{
  "date": "2026-11-04",
  "order": "Operating profit, then nonoperating income, tax, minority claims. Interactions follow this sequential attribution.",
  "old_to_new_eps": [
    {
      "step": "Original October30 base",
      "eps": 46.91183354631923
    },
    {
      "step": "Rebuild revenue and operating costs",
      "eps": 44.624604796011695,
      "change_vs_previous": -2.287228750307534
    },
    {
      "step": "Rebuild nonoperating income and funding",
      "eps": 44.74780593622608,
      "change_vs_previous": 0.123201140214384
    },
    {
      "step": "Rebuild tax and goodwill treatment",
      "eps": 44.53011314163189,
      "change_vs_previous": -0.21769279459419266
    },
    {
      "step": "Entity-specific minority claims",
      "eps": 46.71879350353248,
      "change_vs_previous": 2.1886803619005946
    }
  ],
  "old_revenue_m": 14920,
  "new_revenue_m": 13867.64182452,
  "old_op_m": 2962.928735999999,
  "new_op_m": 2818.593067607668,
  "old_nci_profit_m": 80.52215289205338,
  "new_nci_profit_m": -13.728594391013077,
  "nov3_intermediate_model": {
    "fy30_eps": 33.87820867659832,
    "reason_not_retained": "Aggregate activity/cost formula replaced seven researched commercial lanes; lower sales and margin were changed house assumptions, not evidence of newly weaker issuer results."
  },
  "estimated_fair_value_change": -2.783284890707023
}