{
  "schemaVersion": "1.0",
  "generatedAt": "2026-08-23T22:54:09.356Z",
  "fileName": "modelguard-dcf-error.xlsx",
  "workbookSha256": "4d5a3ad5c6e3ee5e5463a460d2fc10003eb3dedbfd6686c96d413a783d5f90d9",
  "provenance": {
    "sourceType": "user-local",
    "provider": "browser",
    "generatedAt": "2026-08-23T22:54:09.352Z",
    "disclaimer": "Workbook content is processed locally and is not uploaded. ModelGuard does not provide investment advice."
  },
  "workbookStats": {
    "nonEmptyCells": 300,
    "formulas": 112,
    "worksheets": 7,
    "parseMilliseconds": 5
  },
  "issues": [
    {
      "status": "failed",
      "confidence": "high",
      "whyItMatters": "The Gordon-growth denominator is WACC − g. When terminal growth is equal to or above WACC, the terminal value formula is invalid or unstable.",
      "impact": "Enterprise value and implied share value can become undefined, negative, or extremely sensitive to small assumption changes.",
      "remediation": "Review the terminal-growth input, confirm it is below WACC, and confirm the assumption applies to every scenario using the DCF.",
      "howToVerify": "Compare the WACC and terminal-growth cells in Inputs and calculate WACC − g directly.",
      "recheck": "Rerun MG-DCF-001 after saving; the difference should be zero and the terminal-value checks should become verifiable.",
      "potentialFalsePositive": "A non-Gordon terminal-value method may be intentional, but the method must be documented and reviewed separately.",
      "potentialFalseNegative": "The check cannot validate whether WACC or growth is economically well supported; it only tests the denominator condition.",
      "ruleVersion": "1.0",
      "ruleId": "MG-DCF-001",
      "category": "dcf",
      "severity": "critical",
      "title": "Terminal growth is not below WACC",
      "message": "The Gordon-growth denominator is zero or negative when terminal growth is at least the discount rate.",
      "sheet": "Inputs",
      "address": "A11",
      "observed": "0.08",
      "expected": "Less than WACC (0.07)",
      "difference": "0.0100",
      "tolerance": "0",
      "id": "MG-DCF-001:Inputs:A11:0"
    }
  ],
  "checks": [
    {
      "ruleId": "MG-ACC-001",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A5",
      "period": "2024A"
    },
    {
      "ruleId": "MG-ACC-001",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A5",
      "period": "2025E"
    },
    {
      "ruleId": "MG-ACC-001",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A5",
      "period": "2026E"
    },
    {
      "ruleId": "MG-ACC-001",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A5",
      "period": "2027E"
    },
    {
      "ruleId": "MG-ACC-001",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A5",
      "period": "2028E"
    },
    {
      "ruleId": "MG-ACC-002",
      "category": "accounting",
      "status": "passed",
      "sheet": "Cash Flow",
      "address": "A5",
      "period": "2024A"
    },
    {
      "ruleId": "MG-ACC-002",
      "category": "accounting",
      "status": "passed",
      "sheet": "Cash Flow",
      "address": "A5",
      "period": "2025E"
    },
    {
      "ruleId": "MG-ACC-002",
      "category": "accounting",
      "status": "passed",
      "sheet": "Cash Flow",
      "address": "A5",
      "period": "2026E"
    },
    {
      "ruleId": "MG-ACC-002",
      "category": "accounting",
      "status": "passed",
      "sheet": "Cash Flow",
      "address": "A5",
      "period": "2027E"
    },
    {
      "ruleId": "MG-ACC-002",
      "category": "accounting",
      "status": "passed",
      "sheet": "Cash Flow",
      "address": "A5",
      "period": "2028E"
    },
    {
      "ruleId": "MG-ACC-003",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A8",
      "period": "2024A"
    },
    {
      "ruleId": "MG-ACC-003",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A8",
      "period": "2025E"
    },
    {
      "ruleId": "MG-ACC-003",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A8",
      "period": "2026E"
    },
    {
      "ruleId": "MG-ACC-003",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A8",
      "period": "2027E"
    },
    {
      "ruleId": "MG-ACC-003",
      "category": "accounting",
      "status": "passed",
      "sheet": "Balance Sheet",
      "address": "A8",
      "period": "2028E"
    },
    {
      "ruleId": "MG-ACC-004",
      "category": "accounting",
      "status": "passed",
      "sheet": "Debt Schedule",
      "address": "A7",
      "period": "2024A"
    },
    {
      "ruleId": "MG-ACC-004",
      "category": "accounting",
      "status": "passed",
      "sheet": "Debt Schedule",
      "address": "A7",
      "period": "2025E"
    },
    {
      "ruleId": "MG-ACC-004",
      "category": "accounting",
      "status": "passed",
      "sheet": "Debt Schedule",
      "address": "A7",
      "period": "2026E"
    },
    {
      "ruleId": "MG-ACC-004",
      "category": "accounting",
      "status": "passed",
      "sheet": "Debt Schedule",
      "address": "A7",
      "period": "2027E"
    },
    {
      "ruleId": "MG-ACC-004",
      "category": "accounting",
      "status": "passed",
      "sheet": "Debt Schedule",
      "address": "A7",
      "period": "2028E"
    },
    {
      "ruleId": "MG-ACC-005",
      "category": "accounting",
      "status": "passed",
      "sheet": "DCF",
      "address": "A13"
    },
    {
      "ruleId": "MG-DCF-001",
      "category": "dcf",
      "status": "failed",
      "severity": "critical",
      "sheet": "Inputs",
      "address": "A11"
    },
    {
      "ruleId": "MG-DCF-002",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A5",
      "period": "2024A"
    },
    {
      "ruleId": "MG-DCF-002",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A5",
      "period": "2025E"
    },
    {
      "ruleId": "MG-DCF-002",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A5",
      "period": "2026E"
    },
    {
      "ruleId": "MG-DCF-002",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A5",
      "period": "2027E"
    },
    {
      "ruleId": "MG-DCF-002",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A5",
      "period": "2028E"
    },
    {
      "ruleId": "MG-DCF-004",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A7",
      "period": "2024A"
    },
    {
      "ruleId": "MG-DCF-004",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A7",
      "period": "2025E"
    },
    {
      "ruleId": "MG-DCF-004",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A7",
      "period": "2026E"
    },
    {
      "ruleId": "MG-DCF-004",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A7",
      "period": "2027E"
    },
    {
      "ruleId": "MG-DCF-004",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A7",
      "period": "2028E"
    },
    {
      "ruleId": "MG-DCF-003",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A6"
    },
    {
      "ruleId": "MG-DCF-005",
      "category": "dcf",
      "status": "cannot-verify",
      "severity": "medium",
      "sheet": "DCF",
      "address": "A8"
    },
    {
      "ruleId": "MG-DCF-006",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A10"
    },
    {
      "ruleId": "MG-DCF-007",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A11"
    },
    {
      "ruleId": "MG-DCF-008",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A12"
    },
    {
      "ruleId": "MG-DCF-009",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A14"
    },
    {
      "ruleId": "MG-DCF-010",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A10"
    },
    {
      "ruleId": "MG-DCF-011",
      "category": "dcf",
      "status": "passed",
      "sheet": "DCF",
      "address": "A5"
    },
    {
      "ruleId": "MG-SCN-001",
      "category": "scenario",
      "status": "passed",
      "sheet": "Scenarios",
      "address": "A5"
    },
    {
      "ruleId": "MG-SCN-002",
      "category": "scenario",
      "status": "passed",
      "sheet": "Scenarios",
      "address": "A5"
    },
    {
      "ruleId": "MG-SCN-003",
      "category": "scenario",
      "status": "passed",
      "sheet": "Scenarios",
      "address": "A9"
    },
    {
      "ruleId": "MG-SCN-004",
      "category": "scenario",
      "status": "passed",
      "sheet": "Scenarios",
      "address": "A9"
    },
    {
      "ruleId": "MG-SCN-005",
      "category": "scenario",
      "status": "passed",
      "sheet": "Scenarios",
      "address": "A5"
    },
    {
      "ruleId": "MG-ASM-001",
      "category": "assumption",
      "status": "passed"
    },
    {
      "ruleId": "MG-ASM-002",
      "category": "assumption",
      "status": "passed"
    },
    {
      "ruleId": "MG-ASM-003",
      "category": "assumption",
      "status": "passed",
      "sheet": "Inputs",
      "address": "A10"
    },
    {
      "ruleId": "MG-ASM-004",
      "category": "assumption",
      "status": "passed",
      "sheet": "Income Statement",
      "address": "A5"
    },
    {
      "ruleId": "MG-ASM-005",
      "category": "assumption",
      "status": "passed",
      "sheet": "Income Statement",
      "address": "A6"
    },
    {
      "ruleId": "MG-ASM-006",
      "category": "assumption",
      "status": "passed",
      "sheet": "Income Statement",
      "address": "A5"
    }
  ],
  "summary": {
    "critical": 1,
    "high": 0,
    "medium": 0,
    "warning": 0,
    "info": 0,
    "low": 0,
    "passed": 49,
    "cannotVerify": 1,
    "notApplicable": 0
  },
  "limitations": [
    "ModelGuard reads formula text and cached workbook values but does not recalculate Excel formulas.",
    "External links, macros, circular references, and unsupported workbook features are not executed.",
    "A clean result means no configured deterministic issue was found; it is not an accounting certification or investment recommendation."
  ],
  "modelStatus": "Needs review"
}