"""Valuation panel — key ratios, models, comparable companies, analyst targets, earnings history."""
import json
import pandas as pd
import plotly.graph_objects as go
import streamlit as st
import streamlit.components.v1 as components
from services.data_service import (
    get_company_info,
    get_latest_price,
    get_shares_outstanding,
    get_market_cap_computed,
    get_free_cash_flow_series,
    get_free_cash_flow_ttm,
    get_revenue_ttm,
    get_balance_sheet_bridge_items,
    get_analyst_price_targets,
    get_recommendations_summary,
    get_earnings_history,
    get_next_earnings_date,
)
from services.fmp_service import (
    get_key_ratios,
    get_peers,
    get_ratios_for_tickers,
    get_historical_ratios,
    get_historical_key_metrics,
    get_analyst_estimates,
)
from services.valuation_service import (
    run_dcf,
    run_ev_ebitda,
    run_ev_revenue,
    run_price_to_book,
    compute_historical_growth_rate,
    compute_raw_historical_growth_rate,
)
from utils.formatters import fmt_ratio, fmt_pct, fmt_large, fmt_currency


FINANCIAL_SECTORS = {"Financial Services"}
FINANCIAL_INDUSTRY_KEYWORDS = (
    "bank",
    "insurance",
    "asset management",
    "capital markets",
    "financial data",
    "credit services",
    "mortgage",
    "reit",
)

INDUSTRY_PEER_MAP = {
    "consumer electronics": ["AAPL", "SONY", "DELL", "HPQ", "LOGI"],
    "software - infrastructure": ["MSFT", "ORCL", "CRM", "NOW", "SNOW"],
    "semiconductors": ["NVDA", "AMD", "AVGO", "QCOM", "INTC"],
    "internet content & information": ["GOOGL", "META", "PINS", "SNAP", "RDDT"],
    "banks - diversified": ["JPM", "BAC", "WFC", "C", "GS"],
    "credit services": ["V", "MA", "AXP", "DFS", "COF"],
    "insurance - diversified": ["BRK-B", "AIG", "ALL", "TRV", "CB"],
    "reit - industrial": ["PLD", "PSA", "EXR", "COLD", "REXR"],
}
SECTOR_PEER_MAP = {
    "Technology": ["AAPL", "MSFT", "NVDA", "ORCL", "ADBE"],
    "Communication Services": ["GOOGL", "META", "NFLX", "TMUS", "DIS"],
    "Consumer Cyclical": ["AMZN", "TSLA", "HD", "MCD", "NKE"],
    "Consumer Defensive": ["WMT", "COST", "PG", "KO", "PEP"],
    "Financial Services": ["JPM", "BAC", "WFC", "GS", "MS"],
    "Healthcare": ["LLY", "UNH", "JNJ", "MRK", "PFE"],
    "Industrials": ["GE", "CAT", "RTX", "UPS", "UNP"],
    "Energy": ["XOM", "CVX", "COP", "SLB", "EOG"],
    "Utilities": ["NEE", "DUK", "SO", "AEP", "XEL"],
    "Real Estate": ["PLD", "AMT", "EQIX", "O", "SPG"],
}


def _is_financial_company(info: dict) -> bool:
    sector = str(info.get("sector") or "").strip()
    industry = str(info.get("industry") or "").strip().lower()
    if sector in FINANCIAL_SECTORS:
        return True
    return any(keyword in industry for keyword in FINANCIAL_INDUSTRY_KEYWORDS)


def _suggest_peer_tickers(ticker: str, info: dict) -> list[str]:
    industry = str(info.get("industry") or "").strip().lower()
    sector = str(info.get("sector") or "").strip()

    candidates = []
    if industry in INDUSTRY_PEER_MAP:
        candidates.extend(INDUSTRY_PEER_MAP[industry])
    if not candidates and sector in SECTOR_PEER_MAP:
        candidates.extend(SECTOR_PEER_MAP[sector])

    candidates = [c.upper() for c in candidates if c.upper() != ticker.upper()]
    seen = set()
    deduped = []
    for c in candidates:
        if c not in seen:
            deduped.append(c)
            seen.add(c)
    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 _escape_markdown_currency(value: str) -> str:
    return value.replace("$", r"\$")


def render_valuation(ticker: str):
    tabs = st.tabs([
        "Key Ratios",
        "Historical Ratios",
        "Models",
        "Comps",
        "Forward Estimates",
        "Analyst Targets",
        "Earnings History",
    ])
    tab_ratios, tab_hist, tab_models, tab_comps, tab_fwd, tab_analyst, tab_earnings = tabs

    with tab_ratios:
        _render_ratios(ticker)

    with tab_hist:
        try:
            _render_historical_ratios(ticker)
        except Exception as e:
            st.error(f"Historical ratios unavailable: {e}")

    with tab_models:
        _render_models(ticker)

    with tab_comps:
        _render_comps(ticker)

    with tab_fwd:
        try:
            _render_forward_estimates(ticker)
        except Exception as e:
            st.error(f"Forward estimates unavailable: {e}")

    with tab_analyst:
        try:
            _render_analyst_targets(ticker)
        except Exception as e:
            st.error(f"Analyst targets unavailable: {e}")

    with tab_earnings:
        try:
            _render_earnings_history(ticker)
        except Exception as e:
            st.error(f"Earnings history unavailable: {e}")


# ── Key Ratios ───────────────────────────────────────────────────────────────

def _render_ratios(ticker: str):
    ratios = get_key_ratios(ticker)
    info = get_company_info(ticker)

    if not ratios and not info:
        st.info("Ratio data unavailable.")
        return

    def _normalized_label(label: str) -> str:
        return " ".join(str(label).replace("/", " ").replace("-", " ").split()).strip().lower()

    def _display_value(key: str, fmt=fmt_ratio):
        val = ratios.get(key) if ratios else None
        return fmt(val) if val is not None else "—"

    def _company_context() -> dict:
        return info or {}

    def _display_reasoned_metric(key: str, fmt=fmt_ratio) -> str:
        val = ratios.get(key) if ratios else None
        if val is not None:
            return fmt(val)

        ctx = _company_context()

        if key == "peRatioTTM":
            trailing_pe = ctx.get("trailingPE")
            if trailing_pe is not None:
                return fmt_ratio(trailing_pe)
            if ratios and ratios.get("netProfitMarginTTM") is not None and ratios.get("netProfitMarginTTM") < 0:
                return "N/M (neg. TTM earnings)"
            trailing_eps = ctx.get("trailingEps")
            if trailing_eps is not None:
                try:
                    if float(trailing_eps) <= 0:
                        return "N/M (neg. TTM earnings)"
                except (TypeError, ValueError):
                    pass
            return "—"

        if key == "priceToBookRatioTTM":
            book_value = ctx.get("bookValue")
            if book_value is not None:
                try:
                    if float(book_value) <= 0:
                        return "N/M (neg. equity)"
                except (TypeError, ValueError):
                    pass
            return "—"

        if key == "enterpriseValueMultipleTTM":
            ebitda = ratios.get("ebitdaTTM") if ratios else None
            if ebitda is not None:
                try:
                    if float(ebitda) <= 0:
                        return "N/M (neg. EBITDA)"
                except (TypeError, ValueError):
                    pass
            return "—"

        if key == "dividendPayoutRatioTTM":
            payout_ratio = ctx.get("payoutRatio")
            if payout_ratio is not None:
                try:
                    if float(payout_ratio) <= 0:
                        return "—"
                except (TypeError, ValueError):
                    pass
            if ratios and ratios.get("netProfitMarginTTM") is not None and ratios.get("netProfitMarginTTM") < 0:
                return "N/M (neg. earnings)"
            return "—"

        if key == "returnOnEquityTTM":
            book_value = ctx.get("bookValue")
            if book_value is not None:
                try:
                    if float(book_value) <= 0:
                        return "N/M (neg. equity)"
                except (TypeError, ValueError):
                    pass
            return "—"

        if key == "debtToEquityRatioTTM":
            book_value = ctx.get("bookValue")
            if book_value is not None:
                try:
                    if float(book_value) <= 0:
                        return "N/M (neg. equity)"
                except (TypeError, ValueError):
                    pass
            return "—"

        if key == "interestCoverageRatioTTM":
            operating_margins = ctx.get("operatingMargins")
            if operating_margins is not None:
                try:
                    if float(operating_margins) <= 0:
                        return "N/M (neg. EBIT)"
                except (TypeError, ValueError):
                    pass
            return "—"

        return "—"

    def _dedupe_metrics(metrics: list[tuple[str, str]]) -> list[tuple[str, str]]:
        deduped: list[tuple[str, str]] = []
        seen_labels: set[str] = set()
        for label, val in metrics:
            norm = _normalized_label(label)
            if norm in seen_labels:
                continue
            seen_labels.add(norm)
            deduped.append((label, val))
        return deduped

    rows = [
        ("Valuation", _dedupe_metrics([
            ("P/E (TTM)", _display_reasoned_metric("peRatioTTM")),
            ("Forward P/E", _display_value("forwardPE")),
            ("P/S (TTM)", _display_value("priceToSalesRatioTTM")),
            ("P/B", _display_reasoned_metric("priceToBookRatioTTM")),
            ("EV/EBITDA", _display_reasoned_metric("enterpriseValueMultipleTTM")),
            ("EV/Revenue", _display_value("evToSalesTTM")),
        ])),
        ("Profitability", _dedupe_metrics([
            ("Gross Margin", _display_value("grossProfitMarginTTM", fmt=fmt_pct)),
            ("Operating Margin", _display_value("operatingProfitMarginTTM", fmt=fmt_pct)),
            ("Net Margin", _display_value("netProfitMarginTTM", fmt=fmt_pct)),
            ("ROE", _display_reasoned_metric("returnOnEquityTTM", fmt=fmt_pct)),
            ("ROA", _display_value("returnOnAssetsTTM", fmt=fmt_pct)),
            ("ROIC", _display_value("returnOnInvestedCapitalTTM", fmt=fmt_pct)),
        ])),
        ("Leverage & Liquidity", _dedupe_metrics([
            ("Debt/Equity", _display_reasoned_metric("debtToEquityRatioTTM")),
            ("Current Ratio", _display_value("currentRatioTTM")),
            ("Quick Ratio", _display_value("quickRatioTTM")),
            ("Interest Coverage", _display_reasoned_metric("interestCoverageRatioTTM")),
            ("Dividend Yield", _display_value("dividendYieldTTM", fmt=fmt_pct)),
            ("Payout Ratio", _display_reasoned_metric("dividendPayoutRatioTTM", fmt=fmt_pct)),
        ])),
    ]

    for section_name, metrics in rows:
        st.markdown(f"**{section_name}**")
        cols = st.columns(6)
        for col, (label, val) in zip(cols, metrics):
            col.metric(label, val)
        st.write("")


# ── Models ───────────────────────────────────────────────────────────────────

def _net_debt_label(value: float) -> str:
    return "Net Cash" if value < 0 else "Net Debt"


def _build_model_context(ticker: str) -> dict:
    info = get_company_info(ticker)
    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 = 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 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)

    base_fcf = _coerce_float(get_free_cash_flow_ttm(ticker))
    hist_growth = compute_historical_growth_rate(fcf_series) if len(fcf_series) >= 2 else None
    hist_growth_raw = compute_raw_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
    other_claims = preferred_equity + minority_interest
    if market_cap and market_cap > 0 and ebitda and ebitda > 0:
        ev_value = float(market_cap) + total_debt - cash_and_equivalents + other_claims
        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 + other_claims

    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

    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,
        "hist_growth_raw": hist_growth_raw,
        "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):
    dcf_ok = ctx["dcf_available"]
    ev_ok = ctx["ev_available"]
    rev_ok = ctx["ev_revenue_available"]
    pb_ok = ctx["pb_available"]
    pb_limited = pb_ok and not ctx["is_financial"]
    pb_color = "#C49545" if pb_limited else ("#4F8C5E" if pb_ok else "#5E5849")
    pb_glyph = "◐" if pb_limited else "●"
    dcf_c = "#4F8C5E" if dcf_ok else "#5E5849"
    ev_c = "#4F8C5E" if ev_ok else "#5E5849"
    rev_c = "#4F8C5E" if rev_ok else "#5E5849"
    st.markdown(
        f'<div style="font-family:\'IBM Plex Sans\',sans-serif;font-size:12px;color:#8E8676;'
        f'display:flex;align-items:center;gap:14px;flex-wrap:wrap;margin-bottom:4px">'
        f'<span>Applicable</span>'
        f'<span><span style="color:{dcf_c}">●</span>&nbsp;DCF</span>'
        f'<span><span style="color:{ev_c}">●</span>&nbsp;EV/EBITDA</span>'
        f'<span><span style="color:{rev_c}">●</span>&nbsp;EV/Revenue</span>'
        f'<span><span style="color:{pb_color}">{pb_glyph}</span>&nbsp;P/Book</span>'
        f'</div>',
        unsafe_allow_html=True,
    )


_DCF_CANVAS_CSS = """
*,*::before,*::after{box-sizing:border-box}
:root{
  --ink-0:#0B0E13;--ink-1:#11151C;--ink-2:#181D26;--ink-3:#222934;
  --line-1:#232934;--line-2:#2E3645;
  --fg-1:#F2ECDC;--fg-2:#C7C0AE;--fg-3:#8E8676;--fg-4:#5E5849;
  --brass:#C2AA7A;--brass-bright:#DCC79E;--brass-deep:#8F7A50;
  --oxford:#1F3B5E;--oxford-light:#243E5A;
  --positive:#4F8C5E;--positive-bg:#15241A;
  --negative:#B5494B;--negative-bg:#2A1517;
  --font-display:'EB Garamond',Georgia,serif;
  --font-sans:'IBM Plex Sans',system-ui,sans-serif;
  --font-mono:'IBM Plex Mono',monospace;
}
body{margin:0;padding:0;background:transparent;font-family:var(--font-sans);color:var(--fg-2);-webkit-font-smoothing:antialiased}
.num{font-family:var(--font-mono);font-variant-numeric:tabular-nums}
.va-canvas{display:flex;flex-direction:column;gap:24px;padding-bottom:32px}

/* Verdict */
.va-verdict{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;position:relative;overflow:hidden;box-shadow:0 8px 24px -8px rgba(0,0,0,.5)}
.va-verdict .top{display:grid;grid-template-columns:1fr auto 1fr;gap:48px;align-items:center;padding:32px 48px;position:relative;z-index:1}
.va-verdict .col{display:flex;flex-direction:column;gap:6px}
.va-verdict .lbl{font-family:var(--font-sans);font-size:12px;text-transform:uppercase;letter-spacing:.18em;color:var(--fg-3)}
.va-verdict .big{font-family:var(--font-mono);font-variant-numeric:tabular-nums;font-size:56px;font-weight:500;color:var(--fg-1);line-height:.95;letter-spacing:-.02em}
.va-verdict .big.market{color:var(--fg-2)}
.va-verdict .sub{font-family:var(--font-sans);font-size:13px;color:var(--fg-3)}
.va-verdict .arrow{font-family:var(--font-display);font-size:32px;color:var(--fg-4);font-style:italic;font-weight:400;text-align:center}
.va-verdict .pill{display:inline-flex;align-items:center;gap:6px;font-family:var(--font-mono);font-size:13px;padding:4px 10px;border-radius:2px;align-self:flex-start;margin-top:4px}
.va-verdict .pill.neg{color:var(--negative);background:var(--negative-bg);border:1px solid rgba(181,73,75,.35)}
.va-verdict .pill.pos{color:var(--positive);background:var(--positive-bg);border:1px solid rgba(79,140,94,.35)}
.va-verdict .band{display:flex;align-items:baseline;justify-content:space-between;border-top:1px solid var(--line-1);padding:12px 48px;font-family:var(--font-sans);font-size:13px;color:var(--fg-2);position:relative;z-index:1;background:var(--ink-1)}
.va-verdict .band .reading{font-family:var(--font-display);font-style:italic;font-size:20px;color:var(--fg-1)}
.va-verdict .band .mono{font-family:var(--font-mono);font-variant-numeric:tabular-nums;color:var(--fg-1)}

/* Projection */
.va-projection{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden}
.va-projection .head{padding:16px 24px;border-bottom:1px solid var(--line-1);display:flex;justify-content:space-between;align-items:baseline}
.va-projection .head h3{font-family:var(--font-display);font-size:20px;font-weight:500;color:var(--fg-1);margin:0}
.va-projection .head .units{font-family:var(--font-mono);font-size:12px;color:var(--fg-3)}
.va-cf-table{width:100%;border-collapse:collapse;border-top:1px solid var(--line-1)}
.va-cf-table th,.va-cf-table td{padding:8px 14px;text-align:right;font-family:var(--font-mono);font-variant-numeric:tabular-nums;font-size:12px;border-bottom:1px solid var(--line-1)}
.va-cf-table th{font-family:var(--font-sans);text-transform:uppercase;font-size:11px;letter-spacing:.08em;color:var(--fg-3);font-weight:600;background:var(--ink-2)}
.va-cf-table th:first-child,.va-cf-table td:first-child{text-align:left;color:var(--fg-2);font-size:12px}
.va-cf-table td.brass{color:var(--brass-bright)}
.va-cf-table tr:last-child td{border-bottom:none}
.va-cf-table tr.total td{border-top:1px solid var(--line-2);font-weight:600;color:var(--fg-1);background:var(--ink-2)}

/* Bridge */
.va-bridge{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;padding:24px;display:flex;flex-direction:column;gap:16px}
.va-bridge .bhead{display:flex;justify-content:space-between;align-items:baseline}
.va-bridge .bhead h3{font-family:var(--font-display);font-size:20px;font-weight:500;color:var(--fg-1);margin:0}
.va-bridge .bhead .bdate{font-family:var(--font-mono);font-size:12px;color:var(--fg-3)}
.va-bridge .flow{display:grid;grid-template-columns:1fr auto 1fr auto 1fr auto 1fr;align-items:stretch;gap:12px}
.va-bridge .node{display:flex;flex-direction:column;gap:4px;padding:12px 16px;background:var(--ink-2);border:1px solid var(--line-2);border-radius:4px;min-height:80px;justify-content:center}
.va-bridge .node.start{border-color:var(--oxford);background:rgba(74,120,181,.06)}
.va-bridge .node.result{border-color:rgba(194,170,122,.4);background:rgba(194,170,122,.06)}
.va-bridge .node .lbl{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.18em;color:var(--fg-3)}
.va-bridge .node .v{font-family:var(--font-mono);font-variant-numeric:tabular-nums;font-size:20px;color:var(--fg-1)}
.va-bridge .node.result .v{color:var(--brass-bright)}
.va-bridge .op{display:flex;flex-direction:column;align-items:center;justify-content:center;font-family:var(--font-mono);font-size:16px;color:var(--fg-3);min-width:20px}
.va-bridge .op .sub{font-family:var(--font-sans);font-size:10px;color:var(--fg-4);text-transform:uppercase;letter-spacing:.18em;margin-top:6px}
.va-bridge .bfoot{font-family:var(--font-sans);font-size:12px;color:var(--fg-3);display:flex;gap:12px;flex-wrap:wrap}

/* Recon */
.va-recon{display:grid;grid-template-columns:1.4fr 1fr 1fr 1fr;background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden}
.va-recon .cell{padding:16px 24px;border-right:1px solid var(--line-1);display:flex;flex-direction:column;gap:4px}
.va-recon .cell:last-child{border-right:none}
.va-recon .cell .lbl{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.18em;color:var(--fg-3);font-weight:600}
.va-recon .cell .v{font-family:var(--font-mono);font-variant-numeric:tabular-nums;font-size:28px;color:var(--fg-1);font-weight:500;line-height:1}
.va-recon .cell .sub{font-family:var(--font-mono);font-size:11px;color:var(--fg-3)}
.va-recon .cell.intrinsic .v{color:var(--brass-bright)}

/* Cross-check */
.va-cx{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden}
.va-cx-head{padding:16px 24px;border-bottom:1px solid var(--line-1);display:flex;justify-content:space-between;align-items:baseline}
.va-cx-head h3{font-family:var(--font-display);font-size:20px;font-weight:500;color:var(--fg-1);margin:0}
.va-cx-head .hint{font-family:var(--font-mono);font-size:12px;color:var(--fg-3)}
.va-cx-grid{display:grid;grid-template-columns:1.2fr 1fr 1fr 1fr}
.va-cx-cell{padding:16px 24px;border-right:1px solid var(--line-1);display:flex;flex-direction:column;gap:6px}
.va-cx-cell:last-child{border-right:none}
.va-cx-cell .lbl{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.18em;color:var(--fg-3);font-weight:600}
.va-cx-cell .v{font-family:var(--font-mono);font-variant-numeric:tabular-nums;font-size:26px;color:var(--fg-1);font-weight:500;line-height:1}
.va-cx-cell.dcf{background:rgba(194,170,122,.05)}
.va-cx-cell.dcf .v{color:var(--brass-bright)}
.va-cx-cell.dcf .lbl{color:var(--brass)}
.va-cx-cell .delta{font-family:var(--font-mono);font-variant-numeric:tabular-nums;font-size:12px}
.va-cx-cell .delta.neg{color:var(--negative)}
.va-cx-cell .delta.pos{color:var(--positive)}
.va-cx-cell .delta.na{color:var(--fg-4)}
.va-cx-cell .meta{font-family:var(--font-sans);font-size:11px;color:var(--fg-3);border-top:1px solid var(--line-1);padding-top:6px;margin-top:auto;line-height:1.4}

/* Footer */
.va-foot{font-family:var(--font-sans);font-size:12px;color:var(--fg-3);line-height:1.6;padding:12px 20px;border:1px solid var(--line-1);border-radius:4px;background:var(--ink-1);display:flex;justify-content:space-between;align-items:center;gap:24px}
.va-foot a{color:var(--brass-bright);text-decoration:none;white-space:nowrap;flex-shrink:0}
.va-foot a:hover{color:var(--brass)}
"""

_DCF_RAIL_CSS = """<style>
@import url('https://fonts.googleapis.com/css2?family=EB+Garamond:ital,wght@0,400;0,500;1,400;1,500&family=IBM+Plex+Mono:wght@300;400;500;600&family=IBM+Plex+Sans:wght@300;400;500;600;700&display=swap');
.dcf-eyebrow{font-family:'IBM Plex Sans',sans-serif;font-size:12px;text-transform:uppercase;letter-spacing:.18em;color:#8E8676;font-weight:600;line-height:1}
.dcf-title{font-family:'EB Garamond',Georgia,serif;font-size:22px;font-weight:500;letter-spacing:-.01em;color:#F2ECDC;margin:4px 0 0;line-height:1.2}
.dcf-sub{font-family:'IBM Plex Sans',sans-serif;font-size:12px;color:#8E8676;margin-top:6px;line-height:1.5}
.dcf-divider{border:none;border-top:1px solid #232934;margin:4px 0 0}
.dcf-filings-eyebrow{font-family:'IBM Plex Sans',sans-serif;font-size:11px;text-transform:uppercase;letter-spacing:.18em;color:#8E8676;font-weight:600;margin-bottom:10px}
.dcf-filing-row{display:flex;justify-content:space-between;align-items:baseline;font-family:'IBM Plex Mono',monospace;font-size:12px;color:#C7C0AE;margin-bottom:6px}
.dcf-filing-val{color:#F2ECDC;font-variant-numeric:tabular-nums}
.dcf-actions{display:flex;gap:8px;padding-top:4px}
/* Streamlit slider thumb */
[data-baseweb="slider"] [role="slider"]{background-color:#C2AA7A !important;border:2px solid #0B0E13 !important;width:14px !important;height:14px !important}
[data-testid="stSlider"] > label > div > p{font-family:'IBM Plex Sans',sans-serif !important;font-size:13px !important;color:#C7C0AE !important}
[data-testid="stSlider"] [data-testid="stTickBarMin"],[data-testid="stSlider"] [data-testid="stTickBarMax"]{font-family:'IBM Plex Mono',monospace !important;font-size:10px !important;color:#5E5849 !important}
/* Primary button — brass bg, dark ink text */
[data-testid="stBaseButton-primary"]{color:#17120A !important;background-color:#C2AA7A !important}
button[kind="primary"]{color:#17120A !important}
[data-testid="stBaseButton-primary"] p,[data-testid="stBaseButton-primary"] span{color:#17120A !important}
</style>"""

_MULT_CANVAS_CSS = """
.vm-body{display:flex;flex-direction:column;gap:24px;padding:24px 32px 48px}

/* Summary band */
.vm-summary{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden;display:grid;grid-template-columns:1.4fr 2fr}
.vm-summary-head{padding:24px;display:flex;flex-direction:column;gap:8px;border-right:1px solid var(--line-1)}
.vm-summary-head .eyebrow{font-family:var(--font-sans);font-size:12px;text-transform:uppercase;letter-spacing:.18em;color:var(--fg-3);font-weight:600}
.vm-summary-head .ttl{font-family:var(--font-display);font-size:22px;font-weight:500;color:var(--fg-1);margin:0;line-height:1.2}
.vm-summary-head .lede{font-family:var(--font-sans);font-size:13px;color:var(--fg-2);line-height:1.5;margin:0}
.vm-summary-strip{background:var(--ink-2);display:grid;grid-template-columns:repeat(4,1fr)}
.vm-sum-cell{padding:16px;display:flex;flex-direction:column;gap:4px;border-right:1px solid var(--line-1)}
.vm-sum-cell:last-child{border-right:none}
.vm-sum-cell.market{background:rgba(74,120,181,.05);border-left:1px solid var(--line-2)}
.vm-sum-cell .lbl{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.12em;color:var(--fg-3)}
.vm-sum-cell .v{font-family:var(--font-mono);font-size:20px;color:var(--fg-1);font-variant-numeric:tabular-nums}
.vm-sum-cell.market .v{color:var(--fg-2)}
.vm-sum-cell .d{font-family:var(--font-mono);font-size:11px}
.d.pos{color:var(--positive)}.d.neg{color:var(--negative)}.d.na{color:var(--fg-4)}

/* Comparison card */
.vm-compare{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden}
.vm-compare-head{padding:16px 24px;border-bottom:1px solid var(--line-1);display:flex;align-items:baseline;gap:12px}
.vm-compare-head h3{font-family:var(--font-display);font-size:20px;font-weight:500;color:var(--fg-1);margin:0}
.vm-compare-head .units{font-family:var(--font-sans);font-size:11px;color:var(--fg-3)}
.vm-grid{display:grid;grid-template-columns:220px 1fr 1fr 1fr;border-bottom:1px solid var(--line-1)}
.vm-grid:last-child{border-bottom:none}
.vm-row-lbl{padding:12px 16px;background:var(--ink-2);border-right:1px solid var(--line-1);font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.12em;color:var(--fg-3);display:flex;flex-direction:column;gap:4px;align-items:flex-start;justify-content:center}
.vm-row-lbl .sub{font-family:var(--font-sans);font-size:10px;color:var(--fg-4);text-transform:none;letter-spacing:0}
.vm-row-lbl.strong{color:var(--brass);background:rgba(194,170,122,.06)}
.vm-cell{padding:12px 16px;display:flex;flex-direction:column;gap:4px;justify-content:center}
.vm-cell .v{font-family:var(--font-mono);font-size:20px;color:var(--fg-1);font-variant-numeric:tabular-nums}
.vm-cell .v.dash{color:var(--fg-4)}
.vm-cell .cap{font-family:var(--font-sans);font-size:11px;color:var(--fg-3)}
.vm-cell.faded{background:rgba(255,255,255,.005)}
.vm-cell.faded .v{color:var(--fg-4)}
.vm-col-head{padding:16px}
.vm-col-title{display:flex;align-items:center;gap:8px;margin-bottom:8px}
.vm-col-title .n{font-family:var(--font-display);font-style:italic;font-size:16px;color:var(--brass)}
.vm-col-title h4{font-family:var(--font-sans);font-size:14px;font-weight:600;color:var(--fg-1);margin:0}
.vm-col-title .fit{font-family:var(--font-sans);font-size:10px;font-weight:600;text-transform:uppercase;letter-spacing:.1em;padding:2px 6px;border-radius:2px}
.vm-col-title .fit.ok{color:var(--positive);background:var(--positive-bg)}
.vm-col-title .fit.warn{color:var(--warning);background:var(--warning-bg)}
.vm-col-head .lede{font-family:var(--font-sans);font-size:12px;color:var(--fg-3);line-height:1.5;margin:0}
.vm-grid.result .vm-row-lbl{color:var(--brass);background:rgba(194,170,122,.06)}
.vm-grid.result .vm-cell{background:rgba(194,170,122,.04)}
.vm-grid.result .vm-cell .v{font-size:28px;color:var(--brass-bright)}
.vm-grid.result .vm-cell .delta{font-family:var(--font-mono);font-size:12px}
.delta.pos{color:var(--positive)}.delta.neg{color:var(--negative)}.delta.na{color:var(--fg-4)}

/* Subject multiple slider */
.vm-cell.mult{gap:6px}
.mult-top{display:flex;align-items:baseline;gap:8px}
.mult-top .big{font-family:var(--font-mono);font-size:24px;color:var(--brass-bright);font-variant-numeric:tabular-nums}
.mult-top .sector{font-family:var(--font-mono);font-size:11px;color:var(--fg-3)}
.mult-slider{position:relative;height:18px;margin:2px 0}
.mult-slider .track{position:absolute;inset:7px 0;background:var(--ink-3);border-radius:999px;pointer-events:none}
.mult-slider .track .band{position:absolute;inset:0;background:rgba(74,120,181,.18)}
.mult-slider .track .marker{position:absolute;top:-3px;bottom:-3px;width:2px;background:var(--oxford-light);border-radius:1px}
.mult-slider input[type=range]{position:absolute;inset:0;width:100%;height:18px;background:transparent;-webkit-appearance:none;appearance:none;cursor:pointer;outline:none}
.mult-slider input[type=range]::-webkit-slider-thumb{-webkit-appearance:none;width:14px;height:14px;border-radius:50%;background:var(--brass);border:2px solid #0B0E13;box-shadow:0 0 0 1px var(--brass-deep);cursor:pointer}
.mult-slider input[type=range]::-moz-range-thumb{width:14px;height:14px;border-radius:50%;background:var(--brass);border:2px solid #0B0E13;box-shadow:0 0 0 1px var(--brass-deep);cursor:pointer;border:none}
.mult-slider input[type=range]::-webkit-slider-runnable-track{background:transparent}
.mult-slider input[type=range]::-moz-range-track{background:transparent;height:4px}
.mult-meta{display:flex;justify-content:space-between;font-family:var(--font-mono);font-size:10px;color:var(--fg-4)}

/* Sensitivity strip */
.vm-sensitivity{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden}
.vm-sensitivity-head{padding:16px 24px;border-bottom:1px solid var(--line-1);display:flex;align-items:baseline;gap:12px}
.vm-sensitivity-head h3{font-family:var(--font-display);font-size:20px;font-weight:500;color:var(--fg-1);margin:0}
.vm-sensitivity-head .hint{font-family:var(--font-sans);font-size:11px;color:var(--fg-3)}
.vm-sens-grid{display:grid;grid-template-columns:repeat(3,1fr)}
.vm-sens-cell{padding:16px;border-right:1px solid var(--line-1)}
.vm-sens-cell:last-child{border-right:none}
.vm-sens-cell>.lbl{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.12em;color:var(--fg-3);display:block;margin-bottom:10px}
.vm-sens-row{display:grid;grid-template-columns:1fr auto 1fr;gap:8px;align-items:center;margin-bottom:10px;padding-bottom:10px;border-bottom:1px solid var(--line-1)}
.vm-sens-row .col{display:flex;flex-direction:column;gap:2px}
.vm-sens-row .col .sub{font-family:var(--font-mono);font-size:10px;color:var(--fg-3)}
.vm-sens-row .col .v{font-family:var(--font-mono);font-size:18px;color:var(--fg-1);font-variant-numeric:tabular-nums}
.vm-sens-row .col .v.brass{color:var(--brass-bright)}
.vm-sens-row .col .d{font-family:var(--font-mono);font-size:11px}
.vm-sens-row .arrow{font-family:var(--font-display);font-style:italic;font-size:20px;color:var(--fg-4);text-align:center}
.vm-sens-cell>.meta{font-family:var(--font-sans);font-size:11px;color:var(--fg-3)}
.vm-sens-cell>.meta .num{font-family:var(--font-mono);color:var(--fg-2)}

/* Cross-check vs DCF */
.vm-cx{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;overflow:hidden}
.vm-cx-head{padding:16px 24px;border-bottom:1px solid var(--line-1);display:flex;align-items:baseline;gap:12px}
.vm-cx-head h3{font-family:var(--font-display);font-size:20px;font-weight:500;color:var(--fg-1);margin:0}
.vm-cx-head .hint{font-family:var(--font-sans);font-size:11px;color:var(--fg-3)}
.vm-cx-grid{display:grid;grid-template-columns:1.2fr 1fr 1fr 1fr}
.vm-cx-cell{padding:16px 24px;border-right:1px solid var(--line-1);display:flex;flex-direction:column;gap:4px}
.vm-cx-cell:last-child{border-right:none}
.vm-cx-cell .lbl{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.12em;color:var(--fg-3)}
.vm-cx-cell .v{font-family:var(--font-mono);font-size:24px;color:var(--fg-1);font-variant-numeric:tabular-nums}
.vm-cx-cell .delta{font-family:var(--font-mono);font-size:12px}
.vm-cx-cell .meta{font-family:var(--font-sans);font-size:11px;color:var(--fg-4);margin-top:4px}
.vm-cx-cell.dcf{background:rgba(194,170,122,.05)}
.vm-cx-cell.dcf .lbl{color:var(--brass-deep)}
.vm-cx-cell.dcf .v{color:var(--brass-bright)}
"""


def _fmt_b(v_dollars: float) -> str:
    b = v_dollars / 1e9
    if abs(b) >= 1000:
        return f"${b / 1000:.2f}T"
    return f"${b:.2f}B"


def _build_dcf_canvas_html(
    ctx: dict,
    result: dict,
    wacc_pct: float,
    tg_pct: float,
    yrs: int,
    g_pct: float,
    ev_ebitda_price: float | None,
    ev_rev_price: float | None,
    pb_price: float | None,
) -> str:
    iv = result["intrinsic_value_per_share"]
    market = float(ctx["current_price"] or 0)
    has_market = market > 0

    upside_pct = (iv - market) / market * 100 if has_market else 0.0
    is_pos = upside_pct >= 0
    gap = iv - market

    # Bridge
    ev_b = _fmt_b(result["enterprise_value"])
    net_debt_b = _fmt_b(abs(result["net_debt"]))
    other_claims_b = _fmt_b(ctx["preferred_equity"] + ctx["minority_interest"])
    equity_b = _fmt_b(result["equity_value"])
    total_debt_b = _fmt_b(ctx["total_debt"])
    cash_b = _fmt_b(ctx["cash_and_equivalents"])
    other_b_val = ctx["preferred_equity"] + ctx["minority_interest"]

    shares_b = ctx["shares"] / 1e9
    source_date = ctx["bridge_items"].get("source_date", "")

    # Forecast sequences (capped at yrs)
    discounted = result["discounted_fcfs"][:yrs]
    projected = result["projected_fcfs"][:yrs]
    tv_pv = result["terminal_value_pv"]
    terminal_fcf = projected[-1] * (1 + tg_pct / 100) if projected else 0.0
    disc_factors = [1.0 / (1 + wacc_pct / 100) ** (i + 1) for i in range(len(discounted))]
    disc_tv_factor = 1.0 / (1 + wacc_pct / 100) ** yrs

    # Plotly chart data
    bar_x = [f"Year {i + 1}" for i in range(len(discounted))] + ["Terminal"]
    bar_y = [v / 1e9 for v in discounted] + [tv_pv / 1e9]
    bar_colors = ["#243E5A"] * len(discounted) + ["#C2AA7A"]
    bar_line_colors = ["#1F3B5E"] * len(discounted) + ["#DCC79E"]
    bar_text = [_fmt_b(v) for v in discounted] + [_fmt_b(tv_pv)]

    plotly_data_json = json.dumps([{
        "type": "bar",
        "x": bar_x,
        "y": bar_y,
        "marker": {"color": bar_colors, "line": {"color": bar_line_colors, "width": 1}},
        "text": bar_text,
        "textposition": "outside",
        "textfont": {"family": "IBM Plex Mono", "size": 10, "color": "#C7C0AE"},
        "hovertemplate": "%{x}: %{text}<extra></extra>",
        "cliponaxis": False,
    }])
    plotly_layout_json = json.dumps({
        "paper_bgcolor": "#11151C",
        "plot_bgcolor": "#11151C",
        "margin": {"l": 48, "r": 8, "t": 28, "b": 36},
        "xaxis": {
            "gridcolor": "rgba(0,0,0,0)",
            "linecolor": "#232934",
            "tickfont": {"family": "IBM Plex Sans", "size": 11, "color": "#8E8676"},
            "fixedrange": True,
        },
        "yaxis": {
            "gridcolor": "#232934",
            "linecolor": "rgba(0,0,0,0)",
            "tickfont": {"family": "IBM Plex Mono", "size": 10, "color": "#8E8676"},
            "tickprefix": "$",
            "ticksuffix": "B",
            "fixedrange": True,
            "zeroline": False,
        },
        "bargap": 0.35,
        "showlegend": False,
        "uniformtext": {"mode": "hide", "minsize": 8},
    })

    data_json = json.dumps({
        "baseFcf": result["base_fcf"],
        "netDebt": result["net_debt"],
        "otherClaims": ctx["preferred_equity"] + ctx["minority_interest"],
        "shares": ctx["shares"],
        "market": float(ctx["current_price"] or 0),
    })

    # Verdict
    verdict_gradient = (
        "linear-gradient(110deg,transparent 35%,rgba(79,140,94,.07) 100%)"
        if is_pos else
        "linear-gradient(110deg,transparent 35%,rgba(181,73,75,.07) 100%)"
    )
    pill_cls = "pos" if is_pos else "neg"
    pill_arrow = "▲" if is_pos else "▼"
    pill_sign = "+" if is_pos else "−"
    pill_text = f"{pill_arrow} {pill_sign}{abs(upside_pct):.1f}% {'upside' if is_pos else 'downside'}"
    reading = "Constructive" if is_pos else "Cautious"
    gap_dir = "above" if gap >= 0 else "below"

    iv_str = f"${iv:,.2f}"
    market_str = f"${market:,.2f}" if has_market else "—"
    gap_str = f"${abs(gap):,.2f}"

    # Cash-flow table
    n = len(discounted)
    hdr_cells = "".join(f"<th>Yr {i + 1}</th>" for i in range(n)) + "<th>Terminal</th>"
    fcf_cells = "".join(f"<td>{_fmt_b(v)}</td>" for v in projected)
    fcf_cells += f'<td class="brass">{_fmt_b(terminal_fcf)}</td>'
    df_cells = "".join(f"<td>{disc_factors[i]:.3f}</td>" for i in range(n))
    df_cells += f"<td>{disc_tv_factor:.3f}</td>"
    pv_cells = "".join(f"<td>{_fmt_b(v)}</td>" for v in discounted)
    pv_cells += f'<td class="brass">{_fmt_b(tv_pv)}</td>'

    # Cross-check cells
    def cx_cell(cls, lbl, val_str, delta_pct, meta):
        if delta_pct is not None and has_market:
            dcls = "pos" if delta_pct >= 0 else "neg"
            dsign = "+" if delta_pct >= 0 else ""
            dhtml = f'<span class="delta {dcls}">{dsign}{delta_pct:.1f}% vs market</span>'
        else:
            dhtml = '<span class="delta na">—</span>'
        return (
            f'<div class="{cls}">'
            f'<span class="lbl">{lbl}</span>'
            f'<span class="v num">{val_str}</span>'
            f"{dhtml}"
            f'<span class="meta">{meta}</span>'
            f"</div>"
        )

    dcf_delta = upside_pct if has_market else None
    if dcf_delta is not None and has_market:
        dcf_dcls = "pos" if dcf_delta >= 0 else "neg"
        dcf_dsign = "+" if dcf_delta >= 0 else ""
        dcf_dhtml = f'<span id="cx-dcf-d" class="delta {dcf_dcls}">{dcf_dsign}{dcf_delta:.1f}% vs market</span>'
    else:
        dcf_dhtml = '<span id="cx-dcf-d" class="delta na">—</span>'
    cx_dcf = (
        f'<div class="va-cx-cell dcf">'
        f'<span class="lbl">DCF · THIS MODEL</span>'
        f'<span id="cx-dcf-v" class="v num">{iv_str}</span>'
        f"{dcf_dhtml}"
        f'<span class="meta">Firm-value DCF · {yrs}-yr explicit · WACC {wacc_pct:.1f}%</span>'
        f"</div>"
    )

    def _cx_multiple_cell(label, implied, market_multiple, mult_label):
        if implied is not None and has_market:
            delta = (implied - market) / market * 100
            val = f"${implied:,.2f}"
            meta = f"Market multiple {market_multiple:.1f}× · {mult_label}" if market_multiple else mult_label
        else:
            delta = None
            val = "—"
            meta = "Unavailable for this company"
        return cx_cell("va-cx-cell", label, val, delta, meta)

    cx_ev = _cx_multiple_cell(
        "EV / EBITDA", ev_ebitda_price,
        ctx.get("ev_ebitda_current") or 0, "based on current market multiple",
    )
    cx_rev = _cx_multiple_cell(
        "EV / REVENUE", ev_rev_price,
        ctx.get("ev_revenue_current") or 0, "based on current market multiple",
    )
    cx_pb = _cx_multiple_cell(
        "P / BOOK", pb_price,
        ctx.get("pb_current") or 0, "based on current market multiple",
    )

    # Recon gap cell color
    gap_color = "var(--positive)" if gap >= 0 else "var(--negative)"
    gap_sign = "+" if gap >= 0 else ""
    gap_display = f"{gap_sign}${gap:,.2f}" if has_market else "—"
    gap_pct_str = f"{upside_pct:.1f}% vs market" if has_market else "—"

    html = f"""<!DOCTYPE html>
<html>
<head>
<meta charset="UTF-8">
<link rel="preconnect" href="https://fonts.googleapis.com">
<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
<link href="https://fonts.googleapis.com/css2?family=EB+Garamond:ital,wght@0,400;0,500;1,400;1,500&family=IBM+Plex+Mono:wght@300;400;500;600&family=IBM+Plex+Sans:wght@300;400;500;600;700&display=swap" rel="stylesheet">
<script src="https://cdn.plot.ly/plotly-2.35.2.min.js" charset="utf-8"></script>
<style>{_DCF_CANVAS_CSS}
.va-controls{{background:var(--ink-1);border:1px solid var(--line-1);border-radius:6px;padding:16px 24px}}
.ctrl-grid{{display:grid;grid-template-columns:repeat(4,1fr);gap:20px}}
.ctrl-item{{display:flex;flex-direction:column;gap:6px}}
.ctrl-head{{display:flex;justify-content:space-between;align-items:baseline}}
.ctrl-lbl{{font-family:var(--font-sans);font-size:11px;text-transform:uppercase;letter-spacing:.12em;color:var(--fg-3)}}
.ctrl-val{{font-family:var(--font-mono);font-size:14px;color:var(--brass-bright);font-variant-numeric:tabular-nums}}
.ctrl-warn{{font-family:var(--font-sans);font-size:12px;color:var(--warning);margin-top:8px;padding:6px 10px;background:var(--warning-bg);border-radius:4px}}
.va-controls input[type=range]{{width:100%;-webkit-appearance:none;appearance:none;background:var(--ink-3);height:4px;border-radius:999px;cursor:pointer;outline:none;margin-top:2px}}
.va-controls input[type=range]::-webkit-slider-thumb{{-webkit-appearance:none;width:14px;height:14px;border-radius:50%;background:var(--brass);border:2px solid #0B0E13;box-shadow:0 0 0 1px var(--brass-deep);cursor:pointer}}
.va-controls input[type=range]::-moz-range-thumb{{width:14px;height:14px;border-radius:50%;background:var(--brass);border:2px solid #0B0E13;cursor:pointer;border:none}}
</style>
</head>
<body>
<div class="va-canvas">

  <section class="va-controls">
    <div class="ctrl-grid">
      <div class="ctrl-item">
        <div class="ctrl-head"><span class="ctrl-lbl">WACC</span><span class="ctrl-val" id="wacc-disp">{wacc_pct:.2f}%</span></div>
        <input type="range" id="sl-wacc" min="4" max="15" step="0.25" value="{wacc_pct}">
      </div>
      <div class="ctrl-item">
        <div class="ctrl-head"><span class="ctrl-lbl">Terminal growth</span><span class="ctrl-val" id="tg-disp">{tg_pct:.1f}%</span></div>
        <input type="range" id="sl-tg" min="0" max="5" step="0.1" value="{tg_pct}">
      </div>
      <div class="ctrl-item">
        <div class="ctrl-head"><span class="ctrl-lbl">Forecast horizon</span><span class="ctrl-val" id="yrs-disp">{yrs} yr</span></div>
        <input type="range" id="sl-yrs" min="3" max="10" step="1" value="{yrs}">
      </div>
      <div class="ctrl-item">
        <div class="ctrl-head"><span class="ctrl-lbl">FCF growth</span><span class="ctrl-val" id="g-disp">{g_pct:.1f}%</span></div>
        <input type="range" id="sl-g" min="-15" max="20" step="0.1" value="{g_pct}">
      </div>
    </div>
    <div class="ctrl-warn" id="wacc-tg-warn" style="display:none">WACC must exceed terminal growth — adjust the sliders</div>
  </section>

  <section class="va-verdict" style="--verdict-gradient:{verdict_gradient}">
    <div id="verdict-grad" style="position:absolute;inset:0;background:{verdict_gradient};pointer-events:none;z-index:0"></div>
    <div class="top">
      <div class="col">
        <span class="lbl">DCF Intrinsic Value</span>
        <span class="big num" id="iv-big">{iv_str}</span>
        <span class="sub">per share &middot; firm value method &middot; {yrs}-yr horizon</span>
      </div>
      <span class="arrow">vs</span>
      <div class="col" style="align-items:flex-end">
        <span class="lbl">Market Price</span>
        <span class="big market num">{market_str}</span>
        <span class="pill {pill_cls}" id="upside-pill">{pill_text}</span>
      </div>
    </div>
    <div class="band">
      <span>Reading &middot; DCF implies <span class="mono" id="gap-str">{gap_str}</span> <span id="gap-dir">{gap_dir}</span> the current market.</span>
      <span class="reading" id="reading-str">{reading}</span>
    </div>
  </section>

  <section class="va-projection">
    <div class="head">
      <h3>Enterprise value build &mdash; present value of FCFs + terminal</h3>
      <span class="units" id="chart-units">USD &middot; billions &middot; discounted at WACC {wacc_pct:.1f}%</span>
    </div>
    <div id="dcf-chart" style="width:100%;height:260px"></div>
    <table class="va-cf-table">
      <thead><tr id="cf-thead"><th></th>{hdr_cells}</tr></thead>
      <tbody>
        <tr id="cf-fcf"><td>Forecast FCF</td>{fcf_cells}</tr>
        <tr id="cf-df"><td>Discount factor</td>{df_cells}</tr>
        <tr class="total" id="cf-pv"><td>Present value</td>{pv_cells}</tr>
      </tbody>
    </table>
  </section>

  <section class="va-bridge">
    <div class="bhead">
      <h3>From enterprise to equity</h3>
      <span class="bdate">Balance-sheet bridge{(' &middot; ' + source_date) if source_date else ''}</span>
    </div>
    <div class="flow">
      <div class="node start"><span class="lbl">Enterprise value</span><span class="v num" id="ev-node-val">{ev_b}</span></div>
      <div class="op">&minus;<span class="sub">Net debt</span></div>
      <div class="node"><span class="lbl">Net debt</span><span class="v num">{net_debt_b}</span></div>
      <div class="op">&minus;<span class="sub">Other claims</span></div>
      <div class="node"><span class="lbl">Other claims</span><span class="v num">{other_claims_b}</span></div>
      <div class="op">=</div>
      <div class="node result"><span class="lbl">Equity value</span><span class="v num" id="equity-node-val">{equity_b}</span></div>
    </div>
    <div class="bfoot">
      <span>Total debt {total_debt_b}</span>
      <span>&middot;</span>
      <span>Cash &amp; equiv. {cash_b}</span>
      <span>&middot;</span>
      <span>Preferred + minority {_fmt_b(other_b_val)}</span>
    </div>
  </section>

  <section class="va-recon">
    <div class="cell intrinsic">
      <span class="lbl">Intrinsic &middot; Per Share</span>
      <span class="v num" id="recon-iv">{iv_str}</span>
      <span class="sub">Equity value &divide; shares</span>
    </div>
    <div class="cell">
      <span class="lbl">Market &middot; Last</span>
      <span class="v num">{market_str}</span>
      <span class="sub">&nbsp;</span>
    </div>
    <div class="cell">
      <span class="lbl">Gap</span>
      <span class="v num" id="recon-gap" style="color:{gap_color}">{gap_display}</span>
      <span class="sub" id="recon-gap-pct">{gap_pct_str}</span>
    </div>
    <div class="cell">
      <span class="lbl">Shares Outstanding</span>
      <span class="v num">{shares_b:.2f} B</span>
      <span class="sub">diluted</span>
    </div>
  </section>

  <section class="va-cx">
    <div class="va-cx-head">
      <h3>Cross-check against the multiples</h3>
      <span class="hint">Same business, different lenses &middot; implied per-share</span>
    </div>
    <div class="va-cx-grid">
      {cx_dcf}
      {cx_ev}
      {cx_rev}
      {cx_pb}
    </div>
  </section>

  <div class="va-foot">
    <span>Firm-value DCF &middot; enterprise value bridged to equity using debt &amp; cash from the most recent balance sheet. Negative-FCF years are excluded from the base; terminal value uses Gordon Growth Model.</span>
    <a href="#">Methodology &amp; sources &nearr;</a>
  </div>

</div>
<script>
var D = {data_json};
var LAYOUT = {plotly_layout_json};

function fB(n) {{ var b=n/1e9; return Math.abs(b)>=1000?'$'+(b/1000).toFixed(2)+'T':'$'+b.toFixed(2)+'B'; }}
function fS(n) {{ return '$'+n.toLocaleString('en-US',{{minimumFractionDigits:2,maximumFractionDigits:2}}); }}

function runDCF(wacc, tg, yrs, g) {{
  g = Math.max(-0.5, Math.min(0.5, g));
  var fcfs=[], dfs=[], pvs=[];
  for (var i=1; i<=yrs; i++) {{
    var f = D.baseFcf * Math.pow(1+g, i);
    var df = 1/Math.pow(1+wacc, i);
    fcfs.push(f); dfs.push(df); pvs.push(f*df);
  }}
  var pvSum = pvs.reduce(function(a,b){{return a+b;}},0);
  var termFcf = fcfs[yrs-1]*(1+tg);
  var tvNom = termFcf/(wacc-tg);
  var tvDf = 1/Math.pow(1+wacc,yrs);
  var tvPv = tvNom*tvDf;
  var ev = pvSum+tvPv;
  var equity = ev-D.netDebt-D.otherClaims;
  return {{fcfs:fcfs,dfs:dfs,pvs:pvs,termFcf:termFcf,tvDf:tvDf,tvPv:tvPv,ev:ev,equity:equity,iv:equity/D.shares}};
}}

function setText(id,t){{var e=document.getElementById(id);if(e)e.textContent=t;}}
function setHtml(id,h){{var e=document.getElementById(id);if(e)e.innerHTML=h;}}

function update() {{
  var wacc=+document.getElementById('sl-wacc').value/100;
  var tg=+document.getElementById('sl-tg').value/100;
  var yrs=+document.getElementById('sl-yrs').value;
  var g=+document.getElementById('sl-g').value/100;

  setText('wacc-disp',(wacc*100).toFixed(2)+'%');
  setText('tg-disp',(tg*100).toFixed(1)+'%');
  setText('yrs-disp',yrs+' yr');
  setText('g-disp',(g*100).toFixed(1)+'%');

  var warn=document.getElementById('wacc-tg-warn');
  if (wacc<=tg) {{ warn.style.display='block'; return; }}
  warn.style.display='none';

  var r=runDCF(wacc,tg,yrs,g);
  var iv=r.iv, market=D.market, gap=iv-market;
  var isPos=iv>=market, upside=market>0?(iv-market)/market*100:0;

  setText('iv-big',fS(iv));
  var pill=document.getElementById('upside-pill');
  if(pill){{
    var arr=isPos?'▲':'▼', sign=isPos?'+':'−';
    pill.textContent=arr+' '+sign+Math.abs(upside).toFixed(1)+'% '+(isPos?'upside':'downside');
    pill.className='pill '+(isPos?'pos':'neg');
  }}
  var grad=document.getElementById('verdict-grad');
  if(grad) grad.style.background=isPos
    ?'linear-gradient(110deg,transparent 35%,rgba(79,140,94,.07) 100%)'
    :'linear-gradient(110deg,transparent 35%,rgba(181,73,75,.07) 100%)';
  setText('gap-str','$'+Math.abs(gap).toFixed(2));
  setText('gap-dir',gap>=0?'above':'below');
  setText('reading-str',isPos?'Constructive':'Cautious');
  setText('chart-units','USD · billions · discounted at WACC '+(wacc*100).toFixed(1)+'%');

  var thead=document.getElementById('cf-thead');
  var tfcf=document.getElementById('cf-fcf');
  var tdf=document.getElementById('cf-df');
  var tpv=document.getElementById('cf-pv');
  if(thead){{
    var hh='<th></th>',fh='<td>Forecast FCF</td>',dh='<td>Discount factor</td>',ph='<td>Present value</td>';
    for(var i=0;i<yrs;i++){{
      hh+='<th>Yr '+(i+1)+'</th>';
      fh+='<td>'+fB(r.fcfs[i])+'</td>';
      dh+='<td>'+r.dfs[i].toFixed(3)+'</td>';
      ph+='<td>'+fB(r.pvs[i])+'</td>';
    }}
    hh+='<th>Terminal</th>';
    fh+='<td class="brass">'+fB(r.termFcf)+'</td>';
    dh+='<td>'+r.tvDf.toFixed(3)+'</td>';
    ph+='<td class="brass">'+fB(r.tvPv)+'</td>';
    thead.innerHTML=hh; tfcf.innerHTML=fh; tdf.innerHTML=dh; tpv.innerHTML=ph;
  }}

  var bx=[],by=[],bc=[],blc=[],bt=[];
  for(var i=0;i<yrs;i++){{
    bx.push('Year '+(i+1)); by.push(r.pvs[i]/1e9);
    bc.push('#243E5A'); blc.push('#1F3B5E'); bt.push(fB(r.pvs[i]));
  }}
  bx.push('Terminal'); by.push(r.tvPv/1e9);
  bc.push('#C2AA7A'); blc.push('#DCC79E'); bt.push(fB(r.tvPv));
  Plotly.react('dcf-chart',[{{
    type:'bar',x:bx,y:by,
    marker:{{color:bc,line:{{color:blc,width:1}}}},
    text:bt,textposition:'outside',
    textfont:{{family:'IBM Plex Mono',size:10,color:'#C7C0AE'}},
    hovertemplate:'%{{x}}: %{{text}}<extra></extra>',
    cliponaxis:false
  }}],LAYOUT);

  setText('ev-node-val',fB(r.ev));
  setText('equity-node-val',fB(r.equity));
  setText('recon-iv',fS(iv));
  var gapEl=document.getElementById('recon-gap');
  if(gapEl){{gapEl.textContent=(gap>=0?'+$':'-$')+Math.abs(gap).toFixed(2);gapEl.style.color=gap>=0?'var(--positive)':'var(--negative)';}}
  setText('recon-gap-pct',market>0?upside.toFixed(1)+'% vs market':'—');
  setText('cx-dcf-v',fS(iv));
  if(market>0){{
    var dd=upside,dcls=dd>=0?'pos':'neg',dsign=dd>=0?'+':'';
    setHtml('cx-dcf-d','<span class="delta '+dcls+'">'+dsign+dd.toFixed(1)+'% vs market</span>');
  }}
}}

['sl-wacc','sl-tg','sl-yrs','sl-g'].forEach(function(id){{
  document.getElementById(id).addEventListener('input',update);
}});

// Initial chart render
var data = {plotly_data_json};
Plotly.newPlot('dcf-chart', data, LAYOUT, {{displayModeBar:false,responsive:true}});
</script>
</body>
</html>"""

    return html


def _build_multiples_canvas_html(ctx: dict) -> str:
    market = float(ctx["current_price"] or 0)
    shares = float(ctx["shares"] or 0)
    total_debt = float(ctx["total_debt"] or 0)
    cash = float(ctx["cash_and_equivalents"] or 0)
    net_debt = total_debt - cash
    ebitda = float(ctx["ebitda"]) if ctx.get("ebitda") and ctx["ebitda"] > 0 else 0.0
    revenue = float(ctx["revenue_ttm"]) if ctx.get("revenue_ttm") and ctx["revenue_ttm"] > 0 else 0.0
    book_ps = float(ctx["book_value_per_share"]) if ctx.get("book_value_per_share") and ctx["book_value_per_share"] > 0 else 0.0

    eb_ok = ebitda > 0 and shares > 0
    rv_ok = revenue > 0 and shares > 0
    pb_ok = book_ps > 0
    has_market = market > 0

    def _clamp(v, lo, hi):
        try:
            return max(lo, min(hi, float(v)))
        except (TypeError, ValueError):
            return lo

    eb_init = _clamp(ctx.get("ev_ebitda_current") or 15.0, 8.0, 32.0)
    rv_init = _clamp(ctx.get("ev_revenue_current") or 5.0, 4.0, 20.0)
    pb_init = _clamp(ctx.get("pb_current") or 5.0, 4.0, 60.0)

    # Sector medians — try peers, fall back to defaults
    eb_sector, rv_sector, pb_sector = 12.0, 3.0, 4.0
    try:
        info = ctx.get("info") or {}
        peers = get_peers(ctx["ticker"]) or _suggest_peer_tickers(ctx["ticker"], info)
        if peers:
            pr = get_ratios_for_tickers(peers[:6])
            if pr:
                import statistics as _stats
                eb_vs = [float(r["enterpriseValueMultipleTTM"]) for r in pr.values()
                         if r and r.get("enterpriseValueMultipleTTM") and 2 < r["enterpriseValueMultipleTTM"] < 100]
                rv_vs = [float(r["priceToSalesRatioTTM"]) for r in pr.values()
                         if r and r.get("priceToSalesRatioTTM") and 0.1 < r["priceToSalesRatioTTM"] < 50]
                pb_vs = [float(r["priceToBookRatioTTM"]) for r in pr.values()
                         if r and r.get("priceToBookRatioTTM") and 0.5 < r["priceToBookRatioTTM"] < 200]
                if eb_vs:
                    eb_sector = _stats.median(eb_vs)
                if rv_vs:
                    rv_sector = _stats.median(rv_vs)
                if pb_vs:
                    pb_sector = _stats.median(pb_vs)
    except Exception:
        pass

    eb_sector = _clamp(eb_sector, 8.0, 32.0)
    rv_sector = _clamp(rv_sector, 4.0, 20.0)
    pb_sector = _clamp(pb_sector, 4.0, 60.0)

    dcf_iv = st.session_state.get("dcf_intrinsic")
    dcf_wacc = st.session_state.get(f"dcf_wacc_{ctx['ticker']}", 10.0)
    dcf_tg = st.session_state.get(f"dcf_tg_{ctx['ticker']}", 2.5)
    dcf_yrs = st.session_state.get(f"dcf_yrs_{ctx['ticker']}", 5)

    def _fb(v):
        if v is None or not (isinstance(v, (int, float)) and v == v):
            return "—"
        b = v / 1e9
        if abs(b) >= 1000:
            return f"${b / 1000:.2f}T"
        return f"${b:.2f}B"

    def _fs(v):
        if v is None or not (isinstance(v, (int, float)) and v == v):
            return "—"
        return f"${v:.2f}"

    def _fx(v):
        return f"{v:.1f}&times;"

    def _dpct(v):
        if not has_market or v is None:
            return None
        return (v - market) / market * 100

    def _d_span(val, id_attr=""):
        d = _dpct(val)
        if d is None:
            return f'<span {id_attr} class="delta na">—</span>'
        cls = "pos" if d >= 0 else "neg"
        arr = "▲" if d >= 0 else "▼"
        sign = "+" if d >= 0 else ""
        market_str = _fs(market)
        return f'<span {id_attr} class="delta num {cls}">{arr} {sign}{d:.1f}% vs {market_str}</span>'

    def _ds_span(val, id_attr=""):
        d = _dpct(val)
        if d is None:
            return f'<span {id_attr} class="d na">—</span>'
        cls = "pos" if d >= 0 else "neg"
        arr = "▲" if d >= 0 else "▼"
        sign = "+" if d >= 0 else ""
        return f'<span {id_attr} class="d num {cls}">{arr} {sign}{d:.1f}%</span>'

    # Initial computed values
    if eb_ok:
        eb_ev0 = eb_init * ebitda
        eb_eq0 = eb_ev0 - net_debt
        eb_per0 = eb_eq0 / shares
    else:
        eb_ev0 = eb_eq0 = eb_per0 = None

    if rv_ok:
        rv_ev0 = rv_init * revenue
        rv_eq0 = rv_ev0 - net_debt
        rv_per0 = rv_eq0 / shares
    else:
        rv_ev0 = rv_eq0 = rv_per0 = None

    pb_per0 = pb_init * book_ps if pb_ok else None

    # Sector reference values (static)
    sec_eb = (eb_sector * ebitda - net_debt) / shares if eb_ok else None
    sec_rv = (rv_sector * revenue - net_debt) / shares if rv_ok else None
    sec_pb = pb_sector * book_ps if pb_ok else None

    # Slider CSS % positions
    def _pct(v, lo, hi):
        return (v - lo) / (hi - lo) * 100

    eb_s_pct = _pct(eb_sector, 8, 32)
    eb_bl_pct = _pct(14, 8, 32)
    eb_bh_pct = _pct(26, 8, 32)
    rv_s_pct = _pct(rv_sector, 4, 20)
    rv_bl_pct = _pct(6, 4, 20)
    rv_bh_pct = _pct(13, 4, 20)
    pb_s_pct = _pct(pb_sector, 4, 60)
    pb_bl_pct = _pct(8, 4, 60)
    pb_bh_pct = _pct(14, 4, 60)

    shares_str = f"{shares / 1e9:.2f}&nbsp;B" if shares > 0 else "—"

    # P/Book fit badge depends on whether company is financial
    pb_fit_cls = "ok" if ctx.get("is_financial") else "warn"
    pb_fit_lbl = "Strong fit" if ctx.get("is_financial") else "Limited fit"

    # Sensitivity re-rating strings (static sector side)
    def _rr(subj_per, sect_per):
        if subj_per is None or sect_per is None or subj_per == 0:
            return "—"
        rr = (sect_per - subj_per) / abs(subj_per) * 100
        sign = "+" if rr >= 0 else ""
        cls = "pos" if rr >= 0 else "neg"
        return f'<span class="num {cls}">{sign}{rr:.1f}%</span>'

    # DCF cross-check cell
    if dcf_iv is not None:
        dcf_d = _dpct(float(dcf_iv))
        if dcf_d is not None:
            dcf_cls = "pos" if dcf_d >= 0 else "neg"
            dcf_arr = "▲" if dcf_d >= 0 else "▼"
            dcf_sign = "+" if dcf_d >= 0 else ""
            dcf_delta_html = f'<span class="delta num {dcf_cls}">{dcf_arr} {dcf_sign}{dcf_d:.1f}% vs market</span>'
        else:
            dcf_delta_html = '<span class="delta na">—</span>'
        dcf_val_str = _fs(float(dcf_iv))
        dcf_meta_str = f"WACC {dcf_wacc:.1f}% &middot; TG {dcf_tg:.1f}% &middot; {dcf_yrs}-yr explicit"
    else:
        dcf_delta_html = '<span class="delta na">Run DCF tab first</span>'
        dcf_val_str = "—"
        dcf_meta_str = "Switch to DCF tab to compute"

    ticker = ctx["ticker"]
    exchange = (ctx.get("info") or {}).get("exchange") or "—"

    data_json = json.dumps({
        "market": market, "shares": shares, "netDebt": net_debt,
        "totalDebt": total_debt, "cash": cash,
        "ebitda": ebitda, "revenue": revenue, "bookPs": book_ps,
        "ebOk": eb_ok, "rvOk": rv_ok, "pbOk": pb_ok, "hasMarket": has_market,
        "ebSector": eb_sector, "rvSector": rv_sector, "pbSector": pb_sector,
    })

    html = f"""<!DOCTYPE html>
<html>
<head>
<meta charset="utf-8">
<style>
{_DCF_CANVAS_CSS}
{_MULT_CANVAS_CSS}
</style>
</head>
<body>
<div class="vm-body">

<section class="vm-summary">
  <div class="vm-summary-head">
    <span class="eyebrow">Multiples</span>
    <h2 class="ttl">Three relative-valuation lenses &mdash; implied per-share</h2>
    <p class="lede">Subject multiple &times; normalized TTM metric, bridged to equity per share. Compare across columns to see which lens the market is leaning on.</p>
  </div>
  <div class="vm-summary-strip">
    <div class="vm-sum-cell">
      <span class="lbl">EV / EBITDA</span>
      <span class="v num" id="sum-eb-val">{_fs(eb_per0)}</span>
      {_ds_span(eb_per0, 'id="sum-eb-d"')}
    </div>
    <div class="vm-sum-cell">
      <span class="lbl">EV / Revenue</span>
      <span class="v num" id="sum-rv-val">{_fs(rv_per0)}</span>
      {_ds_span(rv_per0, 'id="sum-rv-d"')}
    </div>
    <div class="vm-sum-cell">
      <span class="lbl">P / Book</span>
      <span class="v num" id="sum-pb-val">{_fs(pb_per0)}</span>
      {_ds_span(pb_per0, 'id="sum-pb-d"')}
    </div>
    <div class="vm-sum-cell market">
      <span class="lbl">Market &middot; last</span>
      <span class="v num">{_fs(market) if has_market else "—"}</span>
      <span class="d num" style="color:var(--fg-3)">{ticker} &middot; {exchange}</span>
    </div>
  </div>
</section>

<section class="vm-compare">
  <div class="vm-compare-head">
    <h3>Method comparison</h3>
    <span class="units">USD &middot; TTM metrics &middot; balance-sheet bridge</span>
  </div>

  <div class="vm-grid head">
    <div class="vm-row-lbl">Method</div>
    <div class="vm-col-head">
      <div class="vm-col-title"><span class="n">I</span><h4>EV / EBITDA</h4><span class="fit ok">Strong fit</span></div>
      <p class="lede">Enterprise value normalized by operating cash profit. Strips depreciation and capital structure so different capex profiles compare cleanly.</p>
    </div>
    <div class="vm-col-head">
      <div class="vm-col-title"><span class="n">II</span><h4>EV / Revenue</h4><span class="fit ok">Strong fit</span></div>
      <p class="lede">Topline multiple &mdash; useful when margins are volatile or the business is reinvesting through profitability. Less sensitive to one-off charges.</p>
    </div>
    <div class="vm-col-head">
      <div class="vm-col-title"><span class="n">III</span><h4>P / Book</h4><span class="fit {pb_fit_cls}">{pb_fit_lbl}</span></div>
      <p class="lede">Equity multiple &mdash; works for balance-sheet-heavy businesses (banks, insurers, REITs). Limited signal for asset-light software &amp; services.</p>
    </div>
  </div>

  <div class="vm-grid">
    <div class="vm-row-lbl">Subject multiple<span class="sub">drag to flex the lens</span></div>
    <div class="vm-cell mult">
      <div class="mult-top"><span class="big num" id="big-eb">{_fx(eb_init)}</span><span class="sector num">sector {_fx(eb_sector)}</span></div>
      <div class="mult-slider">
        <div class="track">
          <span class="band" style="left:{eb_bl_pct:.1f}%;right:{100-eb_bh_pct:.1f}%"></span>
          <span class="marker" style="left:{eb_s_pct:.1f}%"></span>
        </div>
        <input type="range" id="sl-eb" min="8" max="32" step="0.1" value="{eb_init:.1f}"{' disabled' if not eb_ok else ''}>
      </div>
      <div class="mult-meta"><span>8&times;</span><span>typical 14&times;&ndash;26&times;</span><span>32&times;</span></div>
    </div>
    <div class="vm-cell mult">
      <div class="mult-top"><span class="big num" id="big-rv">{_fx(rv_init)}</span><span class="sector num">sector {_fx(rv_sector)}</span></div>
      <div class="mult-slider">
        <div class="track">
          <span class="band" style="left:{rv_bl_pct:.1f}%;right:{100-rv_bh_pct:.1f}%"></span>
          <span class="marker" style="left:{rv_s_pct:.1f}%"></span>
        </div>
        <input type="range" id="sl-rv" min="4" max="20" step="0.1" value="{rv_init:.1f}"{' disabled' if not rv_ok else ''}>
      </div>
      <div class="mult-meta"><span>4&times;</span><span>typical 6&times;&ndash;13&times;</span><span>20&times;</span></div>
    </div>
    <div class="vm-cell mult">
      <div class="mult-top"><span class="big num" id="big-pb">{_fx(pb_init)}</span><span class="sector num">sector {_fx(pb_sector)}</span></div>
      <div class="mult-slider">
        <div class="track">
          <span class="band" style="left:{pb_bl_pct:.1f}%;right:{100-pb_bh_pct:.1f}%"></span>
          <span class="marker" style="left:{pb_s_pct:.1f}%"></span>
        </div>
        <input type="range" id="sl-pb" min="4" max="60" step="0.1" value="{pb_init:.1f}"{' disabled' if not pb_ok else ''}>
      </div>
      <div class="mult-meta"><span>4&times;</span><span>typical 8&times;&ndash;14&times;</span><span>60&times;</span></div>
    </div>
  </div>

  <div class="vm-grid">
    <div class="vm-row-lbl">&times; Normalized metric<span class="sub">from TTM filings</span></div>
    <div class="vm-cell"><span class="v num">{_fb(ebitda) if eb_ok else "—"}</span><span class="cap">EBITDA &middot; TTM</span></div>
    <div class="vm-cell"><span class="v num">{_fb(revenue) if rv_ok else "—"}</span><span class="cap">Revenue &middot; TTM</span></div>
    <div class="vm-cell"><span class="v num">{_fs(book_ps) if pb_ok else "—"}</span><span class="cap">Book value &middot; /share</span></div>
  </div>

  <div class="vm-grid">
    <div class="vm-row-lbl">= Enterprise value</div>
    <div class="vm-cell"><span class="v num" id="eb-ev-val">{_fb(eb_ev0)}</span><span class="cap">multiple &times; metric</span></div>
    <div class="vm-cell"><span class="v num" id="rv-ev-val">{_fb(rv_ev0)}</span><span class="cap">multiple &times; metric</span></div>
    <div class="vm-cell faded"><span class="v num dash">—</span><span class="cap">P/B is an equity multiple &mdash; no EV step</span></div>
  </div>

  <div class="vm-grid">
    <div class="vm-row-lbl">&minus; Net debt</div>
    <div class="vm-cell"><span class="v num">{_fb(net_debt)}</span><span class="cap">total {_fb(total_debt)} &minus; cash {_fb(cash)}</span></div>
    <div class="vm-cell"><span class="v num">{_fb(net_debt)}</span><span class="cap">total {_fb(total_debt)} &minus; cash {_fb(cash)}</span></div>
    <div class="vm-cell faded"><span class="v num dash">—</span></div>
  </div>

  <div class="vm-grid">
    <div class="vm-row-lbl">= Equity value</div>
    <div class="vm-cell"><span class="v num" id="eb-eq-val">{_fb(eb_eq0)}</span><span class="cap">EV &minus; net debt</span></div>
    <div class="vm-cell"><span class="v num" id="rv-eq-val">{_fb(rv_eq0)}</span><span class="cap">EV &minus; net debt</span></div>
    <div class="vm-cell faded"><span class="v num dash">—</span></div>
  </div>

  <div class="vm-grid">
    <div class="vm-row-lbl">&divide; Shares outstanding</div>
    <div class="vm-cell"><span class="v num">{shares_str}</span><span class="cap">diluted</span></div>
    <div class="vm-cell"><span class="v num">{shares_str}</span><span class="cap">diluted</span></div>
    <div class="vm-cell faded"><span class="v num dash">—</span></div>
  </div>

  <div class="vm-grid result">
    <div class="vm-row-lbl strong">= Implied per share</div>
    <div class="vm-cell result">
      <span class="v num" id="eb-per-val">{_fs(eb_per0)}</span>
      {_d_span(eb_per0, 'id="eb-per-d"')}
    </div>
    <div class="vm-cell result">
      <span class="v num" id="rv-per-val">{_fs(rv_per0)}</span>
      {_d_span(rv_per0, 'id="rv-per-d"')}
    </div>
    <div class="vm-cell result">
      <span class="v num" id="pb-per-val">{_fs(pb_per0)}</span>
      {_d_span(pb_per0, 'id="pb-per-d"')}
    </div>
  </div>
</section>

<section class="vm-sensitivity">
  <div class="vm-sensitivity-head">
    <h3>If the lens shifted to sector</h3>
    <span class="hint">Same metrics, subject multiple replaced by sector median</span>
  </div>
  <div class="vm-sens-grid">

    <div class="vm-sens-cell">
      <span class="lbl">EV / EBITDA</span>
      <div class="vm-sens-row">
        <div class="col">
          <span class="sub" id="sens-eb-subj-lbl">At subject {_fx(eb_init)}</span>
          <span class="v num" id="sens-eb-subj-v">{_fs(eb_per0)}</span>
          {_ds_span(eb_per0, 'id="sens-eb-subj-d"')}
        </div>
        <span class="arrow">&rarr;</span>
        <div class="col">
          <span class="sub">At sector {_fx(eb_sector)}</span>
          <span class="v num brass">{_fs(sec_eb)}</span>
          {_ds_span(sec_eb)}
        </div>
      </div>
      <span class="meta" id="sens-eb-meta">Re-rating &Delta; {_rr(eb_per0, sec_eb)} per share if the subject converged to peers</span>
    </div>

    <div class="vm-sens-cell">
      <span class="lbl">EV / Revenue</span>
      <div class="vm-sens-row">
        <div class="col">
          <span class="sub" id="sens-rv-subj-lbl">At subject {_fx(rv_init)}</span>
          <span class="v num" id="sens-rv-subj-v">{_fs(rv_per0)}</span>
          {_ds_span(rv_per0, 'id="sens-rv-subj-d"')}
        </div>
        <span class="arrow">&rarr;</span>
        <div class="col">
          <span class="sub">At sector {_fx(rv_sector)}</span>
          <span class="v num brass">{_fs(sec_rv)}</span>
          {_ds_span(sec_rv)}
        </div>
      </div>
      <span class="meta" id="sens-rv-meta">Re-rating &Delta; {_rr(rv_per0, sec_rv)} per share if the subject converged to peers</span>
    </div>

    <div class="vm-sens-cell">
      <span class="lbl">P / Book</span>
      <div class="vm-sens-row">
        <div class="col">
          <span class="sub" id="sens-pb-subj-lbl">At subject {_fx(pb_init)}</span>
          <span class="v num" id="sens-pb-subj-v">{_fs(pb_per0)}</span>
          {_ds_span(pb_per0, 'id="sens-pb-subj-d"')}
        </div>
        <span class="arrow">&rarr;</span>
        <div class="col">
          <span class="sub">At sector {_fx(pb_sector)}</span>
          <span class="v num brass">{_fs(sec_pb)}</span>
          {_ds_span(sec_pb)}
        </div>
      </div>
      <span class="meta" id="sens-pb-meta">Re-rating &Delta; {_rr(pb_per0, sec_pb)} per share if the subject converged to peers</span>
    </div>

  </div>
</section>

<section class="vm-cx">
  <div class="vm-cx-head">
    <h3>Cross-check against DCF</h3>
    <span class="hint">DCF intrinsic from the firm-value model on the previous tab</span>
  </div>
  <div class="vm-cx-grid">
    <div class="vm-cx-cell dcf">
      <span class="lbl">DCF &middot; firm value</span>
      <span class="v num">{dcf_val_str}</span>
      {dcf_delta_html}
      <span class="meta">{dcf_meta_str}</span>
    </div>
    <div class="vm-cx-cell">
      <span class="lbl">EV / EBITDA</span>
      <span class="v num" id="cx-eb-val">{_fs(eb_per0)}</span>
      {_d_span(eb_per0, 'id="cx-eb-d"')}
      <span class="meta" id="cx-eb-meta">Subject {_fx(eb_init)} &middot; sector {_fx(eb_sector)}</span>
    </div>
    <div class="vm-cx-cell">
      <span class="lbl">EV / Revenue</span>
      <span class="v num" id="cx-rv-val">{_fs(rv_per0)}</span>
      {_d_span(rv_per0, 'id="cx-rv-d"')}
      <span class="meta" id="cx-rv-meta">Subject {_fx(rv_init)} &middot; sector {_fx(rv_sector)}</span>
    </div>
    <div class="vm-cx-cell">
      <span class="lbl">P / Book</span>
      <span class="v num" id="cx-pb-val">{_fs(pb_per0)}</span>
      {_d_span(pb_per0, 'id="cx-pb-d"')}
      <span class="meta" id="cx-pb-meta">Subject {_fx(pb_init)} &middot; sector {_fx(pb_sector)} &middot; low-signal</span>
    </div>
  </div>
</section>

<div class="va-foot">
  <span>Multiples &middot; TTM metrics, balance sheet. Net-debt adjustment applies to EV-based methods only; P/B reads directly off book equity per share. Sector medians from peer group analysis.</span>
  <a href="#">Methodology &amp; sources &nearr;</a>
</div>

</div>
<script>
var D = {data_json};

function fB(n) {{ var b=n/1e9; return Math.abs(b)>=1000 ? '$'+(b/1000).toFixed(2)+'T' : '$'+b.toFixed(2)+'B'; }}
function fS(n) {{ return '$'+n.toFixed(2); }}
function fX(n) {{ return n.toFixed(1)+'×'; }}
function dPct(v) {{ return D.hasMarket ? (v-D.market)/D.market*100 : 0; }}
function dStr(d) {{
  var cls=d>=0?'pos':'neg', arr=d>=0?'▲':'▼', sign=d>=0?'+':'';
  return '<span class="d num '+cls+'">'+arr+' '+sign+d.toFixed(1)+'%</span>';
}}
function dVsStr(d) {{
  var cls=d>=0?'pos':'neg', arr=d>=0?'▲':'▼', sign=d>=0?'+':'';
  return '<span class="delta num '+cls+'">'+arr+' '+sign+d.toFixed(1)+'% vs '+fS(D.market)+'</span>';
}}
function setText(id,t) {{ var e=document.getElementById(id); if(e) e.textContent=t; }}
function setHtml(id,h) {{ var e=document.getElementById(id); if(e) e.innerHTML=h; }}

function update() {{
  var ebX=+document.getElementById('sl-eb').value;
  var rvX=+document.getElementById('sl-rv').value;
  var pbX=+document.getElementById('sl-pb').value;

  if (D.ebOk) {{
    var ebEV=ebX*D.ebitda, ebEq=ebEV-D.netDebt, ebPer=ebEq/D.shares, ebD=dPct(ebPer);
    var secEbPer=(D.ebSector*D.ebitda-D.netDebt)/D.shares;
    var rrEb=ebPer!==0?(secEbPer-ebPer)/Math.abs(ebPer)*100:0;
    setText('big-eb', fX(ebX));
    setText('sum-eb-val', fS(ebPer)); setHtml('sum-eb-d', dStr(ebD));
    setText('eb-ev-val', fB(ebEV)); setText('eb-eq-val', fB(ebEq));
    setText('eb-per-val', fS(ebPer)); setHtml('eb-per-d', dVsStr(ebD));
    setText('sens-eb-subj-lbl', 'At subject '+fX(ebX));
    setText('sens-eb-subj-v', fS(ebPer)); setHtml('sens-eb-subj-d', dStr(ebD));
    var rrCls=rrEb>=0?'pos':'neg', rrSign=rrEb>=0?'+':'';
    setHtml('sens-eb-meta', 'Re-rating Δ <span class="num '+rrCls+'">'+rrSign+rrEb.toFixed(1)+'%</span> per share if the subject converged to peers');
    setText('cx-eb-val', fS(ebPer)); setHtml('cx-eb-d', dVsStr(ebD));
    setText('cx-eb-meta', 'Subject '+fX(ebX)+' · sector '+fX(D.ebSector));
  }}
  if (D.rvOk) {{
    var rvEV=rvX*D.revenue, rvEq=rvEV-D.netDebt, rvPer=rvEq/D.shares, rvD=dPct(rvPer);
    var secRvPer=(D.rvSector*D.revenue-D.netDebt)/D.shares;
    var rrRv=rvPer!==0?(secRvPer-rvPer)/Math.abs(rvPer)*100:0;
    setText('big-rv', fX(rvX));
    setText('sum-rv-val', fS(rvPer)); setHtml('sum-rv-d', dStr(rvD));
    setText('rv-ev-val', fB(rvEV)); setText('rv-eq-val', fB(rvEq));
    setText('rv-per-val', fS(rvPer)); setHtml('rv-per-d', dVsStr(rvD));
    setText('sens-rv-subj-lbl', 'At subject '+fX(rvX));
    setText('sens-rv-subj-v', fS(rvPer)); setHtml('sens-rv-subj-d', dStr(rvD));
    var rrCls=rrRv>=0?'pos':'neg', rrSign=rrRv>=0?'+':'';
    setHtml('sens-rv-meta', 'Re-rating Δ <span class="num '+rrCls+'">'+rrSign+rrRv.toFixed(1)+'%</span> per share if the subject converged to peers');
    setText('cx-rv-val', fS(rvPer)); setHtml('cx-rv-d', dVsStr(rvD));
    setText('cx-rv-meta', 'Subject '+fX(rvX)+' · sector '+fX(D.rvSector));
  }}
  if (D.pbOk) {{
    var pbPer=pbX*D.bookPs, pbD=dPct(pbPer);
    var secPbPer=D.pbSector*D.bookPs;
    var rrPb=pbPer!==0?(secPbPer-pbPer)/Math.abs(pbPer)*100:0;
    setText('big-pb', fX(pbX));
    setText('sum-pb-val', fS(pbPer)); setHtml('sum-pb-d', dStr(pbD));
    setText('pb-per-val', fS(pbPer)); setHtml('pb-per-d', dVsStr(pbD));
    setText('sens-pb-subj-lbl', 'At subject '+fX(pbX));
    setText('sens-pb-subj-v', fS(pbPer)); setHtml('sens-pb-subj-d', dStr(pbD));
    var rrCls=rrPb>=0?'pos':'neg', rrSign=rrPb>=0?'+':'';
    setHtml('sens-pb-meta', 'Re-rating Δ <span class="num '+rrCls+'">'+rrSign+rrPb.toFixed(1)+'%</span> per share if the subject converged to peers');
    setText('cx-pb-val', fS(pbPer)); setHtml('cx-pb-d', dVsStr(pbD));
    setText('cx-pb-meta', 'Subject '+fX(pbX)+' · sector '+fX(D.pbSector)+' · low-signal');
  }}
}}

document.getElementById('sl-eb').addEventListener('input', update);
document.getElementById('sl-rv').addEventListener('input', update);
document.getElementById('sl-pb').addEventListener('input', update);
</script>
</body>
</html>"""
    return html


def _render_dcf_model(ctx: dict):
    hist_growth_raw = ctx["hist_growth_raw"]
    hist_growth_raw_pct = hist_growth_raw * 100 if hist_growth_raw is not None else -5.0
    slider_default = float(max(-15.0, min(20.0, hist_growth_raw_pct)))

    st.markdown(_DCF_RAIL_CSS, unsafe_allow_html=True)

    rail_col, canvas_col = st.columns([1, 3], gap="medium")

    with rail_col:
        st.markdown(
            '<span class="dcf-eyebrow">Assumptions</span>'
            '<div class="dcf-title">3-stage DCF</div>'
            '<div class="dcf-sub">Firm-value DCF — projects free cash flow, discounts to today, bridges to equity per share.</div>',
            unsafe_allow_html=True,
        )

        st.markdown('<hr class="dcf-divider">', unsafe_allow_html=True)

        net_debt_raw = ctx["total_debt"] - ctx["cash_and_equivalents"]
        st.markdown(
            '<div class="dcf-filings-eyebrow">From the filings</div>'
            f'<div class="dcf-filing-row"><span>Base FCF (TTM)</span><span class="dcf-filing-val">{_fmt_b(ctx["base_fcf"])}</span></div>'
            f'<div class="dcf-filing-row"><span>FCF · 5-yr median</span><span class="dcf-filing-val">{hist_growth_raw_pct:+.1f}%</span></div>'
            f'<div class="dcf-filing-row"><span>Net debt</span><span class="dcf-filing-val">{_fmt_b(net_debt_raw)}</span></div>'
            f'<div class="dcf-filing-row"><span>Shares outstanding</span><span class="dcf-filing-val">{ctx["shares"] / 1e9:.2f} B</span></div>',
            unsafe_allow_html=True,
        )

        st.markdown('<hr class="dcf-divider">', unsafe_allow_html=True)

        if st.button("Recompute", key=f"dcf_recompute_{ctx['ticker']}", type="primary", use_container_width=True):
            get_free_cash_flow_ttm.clear()
            get_balance_sheet_bridge_items.clear()
            st.rerun()

    # Read assumptions from session state (set by in-canvas JS sliders, defaulting on first load)
    wacc_pct = float(st.session_state.get(f"dcf_wacc_{ctx['ticker']}", 10.0))
    tg_pct   = float(st.session_state.get(f"dcf_tg_{ctx['ticker']}", 2.5))
    yrs      = int(st.session_state.get(f"dcf_yrs_{ctx['ticker']}", 5))
    g_pct    = round(float(st.session_state.get(f"dcf_g_{ctx['ticker']}", round(slider_default, 1))), 1)

    result = run_dcf(
        fcf_series=ctx["fcf_series"],
        shares_outstanding=ctx["shares"],
        wacc=wacc_pct / 100,
        terminal_growth=tg_pct / 100,
        projection_years=yrs,
        growth_rate_override=g_pct / 100,
        total_debt=ctx["total_debt"],
        cash_and_equivalents=ctx["cash_and_equivalents"],
        preferred_equity=ctx["preferred_equity"],
        minority_interest=ctx["minority_interest"],
        base_fcf_override=ctx["base_fcf"],
    )

    if not result:
        with canvas_col:
            st.warning("Insufficient data to run DCF model.")
        return
    if result.get("error"):
        with canvas_col:
            st.warning(result["error"])
        return

    st.session_state["dcf_intrinsic"] = result["intrinsic_value_per_share"]
    st.session_state[f"dcf_params_{ctx['ticker']}"] = {"wacc": wacc_pct, "tg": tg_pct, "yrs": yrs}

    # Cross-check: run other models at their current market multiples
    ev_ebitda_price = None
    if ctx["ev_available"] and ctx.get("ev_ebitda_current"):
        ev_r = run_ev_ebitda(
            ebitda=float(ctx["ebitda"]),
            total_debt=ctx["total_debt"],
            total_cash=ctx["cash_and_equivalents"],
            preferred_equity=ctx["preferred_equity"],
            minority_interest=ctx["minority_interest"],
            shares_outstanding=float(ctx["shares"]),
            target_multiple=float(ctx["ev_ebitda_current"]),
        )
        ev_ebitda_price = ev_r.get("implied_price_per_share")

    ev_rev_price = None
    if ctx["ev_revenue_available"] and ctx.get("ev_revenue_current") and ctx.get("revenue_ttm"):
        rev_r = run_ev_revenue(
            revenue=float(ctx["revenue_ttm"]),
            total_debt=ctx["total_debt"],
            total_cash=ctx["cash_and_equivalents"],
            preferred_equity=ctx["preferred_equity"],
            minority_interest=ctx["minority_interest"],
            shares_outstanding=float(ctx["shares"]),
            target_multiple=float(ctx["ev_revenue_current"]),
        )
        ev_rev_price = rev_r.get("implied_price_per_share")

    pb_price = None
    if ctx["pb_available"] and ctx.get("pb_current") and ctx.get("book_value_per_share"):
        pb_r = run_price_to_book(
            book_value_per_share=float(ctx["book_value_per_share"]),
            target_multiple=float(ctx["pb_current"]),
        )
        pb_price = pb_r.get("implied_price_per_share")

    canvas_html = _build_dcf_canvas_html(
        ctx, result, wacc_pct, tg_pct, yrs, g_pct,
        ev_ebitda_price, ev_rev_price, pb_price,
    )

    with canvas_col:
        # Height: base sections + per-year table width is constant in rows
        canvas_height = 1620
        components.html(canvas_html, height=canvas_height, scrolling=False)


def _render_multiples_model(ctx: dict):
    st.markdown(_DCF_RAIL_CSS, unsafe_allow_html=True)
    rail_col, canvas_col = st.columns([1, 4], gap="medium")

    with rail_col:
        st.markdown(
            '<span class="dcf-eyebrow">Multiples</span>'
            '<div class="dcf-title">Three relative-valuation lenses</div>'
            '<div class="dcf-sub">Subject multiple &times; normalized TTM metric, bridged to equity per share.</div>',
            unsafe_allow_html=True,
        )
        st.markdown('<hr class="dcf-divider">', unsafe_allow_html=True)

        net_debt_raw = ctx["total_debt"] - ctx["cash_and_equivalents"]
        ebitda_str = _fmt_b(ctx["ebitda"]) if ctx.get("ebitda") and ctx["ebitda"] > 0 else "—"
        rev_str = _fmt_b(ctx["revenue_ttm"]) if ctx.get("revenue_ttm") and ctx["revenue_ttm"] > 0 else "—"
        bps_str = f"${ctx['book_value_per_share']:.2f}" if ctx.get("book_value_per_share") and ctx["book_value_per_share"] > 0 else "—"

        st.markdown(
            '<div class="dcf-filings-eyebrow">From the filings</div>'
            f'<div class="dcf-filing-row"><span>EBITDA (TTM)</span><span class="dcf-filing-val">{ebitda_str}</span></div>'
            f'<div class="dcf-filing-row"><span>Revenue (TTM)</span><span class="dcf-filing-val">{rev_str}</span></div>'
            f'<div class="dcf-filing-row"><span>Book value / share</span><span class="dcf-filing-val">{bps_str}</span></div>'
            f'<div class="dcf-filing-row"><span>Net debt</span><span class="dcf-filing-val">{_fmt_b(net_debt_raw)}</span></div>'
            f'<div class="dcf-filing-row"><span>Shares outstanding</span><span class="dcf-filing-val">{ctx["shares"] / 1e9:.2f} B</span></div>',
            unsafe_allow_html=True,
        )

        st.markdown('<hr class="dcf-divider">', unsafe_allow_html=True)

        if st.button("Refresh data", key=f"mult_refresh_{ctx['ticker']}", type="primary", use_container_width=True):
            get_balance_sheet_bridge_items.clear()
            st.rerun()

    canvas_html = _build_multiples_canvas_html(ctx)
    with canvas_col:
        components.html(canvas_html, height=1620, scrolling=False)


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."
    )

    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)))

    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"],
        preferred_equity=ctx["preferred_equity"],
        minority_interest=ctx["minority_interest"],
        shares_outstanding=float(ctx["shares"]),
        target_multiple=target_multiple,
    )

    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"]
    market_cap = ctx["market_cap"]
    market_enterprise_value = None
    if market_cap and market_cap > 0:
        market_enterprise_value = (
            float(market_cap)
            + float(ctx["total_debt"])
            - float(ctx["cash_and_equivalents"])
            + float(ctx["preferred_equity"])
            + float(ctx["minority_interest"])
        )

    st.caption(
        "This model applies a target EV/EBITDA multiple to current EBITDA, then bridges from enterprise value to equity value per share."
    )

    calc_a, calc_b, calc_c, calc_d = st.columns(4)
    calc_a.metric("EBITDA Used", fmt_large(ctx["ebitda"]))
    calc_b.metric("Target Multiple", f"{target_multiple:.1f}x")
    calc_c.metric("Implied Enterprise Value", fmt_large(ev_result["implied_ev"]))
    calc_d.metric("Implied Equity Value", fmt_large(ev_result["equity_value"]))

    st.caption(
        f"EBITDA: {fmt_large(ctx['ebitda'])}  ·  "
        f"{_net_debt_label(ev_result['net_debt'])}: {fmt_large(abs(ev_result['net_debt']))}  ·  "
        f"Other claims: {fmt_large(ev_result['other_claims'])}  ·  "
        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}**")

    if market_cap and market_cap > 0:
        st.markdown("**Market Comparison**")
        compare_a, compare_b = st.columns(2)
        if market_enterprise_value and market_enterprise_value > 0:
            ev_delta = (ev_result["implied_ev"] - market_enterprise_value) / market_enterprise_value
            compare_a.metric(
                "Market Enterprise Value",
                fmt_large(market_enterprise_value),
                delta=f"{ev_delta * 100:+.1f}%",
            )
        equity_delta = (ev_result["equity_value"] - market_cap) / market_cap
        compare_b.metric("Market Cap", fmt_large(market_cap), delta=f"{equity_delta * 100:+.1f}%")

    summary_rows = [
        {
            "Step": "1. Start with EBITDA",
            "Value": fmt_large(ctx["ebitda"]),
            "What it means": "Current EBITDA used as the operating earnings base.",
        },
        {
            "Step": "2. Apply target multiple",
            "Value": f"{target_multiple:.1f}x",
            "What it means": "Chosen EV/EBITDA multiple applied to EBITDA.",
        },
        {
            "Step": "3. Arrive at enterprise value",
            "Value": fmt_large(ev_result["implied_ev"]),
            "What it means": "Implied value of the operating business before capital structure.",
        },
        {
            "Step": "4. Bridge to equity value",
            "Value": fmt_large(ev_result["equity_value"]),
            "What it means": "Enterprise value less net debt and other claims.",
        },
        {
            "Step": "5. Convert to value per share",
            "Value": fmt_currency(imp_price),
            "What it means": "Equity value divided by shares outstanding.",
        },
    ]
    st.dataframe(pd.DataFrame(summary_rows), use_container_width=True, hide_index=True)

    st.markdown("**EV/EBITDA Conclusion**")
    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"]))

    if current_price and current_price > 0:
        valuation_gap = imp_price - current_price
        market_message = "above" if valuation_gap > 0 else "below"
        if abs(valuation_gap) < 0.005:
            market_message = "roughly in line with"
        implied_value = _escape_markdown_currency(fmt_currency(imp_price))
        gap_value = _escape_markdown_currency(fmt_currency(abs(valuation_gap)))
        current_value = _escape_markdown_currency(fmt_currency(current_price))
        st.markdown(
            f"At **{target_multiple:.1f}x EBITDA**, the model implies **{implied_value} per share**, "
            f"which is **{gap_value} {market_message}** the current market price of "
            f"**{current_value}**."
        )


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"],
        preferred_equity=ctx["preferred_equity"],
        minority_interest=ctx["minority_interest"],
        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"]
    market_cap = ctx["market_cap"]
    market_enterprise_value = None
    if market_cap and market_cap > 0:
        market_enterprise_value = (
            float(market_cap)
            + float(ctx["total_debt"])
            - float(ctx["cash_and_equivalents"])
            + float(ctx["preferred_equity"])
            + float(ctx["minority_interest"])
        )

    st.caption(
        "This model applies a target EV/Revenue multiple to TTM revenue, then bridges from enterprise value to equity value per share."
    )

    calc_a, calc_b, calc_c, calc_d = st.columns(4)
    calc_a.metric("Revenue Used", fmt_large(ctx["revenue_ttm"]))
    calc_b.metric("Target Multiple", f"{target_multiple:.1f}x")
    calc_c.metric("Implied Enterprise Value", fmt_large(ev_revenue_result["implied_ev"]))
    calc_d.metric("Implied Equity Value", fmt_large(ev_revenue_result["equity_value"]))

    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"Other claims: {fmt_large(ev_revenue_result['other_claims'])}  ·  "
        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}**")

    if market_cap and market_cap > 0:
        st.markdown("**Market Comparison**")
        compare_a, compare_b = st.columns(2)
        if market_enterprise_value and market_enterprise_value > 0:
            ev_delta = (ev_revenue_result["implied_ev"] - market_enterprise_value) / market_enterprise_value
            compare_a.metric(
                "Market Enterprise Value",
                fmt_large(market_enterprise_value),
                delta=f"{ev_delta * 100:+.1f}%",
            )
        equity_delta = (ev_revenue_result["equity_value"] - market_cap) / market_cap
        compare_b.metric("Market Cap", fmt_large(market_cap), delta=f"{equity_delta * 100:+.1f}%")

    summary_rows = [
        {
            "Step": "1. Start with TTM revenue",
            "Value": fmt_large(ctx["revenue_ttm"]),
            "What it means": "Trailing twelve-month revenue used as the operating base.",
        },
        {
            "Step": "2. Apply target multiple",
            "Value": f"{target_multiple:.1f}x",
            "What it means": "Chosen EV/Revenue multiple applied to TTM revenue.",
        },
        {
            "Step": "3. Arrive at enterprise value",
            "Value": fmt_large(ev_revenue_result["implied_ev"]),
            "What it means": "Implied value of the operating business before capital structure.",
        },
        {
            "Step": "4. Bridge to equity value",
            "Value": fmt_large(ev_revenue_result["equity_value"]),
            "What it means": "Enterprise value less net debt and other claims.",
        },
        {
            "Step": "5. Convert to value per share",
            "Value": fmt_currency(implied_price),
            "What it means": "Equity value divided by shares outstanding.",
        },
    ]
    st.dataframe(pd.DataFrame(summary_rows), use_container_width=True, hide_index=True)

    st.markdown("**EV/Revenue Conclusion**")
    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"]))

    if current_price and current_price > 0:
        valuation_gap = implied_price - current_price
        market_message = "above" if valuation_gap > 0 else "below"
        if abs(valuation_gap) < 0.005:
            market_message = "roughly in line with"
        implied_value = _escape_markdown_currency(fmt_currency(implied_price))
        gap_value = _escape_markdown_currency(fmt_currency(abs(valuation_gap)))
        current_value = _escape_markdown_currency(fmt_currency(current_price))
        st.markdown(
            f"At **{target_multiple:.1f}x revenue**, the model implies **{implied_value} per share**, "
            f"which is **{gap_value} {market_message}** the current market price of "
            f"**{current_value}**."
        )


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:
        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']}",
    )

    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

    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 "—")

    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)

    if "models_view" not in st.session_state:
        st.session_state["models_view"] = "dcf"

    st.markdown(_DCF_RAIL_CSS, unsafe_allow_html=True)

    _pc1, _pc2 = st.columns(2)
    with _pc1:
        if st.button(
            "Discounted Cash Flow",
            key=f"pick_dcf_{ticker}",
            type="primary" if st.session_state["models_view"] == "dcf" else "secondary",
            use_container_width=True,
        ):
            st.session_state["models_view"] = "dcf"
            st.rerun()
    with _pc2:
        if st.button(
            "Multiples",
            key=f"pick_mult_{ticker}",
            type="primary" if st.session_state["models_view"] == "multiples" else "secondary",
            use_container_width=True,
        ):
            st.session_state["models_view"] = "multiples"
            st.rerun()

    st.markdown("---")

    view = st.session_state.get("models_view", "dcf")
    if view == "dcf":
        if ctx["dcf_available"]:
            _render_dcf_model(ctx)
        else:
            st.warning(f"DCF model not available: {ctx['dcf_reason']}")
            if st.expander("Show available alternatives", expanded=True):
                _render_multiples_model(ctx)
    else:
        _render_multiples_model(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 unavailable", expanded=False):
            st.markdown("\n".join(unavailable))


# ── Comps Table ──────────────────────────────────────────────────────────────

def _render_comps(ticker: str):
    info = get_company_info(ticker)
    auto_peers = get_peers(ticker)
    suggested_peers = _suggest_peer_tickers(ticker, info)

    default_peer_string = ", ".join(auto_peers or suggested_peers)
    manual_peer_string = st.text_input(
        "Peer tickers",
        value=default_peer_string,
        help="Edit the comparable-company set manually. Comma-separated tickers.",
        key=f"peer_input_{ticker.upper()}",
    )

    if auto_peers:
        st.caption("Using FMP-discovered peers.")
    elif suggested_peers:
        st.caption("Using Prism fallback peers based on sector/industry. Edit them if you want a tighter comp set.")
    else:
        st.caption("No automatic peer set found. Enter peer tickers manually to build a comps table.")

    manual_peers = [p.strip().upper() for p in manual_peer_string.split(",") if p.strip()]
    peer_list = []
    seen = {ticker.upper()}
    for peer in manual_peers:
        if peer not in seen:
            peer_list.append(peer)
            seen.add(peer)

    all_tickers = [ticker.upper()] + peer_list[:9]

    with st.spinner("Loading comps..."):
        ratios_list = get_ratios_for_tickers(all_tickers)

    if not ratios_list:
        st.info("Could not load ratios for the selected peer companies.")
        return

    display_cols = {
        "symbol": "Ticker",
        "peRatioTTM": "P/E",
        "priceToSalesRatioTTM": "P/S",
        "priceToBookRatioTTM": "P/B",
        "enterpriseValueMultipleTTM": "EV/EBITDA",
        "evToEBITDATTM": "EV/EBITDA",
        "netProfitMarginTTM": "Net Margin",
        "returnOnEquityTTM": "ROE",
        "debtToEquityRatioTTM": "D/E",
    }

    df = pd.DataFrame(ratios_list)
    if "enterpriseValueMultipleTTM" not in df.columns and "evToEBITDATTM" in df.columns:
        df["enterpriseValueMultipleTTM"] = df["evToEBITDATTM"]
    if "debtToEquityRatioTTM" not in df.columns and "debtEquityRatioTTM" in df.columns:
        df["debtToEquityRatioTTM"] = df["debtEquityRatioTTM"]

    available = [c for c in ["symbol", "peRatioTTM", "priceToSalesRatioTTM", "priceToBookRatioTTM", "enterpriseValueMultipleTTM", "netProfitMarginTTM", "returnOnEquityTTM", "debtToEquityRatioTTM"] if c in df.columns]
    df = df[available].rename(columns=display_cols)

    def _format_comp_value(column: str, value):
        if value is None:
            return "—"
        try:
            v = float(value)
        except (TypeError, ValueError):
            return "—"

        if column == "P/E":
            return fmt_ratio(v) if v > 0 else "N/M (neg. earnings)"
        if column == "P/B":
            return fmt_ratio(v) if v > 0 else "N/M (neg. equity)"
        if column == "EV/EBITDA":
            return fmt_ratio(v) if v > 0 else "N/M (neg. EBITDA)"
        if column == "D/E":
            return fmt_ratio(v) if v >= 0 else "N/M (neg. equity)"
        if column in {"Net Margin", "ROE"}:
            return fmt_pct(v)
        return fmt_ratio(v) if v > 0 else "—"

    for col in df.columns:
        if col == "Ticker":
            continue
        df[col] = df[col].apply(lambda v, c=col: _format_comp_value(c, v))

    def highlight_subject(row):
        if row["Ticker"] == ticker.upper():
            return ["background-color: rgba(79,142,247,0.15)"] * len(row)
        return [""] * len(row)

    st.dataframe(
        df.style.apply(highlight_subject, axis=1),
        use_container_width=True,
        hide_index=True,
    )


# ── Analyst Targets ──────────────────────────────────────────────────────────

def _render_analyst_targets(ticker: str):
    targets = get_analyst_price_targets(ticker)
    recs = get_recommendations_summary(ticker)

    if not targets and (recs is None or recs.empty):
        st.info("Analyst data unavailable for this ticker.")
        return

    if targets:
        st.markdown("**Analyst Price Targets**")
        current = targets.get("current")
        mean_t = targets.get("mean")

        t1, t2, t3, t4, t5 = st.columns(5)
        t1.metric("Low", fmt_currency(targets.get("low")))
        t2.metric("Mean", fmt_currency(mean_t))
        t3.metric("Median", fmt_currency(targets.get("median")))
        t4.metric("High", fmt_currency(targets.get("high")))
        if current and mean_t:
            upside = (mean_t - current) / current
            t5.metric("Upside to Mean", f"{upside * 100:+.1f}%", delta=f"{upside * 100:+.1f}%")
        else:
            t5.metric("Current Price", fmt_currency(current))

        st.write("")

    if recs is not None and not recs.empty:
        st.markdown("**Analyst Recommendations (Current Month)**")

        current_row = recs[recs["period"] == "0m"] if "period" in recs.columns else pd.DataFrame()
        if current_row.empty:
            current_row = recs.iloc[[0]]

        row = current_row.iloc[0]
        counts = {
            "Strong Buy": int(row.get("strongBuy", 0)),
            "Buy": int(row.get("buy", 0)),
            "Hold": int(row.get("hold", 0)),
            "Sell": int(row.get("sell", 0)),
            "Strong Sell": int(row.get("strongSell", 0)),
        }
        total = sum(counts.values())

        cols = st.columns(5)
        for col, (label, count) in zip(cols, counts.items()):
            pct = f"{count / total * 100:.0f}%" if total > 0 else "—"
            col.metric(label, str(count), delta=pct, delta_color="off")

        st.write("")

        colors = ["#4F8C5E", "#4F8C5E", "#C49545", "#8F7A50", "#B5494B"]
        fig = go.Figure(go.Bar(
            x=list(counts.keys()),
            y=list(counts.values()),
            marker_color=colors,
            text=list(counts.values()),
            textposition="outside",
        ))
        fig.update_layout(
            title="Analyst Recommendation Distribution",
            yaxis_title="# Analysts",
            plot_bgcolor="rgba(0,0,0,0)",
            paper_bgcolor="rgba(0,0,0,0)",
            margin=dict(l=0, r=0, t=40, b=0),
            height=280,
        )
        st.plotly_chart(fig, use_container_width=True)


# ── Earnings History ──────────────────────────────────────────────────────────

def _render_earnings_history(ticker: str):
    eh = get_earnings_history(ticker)
    next_date = get_next_earnings_date(ticker)

    if next_date:
        st.info(f"Next earnings date: **{next_date}**")

    if eh is None or eh.empty:
        st.info("Earnings history unavailable for this ticker.")
        return

    st.markdown("**Historical EPS: Actual vs. Estimate**")

    df = eh.copy().sort_index(ascending=False)
    df.index = df.index.astype(str)
    df.index.name = "Quarter"

    display = pd.DataFrame(index=df.index)
    display["EPS Actual"] = df["epsActual"].apply(fmt_currency)
    display["EPS Estimate"] = df["epsEstimate"].apply(fmt_currency)
    display["Surprise"] = df["epsDifference"].apply(
        lambda v: f"{'+' if float(v) >= 0 else ''}{fmt_currency(v)}"
        if pd.notna(v) else "—"
    )
    display["Surprise %"] = df["surprisePercent"].apply(
        lambda v: f"{float(v) * 100:+.2f}%" if pd.notna(v) else "—"
    )

    def highlight_surprise(row):
        try:
            pct_str = row["Surprise %"].replace("%", "").replace("+", "")
            val = float(pct_str)
            color = "rgba(46,204,113,0.15)" if val >= 0 else "rgba(231,76,60,0.15)"
            return ["", "", f"background-color: {color}", f"background-color: {color}"]
        except Exception:
            return [""] * len(row)

    st.dataframe(
        display.style.apply(highlight_surprise, axis=1),
        use_container_width=True,
        hide_index=False,
    )
    st.download_button(
        "Download CSV",
        display.to_csv().encode(),
        file_name=f"{ticker.upper()}_earnings_history.csv",
        mime="text/csv",
        key=f"dl_earnings_{ticker}",
    )

    # EPS chart — oldest to newest
    df_chart = eh.sort_index()
    fig = go.Figure()
    fig.add_trace(go.Scatter(
        x=df_chart.index.astype(str),
        y=df_chart["epsActual"],
        name="Actual EPS",
        mode="lines+markers",
        line=dict(color="#C2AA7A", width=2),
    ))
    fig.add_trace(go.Scatter(
        x=df_chart.index.astype(str),
        y=df_chart["epsEstimate"],
        name="Estimated EPS",
        mode="lines+markers",
        line=dict(color="#C49545", width=2, dash="dash"),
    ))
    fig.update_layout(
        title="EPS: Actual vs. Estimate",
        yaxis_title="EPS ($)",
        plot_bgcolor="rgba(0,0,0,0)",
        paper_bgcolor="rgba(0,0,0,0)",
        margin=dict(l=0, r=0, t=40, b=0),
        height=280,
        legend=dict(orientation="h", yanchor="bottom", y=1.02, xanchor="right", x=1),
    )
    st.plotly_chart(fig, use_container_width=True)


# ── Historical Ratios ────────────────────────────────────────────────────────

_HIST_RATIO_OPTIONS = {
    "P/E": ("peRatio", "priceToEarningsRatio", None),
    "P/B": ("priceToBookRatio", None, None),
    "P/S": ("priceToSalesRatio", None, None),
    "EV/EBITDA": ("enterpriseValueMultiple", "evToEBITDA", None),
    "Net Margin": ("netProfitMargin", None, "pct"),
    "Operating Margin": ("operatingProfitMargin", None, "pct"),
    "Gross Margin": ("grossProfitMargin", None, "pct"),
    "ROE": ("returnOnEquity", None, "pct"),
    "ROA": ("returnOnAssets", None, "pct"),
    "Debt/Equity": ("debtEquityRatio", None, None),
}

_CHART_COLORS = [
    "#C2AA7A", "#C49545", "#4F8C5E", "#B5494B",
    "#9b59b6", "#1abc9c", "#f39c12", "#e67e22",
]


def _extract_hist_series(rows: list[dict], primary: str, alt: str | None) -> dict[str, float]:
    """Extract {year: value} from FMP historical rows."""
    out = {}
    for row in rows:
        date = str(row.get("date", ""))[:4]
        val = row.get(primary)
        if val is None and alt:
            val = row.get(alt)
        if val is not None:
            try:
                out[date] = float(val)
            except (TypeError, ValueError):
                pass
    return out


def _render_historical_ratios(ticker: str):
    with st.spinner("Loading historical ratios…"):
        ratio_rows = get_historical_ratios(ticker)
        metric_rows = get_historical_key_metrics(ticker)

    if not ratio_rows and not metric_rows:
        st.info("Historical ratio data unavailable.")
        return

    # Merge both lists by date
    combined: dict[str, dict] = {}
    for row in ratio_rows + metric_rows:
        date = str(row.get("date", ""))[:4]
        if date:
            combined.setdefault(date, {}).update(row)

    merged_rows = [{"date": d, **v} for d, v in sorted(combined.items(), reverse=True)]

    selected = st.multiselect(
        "Metrics to plot",
        options=list(_HIST_RATIO_OPTIONS.keys()),
        default=["P/E", "EV/EBITDA", "Net Margin", "ROE"],
    )

    if not selected:
        st.info("Select at least one metric to plot.")
        return

    fig = go.Figure()
    for i, label in enumerate(selected):
        primary, alt, fmt = _HIST_RATIO_OPTIONS[label]
        series = _extract_hist_series(merged_rows, primary, alt)
        if not series:
            continue
        years = sorted(series.keys())
        values = [series[y] * (100 if fmt == "pct" else 1) for y in years]
        y_label = f"{label} (%)" if fmt == "pct" else label
        fig.add_trace(go.Scatter(
            x=years,
            y=values,
            name=y_label,
            mode="lines+markers",
            line=dict(color=_CHART_COLORS[i % len(_CHART_COLORS)], width=2),
        ))

    fig.update_layout(
        title="Historical Ratios & Metrics",
        xaxis_title="Year",
        plot_bgcolor="rgba(0,0,0,0)",
        paper_bgcolor="rgba(0,0,0,0)",
        margin=dict(l=0, r=0, t=40, b=0),
        height=380,
        legend=dict(orientation="h", yanchor="bottom", y=1.02, xanchor="right", x=1),
        hovermode="x unified",
    )
    st.plotly_chart(fig, use_container_width=True)

    # Raw data table
    with st.expander("Raw data"):
        display_cols = {}
        for label in selected:
            primary, alt, fmt = _HIST_RATIO_OPTIONS[label]
            display_cols[label] = (primary, alt, fmt)

        def _format_hist_value(label: str, value, fmt: str | None) -> str:
            if value is None:
                return "—"
            try:
                v = float(value)
            except (TypeError, ValueError):
                return "—"

            if fmt == "pct":
                return f"{v * 100:.2f}%"
            if label == "P/E":
                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 == "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 = []
        for row in merged_rows:
            r: dict = {"Year": str(row.get("date", ""))[:4]}
            for label, (primary, alt, fmt) in display_cols.items():
                val = row.get(primary) or (row.get(alt) if alt else None)
                r[label] = _format_hist_value(label, val, fmt)
            table_rows.append(r)

        if table_rows:
            st.dataframe(pd.DataFrame(table_rows), use_container_width=True, hide_index=True)


# ── Forward Estimates ────────────────────────────────────────────────────────

def _render_forward_estimates(ticker: str):
    with st.spinner("Loading forward estimates…"):
        estimates = get_analyst_estimates(ticker)

    annual = estimates.get("annual", [])
    quarterly = estimates.get("quarterly", [])

    if not annual and not quarterly:
        st.info("Forward estimates unavailable. Requires FMP API key.")
        return

    info = get_company_info(ticker)
    current_price = get_latest_price(ticker)

    tab_ann, tab_qtr = st.tabs(["Annual", "Quarterly"])

    def _build_estimates_table(rows: list[dict]) -> pd.DataFrame:
        table = []
        for row in sorted(rows, key=lambda r: str(r.get("date", ""))):
            date = str(row.get("date", ""))[:7]
            # FMP stable endpoint uses revenueAvg / epsAvg (no "estimated" prefix)
            rev_avg = row.get("revenueAvg") or row.get("estimatedRevenueAvg")
            rev_lo = row.get("revenueLow") or row.get("estimatedRevenueLow")
            rev_hi = row.get("revenueHigh") or row.get("estimatedRevenueHigh")
            eps_avg = row.get("epsAvg") or row.get("estimatedEpsAvg")
            eps_lo = row.get("epsLow") or row.get("estimatedEpsLow")
            eps_hi = row.get("epsHigh") or row.get("estimatedEpsHigh")
            ebitda_avg = row.get("ebitdaAvg") or row.get("estimatedEbitdaAvg")
            num_analysts = row.get("numAnalystsRevenue") or row.get("numAnalystsEps") or row.get("numberAnalystEstimatedRevenue") or row.get("numberAnalysts")
            table.append({
                "Period": date,
                "Rev Low": fmt_large(rev_lo) if rev_lo else "—",
                "Rev Avg": fmt_large(rev_avg) if rev_avg else "—",
                "Rev High": fmt_large(rev_hi) if rev_hi else "—",
                "EPS Low": fmt_currency(eps_lo) if eps_lo else "—",
                "EPS Avg": fmt_currency(eps_avg) if eps_avg else "—",
                "EPS High": fmt_currency(eps_hi) if eps_hi else "—",
                "EBITDA Avg": fmt_large(ebitda_avg) if ebitda_avg else "—",
                "# Analysts": str(int(num_analysts)) if num_analysts else "—",
            })
        return pd.DataFrame(table)

    def _render_eps_chart(rows: list[dict], title: str):
        """Overlay historical EPS actuals with forward estimates."""
        eh = get_earnings_history(ticker)
        fwd_dates, fwd_eps = [], []
        for row in sorted(rows, key=lambda r: str(r.get("date", ""))):
            date = str(row.get("date", ""))[:7]
            eps = row.get("epsAvg") or row.get("estimatedEpsAvg")
            eps_lo = row.get("epsLow") or row.get("estimatedEpsLow")
            eps_hi = row.get("epsHigh") or row.get("estimatedEpsHigh")
            if eps is not None:
                fwd_dates.append(date)
                fwd_eps.append(float(eps))

        fig = go.Figure()

        if eh is not None and not eh.empty:
            hist = eh.sort_index()
            fig.add_trace(go.Scatter(
                x=hist.index.astype(str),
                y=hist["epsActual"],
                name="EPS Actual",
                mode="lines+markers",
                line=dict(color="#C2AA7A", width=2),
            ))

        if fwd_dates:
            # Low/high band
            fwd_lo = [float(r.get("epsLow") or r.get("estimatedEpsLow")) for r in sorted(rows, key=lambda r: str(r.get("date", "")))
                      if (r.get("epsLow") or r.get("estimatedEpsLow")) is not None]
            fwd_hi = [float(r.get("epsHigh") or r.get("estimatedEpsHigh")) for r in sorted(rows, key=lambda r: str(r.get("date", "")))
                      if (r.get("epsHigh") or r.get("estimatedEpsHigh")) is not None]

            if fwd_lo and fwd_hi and len(fwd_lo) == len(fwd_dates):
                fig.add_trace(go.Scatter(
                    x=fwd_dates + fwd_dates[::-1],
                    y=fwd_hi + fwd_lo[::-1],
                    fill="toself",
                    fillcolor="rgba(247,162,79,0.15)",
                    line=dict(color="rgba(0,0,0,0)"),
                    name="Est. Range",
                    hoverinfo="skip",
                ))

            fig.add_trace(go.Scatter(
                x=fwd_dates,
                y=fwd_eps,
                name="EPS Est. (Avg)",
                mode="lines+markers",
                line=dict(color="#C49545", width=2, dash="dash"),
            ))

        fig.update_layout(
            title=title,
            yaxis_title="EPS ($)",
            plot_bgcolor="rgba(0,0,0,0)",
            paper_bgcolor="rgba(0,0,0,0)",
            margin=dict(l=0, r=0, t=40, b=0),
            height=320,
            hovermode="x unified",
            legend=dict(orientation="h", yanchor="bottom", y=1.02, xanchor="right", x=1),
        )
        st.plotly_chart(fig, use_container_width=True)

    with tab_ann:
        if annual:
            df = _build_estimates_table(annual)
            st.dataframe(df, use_container_width=True, hide_index=True)
            st.write("")
            _render_eps_chart(annual, "Annual EPS: Historical Actuals + Forward Estimates")
        else:
            st.info("No annual estimates available.")

    with tab_qtr:
        if quarterly:
            df = _build_estimates_table(quarterly)
            st.dataframe(df, use_container_width=True, hide_index=True)
            st.write("")
            _render_eps_chart(quarterly, "Quarterly EPS: Historical Actuals + Forward Estimates")
        else:
            st.info("No quarterly estimates available.")