@insiderfinance/totalfinance 0.1.0

package/modules/valuation/dist/discounted-cash-flow.js.map

@@ -0,0 +1 @@
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package/modules/valuation/dist/discounting.d.ts

@@ -0,0 +1,124 @@
+/**
+ * FC1 — discounting, accumulation, and rate conversion on the ONE `InterestCompounding` grammar.
+ *
+ * Every head is a Law 12 closed request with named fields; the convenience defaults
+ * (`compounding: 'annual'` for ordinary flows, `dayCount: 'ACT/365F'` for dated flows) are
+ * documented here and echoed by the `.explain()` reports of the solvers that consume them. The
+ * spec's lowercase `'act/365f'` spelling resolves to core's one `DayCount` vocabulary — a second
+ * casing would be a duplicated convention grammar, which the FC0 exit gate forbids.
+ */
+import { type DayCount, type InterestCompounding } from '../../core/dist/index.js';
+import { type DatedCashFlow, type TimedCashFlow } from './flows.js';
+/** Shared when-present compounding ladder — the seven-form grammar, taught at the boundary. */
+export declare function requireCompoundingWhenPresent(functionName: string, compounding: unknown): asserts compounding is InterestCompounding | undefined;
+/** Shared when-present day-count ladder over core's ONE vocabulary. */
+export declare function requireDayCountWhenPresent(functionName: string, dayCount: unknown): asserts dayCount is DayCount | undefined;
+/** Input for {@link presentValue}: what one future amount is worth today. */
+export interface PresentValueInput {
+    /** The amount received at `timeYears`. */
+    futureAmount: number;
+    /** Annual rate (decimal, e.g. `0.08`). */
+    annualInterestRate: number;
+    timeYears: number;
+    /** Default `'annual'` — the FC1 ordinary-flow convention, documented and echoed. */
+    compounding?: InterestCompounding;
+}
+/** Present value of one future amount: `futureAmount · discountFactor(rate, t, compounding)`. */
+export declare function presentValue(input: PresentValueInput): number;
+/** Input for {@link futureValue}: what one present amount grows to. */
+export interface FutureValueInput {
+    /** The amount held at time zero. */
+    presentAmount: number;
+    /** Annual rate (decimal). */
+    annualInterestRate: number;
+    timeYears: number;
+    /** Default `'annual'` — the FC1 ordinary-flow convention, documented and echoed. */
+    compounding?: InterestCompounding;
+}
+/** Future value of one present amount: `presentAmount · compoundFactor(rate, t, compounding)`. */
+export declare function futureValue(input: FutureValueInput): number;
+/** Input for {@link discountCashFlows}: per-flow present values plus their total. */
+export interface DiscountCashFlowsInput {
+    cashFlows: readonly TimedCashFlow[];
+    /** Annual discount rate (decimal). */
+    annualDiscountRate: number;
+    /** Default `'annual'` — documented and echoed. */
+    compounding?: InterestCompounding;
+}
+/** One discounted flow: the input flow plus its discount factor and present value. */
+export interface DiscountedCashFlowRow {
+    amount: number;
+    timeYears: number;
+    label?: string;
+    discountFactor: number;
+    presentValue: number;
+}
+/**
+ * Discount each flow individually (a supplied time-zero flow discounts by exactly 1 — included
+ * once, never inferred). Rows preserve input order; `presentValueTotal` is their sum.
+ */
+export declare function discountCashFlows(input: DiscountCashFlowsInput): {
+    rows: DiscountedCashFlowRow[];
+    presentValueTotal: number;
+};
+/** Input for {@link netPresentValue}. */
+export interface NetPresentValueInput {
+    cashFlows: readonly TimedCashFlow[];
+    /** Annual discount rate (decimal). */
+    annualDiscountRate: number;
+    /** Default `'annual'` — documented and echoed. */
+    compounding?: InterestCompounding;
+}
+/**
+ * Net present value of explicit timed flows. A supplied `timeYears: 0` flow is included exactly
+ * once at face value; no time-zero flow is ever inferred.
+ */
+export declare function netPresentValue(input: NetPresentValueInput): number;
+/** Input for {@link datedNetPresentValue}. */
+export interface DatedNetPresentValueInput {
+    cashFlows: readonly DatedCashFlow[];
+    /** Strict `YYYY-MM-DD` valuation date. */
+    asOf: string;
+    /** Annual discount rate (decimal). */
+    annualDiscountRate: number;
+    /** Default `'annual'` — documented and echoed. */
+    compounding?: InterestCompounding;
+    /** Default `'ACT/365F'` — documented and echoed. */
+    dayCount?: DayCount;
+}
+/**
+ * Dated net present value AT `asOf`. Future flows discount back and HISTORICAL flows accumulate
+ * forward under the same declared convention — a realized flow is never discarded merely because
+ * it precedes the valuation date. A flow ON `asOf` enters at face value, exactly once.
+ */
+export declare function datedNetPresentValue(input: DatedNetPresentValueInput): number;
+/** Input for {@link effectiveAnnualRate}: the EAR of a nominal rate under its compounding. */
+export interface EffectiveAnnualRateInput {
+    /** Nominal (stated) annual rate (decimal). */
+    nominalAnnualRate: number;
+    /** REQUIRED — a rate conversion never guesses its convention. */
+    compounding: InterestCompounding;
+}
+/** Input for {@link nominalAnnualRate}: the nominal rate whose EAR is the given effective rate. */
+export interface NominalAnnualRateInput {
+    /** Effective annual rate (decimal). */
+    effectiveAnnualRate: number;
+    /** REQUIRED — a rate conversion never guesses its convention. */
+    compounding: InterestCompounding;
+}
+/** Input for {@link equivalentInterestRate}: re-express a rate in another convention. */
+export interface EquivalentInterestRateInput {
+    /** Annual rate (decimal) quoted in `fromCompounding`. */
+    annualInterestRate: number;
+    /** REQUIRED source convention. */
+    fromCompounding: InterestCompounding;
+    /** REQUIRED target convention. */
+    toCompounding: InterestCompounding;
+}
+/** Effective annual rate: the one-year growth of the nominal rate under its convention, minus 1. */
+export declare function effectiveAnnualRate(input: EffectiveAnnualRateInput): number;
+/** Nominal annual rate whose EAR under `compounding` equals the given effective rate. */
+export declare function nominalAnnualRate(input: NominalAnnualRateInput): number;
+/** Re-express a rate in another convention so both produce the SAME one-year growth. */
+export declare function equivalentInterestRate(input: EquivalentInterestRateInput): number;
+//# sourceMappingURL=discounting.d.ts.map

package/modules/valuation/dist/discounting.d.ts.map

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package/modules/valuation/dist/discounting.js

@@ -0,0 +1,235 @@
+/**
+ * FC1 — discounting, accumulation, and rate conversion on the ONE `InterestCompounding` grammar.
+ *
+ * Every head is a Law 12 closed request with named fields; the convenience defaults
+ * (`compounding: 'annual'` for ordinary flows, `dayCount: 'ACT/365F'` for dated flows) are
+ * documented here and echoed by the `.explain()` reports of the solvers that consume them. The
+ * spec's lowercase `'act/365f'` spelling resolves to core's one `DayCount` vocabulary — a second
+ * casing would be a duplicated convention grammar, which the FC0 exit gate forbids.
+ */
+import { requireRepresentableResult, stableSum, compoundFactor, compoundingPeriodsPerYear, discountFactor, ensureKnownKeys, ErrorCode, InputError, isoDateToEpochMs, requireArgumentObject, requireFiniteFields, yearFraction, } from '../../core/dist/index.js';
+import { requireDatedCashFlows, requireTimedCashFlows, } from './flows.js';
+const DAY_COUNTS = ['ACT/365F', 'ACT/360', '30/360'];
+/** Shared when-present compounding ladder — the seven-form grammar, taught at the boundary. */
+export function requireCompoundingWhenPresent(functionName, compounding) {
+    if (compounding === undefined)
+        return;
+    if (compounding === 'simple' ||
+        compounding === 'continuous' ||
+        compounding === 'annual' ||
+        compounding === 'semiannual' ||
+        compounding === 'quarterly' ||
+        compounding === 'monthly')
+        return;
+    if (typeof compounding === 'object' &&
+        compounding !== null &&
+        compounding.type === 'periodic') {
+        const periods = compounding.periodsPerYear;
+        if (typeof periods === 'number' && Number.isFinite(periods) && periods > 0)
+            return;
+        throw new InputError(`${functionName}: compounding.periodsPerYear must be a finite number > 0. Received ${String(periods)}.`, { code: ErrorCode.InputOutOfRange, context: { field: 'compounding' } });
+    }
+    throw new InputError(`${functionName}: compounding must be 'simple' | 'continuous' | 'annual' | 'semiannual' | 'quarterly' | 'monthly' or { type: 'periodic', periodsPerYear } when provided. Received ${compounding === null ? 'null' : typeof compounding === 'number' ? `the retired bare number ${compounding} — pass { type: 'periodic', periodsPerYear: ${compounding} }` : JSON.stringify(compounding)}.`, { code: ErrorCode.InputInvalidEnum, context: { field: 'compounding' } });
+}
+/** Shared when-present day-count ladder over core's ONE vocabulary. */
+export function requireDayCountWhenPresent(functionName, dayCount) {
+    if (dayCount === undefined)
+        return;
+    if (typeof dayCount === 'string' && DAY_COUNTS.includes(dayCount))
+        return;
+    throw new InputError(`${functionName}: dayCount must be one of ${DAY_COUNTS.join(' | ')} when provided. Received ${dayCount === null ? 'null' : JSON.stringify(dayCount)}.`, { code: ErrorCode.InputInvalidEnum, context: { field: 'dayCount' } });
+}
+const PRESENT_VALUE_KEYS = [
+    'futureAmount',
+    'annualInterestRate',
+    'timeYears',
+    'compounding',
+];
+/** Present value of one future amount: `futureAmount · discountFactor(rate, t, compounding)`. */
+export function presentValue(input) {
+    requireArgumentObject('presentValue', 'input', input);
+    ensureKnownKeys('presentValue', 'input', input, PRESENT_VALUE_KEYS);
+    requireFiniteFields('presentValue', input, ['futureAmount', 'annualInterestRate', 'timeYears'], {
+        exampleCall: "presentValue({ futureAmount: 1_000, annualInterestRate: 0.08, timeYears: 5, compounding: 'annual' })",
+    });
+    requireCompoundingWhenPresent('presentValue', input.compounding);
+    requireNonNegativeTime('presentValue', input.timeYears);
+    return requireRepresentableResult('presentValue', input.futureAmount *
+        discountFactor(input.annualInterestRate, input.timeYears, input.compounding ?? 'annual'));
+}
+const FUTURE_VALUE_KEYS = [
+    'presentAmount',
+    'annualInterestRate',
+    'timeYears',
+    'compounding',
+];
+/** Future value of one present amount: `presentAmount · compoundFactor(rate, t, compounding)`. */
+export function futureValue(input) {
+    requireArgumentObject('futureValue', 'input', input);
+    ensureKnownKeys('futureValue', 'input', input, FUTURE_VALUE_KEYS);
+    requireFiniteFields('futureValue', input, ['presentAmount', 'annualInterestRate', 'timeYears'], {
+        exampleCall: "futureValue({ presentAmount: 1_000, annualInterestRate: 0.08, timeYears: 5, compounding: 'annual' })",
+    });
+    requireCompoundingWhenPresent('futureValue', input.compounding);
+    requireNonNegativeTime('futureValue', input.timeYears);
+    return requireRepresentableResult('futureValue', input.presentAmount *
+        compoundFactor(input.annualInterestRate, input.timeYears, input.compounding ?? 'annual'));
+}
+function requireNonNegativeTime(functionName, timeYears) {
+    if (timeYears < 0) {
+        throw new InputError(`${functionName}: timeYears must be ≥ 0 — historical flows belong in the dated forms with an explicit asOf. Received ${timeYears}.`, { code: ErrorCode.InputOutOfRange, context: { field: 'timeYears' } });
+    }
+}
+const DISCOUNT_CASH_FLOWS_KEYS = ['cashFlows', 'annualDiscountRate', 'compounding'];
+/**
+ * Discount each flow individually (a supplied time-zero flow discounts by exactly 1 — included
+ * once, never inferred). Rows preserve input order; `presentValueTotal` is their sum.
+ */
+export function discountCashFlows(input) {
+    requireArgumentObject('discountCashFlows', 'input', input);
+    ensureKnownKeys('discountCashFlows', 'input', input, DISCOUNT_CASH_FLOWS_KEYS);
+    requireFiniteFields('discountCashFlows', input, ['annualDiscountRate'], {
+        exampleCall: 'discountCashFlows({ cashFlows: [{ amount: -1_000, timeYears: 0 }, { amount: 600, timeYears: 1 }], annualDiscountRate: 0.1 })',
+    });
+    requireTimedCashFlows('discountCashFlows', input.cashFlows);
+    requireCompoundingWhenPresent('discountCashFlows', input.compounding);
+    const compounding = input.compounding ?? 'annual';
+    let presentValueTotal = 0;
+    const rows = input.cashFlows.map((flow) => {
+        const factor = discountFactor(input.annualDiscountRate, flow.timeYears, compounding);
+        const value = flow.amount * factor;
+        presentValueTotal += value;
+        return {
+            amount: flow.amount,
+            timeYears: flow.timeYears,
+            ...(flow.label !== undefined ? { label: flow.label } : {}),
+            discountFactor: factor,
+            presentValue: value,
+        };
+    });
+    return { rows, presentValueTotal };
+}
+/**
+ * Net present value of explicit timed flows. A supplied `timeYears: 0` flow is included exactly
+ * once at face value; no time-zero flow is ever inferred.
+ */
+export function netPresentValue(input) {
+    requireArgumentObject('netPresentValue', 'input', input);
+    ensureKnownKeys('netPresentValue', 'input', input, DISCOUNT_CASH_FLOWS_KEYS);
+    requireFiniteFields('netPresentValue', input, ['annualDiscountRate'], {
+        exampleCall: 'netPresentValue({ cashFlows: [{ amount: -1_000, timeYears: 0 }, { amount: 600, timeYears: 1 }, { amount: 600, timeYears: 2 }], annualDiscountRate: 0.1 })',
+    });
+    requireTimedCashFlows('netPresentValue', input.cashFlows);
+    requireCompoundingWhenPresent('netPresentValue', input.compounding);
+    const compounding = input.compounding ?? 'annual';
+    // stableSum over the discounted terms: four time-zero flows summing to 0 must return 0, not a
+    // refusal born of the left-to-right partial sum (2026-08-23, fourth review).
+    const terms = input.cashFlows.map((flow) => flow.amount * discountFactor(input.annualDiscountRate, flow.timeYears, compounding));
+    return requireRepresentableResult('netPresentValue', stableSum(terms));
+}
+const DATED_NPV_KEYS = [
+    'cashFlows',
+    'asOf',
+    'annualDiscountRate',
+    'compounding',
+    'dayCount',
+];
+const STRICT_DATE = /^\d{4}-\d{2}-\d{2}$/;
+/** Shape via the regex, then the REAL calendar: `2025-02-30` must teach, never normalize. */
+const isCalendarDate = (value) => {
+    try {
+        isoDateToEpochMs(value);
+        return true;
+    }
+    catch {
+        return false;
+    }
+};
+/**
+ * Dated net present value AT `asOf`. Future flows discount back and HISTORICAL flows accumulate
+ * forward under the same declared convention — a realized flow is never discarded merely because
+ * it precedes the valuation date. A flow ON `asOf` enters at face value, exactly once.
+ */
+export function datedNetPresentValue(input) {
+    requireArgumentObject('datedNetPresentValue', 'input', input);
+    ensureKnownKeys('datedNetPresentValue', 'input', input, DATED_NPV_KEYS);
+    requireFiniteFields('datedNetPresentValue', input, ['annualDiscountRate'], {
+        exampleCall: "datedNetPresentValue({ cashFlows: [{ amount: -1_000, cashFlowDate: '2026-01-01' }, { amount: 1_100, cashFlowDate: '2027-01-01' }], asOf: '2026-01-01', annualDiscountRate: 0.1 })",
+    });
+    requireDatedCashFlows('datedNetPresentValue', input.cashFlows);
+    if (typeof input.asOf !== 'string' ||
+        !STRICT_DATE.test(input.asOf) ||
+        !isCalendarDate(input.asOf)) {
+        throw new InputError(`datedNetPresentValue: asOf must be a strict YYYY-MM-DD calendar date. Received ${input.asOf === null ? 'null' : JSON.stringify(input.asOf)}.`, { code: ErrorCode.InputWrongType, context: { field: 'asOf' } });
+    }
+    requireCompoundingWhenPresent('datedNetPresentValue', input.compounding);
+    requireDayCountWhenPresent('datedNetPresentValue', input.dayCount);
+    const compounding = input.compounding ?? 'annual';
+    const dayCount = input.dayCount ?? 'ACT/365F';
+    const terms = input.cashFlows.map((flow) => {
+        const years = yearFraction(input.asOf, flow.cashFlowDate, dayCount);
+        // years > 0 → future flow, discount back; years < 0 → realized flow, accumulate forward.
+        return years >= 0
+            ? flow.amount * discountFactor(input.annualDiscountRate, years, compounding)
+            : flow.amount * compoundFactor(input.annualDiscountRate, -years, compounding);
+    });
+    return requireRepresentableResult('datedNetPresentValue', stableSum(terms));
+}
+function requireCompoundingRequired(functionName, field, compounding) {
+    if (compounding === undefined) {
+        throw new InputError(`${functionName}: ${field} is required — a rate conversion never guesses its convention.\n  e.g. ${functionName}({ ...request, ${field}: 'monthly' })`, { code: ErrorCode.InputMissingField, context: { field } });
+    }
+    requireCompoundingWhenPresent(functionName, compounding);
+}
+/** One-year growth factor of `rate` under `compounding` — the EAR bridge both conversions share. */
+function annualGrowthFactor(functionName, rate, compounding) {
+    return compoundFactor(rate, 1, compounding);
+}
+/** Effective annual rate: the one-year growth of the nominal rate under its convention, minus 1. */
+export function effectiveAnnualRate(input) {
+    requireArgumentObject('effectiveAnnualRate', 'input', input);
+    ensureKnownKeys('effectiveAnnualRate', 'input', input, ['nominalAnnualRate', 'compounding']);
+    requireFiniteFields('effectiveAnnualRate', input, ['nominalAnnualRate'], {
+        exampleCall: "effectiveAnnualRate({ nominalAnnualRate: 0.12, compounding: 'monthly' })",
+    });
+    requireCompoundingRequired('effectiveAnnualRate', 'compounding', input.compounding);
+    return requireRepresentableResult('effectiveAnnualRate', annualGrowthFactor('effectiveAnnualRate', input.nominalAnnualRate, input.compounding) - 1);
+}
+/** Nominal annual rate whose EAR under `compounding` equals the given effective rate. */
+export function nominalAnnualRate(input) {
+    requireArgumentObject('nominalAnnualRate', 'input', input);
+    ensureKnownKeys('nominalAnnualRate', 'input', input, ['effectiveAnnualRate', 'compounding']);
+    requireFiniteFields('nominalAnnualRate', input, ['effectiveAnnualRate'], {
+        exampleCall: "nominalAnnualRate({ effectiveAnnualRate: 0.1268, compounding: 'monthly' })",
+    });
+    requireCompoundingRequired('nominalAnnualRate', 'compounding', input.compounding);
+    const growth = 1 + input.effectiveAnnualRate;
+    if (growth <= 0) {
+        throw new InputError(`nominalAnnualRate: effectiveAnnualRate must exceed −100% (the one-year growth factor must be positive). Received ${input.effectiveAnnualRate}.`, { code: ErrorCode.InputOutOfRange, context: { field: 'effectiveAnnualRate' } });
+    }
+    const periods = compoundingPeriodsPerYear(input.compounding);
+    if (periods === null) {
+        if (input.compounding === 'continuous')
+            return Math.log(growth);
+        return growth - 1; // simple over one year: 1 + r = growth
+    }
+    return requireRepresentableResult('nominalAnnualRate', periods * (Math.pow(growth, 1 / periods) - 1));
+}
+/** Re-express a rate in another convention so both produce the SAME one-year growth. */
+export function equivalentInterestRate(input) {
+    requireArgumentObject('equivalentInterestRate', 'input', input);
+    ensureKnownKeys('equivalentInterestRate', 'input', input, [
+        'annualInterestRate',
+        'fromCompounding',
+        'toCompounding',
+    ]);
+    requireFiniteFields('equivalentInterestRate', input, ['annualInterestRate'], {
+        exampleCall: "equivalentInterestRate({ annualInterestRate: 0.12, fromCompounding: 'monthly', toCompounding: 'continuous' })",
+    });
+    requireCompoundingRequired('equivalentInterestRate', 'fromCompounding', input.fromCompounding);
+    requireCompoundingRequired('equivalentInterestRate', 'toCompounding', input.toCompounding);
+    const effective = annualGrowthFactor('equivalentInterestRate', input.annualInterestRate, input.fromCompounding) -
+        1;
+    return requireRepresentableResult('equivalentInterestRate', nominalAnnualRate({ effectiveAnnualRate: effective, compounding: input.toCompounding }));
+}
+//# sourceMappingURL=discounting.js.map

package/modules/valuation/dist/discounting.js.map

@@ -0,0 +1 @@
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package/modules/valuation/dist/equity-valuation.d.ts

@@ -0,0 +1,104 @@
+/**
+ * FC2 — equity valuation models: the dividend-discount valuation and the residual-income
+ * valuation (clean-surplus). Both are per-share, explicitly.
+ */
+import { type InterestCompounding } from '../../core/dist/index.js';
+import { type TimedCashFlow } from './flows.js';
+import { type TerminalValueMethod } from './corporate-primitives.js';
+/** Input for {@link dividendDiscountValuation}. */
+export interface DividendDiscountInput {
+    /**
+     * Explicit projected dividends PER SHARE (timed from today). An empty projection stage with a
+     * perpetual-growth terminal is the classic single-stage Gordon model.
+     */
+    projectedDividendsPerShare: readonly TimedCashFlow[];
+    /** Annual cost of equity (decimal) — the discount rate for dividends. */
+    annualCostOfEquity: number;
+    terminalValueMethod: TerminalValueMethod;
+    /** Default `'annual'` — documented and echoed. */
+    compounding?: InterestCompounding;
+}
+/** Result of {@link dividendDiscountValuation}. */
+export interface DividendDiscountResult {
+    diagnostics: {
+        warnings: string[];
+    };
+    valuePerShare: number;
+    rows: Array<{
+        timeYears: number;
+        dividendPerShare: number;
+        discountFactor: number;
+        presentValue: number;
+    }>;
+    projectedDividendPresentValue: number;
+    terminalValue: number;
+    terminalValuePresentValue: number;
+    assumptions: {
+        annualCostOfEquity: number;
+        compounding: InterestCompounding;
+        terminalValueMethod: TerminalValueMethod;
+        terminalCashFlowConvention: 'final-forecast-period-flow';
+    };
+}
+/**
+ * Present value of explicit projected dividends per share plus a terminal stage. With an EMPTY
+ * projection stage and a perpetual-growth terminal (its `terminalCashFlow` being the CURRENT
+ * annual dividend), this is exactly the Gordon growth model: `D0 × (1 + g) / (r − g)`.
+ */
+export declare function dividendDiscountValuation(input: DividendDiscountInput): DividendDiscountResult;
+/** One projected clean-surplus year. */
+export interface ResidualIncomeProjection {
+    earningsPerShare: number;
+    dividendsPerShare: number;
+}
+/** Input for {@link residualIncomeValuation}. */
+export interface ResidualIncomeInput {
+    /** Book value per share at the valuation date. */
+    beginningBookValuePerShare: number;
+    /** Annual cost of equity (decimal). */
+    annualCostOfEquity: number;
+    /** One entry per forecast YEAR, in order — clean surplus rolls the book value between them. */
+    projections: readonly ResidualIncomeProjection[];
+    /**
+     * The residual-income terminal stage: `'none'` states that residual income is competed away
+     * after the horizon; `'perpetuity'` continues the FINAL residual income at a growth rate.
+     */
+    terminalResidualIncome: {
+        method: 'none';
+    } | {
+        method: 'perpetuity';
+        perpetualGrowthRate: number;
+    };
+}
+/** Result of {@link residualIncomeValuation}. */
+export interface ResidualIncomeResult {
+    diagnostics: {
+        warnings: string[];
+    };
+    valuePerShare: number;
+    beginningBookValuePerShare: number;
+    rows: Array<{
+        year: number;
+        beginningBookValuePerShare: number;
+        earningsPerShare: number;
+        dividendsPerShare: number;
+        endingBookValuePerShare: number;
+        equityCharge: number;
+        residualIncomePerShare: number;
+        presentValue: number;
+    }>;
+    residualIncomePresentValue: number;
+    terminalValuePresentValue: number;
+    assumptions: {
+        annualCostOfEquity: number;
+        cleanSurplus: 'ending book = beginning book + earnings - dividends';
+        terminalResidualIncome: ResidualIncomeInput['terminalResidualIncome'];
+    };
+}
+/**
+ * Clean-surplus residual income: value = beginning book value + Σ PV(EPS_t − r × B_{t−1}) + PV of
+ * the stated terminal stage. Book value rolls forward as `B_t = B_{t−1} + EPS_t − DPS_t`; annual
+ * discrete discounting (the model is annual by construction).
+ */
+export declare function residualIncomeValuation(input: ResidualIncomeInput): ResidualIncomeResult;
+//# sourceMappingURL=equity-valuation.d.ts.map

package/modules/valuation/dist/equity-valuation.d.ts.map

@@ -0,0 +1 @@
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