{
  "schema_version": "assembly-1405-analysis/v2",
  "generated_at": "2026-09-01T00:00:00Z",
  "entity": "شرکت مرکز ملی شماره‌گذاری کالا و خدمات ایران (سهامی خاص)",
  "scope": "Historical primary-year annual workbooks for 1400–1404 plus an explicit non-probabilistic scenario overlay for 1405–1409; public derived aggregate only.",
  "unit": "billion_irr",
  "claim_boundary": "Source-derived management analysis plus assumptions-derived scenario outputs; not an audit opinion, management budget, deterministic forecast, valuation, or investment recommendation.",
  "annual_financials": [
    {
      "year": "1400",
      "year_label": "سال ۱۴۰۰",
      "revenue_billion_irr": 377.412,
      "gross_profit_billion_irr": 125.997,
      "operating_profit_billion_irr": 12.283,
      "net_profit_billion_irr": 11.956,
      "assets_billion_irr": 239.539,
      "liabilities_billion_irr": 177.41,
      "equity_billion_irr": 62.129,
      "operating_cash_flow_billion_irr": -12.532,
      "cash_ending_billion_irr": 63.236,
      "gross_margin": 0.33384471,
      "operating_margin": 0.03254534,
      "net_margin": 0.03167891,
      "liabilities_to_equity": 2.85551031,
      "revenue_growth": null,
      "balance_check_billion_irr": -0.0
    },
    {
      "year": "1401",
      "year_label": "سال ۱۴۰۱",
      "revenue_billion_irr": 537.538,
      "gross_profit_billion_irr": 152.284,
      "operating_profit_billion_irr": 7.764,
      "net_profit_billion_irr": 7.763,
      "assets_billion_irr": 319.278,
      "liabilities_billion_irr": 252.328,
      "equity_billion_irr": 66.95,
      "operating_cash_flow_billion_irr": 126.211,
      "cash_ending_billion_irr": 141.775,
      "gross_margin": 0.28329904,
      "operating_margin": 0.01444363,
      "net_margin": 0.01444177,
      "liabilities_to_equity": 3.76890217,
      "revenue_growth": 0.42427374,
      "balance_check_billion_irr": 0.0
    },
    {
      "year": "1402",
      "year_label": "سال ۱۴۰۲",
      "revenue_billion_irr": 918.796,
      "gross_profit_billion_irr": 278.611,
      "operating_profit_billion_irr": 32.914,
      "net_profit_billion_irr": 20.418,
      "assets_billion_irr": 829.43,
      "liabilities_billion_irr": 736.917,
      "equity_billion_irr": 92.513,
      "operating_cash_flow_billion_irr": 279.985,
      "cash_ending_billion_irr": 101.499,
      "gross_margin": 0.30323489,
      "operating_margin": 0.03582297,
      "net_margin": 0.02222256,
      "liabilities_to_equity": 7.96555079,
      "revenue_growth": 0.70926707,
      "balance_check_billion_irr": -0.0
    },
    {
      "year": "1403",
      "year_label": "سال ۱۴۰۳",
      "revenue_billion_irr": 1080.581,
      "gross_profit_billion_irr": 401.717,
      "operating_profit_billion_irr": 77.76,
      "net_profit_billion_irr": 19.446,
      "assets_billion_irr": 888.088,
      "liabilities_billion_irr": 810.657,
      "equity_billion_irr": 77.431,
      "operating_cash_flow_billion_irr": 189.786,
      "cash_ending_billion_irr": 138.885,
      "gross_margin": 0.37176019,
      "operating_margin": 0.07196129,
      "net_margin": 0.01799587,
      "liabilities_to_equity": 10.46941148,
      "revenue_growth": 0.1760837,
      "balance_check_billion_irr": -0.0
    },
    {
      "year": "1404",
      "year_label": "سال ۱۴۰۴",
      "revenue_billion_irr": 1575.896,
      "gross_profit_billion_irr": 614.06,
      "operating_profit_billion_irr": 90.658,
      "net_profit_billion_irr": 41.908,
      "assets_billion_irr": 1250.652,
      "liabilities_billion_irr": 1131.314,
      "equity_billion_irr": 119.338,
      "operating_cash_flow_billion_irr": 414.04,
      "cash_ending_billion_irr": 302.687,
      "gross_margin": 0.38965769,
      "operating_margin": 0.05752791,
      "net_margin": 0.02659313,
      "liabilities_to_equity": 9.47991419,
      "revenue_growth": 0.45837841,
      "balance_check_billion_irr": -0.0
    }
  ],
  "scenario_model": {
    "model_version": "assembly-1405-driver-model/v2",
    "generated_at": "2026-09-01T00:00:00Z",
    "horizon": {
      "start": "1405",
      "end": "1409"
    },
    "decision_readiness": "screen_grade_internal_review_only",
    "claim_label": "سناریویی",
    "probabilities_assigned": false,
    "monte_carlo_enabled": false,
    "monte_carlo_reason": "Only five annual observations and no approved distributions or correlation matrix are available.",
    "balance_sheet_forecast_enabled": false,
    "balance_sheet_reason": "Working-capital, capex, debt, distribution and capital plans are not available; no plug-based balance-sheet forecast is published.",
    "ending_cash_forecast_enabled": false,
    "ending_cash_reason": "Investing, financing and distribution plans are unavailable; only operating cash flow is modelled.",
    "nominal_values_warning": "All historical and scenario amounts are nominal IRR. No deflator is applied and historical CAGR is not real growth.",
    "assumption_set_sha256": "fd08239313d8d64b233499530d6ac2fb1f95c5a68faa0e4c6bb6c9444e6d4a32",
    "assumptions": [
      {
        "id": "base",
        "label_fa": "پایه",
        "color": "#1463A5",
        "narrative": "رشد تعدیل‌شونده با حفظ تقریبی کیفیت حاشیه و تبدیل نقد محافظه‌کارانه.",
        "growth": [
          0.3,
          0.27,
          0.24,
          0.21,
          0.18
        ],
        "gross_margin": [
          0.38,
          0.3825,
          0.385,
          0.3875,
          0.39
        ],
        "opex_margin": [
          0.32,
          0.31875,
          0.3175,
          0.31625,
          0.315
        ],
        "below_operating_burden": [
          0.03,
          0.03,
          0.03,
          0.03,
          0.03
        ],
        "cfo_margin": [
          0.14,
          0.1425,
          0.145,
          0.1475,
          0.15
        ]
      },
      {
        "id": "controlled_scale",
        "label_fa": "رشد کنترل‌شده",
        "color": "#007F79",
        "narrative": "پذیرش سریع‌تر همراه با گیت ظرفیت، قیمت و وصول؛ رشد به‌تدریج عادی می‌شود.",
        "growth": [
          0.42,
          0.36,
          0.31,
          0.27,
          0.24
        ],
        "gross_margin": [
          0.4,
          0.405,
          0.41,
          0.415,
          0.42
        ],
        "opex_margin": [
          0.315,
          0.31125,
          0.3075,
          0.30375,
          0.3
        ],
        "below_operating_burden": [
          0.025,
          0.025,
          0.025,
          0.025,
          0.025
        ],
        "cfo_margin": [
          0.18,
          0.185,
          0.19,
          0.195,
          0.2
        ]
      },
      {
        "id": "margin_pressure",
        "label_fa": "فشار حاشیه",
        "color": "#D99A2B",
        "narrative": "رشد کمتر از کف تاریخی همراه با فشار قیمت/هزینه و بهبود آهستهٔ کنترل‌ها.",
        "growth": [
          0.12,
          0.11,
          0.1,
          0.09,
          0.08
        ],
        "gross_margin": [
          0.34,
          0.3425,
          0.345,
          0.3475,
          0.35
        ],
        "opex_margin": [
          0.315,
          0.3125,
          0.31,
          0.3075,
          0.305
        ],
        "below_operating_burden": [
          0.035,
          0.03375,
          0.0325,
          0.03125,
          0.03
        ],
        "cfo_margin": [
          0.08,
          0.085,
          0.09,
          0.095,
          0.1
        ]
      },
      {
        "id": "stress",
        "label_fa": "تنش / شوک",
        "color": "#B73A3A",
        "narrative": "افت اولیهٔ درآمد، فشار حاشیه و نقد عملیاتی منفی، سپس بازیابی مرحله‌ای.",
        "growth": [
          -0.2,
          -0.1,
          0.0,
          0.08,
          0.15
        ],
        "gross_margin": [
          0.27,
          0.285,
          0.305,
          0.325,
          0.35
        ],
        "opex_margin": [
          0.34,
          0.33375,
          0.3275,
          0.32125,
          0.315
        ],
        "below_operating_burden": [
          0.05,
          0.04625,
          0.0425,
          0.03875,
          0.035
        ],
        "cfo_margin": [
          -0.08,
          -0.04,
          0.0,
          0.04,
          0.08
        ]
      }
    ],
    "outputs": [
      {
        "scenario_id": "base",
        "scenario_label_fa": "پایه",
        "year": "1405",
        "year_label": "سال ۱۴۰۵",
        "revenue_growth": 0.3,
        "gross_margin": 0.38,
        "opex_margin": 0.32,
        "below_operating_burden": 0.03,
        "net_margin": 0.03,
        "cfo_margin": 0.14,
        "revenue_billion_irr": 2048.6648,
        "gross_profit_billion_irr": 778.492624,
        "operating_expense_billion_irr": 655.572736,
        "operating_profit_billion_irr": 122.919888,
        "below_operating_burden_billion_irr": 61.459944,
        "net_profit_billion_irr": 61.459944,
        "operating_cash_flow_billion_irr": 286.813072,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "base",
        "scenario_label_fa": "پایه",
        "year": "1406",
        "year_label": "سال ۱۴۰۶",
        "revenue_growth": 0.27,
        "gross_margin": 0.3825,
        "opex_margin": 0.31875,
        "below_operating_burden": 0.03,
        "net_margin": 0.03375,
        "cfo_margin": 0.1425,
        "revenue_billion_irr": 2601.804296,
        "gross_profit_billion_irr": 995.190143,
        "operating_expense_billion_irr": 829.325119,
        "operating_profit_billion_irr": 165.865024,
        "below_operating_burden_billion_irr": 78.054129,
        "net_profit_billion_irr": 87.810895,
        "operating_cash_flow_billion_irr": 370.757112,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "base",
        "scenario_label_fa": "پایه",
        "year": "1407",
        "year_label": "سال ۱۴۰۷",
        "revenue_growth": 0.24,
        "gross_margin": 0.385,
        "opex_margin": 0.3175,
        "below_operating_burden": 0.03,
        "net_margin": 0.0375,
        "cfo_margin": 0.145,
        "revenue_billion_irr": 3226.237327,
        "gross_profit_billion_irr": 1242.101371,
        "operating_expense_billion_irr": 1024.330351,
        "operating_profit_billion_irr": 217.77102,
        "below_operating_burden_billion_irr": 96.78712,
        "net_profit_billion_irr": 120.9839,
        "operating_cash_flow_billion_irr": 467.804412,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "base",
        "scenario_label_fa": "پایه",
        "year": "1408",
        "year_label": "سال ۱۴۰۸",
        "revenue_growth": 0.21,
        "gross_margin": 0.3875,
        "opex_margin": 0.31625,
        "below_operating_burden": 0.03,
        "net_margin": 0.04125,
        "cfo_margin": 0.1475,
        "revenue_billion_irr": 3903.747166,
        "gross_profit_billion_irr": 1512.702027,
        "operating_expense_billion_irr": 1234.560041,
        "operating_profit_billion_irr": 278.141986,
        "below_operating_burden_billion_irr": 117.112415,
        "net_profit_billion_irr": 161.029571,
        "operating_cash_flow_billion_irr": 575.802707,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "base",
        "scenario_label_fa": "پایه",
        "year": "1409",
        "year_label": "سال ۱۴۰۹",
        "revenue_growth": 0.18,
        "gross_margin": 0.39,
        "opex_margin": 0.315,
        "below_operating_burden": 0.03,
        "net_margin": 0.045,
        "cfo_margin": 0.15,
        "revenue_billion_irr": 4606.421656,
        "gross_profit_billion_irr": 1796.504446,
        "operating_expense_billion_irr": 1451.022821,
        "operating_profit_billion_irr": 345.481624,
        "below_operating_burden_billion_irr": 138.19265,
        "net_profit_billion_irr": 207.288974,
        "operating_cash_flow_billion_irr": 690.963248,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "controlled_scale",
        "scenario_label_fa": "رشد کنترل‌شده",
        "year": "1405",
        "year_label": "سال ۱۴۰۵",
        "revenue_growth": 0.42,
        "gross_margin": 0.4,
        "opex_margin": 0.315,
        "below_operating_burden": 0.025,
        "net_margin": 0.06,
        "cfo_margin": 0.18,
        "revenue_billion_irr": 2237.77232,
        "gross_profit_billion_irr": 895.108928,
        "operating_expense_billion_irr": 704.898281,
        "operating_profit_billion_irr": 190.210647,
        "below_operating_burden_billion_irr": 55.944308,
        "net_profit_billion_irr": 134.266339,
        "operating_cash_flow_billion_irr": 402.799018,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "controlled_scale",
        "scenario_label_fa": "رشد کنترل‌شده",
        "year": "1406",
        "year_label": "سال ۱۴۰۶",
        "revenue_growth": 0.36,
        "gross_margin": 0.405,
        "opex_margin": 0.31125,
        "below_operating_burden": 0.025,
        "net_margin": 0.06875,
        "cfo_margin": 0.185,
        "revenue_billion_irr": 3043.370355,
        "gross_profit_billion_irr": 1232.564994,
        "operating_expense_billion_irr": 947.249023,
        "operating_profit_billion_irr": 285.315971,
        "below_operating_burden_billion_irr": 76.084259,
        "net_profit_billion_irr": 209.231712,
        "operating_cash_flow_billion_irr": 563.023516,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "controlled_scale",
        "scenario_label_fa": "رشد کنترل‌شده",
        "year": "1407",
        "year_label": "سال ۱۴۰۷",
        "revenue_growth": 0.31,
        "gross_margin": 0.41,
        "opex_margin": 0.3075,
        "below_operating_burden": 0.025,
        "net_margin": 0.0775,
        "cfo_margin": 0.19,
        "revenue_billion_irr": 3986.815165,
        "gross_profit_billion_irr": 1634.594218,
        "operating_expense_billion_irr": 1225.945663,
        "operating_profit_billion_irr": 408.648554,
        "below_operating_burden_billion_irr": 99.670379,
        "net_profit_billion_irr": 308.978175,
        "operating_cash_flow_billion_irr": 757.494881,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "controlled_scale",
        "scenario_label_fa": "رشد کنترل‌شده",
        "year": "1408",
        "year_label": "سال ۱۴۰۸",
        "revenue_growth": 0.27,
        "gross_margin": 0.415,
        "opex_margin": 0.30375,
        "below_operating_burden": 0.025,
        "net_margin": 0.08625,
        "cfo_margin": 0.195,
        "revenue_billion_irr": 5063.25526,
        "gross_profit_billion_irr": 2101.250933,
        "operating_expense_billion_irr": 1537.963785,
        "operating_profit_billion_irr": 563.287148,
        "below_operating_burden_billion_irr": 126.581381,
        "net_profit_billion_irr": 436.705766,
        "operating_cash_flow_billion_irr": 987.334776,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "controlled_scale",
        "scenario_label_fa": "رشد کنترل‌شده",
        "year": "1409",
        "year_label": "سال ۱۴۰۹",
        "revenue_growth": 0.24,
        "gross_margin": 0.42,
        "opex_margin": 0.3,
        "below_operating_burden": 0.025,
        "net_margin": 0.095,
        "cfo_margin": 0.2,
        "revenue_billion_irr": 6278.436522,
        "gross_profit_billion_irr": 2636.943339,
        "operating_expense_billion_irr": 1883.530957,
        "operating_profit_billion_irr": 753.412383,
        "below_operating_burden_billion_irr": 156.960913,
        "net_profit_billion_irr": 596.45147,
        "operating_cash_flow_billion_irr": 1255.687304,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "margin_pressure",
        "scenario_label_fa": "فشار حاشیه",
        "year": "1405",
        "year_label": "سال ۱۴۰۵",
        "revenue_growth": 0.12,
        "gross_margin": 0.34,
        "opex_margin": 0.315,
        "below_operating_burden": 0.035,
        "net_margin": -0.01,
        "cfo_margin": 0.08,
        "revenue_billion_irr": 1765.00352,
        "gross_profit_billion_irr": 600.101197,
        "operating_expense_billion_irr": 555.976109,
        "operating_profit_billion_irr": 44.125088,
        "below_operating_burden_billion_irr": 61.775123,
        "net_profit_billion_irr": -17.650035,
        "operating_cash_flow_billion_irr": 141.200282,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "margin_pressure",
        "scenario_label_fa": "فشار حاشیه",
        "year": "1406",
        "year_label": "سال ۱۴۰۶",
        "revenue_growth": 0.11,
        "gross_margin": 0.3425,
        "opex_margin": 0.3125,
        "below_operating_burden": 0.03375,
        "net_margin": -0.00375,
        "cfo_margin": 0.085,
        "revenue_billion_irr": 1959.153907,
        "gross_profit_billion_irr": 671.010213,
        "operating_expense_billion_irr": 612.235596,
        "operating_profit_billion_irr": 58.774617,
        "below_operating_burden_billion_irr": 66.121444,
        "net_profit_billion_irr": -7.346827,
        "operating_cash_flow_billion_irr": 166.528082,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "margin_pressure",
        "scenario_label_fa": "فشار حاشیه",
        "year": "1407",
        "year_label": "سال ۱۴۰۷",
        "revenue_growth": 0.1,
        "gross_margin": 0.345,
        "opex_margin": 0.31,
        "below_operating_burden": 0.0325,
        "net_margin": 0.0025,
        "cfo_margin": 0.09,
        "revenue_billion_irr": 2155.069298,
        "gross_profit_billion_irr": 743.498908,
        "operating_expense_billion_irr": 668.071482,
        "operating_profit_billion_irr": 75.427425,
        "below_operating_burden_billion_irr": 70.039752,
        "net_profit_billion_irr": 5.387673,
        "operating_cash_flow_billion_irr": 193.956237,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "margin_pressure",
        "scenario_label_fa": "فشار حاشیه",
        "year": "1408",
        "year_label": "سال ۱۴۰۸",
        "revenue_growth": 0.09,
        "gross_margin": 0.3475,
        "opex_margin": 0.3075,
        "below_operating_burden": 0.03125,
        "net_margin": 0.00875,
        "cfo_margin": 0.095,
        "revenue_billion_irr": 2349.025535,
        "gross_profit_billion_irr": 816.286373,
        "operating_expense_billion_irr": 722.325352,
        "operating_profit_billion_irr": 93.961021,
        "below_operating_burden_billion_irr": 73.407048,
        "net_profit_billion_irr": 20.553973,
        "operating_cash_flow_billion_irr": 223.157426,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "margin_pressure",
        "scenario_label_fa": "فشار حاشیه",
        "year": "1409",
        "year_label": "سال ۱۴۰۹",
        "revenue_growth": 0.08,
        "gross_margin": 0.35,
        "opex_margin": 0.305,
        "below_operating_burden": 0.03,
        "net_margin": 0.015,
        "cfo_margin": 0.1,
        "revenue_billion_irr": 2536.947578,
        "gross_profit_billion_irr": 887.931652,
        "operating_expense_billion_irr": 773.769011,
        "operating_profit_billion_irr": 114.162641,
        "below_operating_burden_billion_irr": 76.108427,
        "net_profit_billion_irr": 38.054214,
        "operating_cash_flow_billion_irr": 253.694758,
        "claim_label": "سناریویی"
      },
      {
        "scenario_id": "stress",
        "scenario_label_fa": "تنش / شوک",
        "year": "1405",
        "year_label": "سال ۱۴۰۵",
        "revenue_growth": -0.2,
        "gross_margin": 0.27,
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        "cfo_margin": -0.08,
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        "gross_profit_billion_irr": 340.393536,
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      },
      {
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        "year_label": "سال ۱۴۰۶",
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        "claim_label": "سناریویی"
      },
      {
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        "scenario_label_fa": "تنش / شوک",
        "year": "1407",
        "year_label": "سال ۱۴۰۷",
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      },
      {
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        "scenario_label_fa": "تنش / شوک",
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        "year_label": "سال ۱۴۰۸",
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        "operating_cash_flow_billion_irr": 112.738339,
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    ],
    "scenario_summaries": [
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        "scenario_id": "base",
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        "revenue_1409_billion_irr": 4606.421656,
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        "scenario_id": "controlled_scale",
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        "operating_cash_flow_1409_billion_irr": 1255.687304
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        "scenario_id": "margin_pressure",
        "scenario_label_fa": "فشار حاشیه",
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        "net_profit_1405_billion_irr": -17.650035,
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        "revenue_1409_billion_irr": 1409.229239,
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        "operating_cash_flow_1409_billion_irr": 112.738339
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    ],
    "profit_sensitivity": {
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      "opex_margin_values": [
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      "below_operating_burden": 0.03,
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      ]
    },
    "cash_sensitivity": {
      "revenue_anchor_1404_billion_irr": 1575.896,
      "growth_values": [
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        0.5,
        0.6
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      "cfo_margin_values": [
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        0.1,
        0.15,
        0.2
      ],
      "cells": [
        {
          "revenue_growth": 0.0,
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          "operating_cash_flow_billion_irr": 0.0
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        {
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          "operating_cash_flow_billion_irr": 236.3844
        },
        {
          "revenue_growth": 0.0,
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          "operating_cash_flow_billion_irr": 315.1792
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          "operating_cash_flow_billion_irr": 378.21504
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        },
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          "operating_cash_flow_billion_irr": 102.43324
        },
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        },
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        },
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          "operating_cash_flow_billion_irr": 409.73296
        },
        {
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        },
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        },
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        },
        {
          "revenue_growth": 0.4,
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          "operating_cash_flow_billion_irr": 330.93816
        },
        {
          "revenue_growth": 0.4,
          "cfo_margin": 0.2,
          "operating_cash_flow_billion_irr": 441.25088
        },
        {
          "revenue_growth": 0.5,
          "cfo_margin": 0.0,
          "operating_cash_flow_billion_irr": 0.0
        },
        {
          "revenue_growth": 0.5,
          "cfo_margin": 0.05,
          "operating_cash_flow_billion_irr": 118.1922
        },
        {
          "revenue_growth": 0.5,
          "cfo_margin": 0.1,
          "operating_cash_flow_billion_irr": 236.3844
        },
        {
          "revenue_growth": 0.5,
          "cfo_margin": 0.15,
          "operating_cash_flow_billion_irr": 354.5766
        },
        {
          "revenue_growth": 0.5,
          "cfo_margin": 0.2,
          "operating_cash_flow_billion_irr": 472.7688
        },
        {
          "revenue_growth": 0.6,
          "cfo_margin": 0.0,
          "operating_cash_flow_billion_irr": 0.0
        },
        {
          "revenue_growth": 0.6,
          "cfo_margin": 0.05,
          "operating_cash_flow_billion_irr": 126.07168
        },
        {
          "revenue_growth": 0.6,
          "cfo_margin": 0.1,
          "operating_cash_flow_billion_irr": 252.14336
        },
        {
          "revenue_growth": 0.6,
          "cfo_margin": 0.15,
          "operating_cash_flow_billion_irr": 378.21504
        },
        {
          "revenue_growth": 0.6,
          "cfo_margin": 0.2,
          "operating_cash_flow_billion_irr": 504.28672
        }
      ]
    },
    "breakpoints": {
      "base_1405_net_margin_buffer": 0.03,
      "base_1405_gross_margin_breakeven": 0.35,
      "base_1405_gross_margin_headroom": 0.03,
      "net_margin_required_to_hold_1404_profit_after_15pct_revenue_shock": 0.03128603,
      "increment_vs_1404_net_margin_percentage_points": 0.0046929,
      "stress_1405_cash_before_investing_financing_and_distributions": 201.829656
    }
  },
  "derived_metrics": {
    "revenue_cagr_1400_1404": 0.4294796,
    "revenue_multiple_1404_vs_1400": 4.17553231,
    "gross_profit_multiple_1404_vs_1400": 4.8736081,
    "operating_profit_multiple_1404_vs_1400": 7.38077017,
    "net_profit_multiple_1404_vs_1400": 3.50518568
  },
  "method": {
    "selected_series": "Values come from each year’s own primary workbook, not later comparative columns.",
    "unit_normalization": "1402 source values were million IRR and were converted to IRR before display as billion IRR.",
    "comparability_boundary": "Later-workbook comparative columns showed material inconsistencies and were not used to overwrite primary-year values.",
    "nominal_values": "Historical and scenario values are nominal IRR; no deflator is applied and the historical CAGR is not real growth.",
    "scenario_method": "Transparent driver model: revenue growth, gross margin, operating-expense margin, below-operating burden and operating-cash-flow margin.",
    "statistical_boundary": "Five annual observations are insufficient for defensible statistical forecasting, probability assignment or Monte Carlo calibration."
  }
}