs" ], "properties": { "year": { "type": "integer", "minimum": 1, "maximum": 11 }, "period": { "type": "string" }, "metrics": { "type": "object", "additionalProperties": { "type": [ "number", "null" ] } }, "formula_checks": { "type": "array", "items": { "type": "string" } }, "evidence_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true } } } }, "sotp": { "type": "object", "additionalProperties": false, "required": [ "status", "components", "reconciliation" ], "properties": { "status": { "enum": [ "used", "not_used", "not_applicable" ] }, "components": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "segment", "method", "value", "ownership_pct", "value_at", "unit", "evidence_refs" ], "properties": { "segment": { "type": "string" }, "method": { "type": "string" }, "value": { "type": "number" }, "ownership_pct": { "type": "number", "minimum": 0, "maximum": 100 }, "value_at": { "enum": [ "today", "year10" ] }, "unit": { "type": "string" }, "evidence_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true } } } }, "reconciliation": { "type": "object", "additionalProperties": false, "required": [ "segment_sum", "parent_net_debt", "nci", "pension", "hq_cost_pv", "tax_adjustment", "holding_discount", "equity_value", "check" ], "properties": { "segment_sum": { "type": [ "number", "null" ] }, "parent_net_debt": { "type": [ "number", "null" ] }, "nci": { "type": [ "number", "null" ] }, "pension": { "type": [ "number", "null" ] }, "hq_cost_pv": { "type": [ "number", "null" ] }, "tax_adjustment": { "type": [ "number", "null" ] }, "holding_discount": { "type": [ "number", "null" ] }, "equity_value": { "type": [ "number", "null" ] }, "check": { "enum": [ "passed", "not_applicable", "failed" ] } } } } }, "results": { "type": "object", "additionalProperties": false, "required": [ "primary_conclusion", "timepoint_conclusions", "today_theoretical_value", "today_theoretical_value_basis", "today_theoretical_value_unit", "year10_price", "year10_price_unit", "year10_equity_value", "year10_equity_value_unit", "year10_price_cagr", "return_metric_type", "market_implied_expectations", "scenarios", "primary_method", "cross_checks", "sensitivities" ], "properties": { "primary_conclusion": { "type": "object", "additionalProperties": false, "required": [ "status", "value_at", "low", "base", "high", "unit", "range_basis" ], "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only", "unavailable" ] }, "value_at": { "enum": [ "today", "year10", "not_available" ] }, "low": { "type": [ "number", "null" ] }, "base": { "type": [ "number", "null" ] }, "high": { "type": [ "number", "null" ] }, "unit": { "type": "string" }, "range_basis": { "type": "string" } } }, "timepoint_conclusions": { "type": "object", "additionalProperties": false, "required": [ "today", "year10" ], "description": "primary_conclusionの単一時点要約とは別に、現在と10年後のレンジを必ず分離して返す正準欄", "properties": { "today": { "type": "object", "additionalProperties": false, "required": [ "status", "value_at", "value_basis", "low", "base", "high", "unit", "range_basis" ], "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only", "unavailable", "not_applicable" ] }, "value_at": { "const": "today" }, "value_basis": { "enum": [ "per_share", "total_equity", "per_unit", "nav", "index_level", "not_applicable" ] }, "low": { "type": [ "number", "null" ] }, "base": { "type": [ "number", "null" ] }, "high": { "type": [ "number", "null" ] }, "unit": { "type": [ "string", "null" ], "description": "例 JPY/share, JPY 100-million total equity" }, "range_basis": { "type": "string" } } }, "year10": { "type": "object", "additionalProperties": false, "required": [ "status", "value_at", "value_basis", "low", "base", "high", "unit", "range_basis" ], "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only", "unavailable", "not_applicable" ] }, "value_at": { "const": "year10" }, "value_basis": { "enum": [ "per_share", "total_equity", "per_unit", "nav", "index_level", "not_applicable" ] }, "low": { "type": [ "number", "null" ] }, "base": { "type": [ "number", "null" ] }, "high": { "type": [ "number", "null" ] }, "unit": { "type": [ "string", "null" ], "description": "例 JPY/share, JPY 100-million total equity" }, "range_basis": { "type": "string" } } } } }, "today_theoretical_value": { "type": [ "number", "null" ], "description": "10年後価格そのものを入れず、終点価格の現在価値と途中分配PVを合計する。年次DCF・残余利益モデルは明示期間CF/PVを使用" }, "today_theoretical_value_basis": { "enum": [ "per_share", "total_equity", "per_unit", "nav", "index_level", "not_applicable" ], "description": "上場1株、総株主価値、1口、NAV、指数水準を区別する" }, "today_theoretical_value_unit": { "type": [ "string", "null" ], "description": "today_theoretical_valueの単位" }, "year10_price": { "type": [ "number", "null" ], "description": "上場企業の1株価格" }, "year10_price_unit": { "type": [ "string", "null" ], "description": "year10_priceの単位。例 JPY/share" }, "year10_equity_value": { "type": [ "number", "null" ], "description": "非上場等の総株主価値" }, "year10_equity_value_unit": { "type": [ "string", "null" ], "description": "year10_equity_valueの単位。例 JPY 100-million total equity" }, "year10_price_cagr": { "type": [ "number", "null" ], "description": "小数。例 0.08 = 8%" }, "return_metric_type": { "enum": [ "deterministic_endpoint_cagr", "expected_endpoint_annualization", "not_applicable" ], "description": "確率加重終点価値から逆算した年率はexpected_endpoint_annualizationであり期待IRRではない" }, "market_implied_expectations": { "type": "object", "additionalProperties": false, "required": [ "status", "market_reference", "market_reference_unit", "target_field", "target_label", "base_assumption", "implied_assumption", "assumption_unit", "search_low", "search_high", "model_value_at_implied", "residual", "fixed_assumptions", "interpretation", "limitations" ], "properties": { "status": { "enum": [ "calculated", "outside_range", "not_computable", "not_applicable" ] }, "market_reference": { "type": [ "number", "null" ], "description": "現在株価、または非上場の現在参考総株主価値" }, "market_reference_unit": { "type": [ "string", "null" ] }, "target_field": { "type": [ "string", "null" ], "description": "他の前提を固定して逆算した1つの主要ドライバー" }, "target_label": { "type": [ "string", "null" ] }, "base_assumption": { "type": [ "number", "null" ] }, "implied_assumption": { "type": [ "number", "null" ] }, "assumption_unit": { "type": [ "string", "null" ] }, "search_low": { "type": [ "number", "null" ] }, "search_high": { "type": [ "number", "null" ] }, "model_value_at_implied": { "type": [ "number", "null" ] }, "residual": { "type": [ "number", "null" ] }, "fixed_assumptions": { "type": "array", "items": { "type": "string" } }, "interpretation": { "type": "string" }, "limitations": { "type": "array", "minItems": 1, "items": { "type": "string" } } } }, "scenarios": { "type": "array", "minItems": 3, "maxItems": 3, "prefixItems": [ { "type": "object", "additionalProperties": false, "required": [ "name", "today_theoretical_value", "today_theoretical_value_basis", "today_theoretical_value_unit", "year10_price", "year10_price_unit", "year10_equity_value", "year10_equity_value_unit" ], "properties": { "name": { "const": "bear" }, "today_theoretical_value": { "type": [ "number", "null" ] }, "today_theoretical_value_basis": { "enum": [ "per_share", "total_equity", "per_unit", "nav", "index_level", "not_applicable" ] }, "today_theoretical_value_unit": { "type": [ "string", "null" ] }, "year10_price": { "type": [ "number", "null" ], "description": "上場株・1口・指数等の10年後終点値。非適用ならnull" }, "year10_price_unit": { "type": [ "string", "null" ] }, "year10_equity_value": { "type": [ "number", "null" ], "description": "非上場等の10年後総株主価値。非適用ならnull" }, "year10_equity_value_unit": { "type": [ "string", "null" ] }, "value": { "type": [ "number", "null" ], "deprecated": true, "description": "互換用の単一時点値。新規出力は現在理論値・10年後価値・市場織り込みの明示キーを使う" }, "value_at": { "enum": [ "today", "year10", "not_available" ], "deprecated": true }, "unit": { "type": "string", "deprecated": true } } }, { "type": "object", "additionalProperties": false, "required": [ "name", "today_theoretical_value", "today_theoretical_value_basis", "today_theoretical_value_unit", "year10_price", "year10_price_unit", "year10_equity_value", "year10_equity_value_unit" ], "properties": { "name": { "const": "base" }, "today_theoretical_value": { "type": [ "number", "null" ] }, "today_theoretical_value_basis": { "enum": [ "per_share", "total_equity", "per_unit", "nav", "index_level", "not_applicable" ] }, "today_theoretical_value_unit": { "type": [ "string", "null" ] }, "year10_price": { "type": [ "number", "null" ], "description": "上場株・1口・指数等の10年後終点値。非適用ならnull" }, "year10_price_unit": { "type": [ "string", "null" ] }, "year10_equity_value": { "type": [ "number", "null" ], "description": "非上場等の10年後総株主価値。非適用ならnull" }, "year10_equity_value_unit": { "type": [ "string", "null" ] }, "value": { "type": [ "number", "null" ], "deprecated": true, "description": "互換用の単一時点値。新規出力は現在理論値・10年後価値・市場織り込みの明示キーを使う" }, "value_at": { "enum": [ "today", "year10", "not_available" ], "deprecated": true }, "unit": { "type": "string", "deprecated": true } } }, { "type": "object", "additionalProperties": false, "required": [ "name", "today_theoretical_value", "today_theoretical_value_basis", "today_theoretical_value_unit", "year10_price", "year10_price_unit", "year10_equity_value", "year10_equity_value_unit" ], "properties": { "name": { "const": "bull" }, "today_theoretical_value": { "type": [ "number", "null" ] }, "today_theoretical_value_basis": { "enum": [ "per_share", "total_equity", "per_unit", "nav", "index_level", "not_applicable" ] }, "today_theoretical_value_unit": { "type": [ "string", "null" ] }, "year10_price": { "type": [ "number", "null" ], "description": "上場株・1口・指数等の10年後終点値。非適用ならnull" }, "year10_price_unit": { "type": [ "string", "null" ] }, "year10_equity_value": { "type": [ "number", "null" ], "description": "非上場等の10年後総株主価値。非適用ならnull" }, "year10_equity_value_unit": { "type": [ "string", "null" ] }, "value": { "type": [ "number", "null" ], "deprecated": true, "description": "互換用の単一時点値。新規出力は現在理論値・10年後価値・市場織り込みの明示キーを使う" }, "value_at": { "enum": [ "today", "year10", "not_available" ], "deprecated": true }, "unit": { "type": "string", "deprecated": true } } } ], "items": false }, "primary_method": { "type": [ "string", "null" ] }, "cross_checks": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "method", "value", "value_at", "unit", "difference_vs_primary", "interpretation" ], "properties": { "method": { "type": "string" }, "value": { "type": [ "number", "null" ] }, "value_at": { "enum": [ "today", "year10" ] }, "unit": { "type": "string" }, "difference_vs_primary": { "type": [ "number", "null" ] }, "interpretation": { "type": "string" } } } }, "sensitivities": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "axis_x", "axis_y", "value_at", "unit", "grid", "interpretation" ], "properties": { "axis_x": { "type": "string" }, "axis_y": { "type": "string" }, "value_at": { "enum": [ "today", "year10" ] }, "unit": { "type": "string" }, "grid": { "type": "array", "items": { "type": "array", "items": { "type": [ "number", "null" ] } } }, "interpretation": { "type": "string" } } } } } }, "calculation_trace": { "type": "array", "items": { "type": "object", "additionalProperties": false, "required": [ "step_id", "input_refs", "formula", "substitution", "result", "unit", "value_at" ], "properties": { "step_id": { "type": "string" }, "input_refs": { "type": "array", "items": { "type": "string" }, "uniqueItems": true }, "formula": { "type": "string" }, "substitution": { "type": "string" }, "result": { "type": [ "number", "string", "null" ] }, "unit": { "type": "string" }, "value_at": { "enum": [ "today", "year10", "intermediate" ] } } } }, "validation": { "type": "object", "additionalProperties": false, "required": [ "scope_frozen", "security_identity_verified", "units_consistent", "timepoints_separated", "gates_passed", "theory_conditions_passed", "gordon_spread_check", "no_double_counting", "latest_information_checked", "evidence_complete", "model_registry_match", "accounting_normalized", "forecast_check", "capital_cost_check", "multiple_calibration_check", "sotp_check", "share_count_reconciled", "scenario_order_checked", "independent_recalculation_passed", "professional_claim_allowed", "audit_outcome", "failed_checks" ], "properties": { "scope_frozen": { "type": "boolean" }, "security_identity_verified": { "type": "boolean" }, "units_consistent": { "type": "boolean" }, "timepoints_separated": { "type": "boolean" }, "gates_passed": { "type": "boolean" }, "theory_conditions_passed": { "type": "boolean" }, "gordon_spread_check": { "enum": [ "passed", "not_applicable", "failed" ], "description": "Gordon型では要求利回り−g 25bp以上でpassed。25bp未満はfailed" }, "no_double_counting": { "type": "boolean" }, "latest_information_checked": { "type": "boolean" }, "evidence_complete": { "type": "boolean" }, "model_registry_match": { "type": "boolean" }, "accounting_normalized": { "type": "boolean" }, "forecast_check": { "enum": [ "passed", "not_applicable", "failed" ] }, "capital_cost_check": { "enum": [ "passed", "not_applicable", "failed" ] }, "multiple_calibration_check": { "enum": [ "passed", "not_applicable", "failed" ] }, "sotp_check": { "enum": [ "passed", "not_applicable", "failed" ] }, "share_count_reconciled": { "type": "boolean" }, "scenario_order_checked": { "type": "boolean" }, "independent_recalculation_passed": { "type": "boolean" }, "professional_claim_allowed": { "type": "boolean" }, "audit_outcome": { "enum": [ "professional_standard_passed", "indicative_only", "insufficient" ] }, "failed_checks": { "type": "array", "items": { "type": "string" } } } }, "missing_information": { "type": "array", "items": { "type": "string" } }, "not_computable_reason": { "type": [ "string", "null" ] }, "limitations": { "type": "array", "items": { "type": "string" } } }, "allOf": [ { "if": { "properties": { "status": { "const": "not_computable" } }, "required": [ "status" ] }, "then": { "properties": { "engagement": { "properties": { "claim_status": { "const": "not_computable" } } }, "not_computable_reason": { "type": "string", "minLength": 1 }, "results": { "properties": { "primary_conclusion": { "properties": { "status": { "const": "unavailable" }, "value_at": { "const": "not_available" }, "low": { "const": null }, "base": { "const": null }, "high": { "const": null } } }, "timepoint_conclusions": { "properties": { "today": { "properties": { "status": { "const": "unavailable" }, "value_at": { "const": "today" }, "value_basis": { "const": "not_applicable" }, "low": { "const": null }, "base": { "const": null }, "high": { "const": null }, "unit": { "const": null } } }, "year10": { "properties": { "status": { "const": "unavailable" }, "value_at": { "const": "year10" }, "value_basis": { "const": "not_applicable" }, "low": { "const": null }, "base": { "const": null }, "high": { "const": null }, "unit": { "const": null } } } } }, "today_theoretical_value": { "const": null }, "today_theoretical_value_basis": { "const": "not_applicable" }, "today_theoretical_value_unit": { "const": null }, "year10_price": { "const": null }, "year10_price_unit": { "const": null }, "year10_equity_value": { "const": null }, "year10_equity_value_unit": { "const": null }, "year10_price_cagr": { "const": null }, "scenarios": { "prefixItems": [ { "properties": { "name": { "const": "bear" }, "today_theoretical_value": { "const": null }, "today_theoretical_value_basis": { "const": "not_applicable" }, "today_theoretical_value_unit": { "const": null }, "year10_price": { "const": null }, "year10_price_unit": { "const": null }, "year10_equity_value": { "const": null }, "year10_equity_value_unit": { "const": null } } }, { "properties": { "name": { "const": "base" }, "today_theoretical_value": { "const": null }, "today_theoretical_value_basis": { "const": "not_applicable" }, "today_theoretical_value_unit": { "const": null }, "year10_price": { "const": null }, "year10_price_unit": { "const": null }, "year10_equity_value": { "const": null }, "year10_equity_value_unit": { "const": null } } }, { "properties": { "name": { "const": "bull" }, "today_theoretical_value": { "const": null }, "today_theoretical_value_basis": { "const": "not_applicable" }, "today_theoretical_value_unit": { "const": null }, "year10_price": { "const": null }, "year10_price_unit": { "const": null }, "year10_equity_value": { "const": null }, "year10_equity_value_unit": { "const": null } } } ] }, "cross_checks": { "maxItems": 0 }, "sensitivities": { "maxItems": 0 } } }, "validation": { "properties": { "professional_claim_allowed": { "const": false }, "audit_outcome": { "const": "insufficient" } } } } } }, { "if": { "properties": { "status": { "const": "calculated" } }, "required": [ "status" ] }, "then": { "properties": { "evidence": { "minItems": 1 }, "assumptions": { "minItems": 1 }, "calculation_trace": { "minItems": 3 }, "not_computable_reason": { "const": null }, "engagement": { "properties": { "claim_status": { "enum": [ "professional_standard_passed", "indicative_only" ] } } }, "results": { "properties": { "primary_conclusion": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "low": { "type": "number" }, "base": { "type": "number" }, "high": { "type": "number" } } }, "timepoint_conclusions": { "properties": { "today": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "low": { "type": "number" }, "base": { "type": "number" }, "high": { "type": "number" }, "unit": { "type": "string", "minLength": 1 } } }, "year10": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "low": { "type": "number" }, "base": { "type": "number" }, "high": { "type": "number" }, "unit": { "type": "string", "minLength": 1 } } } } }, "scenarios": { "prefixItems": [ { "properties": { "name": { "const": "bear" }, "today_theoretical_value": { "type": "number" } }, "anyOf": [ { "properties": { "year10_price": { "type": "number" } } }, { "properties": { "year10_equity_value": { "type": "number" } } } ] }, { "properties": { "name": { "const": "base" }, "today_theoretical_value": { "type": "number" } }, "anyOf": [ { "properties": { "year10_price": { "type": "number" } } }, { "properties": { "year10_equity_value": { "type": "number" } } } ] }, { "properties": { "name": { "const": "bull" }, "today_theoretical_value": { "type": "number" } }, "anyOf": [ { "properties": { "year10_price": { "type": "number" } } }, { "properties": { "year10_equity_value": { "type": "number" } } } ] } ] } }, "anyOf": [ { "properties": { "today_theoretical_value": { "type": "number" } } }, { "properties": { "year10_price": { "type": "number" } } }, { "properties": { "year10_equity_value": { "type": "number" } } } ] } } } }, { "if": { "properties": { "engagement": { "properties": { "claim_status": { "const": "indicative_only" } }, "required": [ "claim_status" ] } }, "required": [ "engagement" ] }, "then": { "properties": { "status": { "const": "calculated" }, "assumptions": { "minItems": 1 }, "not_computable_reason": { "const": null }, "validation": { "properties": { "professional_claim_allowed": { "const": false }, "audit_outcome": { "const": "indicative_only" } } } } } }, { "if": { "properties": { "status": { "const": "calculated" }, "model": { "properties": { "id": { "enum": [ "private", "dcf-private" ] } }, "required": [ "id" ] } }, "required": [ "status", "model" ] }, "then": { "properties": { "results": { "properties": { "today_theoretical_value": { "type": "number" }, "today_theoretical_value_basis": { "const": "total_equity" }, "today_theoretical_value_unit": { "type": "string", "minLength": 1 }, "year10_equity_value": { "type": "number" }, "year10_equity_value_unit": { "type": "string", "minLength": 1 }, "timepoint_conclusions": { "properties": { "today": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "value_basis": { "const": "total_equity" }, "base": { "type": "number" }, "unit": { "type": "string", "minLength": 1 } } }, "year10": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "value_basis": { "const": "total_equity" }, "base": { "type": "number" }, "unit": { "type": "string", "minLength": 1 } } } } } } } } } }, { "if": { "properties": { "status": { "const": "calculated" }, "model": { "properties": { "id": { "enum": [ "profitable", "lossmaking", "bank", "dcf-listed", "dcf-loss", "bank-residual-income", "sector:insurance", "sector:reit", "sector:rental_real_estate", "sector:resources_energy", "sector:biotech_pharma", "sector:power_gas", "sector:public_utility", "sector:sogo_shosha", "sector:investment_holdco", "sector:conglomerate", "sector:securities", "sector:asset_management", "sector:airline", "sector:shipping", "sector:steel", "sector:memory_semiconductor", "sector:telecom", "sector:infrastructure", "sector:construction_engineering", "sector:real_estate_dev", "sector:saas_subscription" ] } }, "required": [ "id" ] } }, "required": [ "status", "model" ] }, "then": { "properties": { "results": { "properties": { "today_theoretical_value": { "type": "number" }, "today_theoretical_value_basis": { "enum": [ "per_share", "total_equity", "per_unit" ] }, "today_theoretical_value_unit": { "type": "string", "minLength": 1 }, "year10_price": { "type": "number" }, "year10_price_unit": { "type": "string", "minLength": 1 }, "timepoint_conclusions": { "properties": { "today": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "base": { "type": "number" }, "unit": { "type": "string", "minLength": 1 } } }, "year10": { "properties": { "status": { "enum": [ "professional_standard_passed", "indicative_only" ] }, "value_basis": { "enum": [ "per_share", "per_unit" ] }, "base": { "type": "number" }, "unit": { "type": "string", "minLength": 1 } } } } } } } } } }, { "if": { "properties": { "engagement": { "properties": { "claim_status": { "const": "professional_standard_passed" } }, "required": [ "claim_status" ] }, "macro_context": { "properties": { "status": { "const": "used" } }, "required": [ "status" ] } }, "required": [ "engagement", "macro_context" ] }, "then": { "properties": { "macro_context": { "properties": { "calibration": { "properties": { "coefficient_status": { "enum": [ "calibrated", "externally_sourced" ] }, "estimation_window": { "type": "string", "minLength": 1 }, "source_refs": { "minItems": 1 }, "limitations": { "minItems": 1 } } } } } } } }, { "if": { "properties": { "engagement": { "properties": { "claim_status": { "const": "professional_standard_passed" } }, "required": [ "claim_status" ] } }, "required": [ "engagement" ] }, "then": { "properties": { "model": { "properties": { "valuation_role": { "const": "primary" }, "primary_value_eligible": { "const": true } } }, "data_quality": { "properties": { "source_access": { "const": "complete" }, "latest_filings_checked": { "const": true }, "material_events_checked_through": { "type": "string", "minLength": 1 }, "coverage_ratio": { "const": 1 }, "evidence_pack_complete": { "const": true }, "missing_fields": { "maxItems": 0 }, "unresolved_source_conflicts": { "maxItems": 0 } } }, "currency_context": { "properties": { "consistent": { "const": true }, "conversion_trace": { "minItems": 1 } } }, "results": { "properties": { "primary_conclusion": { "properties": { "status": { "const": "professional_standard_passed" }, "low": { "type": "number" }, "base": { "type": "number" }, "high": { "type": "number" } } } } }, "validation": { "properties": { "scope_frozen": { "const": true }, "security_identity_verified": { "const": true }, "units_consistent": { "const": true }, "timepoints_separated": { "const": true }, "gates_passed": { "const": true }, "theory_conditions_passed": { "const": true }, "gordon_spread_check": { "enum": [ "passed", "not_applicable" ] }, "no_double_counting": { "const": true }, "latest_information_checked": { "const": true }, "evidence_complete": { "const": true }, "model_registry_match": { "const": true }, "accounting_normalized": { "const": true }, "forecast_check": { "enum": [ "passed", "not_applicable" ] }, "capital_cost_check": { "enum": [ "passed", "not_applicable" ] }, "multiple_calibration_check": { "enum": [ "passed", "not_applicable" ] }, "sotp_check": { "enum": [ "passed", "not_applicable" ] }, "share_count_reconciled": { "const": true }, "scenario_order_checked": { "const": true }, "independent_recalculation_passed": { "const": true }, "professional_claim_allowed": { "const": true }, "audit_outcome": { "const": "professional_standard_passed" }, "failed_checks": { "maxItems": 0 } } } } } }, { "if": { "properties": { "status": { "const": "calculated" }, "model": { "properties": { "id": { "enum": [ "dcf-listed", "dcf-loss", "dcf-private", "bank-residual-income" ] } } } }, "required": [ "status", "model" ] }, "then": { "properties": { "forecast": { "minItems": 10 } } } }, { "if": { "properties": { "multiple_calibration": { "properties": { "status": { "const": "used" } } } }, "required": [ "multiple_calibration" ] }, "then": { "properties": { "multiple_calibration": { "properties": { "observations": { "minItems": 1 }, "method": { "enum": [ "peer_set", "own_history", "fundamental_justification" ] }, "selected_value": { "type": "number", "exclusiveMinimum": 0 }, "selection_rule": { "type": "string", "minLength": 1 }, "denominator_consistent": { "const": true } } } } } }, { "if": { "properties": { "capital_cost": { "properties": { "status": { "const": "used" } } } }, "required": [ "capital_cost" ] }, "then": { "properties": { "capital_cost": { "properties": { "inputs": { "minItems": 4 }, "calculation": { "type": "string", "minLength": 1 }, "currency_consistent": { "const": true } }, "anyOf": [ { "properties": { "ke": { "type": "number" } } }, { "properties": { "wacc": { "type": "number" } } } ] } } } }, { "if": { "properties": { "sotp": { "properties": { "status": { "const": "used" } } } }, "required": [ "sotp" ] }, "then": { "properties": { "sotp": { "properties": { "components": { "minItems": 1 }, "reconciliation": { "properties": { "check": { "const": "passed" } } } } } } } } ] }