Refactor valuation models tab

1 files changed, 420 insertions, 108 deletions

diff --git a/components/valuation.py b/components/valuation.py
index 72c8001..37a964d 100644
--- a/components/valuation.py
+++ b/components/valuation.py
@@ -1,4 +1,4 @@
-"""Valuation panel — key ratios, DCF model, comparable companies, analyst targets, earnings history."""
+"""Valuation panel — key ratios, models, comparable companies, analyst targets, earnings history."""
 import pandas as pd
 import plotly.graph_objects as go
 import streamlit as st
@@ -8,6 +8,7 @@ from services.data_service import (
     get_shares_outstanding,
     get_market_cap_computed,
     get_free_cash_flow_series,
+    get_revenue_ttm,
     get_balance_sheet_bridge_items,
     get_analyst_price_targets,
     get_recommendations_summary,
@@ -22,7 +23,13 @@ from services.fmp_service import (
     get_historical_key_metrics,
     get_analyst_estimates,
 )
-from services.valuation_service import run_dcf, run_ev_ebitda, compute_historical_growth_rate
+from services.valuation_service import (
+    run_dcf,
+    run_ev_ebitda,
+    run_ev_revenue,
+    run_price_to_book,
+    compute_historical_growth_rate,
+)
 from utils.formatters import fmt_ratio, fmt_pct, fmt_large, fmt_currency
 
 
@@ -90,17 +97,25 @@ def _suggest_peer_tickers(ticker: str, info: dict) -> list[str]:
     return deduped[:8]
 
 
+def _coerce_float(value) -> float | None:
+    try:
+        out = float(value)
+    except (TypeError, ValueError):
+        return None
+    return None if pd.isna(out) else out
+
+
 def render_valuation(ticker: str):
     tabs = st.tabs([
         "Key Ratios",
         "Historical Ratios",
-        "DCF Model",
+        "Models",
         "Comps",
         "Forward Estimates",
         "Analyst Targets",
         "Earnings History",
     ])
-    tab_ratios, tab_hist, tab_dcf, tab_comps, tab_fwd, tab_analyst, tab_earnings = tabs
+    tab_ratios, tab_hist, tab_models, tab_comps, tab_fwd, tab_analyst, tab_earnings = tabs
 
     with tab_ratios:
         _render_ratios(ticker)
@@ -111,8 +126,8 @@ def render_valuation(ticker: str):
         except Exception as e:
             st.error(f"Historical ratios unavailable: {e}")
 
-    with tab_dcf:
-        _render_dcf(ticker)
+    with tab_models:
+        _render_models(ticker)
 
     with tab_comps:
         _render_comps(ticker)
@@ -288,58 +303,205 @@ def _render_ratios(ticker: str):
         st.write("")
 
 
-# ── DCF Model ────────────────────────────────────────────────────────────────
+# ── Models ───────────────────────────────────────────────────────────────────
 
 def _net_debt_label(value: float) -> str:
     return "Net Cash" if value < 0 else "Net Debt"
 
 
-def _render_dcf(ticker: str):
+def _build_model_context(ticker: str) -> dict:
     info = get_company_info(ticker)
-
-    if _is_financial_company(info):
-        st.warning(
-            "DCF is disabled for financial companies in Prism. Free-cash-flow and capital-structure "
-            "assumptions are not directly comparable for banks, insurers, and similar businesses."
-        )
-        st.caption(
-            "Use ratios, comps, earnings history, and analyst targets instead. A bank-specific valuation "
-            "framework can be added later."
-        )
-        return
-
+    ratios_data = get_key_ratios(ticker)
     shares = get_shares_outstanding(ticker)
     current_price = get_latest_price(ticker)
+    market_cap = get_market_cap_computed(ticker)
     bridge_items = get_balance_sheet_bridge_items(ticker)
-    total_debt = bridge_items["total_debt"]
-    cash_and_equivalents = bridge_items["cash_and_equivalents"]
-    preferred_equity = bridge_items["preferred_equity"]
-    minority_interest = bridge_items["minority_interest"]
+    total_debt = float(bridge_items["total_debt"])
+    cash_and_equivalents = float(bridge_items["cash_and_equivalents"])
+    preferred_equity = float(bridge_items["preferred_equity"])
+    minority_interest = float(bridge_items["minority_interest"])
+    fcf_series_raw = get_free_cash_flow_series(ticker)
 
-    if not shares:
-        st.info("Shares outstanding not available — DCF cannot be computed.")
-        return
+    if fcf_series_raw is None or fcf_series_raw.empty:
+        fcf_series = pd.Series(dtype=float)
+    else:
+        try:
+            fcf_series = fcf_series_raw.sort_index().dropna().astype(float)
+        except Exception:
+            fcf_series = pd.Series(dtype=float)
 
-    fcf_series = get_free_cash_flow_series(ticker)
-    if fcf_series.empty:
-        st.info("Free cash flow data unavailable.")
-        return
+    base_fcf = float(fcf_series.iloc[-1]) if not fcf_series.empty else None
+    hist_growth = compute_historical_growth_rate(fcf_series) if len(fcf_series) >= 2 else None
+    ebitda = _coerce_float(ratios_data.get("ebitdaTTM"))
+    revenue_ttm = _coerce_float(get_revenue_ttm(ticker))
+    if revenue_ttm is None or revenue_ttm <= 0:
+        revenue_ttm = _coerce_float(info.get("totalRevenue"))
+    if revenue_ttm is None or revenue_ttm <= 0:
+        ps_ratio = _coerce_float(ratios_data.get("priceToSalesRatioTTM"))
+        if market_cap and market_cap > 0 and ps_ratio and ps_ratio > 0:
+            revenue_ttm = float(market_cap) / float(ps_ratio)
+    book_value_per_share = _coerce_float(info.get("bookValue"))
+    is_financial = _is_financial_company(info)
+
+    dcf_reason = None
+    if is_financial:
+        dcf_reason = "Not suitable for financial companies."
+    elif not shares or shares <= 0:
+        dcf_reason = "Shares outstanding unavailable."
+    elif fcf_series.empty:
+        dcf_reason = "Free cash flow history unavailable."
+    elif len(fcf_series) < 2:
+        dcf_reason = "Need at least two FCF periods."
+    elif base_fcf is None or base_fcf <= 0:
+        dcf_reason = "Base free cash flow is zero or negative."
+
+    ev_reason = None
+    if not shares or shares <= 0:
+        ev_reason = "Shares outstanding unavailable."
+    elif ebitda is None:
+        ev_reason = "EBITDA unavailable."
+    elif ebitda <= 0:
+        ev_reason = "EBITDA is zero or negative."
+
+    ev_revenue_reason = None
+    if is_financial:
+        ev_revenue_reason = "Not preferred for financial companies."
+    elif not shares or shares <= 0:
+        ev_revenue_reason = "Shares outstanding unavailable."
+    elif revenue_ttm is None:
+        ev_revenue_reason = "Revenue unavailable."
+    elif revenue_ttm <= 0:
+        ev_revenue_reason = "Revenue is zero or negative."
+
+    pb_reason = None
+    if book_value_per_share is None:
+        pb_reason = "Book value per share unavailable."
+    elif book_value_per_share <= 0:
+        pb_reason = "Book value per share is zero or negative."
+
+    dcf_available = dcf_reason is None
+    ev_available = ev_reason is None
+    ev_revenue_available = ev_revenue_reason is None
+    pb_available = pb_reason is None
+
+    ev_value = None
+    ev_ebitda_current = None
+    ev_revenue_current = None
+    if market_cap and market_cap > 0 and ebitda and ebitda > 0:
+        ev_value = float(market_cap) + total_debt - cash_and_equivalents
+        if ev_value > 0:
+            ev_ebitda_current = ev_value / ebitda
+    elif market_cap and market_cap > 0:
+        ev_value = float(market_cap) + total_debt - cash_and_equivalents
+
+    if ev_value and ev_value > 0 and revenue_ttm and revenue_ttm > 0:
+        ev_revenue_current = ev_value / revenue_ttm
+
+    pb_current = None
+    if current_price and current_price > 0 and book_value_per_share and book_value_per_share > 0:
+        pb_current = current_price / book_value_per_share
 
-    # Compute historical growth rate for slider default + caption reference
-    hist_growth = compute_historical_growth_rate(fcf_series)
+    if is_financial and pb_available:
+        summary = "P/B is the primary method here because this looks like a financial company."
+    elif dcf_available:
+        summary = "DCF is the primary method because the business has usable free cash flow history and positive base FCF."
+    elif ev_available:
+        summary = "EV/EBITDA is the best fit because EBITDA is positive while DCF is not suitable."
+    elif ev_revenue_available:
+        summary = "EV/Revenue is the best fit because the company has revenue but cash-flow-based models are not suitable."
+    elif pb_available:
+        summary = "P/B is the fallback because book value is positive while cash-flow-based models are not suitable."
+    else:
+        summary = "No valuation model is currently robust enough to show. Use ratios, comps, earnings history, and analyst targets instead."
+
+    return {
+        "ticker": ticker.upper(),
+        "info": info,
+        "ratios_data": ratios_data,
+        "shares": shares,
+        "current_price": current_price,
+        "market_cap": market_cap,
+        "bridge_items": bridge_items,
+        "total_debt": total_debt,
+        "cash_and_equivalents": cash_and_equivalents,
+        "preferred_equity": preferred_equity,
+        "minority_interest": minority_interest,
+        "fcf_series": fcf_series,
+        "base_fcf": base_fcf,
+        "hist_growth": hist_growth,
+        "ebitda": ebitda,
+        "revenue_ttm": revenue_ttm,
+        "book_value_per_share": book_value_per_share,
+        "is_financial": is_financial,
+        "dcf_available": dcf_available,
+        "dcf_reason": dcf_reason or "Usable free cash flow history and positive base FCF.",
+        "ev_available": ev_available,
+        "ev_reason": ev_reason or "Positive EBITDA and shares outstanding are available.",
+        "ev_revenue_available": ev_revenue_available,
+        "ev_revenue_reason": ev_revenue_reason or "Positive revenue and shares outstanding are available.",
+        "pb_available": pb_available,
+        "pb_reason": pb_reason or "Positive book value per share is available.",
+        "ev_ebitda_current": ev_ebitda_current,
+        "ev_revenue_current": ev_revenue_current,
+        "pb_current": pb_current,
+        "summary": summary,
+    }
+
+
+def _render_model_availability(ctx: dict):
+    st.markdown("**Applicable models**")
+    cols = st.columns(4)
+    cards = [
+        ("DCF", ctx["dcf_available"], ctx["dcf_reason"]),
+        ("EV/EBITDA", ctx["ev_available"], ctx["ev_reason"]),
+        ("EV/Revenue", ctx["ev_revenue_available"], ctx["ev_revenue_reason"]),
+        ("P/B", ctx["pb_available"], ctx["pb_reason"]),
+    ]
+    for col, (label, available, reason) in zip(cols, cards):
+        col.markdown(f"**{label}**")
+        col.caption("Available" if available else "Not suitable")
+        col.write(reason)
+
+
+def _render_dcf_model(ctx: dict):
+    st.markdown("**Discounted Cash Flow (DCF)**")
+
+    hist_growth = ctx["hist_growth"]
     hist_growth_pct = hist_growth * 100 if hist_growth is not None else 5.0
     slider_default = float(max(-20.0, min(30.0, hist_growth_pct)))
 
-    st.markdown("**Assumptions**")
+    st.caption(
+        "Firm-value DCF works best for operating companies with positive, reasonably stable free cash flow."
+    )
+
     col1, col2, col3, col4 = st.columns(4)
     with col1:
-        wacc = st.slider("WACC (%)", min_value=5.0, max_value=20.0, value=10.0, step=0.5) / 100
+        wacc = st.slider(
+            "WACC (%)",
+            min_value=5.0,
+            max_value=20.0,
+            value=10.0,
+            step=0.5,
+            key=f"dcf_wacc_{ctx['ticker']}",
+        ) / 100
     with col2:
         terminal_growth = st.slider(
-            "Terminal Growth (%)", min_value=0.5, max_value=5.0, value=2.5, step=0.5
+            "Terminal Growth (%)",
+            min_value=0.5,
+            max_value=5.0,
+            value=2.5,
+            step=0.5,
+            key=f"dcf_terminal_{ctx['ticker']}",
         ) / 100
     with col3:
-        projection_years = st.slider("Projection Years", min_value=3, max_value=10, value=5, step=1)
+        projection_years = st.slider(
+            "Projection Years",
+            min_value=3,
+            max_value=10,
+            value=5,
+            step=1,
+            key=f"dcf_years_{ctx['ticker']}",
+        )
     with col4:
         fcf_growth_pct = st.slider(
             "FCF Growth (%)",
@@ -348,21 +510,22 @@ def _render_dcf(ticker: str):
             value=round(slider_default, 1),
             step=0.5,
             help=f"Historical median: {hist_growth_pct:.1f}%. Drag to override.",
+            key=f"dcf_growth_{ctx['ticker']}",
         )
 
     st.caption(f"Historical FCF growth (median): **{hist_growth_pct:.1f}%**")
 
     result = run_dcf(
-        fcf_series=fcf_series,
-        shares_outstanding=shares,
+        fcf_series=ctx["fcf_series"],
+        shares_outstanding=ctx["shares"],
         wacc=wacc,
         terminal_growth=terminal_growth,
         projection_years=projection_years,
         growth_rate_override=fcf_growth_pct / 100,
-        total_debt=total_debt,
-        cash_and_equivalents=cash_and_equivalents,
-        preferred_equity=preferred_equity,
-        minority_interest=minority_interest,
+        total_debt=ctx["total_debt"],
+        cash_and_equivalents=ctx["cash_and_equivalents"],
+        preferred_equity=ctx["preferred_equity"],
+        minority_interest=ctx["minority_interest"],
     )
 
     if not result:
@@ -373,6 +536,7 @@ def _render_dcf(ticker: str):
         return
 
     iv = result["intrinsic_value_per_share"]
+    current_price = ctx["current_price"]
 
     m1, m2, m3, m4 = st.columns(4)
     m1.metric("Equity Value / Share", fmt_currency(iv))
@@ -382,7 +546,7 @@ def _render_dcf(ticker: str):
         m3.metric("Upside / Downside", f"{upside * 100:+.1f}%", delta=f"{upside * 100:+.1f}%")
     m4.metric("FCF Growth Used", f"{result['growth_rate_used'] * 100:.1f}%")
 
-    source_date = bridge_items.get("source_date")
+    source_date = ctx["bridge_items"].get("source_date")
     st.caption(
         "DCF is modeled on firm-level free cash flow, so enterprise value is bridged to equity value "
         "using debt and cash from the most recent balance sheet before calculating per-share value."
@@ -402,10 +566,10 @@ def _render_dcf(ticker: str):
         )
 
     bridge_a, bridge_b, bridge_c, bridge_d = st.columns(4)
-    bridge_a.metric("Total Debt", fmt_large(total_debt))
-    bridge_b.metric("Cash & Equivalents", fmt_large(cash_and_equivalents))
-    bridge_c.metric("Preferred Equity", fmt_large(preferred_equity))
-    bridge_d.metric("Minority Interest", fmt_large(minority_interest))
+    bridge_a.metric("Total Debt", fmt_large(ctx["total_debt"]))
+    bridge_b.metric("Cash & Equivalents", fmt_large(ctx["cash_and_equivalents"]))
+    bridge_c.metric("Preferred Equity", fmt_large(ctx["preferred_equity"]))
+    bridge_d.metric("Minority Interest", fmt_large(ctx["minority_interest"]))
 
     bridge1, bridge2, bridge3, bridge4 = st.columns(4)
     bridge1.metric("Enterprise Value", fmt_large(result["enterprise_value"]))
@@ -436,74 +600,220 @@ def _render_dcf(ticker: str):
     )
     st.plotly_chart(fig, use_container_width=True)
 
-    # ── EV/EBITDA Valuation ───────────────────────────────────────────────────
-    st.divider()
+def _render_ev_ebitda_model(ctx: dict):
     st.markdown("**EV/EBITDA Valuation**")
+    st.caption(
+        "This is the better fallback when EBITDA is positive but free cash flow is weak, volatile, or currently negative."
+    )
 
-    # Use TTM EBITDA from compute_ttm_ratios — same source as Key Ratios tab
-    ratios_data = get_key_ratios(ticker)
-    ebitda = ratios_data.get("ebitdaTTM")
-    ev_bridge_items = get_balance_sheet_bridge_items(ticker)
-    total_debt = ev_bridge_items["total_debt"]
-    total_cash = ev_bridge_items["cash_and_equivalents"]
+    default_multiple = float(ctx["ev_ebitda_current"]) if ctx["ev_ebitda_current"] else 15.0
+    default_multiple = max(1.0, min(50.0, round(default_multiple, 1)))
 
-    market_cap = get_market_cap_computed(ticker)
-    ev_val = None
-    if market_cap and ebitda and ebitda > 0:
-        ev_val = float(market_cap) + float(total_debt or 0.0) - float(total_cash or 0.0)
-    ev_ebitda_current = (ev_val / ebitda) if (ev_val and ebitda and ebitda > 0) else None
+    help_text = (
+        f"Current market multiple: {ctx['ev_ebitda_current']:.1f}x"
+        if ctx["ev_ebitda_current"] else "Current multiple unavailable"
+    )
+    target_multiple = st.slider(
+        "Target EV/EBITDA",
+        min_value=1.0,
+        max_value=50.0,
+        value=default_multiple,
+        step=0.5,
+        help=help_text,
+        key=f"ev_ebitda_multiple_{ctx['ticker']}",
+    )
+
+    ev_result = run_ev_ebitda(
+        ebitda=float(ctx["ebitda"]),
+        total_debt=ctx["total_debt"],
+        total_cash=ctx["cash_and_equivalents"],
+        shares_outstanding=float(ctx["shares"]),
+        target_multiple=target_multiple,
+    )
 
-    if not ebitda or ebitda <= 0:
-        st.info("EBITDA not available or negative — EV/EBITDA valuation cannot be computed.")
+    if not ev_result:
+        st.warning("Could not compute EV/EBITDA valuation.")
+        return
+
+    imp_price = ev_result["implied_price_per_share"]
+    current_price = ctx["current_price"]
+    ev_m1, ev_m2, ev_m3, ev_m4 = st.columns(4)
+    ev_m1.metric("Implied Price / Share", fmt_currency(imp_price))
+    if current_price:
+        ev_upside = (imp_price - current_price) / current_price
+        ev_m2.metric("Current Price", fmt_currency(current_price))
+        ev_m3.metric(
+            "Upside / Downside",
+            f"{ev_upside * 100:+.1f}%",
+            delta=f"{ev_upside * 100:+.1f}%",
+        )
+    ev_m4.metric("Implied EV", fmt_large(ev_result["implied_ev"]))
+    st.caption(
+        f"EBITDA: {fmt_large(ctx['ebitda'])}  ·  "
+        f"{_net_debt_label(ev_result['net_debt'])}: {fmt_large(abs(ev_result['net_debt']))}  ·  "
+        f"Equity Value: {fmt_large(ev_result['equity_value'])}"
+    )
+    source_date = ctx["bridge_items"].get("source_date")
+    if source_date:
+        st.caption(f"EV/EBITDA bridge source date: **{source_date}**")
+
+
+def _render_ev_revenue_model(ctx: dict):
+    st.markdown("**EV/Revenue Valuation**")
+    st.caption(
+        "This is the better fallback for scaled companies that have revenue but little or no EBITDA or free cash flow."
+    )
+
+    default_multiple = float(ctx["ev_revenue_current"]) if ctx["ev_revenue_current"] else 4.0
+    default_multiple = max(0.5, min(30.0, round(default_multiple, 1)))
+
+    help_text = (
+        f"Current market multiple: {ctx['ev_revenue_current']:.2f}x"
+        if ctx["ev_revenue_current"] else "Current multiple unavailable"
+    )
+    target_multiple = st.slider(
+        "Target EV/Revenue",
+        min_value=0.5,
+        max_value=30.0,
+        value=default_multiple,
+        step=0.1,
+        help=help_text,
+        key=f"ev_revenue_multiple_{ctx['ticker']}",
+    )
+
+    ev_revenue_result = run_ev_revenue(
+        revenue=float(ctx["revenue_ttm"]),
+        total_debt=ctx["total_debt"],
+        total_cash=ctx["cash_and_equivalents"],
+        shares_outstanding=float(ctx["shares"]),
+        target_multiple=target_multiple,
+    )
+
+    if not ev_revenue_result:
+        st.warning("Could not compute EV/Revenue valuation.")
+        return
+
+    implied_price = ev_revenue_result["implied_price_per_share"]
+    current_price = ctx["current_price"]
+    evr_m1, evr_m2, evr_m3, evr_m4 = st.columns(4)
+    evr_m1.metric("Implied Price / Share", fmt_currency(implied_price))
+    if current_price:
+        evr_upside = (implied_price - current_price) / current_price
+        evr_m2.metric("Current Price", fmt_currency(current_price))
+        evr_m3.metric(
+            "Upside / Downside",
+            f"{evr_upside * 100:+.1f}%",
+            delta=f"{evr_upside * 100:+.1f}%",
+        )
+    evr_m4.metric("Implied EV", fmt_large(ev_revenue_result["implied_ev"]))
+    st.caption(
+        f"Revenue: {fmt_large(ctx['revenue_ttm'])}  ·  "
+        f"{_net_debt_label(ev_revenue_result['net_debt'])}: {fmt_large(abs(ev_revenue_result['net_debt']))}  ·  "
+        f"Equity Value: {fmt_large(ev_revenue_result['equity_value'])}"
+    )
+    source_date = ctx["bridge_items"].get("source_date")
+    if source_date:
+        st.caption(f"EV/Revenue bridge source date: **{source_date}**")
+
+
+def _render_price_to_book_model(ctx: dict):
+    st.markdown("**Price / Book Valuation**")
+    if ctx["is_financial"]:
+        st.caption(
+            "P/B is often a better anchor for financial companies than cash-flow models because book value is closer to the operating asset base."
+        )
     else:
-        default_multiple = float(ev_ebitda_current) if ev_ebitda_current else 15.0
-        default_multiple = max(1.0, min(50.0, round(default_multiple, 1)))
+        st.caption(
+            "P/B is a useful fallback when book value is meaningful and cash-flow-based models are not reliable."
+        )
+
+    default_multiple = float(ctx["pb_current"]) if ctx["pb_current"] else (1.2 if ctx["is_financial"] else 2.0)
+    default_multiple = max(0.2, min(10.0, round(default_multiple, 1)))
+    help_text = (
+        f"Current market multiple: {ctx['pb_current']:.2f}x"
+        if ctx["pb_current"] else "Current multiple unavailable"
+    )
+    target_multiple = st.slider(
+        "Target P/B",
+        min_value=0.2,
+        max_value=10.0,
+        value=default_multiple,
+        step=0.1,
+        help=help_text,
+        key=f"pb_multiple_{ctx['ticker']}",
+    )
 
-        ev_col1, ev_col2 = st.columns([1, 3])
-        with ev_col1:
-            help_text = (
-                f"Current market multiple: {ev_ebitda_current:.1f}x"
-                if ev_ebitda_current else "Current multiple unavailable"
-            )
-            target_multiple = st.slider(
-                "Target EV/EBITDA",
-                min_value=1.0,
-                max_value=50.0,
-                value=default_multiple,
-                step=0.5,
-                help=help_text,
-            )
+    pb_result = run_price_to_book(
+        book_value_per_share=float(ctx["book_value_per_share"]),
+        target_multiple=target_multiple,
+    )
+    if not pb_result:
+        st.warning("Could not compute P/B valuation.")
+        return
 
-        ev_result = run_ev_ebitda(
-            ebitda=float(ebitda),
-            total_debt=float(total_debt),
-            total_cash=float(total_cash),
-            shares_outstanding=float(shares),
-            target_multiple=target_multiple,
+    implied_price = pb_result["implied_price_per_share"]
+    current_price = ctx["current_price"]
+    pb_m1, pb_m2, pb_m3, pb_m4 = st.columns(4)
+    pb_m1.metric("Implied Price / Share", fmt_currency(implied_price))
+    pb_m2.metric("Book Value / Share", fmt_currency(ctx["book_value_per_share"]))
+    if current_price:
+        pb_upside = (implied_price - current_price) / current_price
+        pb_m3.metric("Current Price", fmt_currency(current_price))
+        pb_m4.metric(
+            "Upside / Downside",
+            f"{pb_upside * 100:+.1f}%",
+            delta=f"{pb_upside * 100:+.1f}%",
         )
+    else:
+        pb_m3.metric("Target P/B", fmt_ratio(target_multiple))
+        pb_m4.metric("Current P/B", fmt_ratio(ctx["pb_current"]) if ctx["pb_current"] else "—")
 
-        if ev_result:
-            imp_price = ev_result["implied_price_per_share"]
-            ev_m1, ev_m2, ev_m3, ev_m4 = st.columns(4)
-            ev_m1.metric("Implied Price (EV/EBITDA)", fmt_currency(imp_price))
-            if current_price:
-                ev_upside = (imp_price - current_price) / current_price
-                ev_m2.metric("Current Price", fmt_currency(current_price))
-                ev_m3.metric(
-                    "Upside / Downside",
-                    f"{ev_upside * 100:+.1f}%",
-                    delta=f"{ev_upside * 100:+.1f}%",
-                )
-            ev_m4.metric("Implied EV", fmt_large(ev_result["implied_ev"]))
-            st.caption(
-                f"EBITDA: {fmt_large(ebitda)}  ·  "
-                f"{_net_debt_label(ev_result['net_debt'])}: {fmt_large(abs(ev_result['net_debt']))}  ·  "
-                f"Equity Value: {fmt_large(ev_result['equity_value'])}"
-            )
-            if ev_bridge_items.get("source_date"):
-                st.caption(f"EV/EBITDA bridge source date: **{ev_bridge_items['source_date']}**")
-        else:
-            st.warning("Could not compute EV/EBITDA valuation.")
+    st.caption(
+        f"Book value/share: {fmt_currency(ctx['book_value_per_share'])}  ·  "
+        f"Target P/B: {fmt_ratio(target_multiple)}"
+    )
+    if current_price and ctx["pb_current"]:
+        st.caption(f"Current market P/B: **{ctx['pb_current']:.2f}x**")
+
+
+def _render_models(ticker: str):
+    ctx = _build_model_context(ticker)
+    st.caption(ctx["summary"])
+    _render_model_availability(ctx)
+
+    sections = []
+    if ctx["is_financial"] and ctx["pb_available"]:
+        sections.append(_render_price_to_book_model)
+    if ctx["dcf_available"]:
+        sections.append(_render_dcf_model)
+    if ctx["ev_available"]:
+        sections.append(_render_ev_ebitda_model)
+    if ctx["ev_revenue_available"] and not ctx["is_financial"]:
+        sections.append(_render_ev_revenue_model)
+    if ctx["pb_available"] and _render_price_to_book_model not in sections and not ctx["dcf_available"]:
+        sections.append(_render_price_to_book_model)
+
+    if not sections:
+        st.info("No valuation model is currently applicable for this company.")
+        st.caption("Use comps, ratios, earnings history, and analyst targets instead.")
+    else:
+        for i, render_section in enumerate(sections):
+            if i > 0:
+                st.divider()
+            render_section(ctx)
+
+    unavailable = []
+    if not ctx["dcf_available"]:
+        unavailable.append(f"- **DCF:** {ctx['dcf_reason']}")
+    if not ctx["ev_available"]:
+        unavailable.append(f"- **EV/EBITDA:** {ctx['ev_reason']}")
+    if not ctx["ev_revenue_available"]:
+        unavailable.append(f"- **EV/Revenue:** {ctx['ev_revenue_reason']}")
+    if not ctx["pb_available"]:
+        unavailable.append(f"- **P/B:** {ctx['pb_reason']}")
+    if unavailable:
+        with st.expander("Why some models are hidden", expanded=False):
+            st.markdown("\n".join(unavailable))
 
 
 # ── Comps Table ──────────────────────────────────────────────────────────────
@@ -870,8 +1180,10 @@ def _render_historical_ratios(ticker: str):
                 return f"{v:.2f}x" if v > 0 else "N/M (neg. earnings)"
             if label == "EV/EBITDA":
                 return f"{v:.2f}x" if v > 0 else "N/M (neg. EBITDA)"
-            if label in {"P/B", "Debt/Equity"}:
+            if label == "P/B":
                 return f"{v:.2f}x" if v > 0 else "N/M (neg. equity)"
+            if label == "Debt/Equity":
+                return f"{v:.2f}x" if v >= 0 else "N/M (neg. equity)"
             return f"{v:.2f}x" if v > 0 else "—"
 
         table_rows = []