Hermes-agent
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# DCF Model Troubleshooting Guide
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**When to read this file:** If recalc.py shows errors OR valuation results seem unreasonable OR case selector not working properly.
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## Model Returns Error Values
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### #REF! Errors
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- Usually caused by formulas referencing wrong rows after headers were inserted
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- Solution: Rebuild with correct row references, or start over following layout planning
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- Prevention: Define all row positions BEFORE writing formulas
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### #DIV/0! Errors
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- Division by zero or empty cells
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- Solution: Add IF statements to handle zeros: `=IF([Divisor]=0,0,[Numerator]/[Divisor])`
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### #VALUE! Errors
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- Wrong data type in calculation (text instead of number)
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- Solution: Verify all inputs are formatted as numbers
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## Valuation Seems Unreasonable
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### Implied price far too high
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- Check terminal value isn't >80% of EV
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- Verify terminal growth < WACC
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- Review if growth assumptions are realistic
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- Consider if margins are too optimistic
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### Implied price far too low
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- Verify net debt vs net cash is correct
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- Check if WACC is too high
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- Review if projections are too conservative
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- Consider if terminal growth is too low
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## Case Selector Not Working
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### Consolidation column not updating when switching scenarios
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- Verify case selector cell contains 1, 2, or 3
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- Check INDEX/OFFSET formulas reference correct row range and selector cell
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- Ensure absolute references ($B$6) are used for selector
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- Test by manually changing the selector cell and verifying projection values update
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