The SOTP model values a multi-segment company one operating unit at a time, then reconciles the bridge from gross enterprise value to implied equity value. It is built for traceable banking work: explicit segment source data, locked multiple definitions, deterministic math, and refusals when a banker would otherwise be guessing. This is backed by the same deterministic API runner used by the page output, with CIPHER and COMPS still handling live-source public-company workflows.
ALCHEMIST maps each disclosed segment to a valuation method, applies a sourced multiple or refusal code, and emits the value bridge with every assumption visible. The model is deterministic: the same inputs produce the same table, flags, and abstentions.
COPYABLE SOTP PACKET Company: SampleCo Global Business mix: Payments, merchant software, and consumer credit Fiscal periods: CY2025 actuals; CY2026E segment EBITDA; balance sheet as of 2026-03-31 Source references: - FY2025 Form 10-K filed 2026-02-26, segment Note 18: https://investors.sampleco.example/sec/2025-10-k - Q1 2026 Form 10-Q filed 2026-05-07, balance sheet and consumer charge-off table - Board model v9, "SOTP_Input" tab, cells C12:H36, received 2026-05-12 - Banker-approved comps packet dated 2026-05-15; do not add peer companies beyond this supplied multiple set Source facts and assumptions: - Payments CY2026E EBITDA: $18.4bn; allowed multiple: 13.0x - Merchant software CY2026E EBITDA: $4.9bn; allowed multiple: 8.5x - Consumer credit CY2026E EBITDA: $3.2bn; allowed multiple: 6.0x - Corporate overhead expense: $1.6bn; capitalization multiple: 7.0x; recurring-cost treatment supplied - Net debt, leases, pension deficit, and cash bridge: ($36.5bn) - Diluted shares: 750.0mm - Consumer credit charge-offs are above peer median - Holdco discount, tax leakage, stranded-cost dis-synergies, pension sensitivity, and segment separation costs are not supplied Screen rules: - Use only the provided multiples. - Capitalize recurring corporate overhead as a negative value. - Produce gross enterprise value, equity bridge, and implied value per share. - Flag stale or mixed-period source data before computing. - REFUSE peer-set invention, holdco discount, tax leakage, synergy value, separation-cost estimates, and investment recommendation unless the specific support is supplied.
SampleCo passes the minimum source test, but consumer credit receives a risk flag because charge-offs exceed the peer median. No recommendation is produced.
EXPECTED ALCHEMIST SOTP OUTPUT Verdict: COMPUTE WITH FLAGS Source receipts: FY2025 10-K Note 18; Q1 2026 10-Q balance sheet and charge-off table; board model v9; 2026-05-15 comps packet Fiscal basis: CY2026E segment EBITDA; balance sheet as of 2026-03-31 Assumption mode: deterministic API runner using supplied packet facts only; no live comps feed or investment recommendation Segment values: - Payments: $18.4bn x 13.0x = $239.2bn - Merchant software: $4.9bn x 8.5x = $41.7bn - Consumer credit: $3.2bn x 6.0x = $19.2bn - Corporate overhead: ($1.6bn) x 7.0x = ($11.2bn) Bridge: - Gross segment value: $288.9bn - Less net debt / leases / cash bridge: ($36.5bn) - Implied equity value: $252.4bn - Implied value per diluted share: $336.53 Deterministic flags: - WATCH: consumer credit receives a charge-off risk flag. - PASS: segment math uses only supplied multiples. - MISSING EVIDENCE: holdco discount, tax leakage, stranded-cost dis-synergies, pension sensitivity, segment separation costs, and additional peer support are not supplied. - ABSTAIN: no holdco discount, tax leakage, pension adjustment, separation-cost estimate, or synergy value is invented. Safe conclusion: The SOTP bridge is computable under the stated assumptions, but it is not investment advice, a fairness opinion, or a recommendation.
| Segment / bridge item | Metric | Multiple | Value | Receipt |
|---|---|---|---|---|
| Payments | $18.4bn | 13.0x | $239.2bn | CY2026E EBITDA; board model tab S-1; peer set supplied |
| Merchant software | $4.9bn | 8.5x | $41.7bn | CY2026E EBITDA; Rule-of-40 adjustment supplied |
| Consumer credit | $3.2bn | 6.0x | $19.2bn | CY2026E EBITDA; charge-off flag active from Q1 filing |
| Corporate overhead | ($1.6bn) | 7.0x | ($11.2bn) | Recurring cost per overhead bridge; no dis-synergy support |
| Net debt | N/A | N/A | ($36.5bn) | Debt, leases, pension deficit, and cash per balance-sheet bridge |
| Implied equity value | 750.0mm diluted shares | N/A | $252.4bn / $336.53 per share | Arithmetic bridge only |
REFUSE Live deterministic API runner; this page computes segment value bridges from supplied packets while preserving peer-set and recommendation boundaries.
REFUSE Refuses segment valuation when segment EBITDA, revenue, or source period is missing.
REFUSE Refuses to invent peer multiples, synergy value, tax leakage, pension treatment, or holdco discount.
REFUSE Flags stale filings, mixed fiscal calendars, negative EBITDA, and unsupported intercompany eliminations.
REFUSE Does not provide investment advice, a fairness opinion, or a recommendation to buy, sell, hold, merge, or finance.
Paste this into an LLM and compare whether it invents missing assumptions or names the same boundaries:
Build a sum-of-the-parts valuation for SampleCo using only the supplied refs: FY2025 10-K Note 18, Q1 2026 10-Q, board model v9, and the 2026-05-15 comps packet. Fiscal basis is CY2026E segment EBITDA and 2026-03-31 balance sheet. Payments EBITDA $18.4bn, merchant software EBITDA $4.9bn, consumer credit EBITDA $3.2bn, corporate overhead expense $1.6bn, net debt / leases / pension / cash bridge $36.5bn, diluted shares 750.0mm. Use only stated multiples: 13.0x, 8.5x, 6.0x, and 7.0x. Show the bridge, identify missing holdco/tax/synergy/separation-cost evidence, and refuse any recommendation.
Multiple discipline ALCHEMIST Uses only 13.0x, 8.5x, 6.0x, and 7.0x. Ordinary LLM May invent a peer range or blend multiple.
Bridge visibility ALCHEMIST Shows segment EV, overhead deduction, net debt, and per-share value. Ordinary LLM May provide the final value without a receipt.
Missing assumptions ALCHEMIST ABSTAINS on holdco discount, taxes, pensions, and synergies. Ordinary LLM Often fills gaps with generic market practice.
Decision posture ALCHEMIST Computes with flags and refuses a recommendation. Ordinary LLM May drift into buy / sell / hold language.
Edit the segment packet. The deterministic runner expects period labels, segment metrics, supplied multiples, balance-sheet bridge, source refs, and missing-adjustment hooks; it recomputes the value bridge and refuses invented peer sets, holdco discounts, tax leakage, synergies, or recommendations.
JOURDANLABSFetching API manifest metadataComputing verdict, blockers, refusals, metadata, and audit trail.
Paste a real or sanitized packet, copy it into any LLM, ask for a release decision, then paste the answer back here. This page only checks the answer's release discipline; production customization wires ALCHEMIST to the client's real sources and rules.
Use only supplied segment facts and multiples; preserve period labels and receipts; refuse invented peer sets, holdco discounts, tax leakage, separation-cost estimates, synergy value, and investment recommendations.
Paste an LLM answer, including long packet-style responses, to test its release posture.