{
  "protocol_version": "1.10.0",
  "protocol_date_modified": "2026-08-30",
  "status": "not_computable",
  "as_of": "2026-08-24",
  "company": "Example Corp（架空）",
  "ticker": null,
  "currency": "JPY",
  "amount_unit": "JPY/share",
  "engagement": {
    "requested_level": "professional_valuation",
    "claim_status": "not_computable",
    "claim_explanation": "証券識別と証拠網羅の必須門番に失敗したため、価格を生成しない"
  },
  "security_context": {
    "legal_entity": "Example Corp（架空）",
    "country_or_region": null,
    "security_type": "common",
    "share_class": null,
    "exchange": null,
    "security_identifier": null,
    "primary_listing": null,
    "adr_or_unit_ratio": null,
    "underlying_shares_per_listed_security": null,
    "financial_statement_as_of": null,
    "market_price_as_of": null,
    "current_market_price": null,
    "price_unit": null,
    "price_currency": null,
    "price_quote_unit_code": null,
    "quote_unit_to_price_currency": null,
    "identity_verified": false
  },
  "currency_context": {
    "reporting_currency": "JPY",
    "functional_currency": null,
    "price_currency": "JPY",
    "valuation_currency": "JPY",
    "input_amount_unit": "JPY/share",
    "output_amount_unit": "JPY/share",
    "price_quote_unit_code": "JPY",
    "quote_unit_to_price_currency": 1,
    "rates": [],
    "year10_fx_policy": "constant_spot",
    "year10_financial_to_valuation_rate": 1,
    "currency_exposures": [],
    "conversion_trace": [],
    "consistent": false
  },
  "model": {
    "id": "profitable",
    "name": "上場・黒字企業（候補。未確定）",
    "selection_reason": "証券と事業実態を確認できず、候補から先へ進めない",
    "selection_evidence_refs": [],
    "segment_approach": "not_applicable",
    "applicable": false,
    "theory_status": "conditional",
    "valuation_role": "not_applicable",
    "primary_value_eligible": false,
    "consistency_checks": [],
    "rejected_alternatives": []
  },
  "macro_context": {
    "status": "not_used",
    "model_id": "macro-structural",
    "theory_status": "conditional",
    "valuation_role": "assumption_support",
    "primary_value_eligible": false,
    "bridge_status": "not_used",
    "scenario_order": [
      "bear",
      "base",
      "bull"
    ],
    "calibration": {
      "as_of": null,
      "economy": null,
      "domestic_currency": null,
      "foreign_currency": null,
      "coefficient_status": "not_applicable",
      "estimation_window": null,
      "source_refs": [],
      "limitations": [
        "マクロ文脈を使用していない"
      ]
    },
    "inputs": [],
    "scenarios": [
      {
        "name": "bear",
        "status": "not_applicable",
        "rows": [],
        "year10": null,
        "terminal": null,
        "warnings": [],
        "stop_reason": null
      },
      {
        "name": "base",
        "status": "not_applicable",
        "rows": [],
        "year10": null,
        "terminal": null,
        "warnings": [],
        "stop_reason": null
      },
      {
        "name": "bull",
        "status": "not_applicable",
        "rows": [],
        "year10": null,
        "terminal": null,
        "warnings": [],
        "stop_reason": null
      }
    ],
    "warnings": [],
    "stop_reason": null,
    "evidence_refs": []
  },
  "data_quality": {
    "source_access": "unavailable",
    "latest_filings_checked": false,
    "material_events_checked_through": null,
    "required_fields": [
      "exchange",
      "share_class",
      "latest_filing"
    ],
    "covered_fields": [],
    "missing_fields": [
      "exchange",
      "share_class",
      "latest_filing"
    ],
    "coverage_ratio": 0,
    "unresolved_source_conflicts": [],
    "stale_inputs": [],
    "evidence_pack_complete": false
  },
  "evidence": [],
  "normalization_adjustments": [],
  "assumptions": [],
  "capital_cost": {
    "status": "not_used",
    "inputs": [],
    "ke": null,
    "wacc": null,
    "calculation": null,
    "currency_consistent": false
  },
  "multiple_calibration": {
    "status": "not_used",
    "method": "no_multiple",
    "metric": null,
    "period": null,
    "observations": [],
    "selected_value": null,
    "selection_rule": null,
    "denominator_consistent": false
  },
  "forecast": [],
  "sotp": {
    "status": "not_applicable",
    "components": [],
    "reconciliation": {
      "segment_sum": null,
      "parent_net_debt": null,
      "nci": null,
      "pension": null,
      "hq_cost_pv": null,
      "tax_adjustment": null,
      "holding_discount": null,
      "equity_value": null,
      "check": "not_applicable"
    }
  },
  "results": {
    "primary_conclusion": {
      "status": "unavailable",
      "value_at": "not_available",
      "low": null,
      "base": null,
      "high": null,
      "unit": "JPY/share",
      "range_basis": "必須情報不足のためレンジを作らない"
    },
    "timepoint_conclusions": {
      "today": {
        "status": "unavailable",
        "value_at": "today",
        "value_basis": "not_applicable",
        "low": null,
        "base": null,
        "high": null,
        "unit": null,
        "range_basis": "必須情報不足のため現在価値レンジを作らない"
      },
      "year10": {
        "status": "unavailable",
        "value_at": "year10",
        "value_basis": "not_applicable",
        "low": null,
        "base": null,
        "high": null,
        "unit": null,
        "range_basis": "必須情報不足のため10年後価値レンジを作らない"
      }
    },
    "today_theoretical_value": null,
    "today_theoretical_value_basis": "not_applicable",
    "today_theoretical_value_unit": null,
    "year10_price": null,
    "year10_price_unit": null,
    "year10_equity_value": null,
    "year10_equity_value_unit": null,
    "year10_price_cagr": null,
    "return_metric_type": "not_applicable",
    "market_implied_expectations": {
      "status": "not_computable",
      "market_reference": null,
      "market_reference_unit": null,
      "target_field": null,
      "target_label": null,
      "base_assumption": null,
      "implied_assumption": null,
      "assumption_unit": null,
      "search_low": null,
      "search_high": null,
      "model_value_at_implied": null,
      "residual": null,
      "fixed_assumptions": [],
      "interpretation": "現在市場価格と必須入力がないため逆算しない",
      "limitations": [
        "単一前提の逆算でも、市場参加者の期待を一意に特定することはできない"
      ]
    },
    "scenarios": [
      {
        "name": "bear",
        "today_theoretical_value": null,
        "today_theoretical_value_basis": "not_applicable",
        "today_theoretical_value_unit": null,
        "year10_price": null,
        "year10_price_unit": null,
        "year10_equity_value": null,
        "year10_equity_value_unit": null
      },
      {
        "name": "base",
        "today_theoretical_value": null,
        "today_theoretical_value_basis": "not_applicable",
        "today_theoretical_value_unit": null,
        "year10_price": null,
        "year10_price_unit": null,
        "year10_equity_value": null,
        "year10_equity_value_unit": null
      },
      {
        "name": "bull",
        "today_theoretical_value": null,
        "today_theoretical_value_basis": "not_applicable",
        "today_theoretical_value_unit": null,
        "year10_price": null,
        "year10_price_unit": null,
        "year10_equity_value": null,
        "year10_equity_value_unit": null
      }
    ],
    "primary_method": null,
    "cross_checks": [],
    "sensitivities": []
  },
  "calculation_trace": [],
  "validation": {
    "scope_frozen": false,
    "security_identity_verified": false,
    "units_consistent": false,
    "timepoints_separated": false,
    "gates_passed": false,
    "theory_conditions_passed": false,
    "gordon_spread_check": "not_applicable",
    "no_double_counting": false,
    "latest_information_checked": false,
    "evidence_complete": false,
    "model_registry_match": false,
    "accounting_normalized": false,
    "forecast_check": "not_applicable",
    "capital_cost_check": "not_applicable",
    "multiple_calibration_check": "not_applicable",
    "sotp_check": "not_applicable",
    "share_count_reconciled": false,
    "scenario_order_checked": false,
    "independent_recalculation_passed": false,
    "professional_claim_allowed": false,
    "audit_outcome": "insufficient",
    "failed_checks": [
      "scope_frozen",
      "latest_information",
      "evidence_coverage",
      "fallback_or_hard_stop"
    ]
  },
  "missing_information": [
    "取引所",
    "株式クラス",
    "最新法定開示"
  ],
  "not_computable_reason": "評価対象の取引所・株式クラスと最新一次資料を確認できないため、別証券の価格を評価する恐れがある",
  "limitations": [
    "これは停止契約を示す架空例であり、実在企業の評価ではない"
  ]
}