Model Checks
Automated integrity checks — balance sheet, cash flow, DCF, and structural
Scenario
Balance sheet balances in every period
PASS
Max variance: $0
Cash flow ties to ending cash
PASS
Beginning + change = ending in every year
Revenue schedules reconcile to income statement
PASS
Music + Sponsorship + Data = Total Net Revenue
FCFF reconciles to supporting schedule
PASS
NOPAT + D&A − Capex − ΔNWC = FCFF
Enterprise value reconciles to dashboard
PASS
Σ PV(FCFF) + PV(Terminal) = EV
WACC exceeds terminal growth
PASS
WACC 18.00% > g 3.00%
Utilization within 0–100%
PASS
Music cap 65%, Sponsor cap 60%
Ownership totals 100%
PASS
Current sum: 100.00%
Terminal value % of EV
PASS
61.2% of EV from terminal value
Detailed school count reconciles
WARN
Contracted 68 vs detailed 67
Base-case data revenue at zero
PASS
Data monetization excluded from base-case DCF unless activated
No formula errors (NaN/Infinity)
PASS
All calculated values finite