HKUDS/Vibe-Trading · error · ValuationError

fcff_bridge: ebit forecast is empty; at least one projection

Error message

fcff_bridge: ebit forecast is empty; at least one projection year is required

What it means

fcff_bridge() requires at least one projection year; an empty ebit sequence raises ValuationError rather than returning an empty/zero result.

Source

Thrown at agent/src/quantlib/valuation/dcf.py:611

            length as ``ebit``.
        delta_nwc: Net-working-capital change forecast (positive = cash
            outflow; see the module docstring), same length as ``ebit``.

    Returns:
        One :class:`FCFFYear` per projection year, in order.

    Raises:
        ValuationError: If ``tax_rate`` is outside ``[0, 1]``, if ``ebit`` is
            empty, if the other three forecasts are not the same length as
            ``ebit``, or if any forecast entry is not a finite number.
    """
    if not 0.0 <= tax_rate <= 1.0:
        raise ValuationError(f"fcff_bridge: tax_rate must be within [0, 1], got {tax_rate!r}")

    ebit_list = list(ebit)
    horizon = len(ebit_list)
    if horizon == 0:
        raise ValuationError(
            "fcff_bridge: ebit forecast is empty; at least one projection year "
            "is required"
        )
    forecasts = {
        "depreciation_amortization": list(depreciation_amortization),
        "capex": list(capex),
        "delta_nwc": list(delta_nwc),
    }
    for name, values in forecasts.items():
        if len(values) != horizon:
            raise ValuationError(
                f"fcff_bridge: {name} has {len(values)} year(s), expected "
                f"{horizon} to match ebit"
            )

    years = []
    for index in range(horizon):
        ebit_value = _require_finite(ebit_list[index], f"ebit[{index}]", "fcff_bridge")

View on GitHub (pinned to 80ffdda44c)

Solutions

1. Check len(ebit) > 0 before calling; skip or flag empty cases
2. Fix the upstream filter/join that dropped all forecast rows
3. If empty inputs are expected in your flow, branch to a non-DCF valuation path

Example fix

# before
result = fcff_bridge(ebit=df['ebit'], ...)

# after
if len(df) == 0:
    raise ValueError(f'no forecast rows for {ticker}')
result = fcff_bridge(ebit=df['ebit'], ...)

if len(list(ebit)) == 0:
    raise ValueError('no forecast years available')
fcff_bridge(ebit=ebit, ...)

def has_rows(seq) -> bool:
    return len(list(seq)) > 0

try:
    fcff_bridge(...)
except ValuationError as e:
    if 'empty' in str(e):
        return None  # skip entity
    raise

When it happens

Trigger: fcff_bridge(ebit=[], depreciation_amortization=[], capex=[], delta_nwc=[]) — e.g. a filtered forecast frame that ended up with zero rows.

Common situations: Date-range filters or per-segment groupbys that legitimately produce zero rows; upstream data pull returning an empty frame for one ticker.

Related errors

• FCFFYear.year must be >= 1, got {self.year!r}
• FCFFYear(year={self.year}).nopat={self.nopat!r} does not mat
• FCFFYear(year={self.year}).fcff={self.fcff!r} does not match
• fcff_bridge: tax_rate must be within [0, 1], got {tax_rate!r
• fcff_bridge: {name} has {len(values)} year(s), expected {hor

AI-assisted analysis of HKUDS/Vibe-Trading@80ffdda44c (2026-08-28). Data as JSON: /api/errors/d636f03723c88192. Report an issue: GitHub.