Initiating Coverage

Initiating Coverage

Create institutional-quality equity research initiation reports through a structured 5-task workflow. Each task must be executed separately with verified inputs.

Overview

This skill produces comprehensive first-time coverage reports following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format). Tasks are executed individually, each verifying prerequisites before proceeding.

Default Font: Times New Roman throughout all documents (unless user specifies otherwise).

⚠️ CRITICAL: One Task at a Time

THIS SKILL OPERATES IN SINGLE-TASK MODE ONLY.

If User Requests Full Pipeline

When user requests:

• "Create a coverage initiation report for [Company]"
• "Write an initiation report for [Company]"
• "Do the entire equity research process for [Company]"
• "Complete all 5 tasks for [Company]"
• Any request that implies running multiple tasks or the entire workflow

REQUIRED RESPONSE:

1. Ask which specific task to perform:

   I can help you create an equity research initiation report for [Company].This involves 5 separate tasks that need to be completed individually:
   1. Company Research - Research business, management, industry2. Financial Modeling - Build projection model3. Valuation Analysis - DCF and comparable companies4. Chart Generation - Create 25-35 charts5. Report Assembly - Compile final report
   Which task would you like to start with?

2. When user explicitly requests all tasks together:

   I understand you'd like to complete the entire initiation report pipeline.Currently, this skill supports executing one task at a time, which allowsfor better quality control and review at each stage.
   We're working on a seamless end-to-end workflow that will make this processmore automated, but for now, we'll need to complete each task separately.
   Would you like to start with Task 1 (Company Research)?

3. Never automatically assume which task to start - always ask user to confirm.

4. Never execute multiple tasks in sequence - complete one task, deliver outputs, then wait for next user request.

Task Execution Rules

• ✅ Execute exactly ONE task per user request
• ✅ Always verify prerequisites before starting a task
• ✅ Deliver task outputs and confirm completion
• ✅ Wait for user to explicitly request the next task
• ❌ Never chain multiple tasks together automatically
• ❌ Never assume user wants to proceed to next task
• ❌ Never execute Tasks 3-5 without verifying required inputs exist

⚠️ Deliverables Policy: NO SHORTCUTS

DELIVER ONLY THE SPECIFIED OUTPUTS. DO NOT CREATE EXTRA DOCUMENTS.

Each task specifies exact deliverables. Do NOT create:

• ❌ "Completion summaries"
• ❌ "Executive summaries"
• ❌ "Quick reference guides"
• ❌ "Next steps documents"
• ❌ "Task completion reports"
• ❌ Any other "helpful" documentation not explicitly specified

Why: These extras waste context and are not part of the professional workflow.

What TO deliver:

• ✅ Task 1: Research document (.md) — NOTHING ELSE
• ✅ Task 2: Financial model (.xlsx) — NOTHING ELSE
• ✅ Task 3: Valuation analysis (.md) + Excel tabs added to Task 2 file — NOTHING ELSE
• ✅ Task 4: Charts zip file (.zip) — NOTHING ELSE
• ✅ Task 5: Final report (.docx) — NOTHING ELSE

If a deliverable is not listed above, DO NOT CREATE IT.

Task Selection

Select which task to execute:

How to Use This Skill

User Request Patterns and Responses

Pattern 1: User specifies a specific task

User: "Use initiating-coverage, Task 1 for Tesla"Response: ✅ Execute Task 1 immediately

Pattern 2: User asks for "initiation report" or "full pipeline"

User: "Create a coverage initiation report for Tesla"Response: ❌ DO NOT start any task automatically         ✅ Ask which task to start with (see template above)

Pattern 3: User wants to do "all tasks" or "entire workflow"

User: "I want to complete all 5 tasks for Tesla"Response: ❌ DO NOT chain tasks together         ✅ Explain one-at-a-time limitation (see template above)         ✅ Ask if they want to start with Task 1

Correct Usage Examples

Executing a single task:

"Use initiating-coverage skill, Task 1 for Tesla""Do Task 2 of initiating-coverage for Tesla""Run Task 3 for Tesla using the initiating-coverage skill"

Completing full report (requires 5 separate requests):

Request 1: "Do Task 1 for Tesla" → Complete → Deliver outputsRequest 2: "Do Task 2 for Tesla" → Complete → Deliver outputsRequest 3: "Do Task 3 for Tesla" → Complete → Deliver outputsRequest 4: "Do Task 4 for Tesla" → Complete → Deliver outputsRequest 5: "Do Task 5 for Tesla" → Complete → Deliver outputs

Task Execution Order

For a complete initiation report, tasks must be executed in separate user requests following this order:

Request 1: Task 1 - Company Research (independent)           ↓ [User reviews outputs and requests next task]Request 2: Task 2 - Financial Modeling (independent)           ↓ [User reviews outputs and requests next task]Request 3: Task 3 - Valuation Analysis (requires Task 2 output)           ↓ [User reviews outputs and requests next task]Request 4: Task 4 - Chart Generation (requires Tasks 2 & 3 outputs)           ↓ [User reviews outputs and requests next task]Request 5: Task 5 - Report Assembly (requires ALL previous task outputs)

Note: Tasks 1 and 2 can be run in any order. Tasks 3-5 have strict dependencies and must verify inputs before proceeding.

Task 1: Company Research

Purpose: Research company's business, management, competitive position, industry, and risks.

Prerequisites: ✅ None (fully independent)

• Company name or ticker symbol

Process:

1. Verify company name/ticker provided
2. Load detailed instructions from references/task1-company-research.md
3. Execute qualitative research workflow
4. Deliver research document

Output: Company Research Document (6,000-8,000 words)

• Company overview & history
• Management bios (300-400 words × 3-4 execs)
• Products & services analysis
• Industry overview
• Competitive analysis (5-10 competitors)
• TAM sizing
• Risk assessment (8-12 risks)

File name: [Company]_Research_Document_[Date].md

⚠️ DELIVER ONLY THIS 1 FILE. NO completion summaries, no extra documents.

⚠️ DO NOT TAKE SHORTCUTS:

• ✅ Write full 6,000-8,000 words (not summaries)
• ✅ Complete 300-400 word bios for ALL 3-4 executives
• ✅ Analyze ALL 5-10 competitors thoroughly
• ✅ Cover all 8-12 risks across 4 categories
• ❌ Do not abbreviate sections to save time
• ❌ Do not skip any required sections

Verification before proceeding: None required for this task.

Task 2: Financial Modeling

Purpose: Extract historical financials and build comprehensive Excel financial model with projections and scenarios.

Prerequisites: ⚠️ Verify before starting

• Required: Access to company financial data
  • For public companies: Latest 10-K from SEC EDGAR
  • For private companies: Financial statements or available estimates
  • OR: Pre-extracted historical financials provided by user
• Optional: Company research (Task 1) for business context

Input Verification:

BEFORE STARTING - Select approach:
Option A: Extract financials (most common)- [ ] Have access to 10-K or financial statements?- [ ] Ready to extract 3-5 years of data?
Option B: User provided pre-extracted financials- [ ] Historical financials file received?- [ ] Contains income statement, cash flow, balance sheet (3-5 years)?
Optional:- [ ] Company research (Task 1) complete for context?

Process:

1. Verify access to financial data
2. Load detailed instructions from references/task2-financial-modeling.md
3. Step 1: Extract historical financials (if needed)
4. Step 2+: Build projection model with 6 essential tabs
5. Deliver Excel model

Output: Excel Financial Model (.xlsx)

• 6 essential tabs:
  1. Revenue Model - Product breakdown (20-30 rows) + Geography breakdown (15-20 rows)
  2. Income Statement - Full P&L with 40-50 line items, historical (3-5 years) + projected (5 years)
  3. Cash Flow Statement - Operating/Investing/Financing activities, historical + projected
  4. Balance Sheet - Assets/Liabilities/Equity, historical + projected
  5. Scenarios - Bull/Base/Bear comparison table
  6. DCF Inputs - Prepared for Task 3 valuation

File name: [Company]_Financial_Model_[Date].xlsx

⚠️ DELIVER ONLY THIS 1 FILE. NO completion summaries, no extra documents.

⚠️ DO NOT TAKE SHORTCUTS:

• ✅ If extracting financials: Extract ALL line items from 3 financial statements (3-5 years)
• ✅ Build ALL 6 projection tabs completely with full detail
• ✅ Create detailed revenue model with 20-30 product rows AND 15-20 geography rows
• ✅ Build complete income statement with 40-50 line items (not abbreviated)
• ✅ Include full cash flow statement and balance sheet with all line items
• ✅ Complete ALL three scenarios (Bull/Base/Bear) with different parameters
• ❌ Do not create simplified/abbreviated versions
• ❌ Do not skip any of the 6 essential tabs
• ❌ Do not skip historical financials extraction if needed

Verification before proceeding to Task 3:

• Historical financials extracted (if needed) or provided
• Excel file created and can be opened
• Model has all 6 essential tabs (Revenue Model, Income Statement, Cash Flow, Balance Sheet, Scenarios, DCF Inputs)
• Historical data (3-5 years) incorporated
• Projections complete (5 years forward)
• Scenarios complete (Bull/Base/Bear)

Task 3: Valuation Analysis

Purpose: Perform comprehensive valuation using DCF, comparables, and precedent transactions.

Prerequisites: ⚠️ Verify before starting

• Required: Financial model from Task 2
  • Projected income statements
  • Projected cash flows
  • Revenue and EBITDA forecasts
  • DCF inputs (unlevered FCF)

⚠️ CRITICAL: DO NOT START THIS TASK UNLESS TASK 2 IS COMPLETE

This task requires the financial model from Task 2. Starting without it will result in incomplete work.

IF TASK 2 IS NOT COMPLETE: Stop immediately and inform the user that Task 2 (Financial Modeling) must be completed first. Do not attempt to proceed or create placeholder valuations.

Input Verification:

BEFORE STARTING:- [ ] Task 2 complete? (Financial model exists)- [ ] Model file path/location known?- [ ] Can access projected financials from model?
Required from model:- [ ] Projected FCF (5 years)- [ ] Revenue projections- [ ] EBITDA projections- [ ] Terminal year metrics

Process:

1. Verify financial model is accessible
2. Load detailed instructions from references/task3-valuation.md
3. Execute valuation workflow
4. Deliver valuation analysis

Output: Valuation Analysis (4-6 pages + Excel tabs)

• DCF analysis with sensitivity tables
• Comparable companies (5-10 peers with statistical summary)
• Precedent transactions (if applicable)
• Valuation football field
• Price target: $XX.XX
• Recommendation: BUY/HOLD/SELL
• Upside: XX%
• Key catalysts (3-5)

Files:

• [Company]_Valuation_Analysis_[Date].md (written analysis document)
• Excel tabs added to [Company]_Financial_Model_[Date].xlsx (from Task 2)
  • DCF tab with calculations
  • Sensitivity analysis tab
  • Comparable companies tab
  • Valuation summary tab

⚠️ DELIVER ONLY: 1 markdown file + 4 tabs added to existing Excel. NO completion summaries, no extra documents.

⚠️ DO NOT TAKE SHORTCUTS:

• ✅ Complete full DCF analysis with sensitivity matrix (not simplified)
• ✅ Analyze ALL 5-10 comparable companies with full data
• ✅ Include statistical summary in comps table (max/75th/median/25th/min)
• ✅ Create complete sensitivity analysis tab with multiple WACC and terminal growth scenarios
• ✅ Write full 4-6 pages of valuation analysis (not abbreviated)
• ✅ Research and justify price target with specific methodology
• ❌ Do not skip comparable company analysis
• ❌ Do not create simplified DCF without sensitivity

Verification before proceeding to Task 4:

• Price target determined
• Valuation uses multiple methods (DCF + Comps minimum)
• DCF sensitivity table complete
• Comparable companies table includes statistical summary

Task 4: Chart Generation

Purpose: Generate 25-35 professional financial charts for the report.

Prerequisites: ⚠️ Verify before starting

• Required: Company research from Task 1
  • Company history and milestones (for timeline charts)
  • Management team and org structure (for org charts)
  • Product portfolio (for product charts)
  • Customer segmentation (for customer charts)
  • Competitive landscape (for competitive charts)
  • TAM analysis (for market size charts)
• Required: Financial model from Task 2 (with Task 3 valuation tabs added)
  • Revenue by product/geography data (Task 2 tabs)
  • Margin trends (Task 2 tabs)
  • Scenario comparison data (Task 2 tabs)
  • DCF sensitivity table (Task 3 tab in same Excel file)
  • Comparable companies data (Task 3 tab in same Excel file)
  • Valuation ranges (Task 3 tab in same Excel file)
• Required: External market data
  • Historical stock price data (Yahoo Finance, Bloomberg, etc.)
  • Historical valuation multiples (for historical trend charts)

⚠️ CRITICAL: DO NOT START THIS TASK UNLESS TASKS 1, 2, AND 3 ARE COMPLETE

This task requires outputs from all three previous tasks. Starting without them will result in incomplete charts.

IF ANY OF TASKS 1, 2, OR 3 ARE NOT COMPLETE: Stop immediately and inform the user which tasks need to be completed first. The specific requirements are:

• Task 1: Company research document (for 9 charts)
• Task 2: Financial model with all 6 tabs (for 8 charts)
• Task 3: Valuation tabs added to the model (for 6 charts)
• External data access (for 2 charts)

Do not attempt to create placeholder charts or skip charts due to missing data.

Input Verification:

BEFORE STARTING:- [ ] Task 1 complete? (Company research exists)- [ ] Task 2 complete? (Financial model exists)- [ ] Task 3 complete? (Valuation analysis exists)- [ ] Can access external market data sources?
Required from Task 1:- [ ] Company history and milestones (for charts 05, 06)- [ ] Management team structure (for chart 07)- [ ] Product portfolio details (for chart 08)- [ ] Customer segmentation data (for chart 09)- [ ] Competitive landscape analysis (for charts 16, 17, 18)- [ ] TAM sizing and market data (for chart 15)
Required from Task 2:- [ ] Revenue by product (historical + projected) - for chart 03 ⭐- [ ] Revenue by geography (historical + projected) - for chart 04 ⭐- [ ] Income statement with margins (for charts 02, 10, 11)- [ ] Cash flow statement (for chart 12)- [ ] Scenario comparison data (for chart 14)
Required from Task 3:- [ ] DCF sensitivity matrix - for chart 28 ⭐- [ ] DCF components (for chart 29)- [ ] Comparable companies data (for charts 30, 31)- [ ] Valuation ranges - for chart 32 ⭐
Required from External Sources:- [ ] Historical stock price data (for chart 01)- [ ] Historical valuation multiples (for chart 34)

Process:

1. Verify model and valuation outputs are accessible
2. Load detailed instructions from references/task4-chart-generation.md
3. Execute chart generation workflow
4. Package all charts into a zip file
5. Deliver zip file

Output: 25-35 Professional Chart Files (PNG/JPG, 300 DPI) packaged in zip

4 MANDATORY Charts (must be present) ⭐:

• chart_03: Revenue by product (stacked area)
• chart_04: Revenue by geography (stacked bar)
• chart_28: DCF sensitivity (2-way heatmap)
• chart_32: Valuation football field (horizontal bars)

25 REQUIRED Charts (specific list):

• Investment Summary: chart_01
• Financial Performance: charts 02, 03⭐, 04⭐, 10, 11, 12, 14
• Company 101: charts 05, 06, 07, 08, 09, 15, 16
• Competitive/Market: charts 17, 18
• Scenario Analysis: chart 13
• Valuation: charts 28⭐, 29, 30, 31, 32⭐, 33, 34

10 OPTIONAL Charts (for 26-35 range):

• charts 19-27, 35 (customer acquisition, unit economics, product roadmap, etc.)

IMPORTANT: Task 5 embeds ALL charts created (25-35) for visual density (1 chart per 200-300 words).

File naming: chart_01_description.png, chart_02_description.png, etc.

Deliverable: [Company]_Charts_[Date].zip containing all 25-35 chart files + chart_index.txt

⚠️ DELIVER ONLY THIS 1 ZIP FILE. NO completion summaries, no separate chart lists, no extra documents.

⚠️ DO NOT TAKE SHORTCUTS:

• ✅ Create ALL 25 required charts minimum (specific list provided in task4-chart-generation.md)
• ✅ Include ALL 4 mandatory charts:
  • chart_03: Revenue by product (stacked area) ⭐
  • chart_04: Revenue by geography (stacked bar) ⭐
  • chart_28: DCF sensitivity (heatmap) ⭐
  • chart_32: Valuation football field ⭐
• ✅ Optional: Add 1-10 more charts to reach 26-35 total for greater visual density
• ✅ Generate professional-quality charts at 300 DPI (not low-res placeholders)
• ✅ Create unique, well-formatted charts for each visualization
• ✅ Package all charts in zip file with chart index
• ❌ Do not create only 10-15 charts (minimum is 25)
• ❌ Do not skip any of the 4 mandatory charts
• ❌ Do not use low-quality/placeholder images

Verification before proceeding to Task 5:

• Minimum 25 chart files created (required)
• All 4 mandatory charts present:
  • chart_03: Revenue by product ⭐
  • chart_04: Revenue by geography ⭐
  • chart_28: DCF sensitivity ⭐
  • chart_32: Valuation football field ⭐
• All charts open and display correctly
• Charts saved at 300 DPI (print quality)
• Chart index created listing all files with categories
• All charts packaged in zip file
• File naming follows convention: chart_##_description.png

Task 5: Report Assembly

Purpose: Write and assemble the comprehensive final DOCX report.

Prerequisites: ⚠️ Verify before starting

• Required: Company research from Task 1
  • All 6-8K words of content
  • Management bios
  • Competitive analysis
  • Risk assessment
• Required: Financial model from Task 2
  • Excel workbook
  • All projections and scenarios
• Required: Valuation analysis from Task 3
  • Price target and recommendation
  • DCF, comps, precedent transactions
  • All valuation data
• Required: Chart files from Task 4
  • Zip file containing all 25-35 PNG/JPG files
  • Chart index included in zip

⚠️ CRITICAL: DO NOT START THIS TASK UNLESS ALL TASKS 1-4 ARE COMPLETE

This is the final assembly task. It cannot be completed without all previous work products.

IF ANY OF TASKS 1, 2, 3, OR 4 ARE NOT COMPLETE: Stop immediately and inform the user which tasks need to be completed first. The specific requirements are:

• Task 1: Company research document (6-8K words)
• Task 2: Financial model with all 6 tabs
• Task 3: Valuation analysis with price target and recommendation
• Task 4: Charts zip file with 25-35 charts

Do not attempt to create placeholder content, substitute missing sections, or assemble an incomplete report. The report requires ALL inputs to be publication-ready.

Input Verification:

BEFORE STARTING - ALL TASKS MUST BE COMPLETE:
Task 1 Verification:- [ ] Company research document exists? (6-8K words)- [ ] Management bios complete? (300-400 words × 3-4 execs)- [ ] Competitive analysis complete? (5-10 competitors)- [ ] Risk assessment complete? (8-12 risks)
Task 2 Verification:- [ ] Financial model exists and can be opened?- [ ] Model has projections (5 years)?- [ ] Scenarios exist (Bull/Base/Bear)?
Task 3 Verification:- [ ] Valuation analysis complete?- [ ] Price target determined?- [ ] Recommendation set? (BUY/HOLD/SELL)- [ ] DCF and comps complete?
Task 4 Verification:- [ ] Chart zip file exists?- [ ] Can extract/access all 25-35 chart files from zip?- [ ] All 4 mandatory charts present?  - [ ] Revenue by product (stacked area)  - [ ] Revenue by geography (stacked bar)  - [ ] DCF sensitivity (heatmap)  - [ ] Valuation football field- [ ] Chart files accessible and can be opened?
IF ANY VERIFICATION FAILS: Stop and complete missing task first.

Process:

1. CRITICAL: Verify ALL prerequisites before starting
2. Load detailed instructions from references/task5-report-assembly.md
3. Execute report assembly workflow using Claude's built-in skills:
   • Use DOCX skill to create and manipulate the Word document
   • Use XLSX skill to read Excel data from Task 2/3
   • Use Read tool to read Task 1 and Task 3 markdown files
   • Read Task 1 .md file → Convert to Word formatting → Insert charts inline
   • Read Task 2 .xlsx file → Extract tables → Write quantitative analysis
   • Read Task 3 .md file + Excel tabs → Copy/adapt valuation analysis
   • Insert Task 4 .png chart files throughout using DOCX skill
   • Create text-dense report with charts interspersed every 200-300 words
4. Save and deliver final DOCX report

Key Principles:

• Use Claude's DOCX and XLSX skills (NOT Python libraries)
• Use actual file operations (read .md/.xlsx/.png files, write .docx file)
• Good equity research reports are text-dense with lots of illustrating images (60-80% page coverage, 1+ chart per page)

🔥 CRITICAL: GO ALL OUT ON THIS TASK

THIS IS THE FINAL DELIVERABLE. DO NOT TAKE SHORTCUTS.

• ✅ Use full token budget - This is the culmination of all previous work
• ✅ Write every section completely - Do not summarize or abbreviate
• ✅ Hit ALL minimum requirements - 30+ pages, 10,000+ words, 25+ charts, 12+ tables
• ✅ Be thorough on projection assumptions - 2,000-3,000 words with product-by-product detail
• ✅ Be comprehensive on scenarios - 1,500-2,000 words with specific Bull/Base/Bear parameters
• ✅ Insert ALL charts from Task 4 - Not just a few, ALL 25-35 charts throughout
• ✅ Create ALL tables from Task 2/3 - Extract every financial table, don't skip any
• ✅ Use Task 1 content verbatim - Copy/paste full Company 101 sections (6-8K words)
• ✅ Professional quality only - This must be indistinguishable from JPMorgan/Goldman Sachs research

NEVER:

• ❌ "This section would include..." - WRITE THE ACTUAL SECTION
• ❌ "Charts would be inserted here..." - INSERT THE ACTUAL CHARTS
• ❌ "See financial model for details..." - EXTRACT AND INCLUDE THE DETAILS
• ❌ Skip sections due to length - Every section MUST be complete
• ❌ Abbreviate for token conservation - Use whatever tokens are needed

This is publication-ready institutional research. Spare no effort, tokens, or detail.

Output: Comprehensive Equity Research Report (.docx)

Specifications:

• Length: 30-50 pages (MINIMUM 30)
• Word count: 10,000-15,000 words (MINIMUM 10,000)
• Charts: 25-35 embedded images
• Tables: 12-20 comprehensive tables
• Format: Professional DOCX with clickable hyperlinks

Structure:

• Page 1: Investment Summary (INITIATING COVERAGE format)
• Pages 2-5: Investment thesis & risks
• Pages 6-17: Company 101
• Pages 18-30: Financial analysis & projections
• Pages 31-40: Valuation analysis
• Pages 41-50: Appendices

File name: [Company]_Initiation_Report_[Date].docx

⚠️ DELIVER ONLY THIS 1 DOCX FILE. NO executive summaries, no "highlights" documents, no extra files.

Final Verification:

• Report is 30-50 pages
• Word count is 10,000-15,000
• 25-35 charts embedded
• 12-20 tables included
• All citations are clickable hyperlinks
• Numbers match financial model exactly

Input Verification Protocol

Why Input Verification Matters

Each task has strict prerequisites. Running a task without required inputs will:

• Waste time with incomplete work
• Produce low-quality outputs
• Require rework

Always verify inputs before starting a task.

Verification Checklist by Task

Task 1: ✅ No verification needed (independent)

Task 2: Check historical financials available

Task 3: Check financial model exists and is accessible

Task 4: Check both model (Task 2) AND valuation (Task 3) exist

Task 5: Check ALL previous tasks complete (1, 2, 3, 4)

What to Do if Verification Fails

IF prerequisites are missing:1. Stop the current task2. Identify which prerequisite task(s) need to be completed3. Execute the missing task(s) first4. Return to current task once prerequisites are met

Example Verification Dialogue

User: "Use initiating-coverage, Task 5 for Tesla"
Claude: "Starting Task 5: Report Assembly for Tesla
VERIFICATION - Checking prerequisites:- Task 1 (Company research)... ❌ NOT FOUND- Task 2 (Financial model)... ❌ NOT FOUND- Task 3 (Valuation)... ❌ NOT FOUND- Task 4 (Charts)... ❌ NOT FOUND
⚠️ VERIFICATION FAILED
Task 5 requires ALL previous tasks to be complete.
To proceed:1. Complete Task 1: Company Research2. Complete Task 2: Financial Modeling3. Complete Task 3: Valuation Analysis4. Complete Task 4: Chart Generation5. Then return to Task 5
Would you like to start with Task 1 first?"

Task Reference Files

Detailed instructions for each task are in separate reference files to keep this skill lean:

• references/task1-company-research.md - Company research workflow
• references/task2-financial-modeling.md - Financial modeling workflow
• references/task3-valuation.md - Valuation methodology
  • Also see: references/valuation-methodologies.md for DCF/comps deep dive
• references/task4-chart-generation.md - Chart generation workflow
• references/task5-report-assembly.md - Report writing workflow
  • Also see: assets/report-template.md for report structure
  • Also see: assets/quality-checklist.md for quality checks

When to load reference files: Load ONLY the reference file associated with the specific task being performed. These files are very large - do not load multiple reference files at once. Read the appropriate task reference file at the start of the task for detailed step-by-step instructions.

Quality Standards

All outputs meet institutional standards from leading investment banks (JPMorgan, Goldman Sachs, Morgan Stanley):

• Comprehensive: Meet all minimum requirements
• Detailed: Specific data and examples, not generic statements
• Quantified: Lead with numbers and metrics
• Cited: Proper sources with clickable hyperlinks
• Professional: Institutional-quality formatting
• Accurate: All numbers verified and cross-checked

Important Notes

Task Independence

• Task 1 can run anytime (no dependencies)
• Task 2 can run anytime (just needs historical data)
• Tasks 1 & 2 can run in parallel
• Task 3 requires Task 2
• Task 4 requires Tasks 2 & 3
• Task 5 requires Tasks 1, 2, 3, & 4

Session Management

Same session: Outputs automatically available to subsequent tasks

Different sessions: Reference previous task outputs explicitly

"Use Task 3 with the model from yesterday at [path]""Use Task 5 with the research document at [path]"

File Organization

Recommended structure during workflow:

ProjectFolder/├── Task1_Research/│   └── [Company]_Research_Document.md├── Task2_Model/│   └── [Company]_Financial_Model.xlsx├── Task3_Valuation/│   └── [Company]_Valuation_Analysis.pdf├── Task4_Charts/│   ├── chart_01.png│   └── ... (25-35 files)└── Task5_Report/    └── [Company]_Initiation_Report.docx

No End-to-End Execution

This skill does NOT support running all tasks automatically in sequence. Each task must be explicitly requested and verified.

Why: This ensures:

• Quality control at each stage
• Ability to review outputs before proceeding
• Flexibility to pause/resume workflow
• Clear verification of prerequisites

Success Criteria

A successful initiation report workflow should:

1. Complete all 5 tasks in order
2. Pass all input verifications
3. Meet all quality standards
4. Produce all required deliverables
5. Numbers cross-check between outputs
6. Final report is publication-ready

Output quality: Institutional (JPMorgan/Goldman/Morgan Stanley level) Use case: First-time comprehensive coverage of a company