HKUDS/Vibe-Trading · error · ValuationError

run_dcf: discounting_convention must be one of {DISCOUNTING_

Error message

run_dcf: discounting_convention must be one of {DISCOUNTING_CONVENTIONS}, got {discounting_convention!r}

What it means

run_dcf requires discounting_convention to be one of DISCOUNTING_CONVENTIONS (e.g. mid-year vs full-year discounting conventions). Passing any other string raises ValuationError before projections are built, because the convention controls how discount factors are computed for every period.

Source

Thrown at agent/src/quantlib/valuation/dcf.py:1317

        A :class:`DCFResult` with every intermediate figure visible.

    Raises:
        MissingInputError: If any required key is absent from ``inputs``.
        ValuationError: If ``capital_structure_basis``,
            ``discounting_convention`` or ``terminal_value_method`` is
            unrecognised; if ``terminal_growth`` or ``exit_multiple`` is not
            the matching :class:`Assumption`; if ``terminal_growth.value >=``
            the built WACC; if any capital-structure, FCFF-bridge or
            balance-sheet input fails its own guard (see :func:`wacc`,
            :func:`fcff_bridge`, :func:`terminal_value`, :func:`equity_bridge`).
    """
    if capital_structure_basis not in CAPITAL_STRUCTURE_BASES:
        raise ValuationError(
            f"run_dcf: capital_structure_basis must be one of "
            f"{CAPITAL_STRUCTURE_BASES}, got {capital_structure_basis!r}"
        )
    if discounting_convention not in DISCOUNTING_CONVENTIONS:
        raise ValuationError(
            f"run_dcf: discounting_convention must be one of "
            f"{DISCOUNTING_CONVENTIONS}, got {discounting_convention!r}"
        )
    if terminal_value_method not in TERMINAL_VALUE_METHODS:
        raise ValuationError(
            f"run_dcf: terminal_value_method must be one of "
            f"{TERMINAL_VALUE_METHODS}, got {terminal_value_method!r}"
        )

    structure_fields = (
        DCF_CURRENT_STRUCTURE_FIELDS
        if capital_structure_basis == "current"
        else DCF_TARGET_STRUCTURE_FIELDS
    )
    require_inputs(inputs, (*DCF_BASE_REQUIRED_FIELDS, *structure_fields), model="run_dcf")

    terminal_growth = _require_assumption(inputs["terminal_growth"], "terminal_growth", "run_dcf")
    exit_multiple = _require_assumption(inputs["exit_multiple"], "exit_multiple", "run_dcf")

View on GitHub (pinned to 80ffdda44c)

Solutions

Import DISCOUNTING_CONVENTIONS and use an exact member.
Fix hyphen/underscore or casing mismatch in the config value.
Add a schema check on your config dict that whitelists both enum fields before calling run_dcf.

Example fix

// before
run_dcf(..., discounting_convention="mid_year")
// after
run_dcf(..., discounting_convention="mid-year")  # exact member of DISCOUNTING_CONVENTIONS

Defensive patterns

Strategy: validation

Validate before calling

from quantlib.valuation.dcf import DISCOUNTING_CONVENTIONS
assert discounting_convention in DISCOUNTING_CONVENTIONS

Type guard

def is_valid_convention(c: str) -> bool:
    from quantlib.valuation.dcf import DISCOUNTING_CONVENTIONS
    return isinstance(c, str) and c in DISCOUNTING_CONVENTIONS

Try / catch

except ValuationError as e:
    if 'discounting_convention' in str(e): raise ConfigError(str(e)) from e

Prevention

Use keyword arguments for enum-like parameters
Normalize config strings (strip/lower) against the module constant sets

When it happens

Trigger: Calling run_dcf with discounting_convention set to a string not in DISCOUNTING_CONVENTIONS — typo like 'mid_year' instead of the canonical 'mid-year', or passing a capital_structure_basis value by mistake.

Common situations: Hand-written config files with hyphen/underscore mismatches; swapping two enum arguments positionally; version upgrades that renamed conventions.

Related errors

AI-assisted analysis of HKUDS/Vibe-Trading@80ffdda44c (2026-08-28). Data as JSON: /api/errors/a44d0dbfd7610c76. Report an issue: GitHub.