Part B: Calculator improvements
Fix 1 — annualRevGrowth was dead code. Now applied as compound multiplier
from Year 2 onwards across all revenue streams (court, ancillary, membership,
F&B, coaching, retail).
Fix 2 — IRR initial outflow bug (HIGH). Was using -capex but NCFs are
post-debt-service (levered). Using capex as denominator while using levered
cash flows understates equity returns by the leverage ratio. Fix: use -equity
as outflow for equity IRR, add separate projectIrr (unlevered, uses -capex
with EBITDA flows).
Fix 3 — NPV at hurdle rate. Discounts equity NCFs and exit proceeds at
hurdleRate (default 12%). Reports npv and npvPositive. NPV > 0 iff equity
IRR > hurdle rate. Added hurdleRate slider (5–35%) to Exit settings.
Fix 4 — Remaining loan: replaces heuristic with correct amortization math
(PV of remaining payments: monthlyPayment × (1 - (1+r)^-(n-k)) / r).
Fix 5 — Exit EBITDA: uses terminal year EBITDA (holdYears - 1) instead of
hardcoded Year 3. exitValue now reflects actual exit year, not always Y3.
Fix 6 — MOIC: moic is now equity MOIC (total equity CFs / equity invested).
projectMoic is the project-level multiple. Waterfall updated to show both.
Fix 7 — Return decomposition / value bridge. Standard PE attribution:
EBITDA growth value (operational alpha) + debt paydown (financial leverage).
Displayed in tab_returns.html as an attribution table.
Fix 8 — OPEX growth rate. annualOpexGrowth (default 2%) inflates utilities,
staff, insurance from Year 2 onwards. Without this Y4-Y5 EBITDA was
systematically overstated. Added annualOpexGrowth slider to Exit settings.
Fix 9 — LTV and DSCR warnings. ltvWarning (>75%) and dscrWarning (<1.25x)
with inline warnings in tab_metrics.html.
Fix 10 — Interest-only period. interestOnlyMonths (0–24) reduces early NCF
drag. Added slider to Financing section.
Updated test: test_stab_ebitda_is_year3 → test_stab_ebitda_is_exit_year.
Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>
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