{
    "id": "VAL-019",
    "category": "VAL",
    "title": "扣除淨現金的盈利估值",
    "question": "排除多餘現金後，市場為營運盈利支付多少？",
    "chart": "multi",
    "metric": "扣淨現金 P/E（倍）",
    "secondary": "現金利息調整（百萬）",
    "x": "調整步驟",
    "y": "倍數 / 金額",
    "panels": [
        "經營股權價值",
        "盈利調整",
        "可動用現金假設"
    ],
    "filters": [
        "股票 / 同業池",
        "估值日期",
        "倍數 / 假設情境"
    ],
    "apis": [
        "FUND",
        "USER",
        "FX"
    ],
    "calculation": "股權經營價值 = 市值 − 使用者指定可動用淨現金；盈利基準扣使用者指定現金稅後利息，兩者相除。",
    "caveat": "多餘現金與現金利息不能可靠自動判斷，必須 USER 明確輸入；負分母停算。；預覽數值全為合成示例，非即時行情。非美股及港股欄位、歷史深度按股票實際覆蓋。 跨貨幣計算前確認市值與財報分母的幣種；若需換算，使用明示日期與FX基準。",
    "data_class": "用戶資料",
    "complexity": "高",
    "audience": "進階",
    "reach": 6,
    "frequency": 5,
    "decision": 8,
    "clarity": 8,
    "sample_labels": [
        "市值",
        "可動用淨現金",
        "盈利基準",
        "調整後P/E"
    ],
    "cadence": "使用者修改持倉、核銷或情境時重算；新財報入庫後重算；每週檢查資料修訂",
    "category_name": "估值",
    "score": 64.0,
    "requires_user_input": true,
    "requires_extra_plan": false,
    "source_urls": [
        "https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds",
        "https://eodhd.com/financial-apis/list-supported-forex-currencies"
    ],
    "rank": 768,
    "stage": "P3",
    "svg_file": "mockups/0768-VAL-019.svg",
    "demo_fingerprint": "63e78cd35cf40ddf",
    "collection": "catalogue",
    "sample_annotation": {
        "sample": true,
        "as_of": "2026-10-16",
        "notice": "Charts and tables for this report are generated, deterministic synthetic sample observations for educational layout and unit demonstration only. No provider, market data or analysis engine is called, and nothing here is a statement about real securities.",
        "notice_zh": "此報告的圖表與數據為確定性生成的合成示例數據，僅供教育及版面展示；並無連接任何資料供應商或實際分析引擎，不代表任何真實證券的表現。",
        "default_filters": {
            "symbol": "0700.HK",
            "period": "1Y",
            "benchmark": "HSI"
        },
        "filters": {
            "symbol": [
                "0700.HK",
                "0005.HK",
                "AAPL.US",
                "MSFT.US",
                "SPY.US",
                "BTC-USD.CC"
            ],
            "period": [
                "1Y",
                "3Y",
                "5Y"
            ],
            "benchmark": [
                "HSI",
                "SPX",
                "BTC"
            ]
        },
        "library": {
            "version": "2026-10-19",
            "source": "https://chatgpt.com/share/6ad67223-c610-83e8-adb2-33aaf792e584",
            "sample": true
        }
    }
}