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DCF-DATA-FORMAT.md

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DCF Data Format

This document defines the JSON schema for company financial data used by the PE trading terminal to compute DCF (Discounted Cash Flow) valuations for XRPL equity tokens.

The issuing app (localhost:3000) should allow issuers to input this data. The PE terminal (localhost:3001) reads it to display valuations alongside trading.

Schema

{
  "mptIssuanceId": "string — XRPL MPTokenIssuanceID",
  "ticker": "string — e.g. ACME",
  "companyName": "string — e.g. Acme Holdings Inc.",
  "totalShares": 10000000,

  "financials": {
    "currency": "USD",
    "fiscalYearEnd": "2025-12-31",

    "revenue": [
      { "year": 2023, "value": 12000000, "actual": true },
      { "year": 2024, "value": 18500000, "actual": true },
      { "year": 2025, "value": 27000000, "actual": false },
      { "year": 2026, "value": 38000000, "actual": false },
      { "year": 2027, "value": 50000000, "actual": false }
    ],

    "ebitda": [
      { "year": 2023, "value": 2400000, "actual": true },
      { "year": 2024, "value": 4600000, "actual": true },
      { "year": 2025, "value": 7500000, "actual": false },
      { "year": 2026, "value": 11400000, "actual": false },
      { "year": 2027, "value": 16500000, "actual": false }
    ],

    "netIncome": [
      { "year": 2023, "value": 800000, "actual": true },
      { "year": 2024, "value": 2100000, "actual": true },
      { "year": 2025, "value": 4000000, "actual": false }
    ],

    "freeCashFlow": [
      { "year": 2023, "value": 500000, "actual": true },
      { "year": 2024, "value": 1800000, "actual": true },
      { "year": 2025, "value": 3500000, "actual": false },
      { "year": 2026, "value": 6200000, "actual": false },
      { "year": 2027, "value": 9800000, "actual": false }
    ]
  },

  "dcfInputs": {
    "discountRate": 0.12,
    "terminalGrowthRate": 0.03,
    "terminalMultiple": 15,
    "projectionYears": 5,
    "taxRate": 0.21,
    "netDebt": 2000000,
    "sharesOutstanding": 10000000
  },

  "comparables": [
    {
      "name": "Comparable Co A",
      "evRevenue": 8.5,
      "evEbitda": 22.0,
      "peRatio": 35.0
    },
    {
      "name": "Comparable Co B",
      "evRevenue": 6.2,
      "evEbitda": 18.5,
      "peRatio": 28.0
    }
  ],

  "metadata": {
    "lastUpdated": "2026-03-14T00:00:00Z",
    "preparedBy": "string — analyst or issuer name",
    "notes": "string — optional context"
  }
}

Field Reference

financials

Field Type Description
revenue {year, value, actual}[] Annual revenue. actual=true for historicals, false for projections.
ebitda {year, value, actual}[] Earnings before interest, taxes, depreciation, amortization.
netIncome {year, value, actual}[] Bottom-line net income.
freeCashFlow {year, value, actual}[] FCF — the basis for DCF valuation. actual=false entries are projections.
currency string Currency code (USD, EUR, etc.)
fiscalYearEnd string ISO date of fiscal year end

dcfInputs

Field Type Description
discountRate number WACC or required rate of return (e.g. 0.12 = 12%)
terminalGrowthRate number Long-term growth rate for terminal value (e.g. 0.03 = 3%)
terminalMultiple number Alternative: EV/EBITDA multiple for terminal value
projectionYears number Number of years in the explicit forecast period
taxRate number Effective tax rate (e.g. 0.21 = 21%)
netDebt number Total debt minus cash. Subtracted from enterprise value to get equity value.
sharesOutstanding number Must match the MPT totalShares for per-share valuation.

comparables

Field Type Description
name string Comparable company name
evRevenue number EV / Revenue multiple
evEbitda number EV / EBITDA multiple
peRatio number Price / Earnings ratio

metadata

Field Type Description
lastUpdated string ISO timestamp of when financials were last updated
preparedBy string Who prepared the data
notes string Optional context or caveats

How the PE Terminal Uses This

DCF Valuation (Gordon Growth Model):

Terminal Value = FCF_last × (1 + g) / (r - g)
Enterprise Value = Σ FCF_t / (1 + r)^t + TV / (1 + r)^n
Equity Value = Enterprise Value - Net Debt
Price Per Share = Equity Value / Shares Outstanding

Comparables Valuation:

Implied EV (revenue) = Last Revenue × Avg(evRevenue multiples)
Implied EV (EBITDA)  = Last EBITDA × Avg(evEbitda multiples)
Implied Price        = (Implied EV - Net Debt) / Shares

What the PE terminal shows:

  • DCF implied price vs current token price → upside/downside %
  • Revenue growth chart (actuals + projections)
  • EBITDA margin trend
  • Comparable company valuation range
  • Sensitivity table (discount rate vs terminal growth)

Where This Data Lives

Option 1: On-chain — encoded in the MPT's additional_info metadata (limited to 1024 bytes total, so only summary numbers fit)

Option 2: Off-chain JSON — hosted at a URL referenced in the MPT's us (weblinks) field. The PE terminal fetches it.

Option 3: Local state — issuer inputs it in the XRPL app, stored in browser/context, passed to PE terminal via shared localStorage or URL params.

For the hackathon, Option 3 is simplest.