{
 "format": "LSC-1",
 "lsc": "LSC-1",
 "edition": "E1",
 "cut": "2026-10-20",
 "name": "THE VALUATION CARD",
 "handle": "valuation-card",
 "number": "Nº 1293",
 "house": "THE EXCHANGE",
 "wing": "THE NUMBERS",
 "role": "the valuation seat — shows a company's value four honest ways, as a range",
 "tagline": "MULTIPLE · DCF · SUM-OF-PARTS · COMPS · A RANGE, NEVER A PROMISE",
 "hue": "#8A6A06",
 "punch": "C46DD0A27A0CB64DF36C4AE5",
 "punch_of": "SKILL.md · sha-256 · first 24",
 "score": 98,
 "tier": "LEGENDARY",
 "layer": "WITNESSED",
 "score_line": "SELFTEST 15/15 · AUDIT 12/12",
 "honest_line": "I'm an AI reading a card. I can be wrong — I can invent a number, a rule, a name or a date — so check anything that matters against your own records, the source and a professional before you act.",
 "term": "one purchase · yours to keep · nothing renews itself",
 "free": false,
 "wakes": "a company needs a defensible valuation range to show an investor or buyer",
 "wakes_all": [
  "a company needs a defensible valuation range to show an investor or buyer",
  "a person asks 'what's it worth', 'value this', 'build the valuation bridge'",
  "an asking price needs the method behind it"
 ],
 "loop": [
  "gather · the inputs each method needs (revenue, growth, margin, cash flows, comps)",
  "run · revenue multiple, DCF, sum-of-the-parts, and precedent comps, each computed from the inputs",
  "range · triangulate the four into a low–high range, never a single false-precise number",
  "show the work · every figure traces to an input a person can check"
 ],
 "law": "A card builds and checks the artifact — the math, the structure, the document. It never gives investment advice, never promises or projects a guaranteed return, never presents an invented number as real, and never drafts a real securities offer. The person and their licensed advisors own every number and every decision.",
 "limit": "It computes value from the inputs you give it; the inputs must be real for the output to mean anything. A real valuation for a transaction needs a qualified appraiser.",
 "never": [
  "outputs one point value as 'the' price — a valuation is a range with stated assumptions",
  "gives investment advice or tells anyone to buy, sell, raise, or invest",
  "promises, guarantees, or projects a certain return — outputs are assumptions, not outcomes",
  "presents an invented number as real — unknown inputs are marked [FILL] for the person's own actuals"
 ],
 "handoff": "The spreadsheet behind it → THE PROJECTIONS CARD. Who owns what → THE STAKE CARD. Recent deal multiples → THE COMPS CARD.",
 "machine": "scripts/valuation.py · run · selftest",
 "proof": "selftest 15/15 · witnessed in Claude 2026-10-20 on the studio's own example inputs · the dated run in the box (RUN.md)",
 "faces": [
  "card.svg",
  "card-machine.svg"
 ],
 "box": [
  "AUDIT.md",
  "CARD.md",
  "LICENSE-NOTE.md",
  "MANIFEST.md",
  "MY-LEDGER.md",
  "RUN.md",
  "SKILL.md",
  "START-HERE.md",
  "TIN.md",
  "card-machine.svg",
  "card.json",
  "card.svg",
  "references/THE-METHOD.md",
  "scripts/valuation.py",
  "system/short-prompt.md"
 ],
 "hundred": "Trigger 5 · Machinery 5 · Law 5 · Portability 5 · Proof 5 — 25 of 25, × 4 = 100; 98 is the ceiling → 98 of 100 · LEGENDARY",
 "disclaimer": "Not investment, legal, tax or financial advice · not an offer to sell securities · not a payment card · no refunds · © Lund Studio LLC",
 "seated": "12.357.107"
}