EVIDENCE GUIDE
Cite every material claim
A reviewer must be able to move from the claim to the exact source and participant-owned calculation
Evidence chain
- Give the claim a Claim ID.
- Record the supporting number.
- Link the Source ID.
- Record the PDF page.
- Describe the calculation or method.
- Identify where the claim appears in the Portfolio.
Acceptable example
Claim: FCF conversion weakened in FY2025.
Evidence: CFO of 410 less Capex of 290 = FCF of 120; Source S03, pages 96 and 101.
Interpretation: Capex absorbed most operating cash flow during the expansion year.