# Decision Layer

## Research scope and as-of date

## One-sentence thesis

## Variant perception / market-implied expectations

## Key operating drivers

## Valuation range and methods

## Top risks and thesis-break conditions

## Catalysts / validation timeline

## What changed / confidence / unresolved questions

# Evidence Layer

## Source log and evidence hierarchy

## Historical reconstruction and KPI definitions

## Business model and industry structure

## Accounting normalization and forensics

## Management, governance and capital allocation

## Driver-based forecast and integrated statements

## DCF, reverse DCF, relative valuation and SOTP where applicable

## Scenario matrix and sensitivities

## Risk, liquidity and dilution stress

## Contrary evidence and falsification tests

## Assumption register and model-change log

## Decision journal

## Module failure-test and completion-test audit

## Appendix M final self-audit