Grade unchanged at D. 2 formulas overwritten with typed values.
Possible structural shift (inserted/deleted rows or columns). Large contiguous blocks of change on Raw Data (rows 22–29: 36 cells differ in one contiguous block) — cells are matched by address, so one inserted row shows up as changes in every row below it. Verify the block in Excel before reading those rows as individual edits.
Hardcode overwrites 2 formula → value
A cell that held a formula now holds a typed value — the calculation link is severed and future inputs won't flow through.
=DCF!B12
2431800
='Revenue Build'!D12
912400
Formula changes 85 cells in 3 pattern groups + 2 singles
40 cells Order Book · E4:E43
before=D4*1.21
after=D4*1.22
Same edit repeated across the range (identical before/after patterns — shown for Order Book!E4).
40 cells Order Book · F4:F43
before=VLOOKUP(C4,'Raw Data'!$A$24:$E$26,4)
after=VLOOKUP(C4,'Raw Data'!$A$27:$E$29,4)
Same edit repeated across the range (identical before/after patterns — shown for Order Book!F4).
3 cells Revenue Build · B9:B11
before=VLOOKUP(A9,'Raw Data'!$A$24:$E$26,3)
after=VLOOKUP(A9,'Raw Data'!$A$27:$E$29,3)
Same edit repeated across the range (identical before/after patterns — shown for Revenue Build!B9).
before='Revenue Build'!F12
after='Revenue Build'!#REF!
before=B4*(1-0.21)
after=B4*(1-Assumptions!$B$11)
New critical findings 1
Resolved findings 1 fixed
Input value changes 17 cells
Raw Data A22, A23:E24, A25, A26:E26 (17)
Segment master table
Restatement bridge — FY2024 segment recast ($000s)
Segment
As reported
Code
Reclass
Price index
Recast
Avg margin
Rounding
Service mix
Final
Industrial Fasteners
1040600
IF-01
-8400
1.042
1032200
0.295
300
0.18
1032500
Precision Tooling
Segment master table
Aftermarket Services
Segment
AS-03
Code
1.201
Price index
0.531
Avg margin
0.77
Service mix
Added & removed structure 15 cells added · 4 removed
Populated cells added: Raw Data A27:E29 (15)
Populated cells removed: Raw Data B25:E25 (4)
Score movement -11.7 points
| Check | Older | Newer | Score effect |
|---|---|---|---|
| Broken references (#REF!) | 0 | 1 | -11.7 pts |
| Circular references | 2 | 2 | — |
| Error values in cells | 5 | 5 | — |
| Fragile lookups | 46 | 46 | — |
| Inconsistent formulas in a range | 1 | 1 | — |
| Merged cells inside data/formula ranges | 1 | 1 | — |
| Overly complex formulas | 2 | 2 | — |
| Numbers stored as text in referenced ranges | 6 | 6 | — |
| Hardcoded constants inside formulas | 76 | 75 | — |
AI change summary Pro
This revision touches 85 formula changes across three groups, 2 formula-to-static overwrites, 17 value changes, 15 added cells, and 4 removed cells across the same 11 sheets. The most pervasive formula edits are in the Order Book sheet: all 40 rows in E4:E43 had their growth multiplier changed from ×1.21 to ×1.22, and all 40 rows in F4:F43 had their VLOOKUP source range shifted from Raw Data rows 24–26 to rows 27–29. Three cells in Revenue Build (B9:B11) had the same VLOOKUP source range shift applied. In Raw Data, a contiguous block of 36 cells spanning rows 22–29 all changed together, which is consistent with a single inserted or deleted row region cascading through addresses — this structural shift should be verified before trusting any VLOOKUP results that reference that sheet.
The health score fell from 59.7 (D) to 48.0 (D), a drop of 11.7 points. The entire deduction increase is attributable to one new critical finding: a broken #REF! reference introduced in Summary!B10, which previously pointed to 'Revenue Build'!F12 but now resolves to 'Revenue Build'!#REF!. This is almost certainly a consequence of the suspected structural shift in Raw Data propagating through Revenue Build and breaking the downstream Summary link. One warning was resolved: WACC!B5 previously hardcoded the tax rate constant 0.21 and now correctly references Assumptions!$B$11, which is a genuine improvement.
The riskiest items to verify are: (1) the two formula-to-static overwrites in Summary!B4 and Income Statement!D4, both of which replaced live formulas with typed numbers that do NOT match the formula's last result — these are not simple paste-as-values operations and may represent intentional overrides or data-entry errors that sever the model's calculation chain; (2) the broken #REF! in Summary!B10, which silently returns an error in a summary cell; and (3) the Raw Data structural shift in rows 22–29, which likely caused the VLOOKUP range shifts throughout Order Book and Revenue Build and must be confirmed to ensure all lookup tables are still correctly bounded.
Verify these first
Broken #REF! in Summary cell — verify Revenue Build row structure
Summary!B10Revenue Build!B9Revenue Build!B10Revenue Build!B11
Open Summary!B10 and confirm what row in Revenue Build it should reference. Then inspect Revenue Build and Raw Data rows 22–29 to determine whether a row was inserted or deleted, correct the VLOOKUP source ranges in Order Book F4:F43 and Revenue Build B9:B11 if needed, and restore the Summary!B10 formula to point to the correct cell.
Formula-to-static overwrites — values do not match prior formula results
Summary!B4Income Statement!D4
Confirm whether these hardcoded values (2431800 in Summary!B4 replacing =DCF!B12, and 912400 in Income Statement!D4 replacing ='Revenue Build'!D12) are intentional overrides or accidental pastes. If unintentional, restore the original formulas. If intentional, document the reason and ensure downstream cells are not relying on live recalculation from these sources.
Raw Data structural shift — VLOOKUP ranges may be misaligned
Raw Data!A22Raw Data!A27Raw Data!A29
Inspect Raw Data rows 22 through 29 to determine whether a row was inserted or deleted. Verify that the updated VLOOKUP ranges (rows 27–29) in Order Book E4:E43 and F4:F43 and Revenue Build B9:B11 now correctly capture the intended lookup table, and that no data rows were inadvertently excluded or duplicated.
Generated from the diff above only — the AI never reads your workbooks. Alignment is by cell address; verify structural shifts in Excel.