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Initiating Coverage

AnthropicOfficialPublished by Anthropic

  • Skill
  • Workflow
  • Business and productivity
  • Apache-2.0
  • Low risk

From the author

Create institutional-quality equity research initiation reports through a 5-task workflow. Tasks must be executed individually with verified prerequisites - (1) company research, (2) financial modeling, (3) valuation analysis, (4) chart generation, (5) final report assembly. Each task produces specific deliverables (markdown docs, Excel models, charts, or DOCX reports). Tasks 3-5 have dependencies on earlier tasks.
— the description by Anthropic

AutoGineer summary

Written by AutoGineer from the skill’s own files, not by the author

This skill provides a systematic, multi-task process for generating equity research initiation reports. It enforces a strict, single-task execution model to ensure each component of the report—company research, financial modeling, valuation analysis, chart generation, and final assembly—is completed with verified inputs before moving to the next stage. The workflow is designed to produce professional-grade documentation, including detailed financial models, valuation analysis, and visual charts, following institutional standards.

What it does

  • Conducts qualitative company research including management bios and competitive analysis.
  • Builds comprehensive Excel financial models with 6 essential tabs.
  • Performs valuation analysis using DCF, comparables, and precedent transactions.
  • Generates 25-35 professional financial charts for visual data representation.
  • Assembles all components into a final, text-dense DOCX research report.

When to use it

  • When you need to produce a comprehensive equity research initiation report.
  • When you require a structured, step-by-step approach to financial analysis.
  • When you need to maintain strict quality control across multiple research tasks.
  • When you are preparing institutional-standard financial documentation.

Advantages

  • Enforces a logical, dependency-aware task order.
  • Ensures data integrity by verifying prerequisites before each task.
  • Produces standardized, professional-grade financial outputs.
  • Provides clear, granular control over the research and assembly process.

Usage examples

“Use initiating-coverage, Task 1 for Tesla”
The agent initiates the company research task for Tesla, producing a detailed research document.
“Do Task 2 of initiating-coverage for Tesla”
The agent begins the financial modeling task, requiring access to financial statements or pre-extracted data.
“Run Task 3 for Tesla using the initiating-coverage skill”
The agent performs valuation analysis, provided that the financial model from Task 2 is already complete.
“I want to complete all 5 tasks for Tesla”
The agent explains the one-task-at-a-time requirement and asks to start with Task 1.

Install

  1. Download the skill as a ZIP:

    https://mp-staging.autogineer.com/agent-skills/anthropics/initiating-coverage/download
  2. Unzip it into the cross-client skills folder of your project:

    mkdir -p .agents/skills && unzip initiating-coverage.zip -d .agents/skills

Documentation by Anthropic

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, industry
    2. Financial Modeling - Build projection model
    3. Valuation Analysis - DCF and comparable companies
    4. Chart Generation - Create 25-35 charts
    5. 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 allows
    for better quality control and review at each stage.
    
    We're working on a seamless end-to-end workflow that will make this process
    more 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:

TaskNamePrerequisitesOutput
1Company ResearchCompany name/ticker6-8K word document
2Financial Modeling10-K or financials accessExcel model (6 tabs)
3Valuation AnalysisFinancial model (Task 2)Valuation + price target
4Chart GenerationTasks 1, 2, 3 + external data25-35 PNG/JPG charts
5Report AssemblyALL previous tasks (1-4)30-50 page DOCX report

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 outputs
Request 2: "Do Task 2 for Tesla" → Complete → Deliver outputs
Request 3: "Do Task 3 for Tesla" → Complete → Deliver outputs
Request 4: "Do Task 4 for Tesla" → Complete → Deliver outputs
Request 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 task
2. Identify which prerequisite task(s) need to be completed
3. Execute the missing task(s) first
4. 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 Research
2. Complete Task 2: Financial Modeling
3. Complete Task 3: Valuation Analysis
4. Complete Task 4: Chart Generation
5. 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

Files

assets/report-template.md

Equity Research Initiation Report Template

This template provides the structure for creating a comprehensive equity research initiation report. Use this as a guide when constructing the final report document.

NOTE: The actual report MUST be created using the DOCX skill. DO NOT generate markdown content.

CRITICAL REQUIREMENTS:

  1. Generate 20-30+ chart images using Python (matplotlib/plotly) BEFORE creating the Word document

  2. Use DOCX skill: Create professional report with proper styles, headers/footers, and formatting

  3. Embed actual chart images: Insert the generated PNG/JPG chart files into the Word document at appropriate locations

  4. NO MARKDOWN: Do not generate markdown content. Use DOCX skill to create a .docx file.

CRITICAL FORMATTING GUIDANCE:

  • MAXIMUM DENSITY: Every page should be packed with information. Intersperse text, charts, and tables throughout.

  • NO ORPHANED SECTIONS: Never have a section header alone or a single chart on its own page.

  • 20-30+ ACTUAL CHART IMAGES: Generate charts as image files, then embed within text sections using DOCX skill.


PAGE 1: INVESTMENT UPDATE (MOST IMPORTANT PAGE)

CRITICAL: Page 1 is NOT a traditional executive summary. It is an Investment Update with a specific institutional format used by professional equity research firms.

IMPORTANT STRUCTURAL NOTES:

  • This is an "Investment Update" or "Company Update" page, not "Executive Summary"

  • Uses a rating box in top left corner

  • Features stock price performance chart (Figure 1) prominently

  • Contains 3-4 detailed bullet points with ■ character

  • Each bullet has bold topic header followed by 3-5 sentence explanation

  • Bottom section has financial and valuation metrics table

  • All charts must have figure numbers (Figure 1, Figure 2, etc.) with source lines

Layout Structure

TOP LEFT - RATING BOX:

Rating:             [OUTPERFORM / NEUTRAL / UNDERWEIGHT / etc.]
Price ([Date]):     $[XX.XX]
Target Price:       $[XX.XX]
52-Week Range:      $[XX.XX] - $[XX.XX]
Market Cap:         $[XX.X]B
Enterprise Value:   $[XX.X]B

TOP LEFT - RESEARCH ANALYSTS:

[Name], [Credentials (Ph.D., CFA, M.D., etc.)]
[Email] | [Phone]

[Name 2], [Credentials]
[Email] | [Phone]

TOP RIGHT - STOCK PRICE PERFORMANCE:

Figure 1 - [Company Name] Stock Price Performance
[Line chart showing stock price over 12-24 months with benchmark comparison]
Source: Company data, [Firm Name] estimates.

MAIN CONTENT - GRAY HEADER BAR:

[OUTPERFORM / NEUTRAL / etc.] RECOMMENDATION / COMPANY UPDATE

MAIN CONTENT - DETAILED BULLETS (3-4 bullets):

Use ■ character for bullets. Each bullet follows this format:

■ **[Bold Topic Header capturing main point].** Regular text explanation providing 3-5 sentences of detail with specific numbers, comparisons, and analysis. Lead with numbers and quantification where possible. Use "vs." not "versus". Be specific and concrete.

■ **[Second Topic Header].** [3-5 sentences of detailed explanation...]

■ **[Third Topic Header].** [3-5 sentences of detailed explanation...]

■ **[Fourth Topic Header - Optional].** [3-5 sentences of detailed explanation...]

EXAMPLE BULLET FORMAT:

■ **Vertical SaaS leadership and regulatory moat should enable $50bn+ TAM by 2030.**
Deep domain expertise in healthcare IT, strong customer retention (95%+ net revenue retention),
and cross-sell capabilities have driven Acme Health's market expansion. With the healthcare IT
market expected to reach $50bn+ by 2030, Acme Health is well-positioned to capture share given
its regulatory moat and high switching costs. Management has indicated that 70% of current
revenue comes from enterprise hospital systems, suggesting strong product-market fit.

BOTTOM SECTION - FINANCIAL AND VALUATION METRICS TABLE:

                            [Year-3]A   [Year-2]A   [Year-1]A   [Year]E    [Year+1]E
Revenue ($M)                [X]         [X]         [X]         [X]        [X]
Revenue Growth (%)          X.X%        X.X%        X.X%        X.X%       X.X%
Gross Margin (%)           X.X%        X.X%        X.X%        X.X%       X.X%
EBITDA ($M)                [X]         [X]         [X]         [X]        [X]
EBITDA Margin (%)          X.X%        X.X%        X.X%        X.X%       X.X%
EPS ($)                    X.XX        X.XX        X.XX        X.XX       X.XX
P/E (x)                    XX.Xx       XX.Xx       XX.Xx       XX.Xx      XX.Xx
EV/Revenue (x)             X.Xx        X.Xx        X.Xx        X.Xx       X.Xx
EV/EBITDA (x)              XX.Xx       XX.Xx       XX.Xx       XX.Xx      XX.Xx

Note: Use "A" suffix for actual/historical years, "E" suffix for estimated/projected years
Source: Company data, [Firm Name] estimates.

FIGURE NUMBERING AND FORMATTING STANDARDS

CRITICAL: All charts, graphs, and tables must follow strict figure numbering conventions used in professional equity research.

Figure Numbering Format

Every chart/table must have:

  1. Sequential numbering: Figure 1, Figure 2, Figure 3, etc. (continue sequentially throughout entire report)

  2. Descriptive title: "Figure X - [Company] [Specific Metric] [Type of Chart/Analysis]"

  3. Source line (always at bottom): "Source: Company data, [Firm Name] estimates."

Examples:

  • Figure 1 - [Company] Stock Price Performance

  • Figure 2 - [Company] Historical and Projected Revenue Mix by Product

  • Figure 3 - [Company] Revenue by Geographic Region

  • Figure 4 - [Product Name] Revenue and Price per Patient per Year

  • Figure 5 - [Company] Gross Margin Evolution

  • Figure 6 - DCF Sensitivity Analysis ($/share)

  • Figure 7 - Valuation Football Field

Caption Format
Figure X - [Descriptive Title]
[Chart/Table/Graph content]
Source: Company data, [Firm Name] estimates.

For tables with multiple data sources:

Figure X - [Descriptive Title]
[Table content]
Source: Company filings, FactSet, [Firm Name] estimates.
Placement Guidelines
  • Figures should be numbered in order of appearance in the report

  • First figure (Figure 1) is typically the stock price chart or revenue growth trajectory on Page 1

  • Each figure must have its caption directly below the visual

  • Source line should be in smaller font, italicized, at the very bottom of the figure


PAGE 2: TABLE OF CONTENTS

Executive Summary....................................................1
Investment Thesis & Risks..........................................3
Company Overview.......................................................6
  Business Description & History................................6
  Management & Ownership..........................................8
  Products & Technology...........................................9
  Customers & Go-to-Market......................................11
Growth Outlook & Drivers...........................................13
Financial Analysis & Performance.................................16
  Historical Performance........................................16
  Financial Projections.........................................19
Industry Overview & Competitive Landscape.....................21
  Market Size & TAM..............................................21
  Competitive Analysis..........................................23
  Industry Trends................................................25
Valuation Analysis..................................................27
Appendices & Disclosures...........................................31

PAGES 3-5: INVESTMENT THESIS & RISKS

LAYOUT PRINCIPLE: Intersperse text with 2-3 charts in this section. Each page should have both text AND graphics. Never have pages with text only or charts only.

Investment Thesis

[Thesis Pillar 1]: [Title - e.g., "Large and Growing TAM"]

[Opening sentence with key statistic]

[Paragraph 1: Market opportunity quantification]

  • Current market size

  • Growth drivers

  • Company's positioning

[Paragraph 2: Why company will capture share]

  • Competitive advantages

  • Go-to-market strategy

  • Early traction/proof points

[Paragraph 3: Financial impact]

  • Revenue opportunity

  • Margin profile

  • Timeline

[EMBED CHART: TAM Growth Chart] - Stacked area chart showing market size evolution and company's opportunity

[Thesis Pillar 2]: [Title - e.g., "Differentiated Technology/Product"]

[Similar structure - 3 paragraphs covering the opportunity, competitive positioning, and financial impact]

[EMBED CHART: Competitive Positioning Matrix] - 2×2 chart showing company vs. competitors on key dimensions

[Thesis Pillar 3]: [Title - e.g., "Strong Execution and Management"]

[Similar structure]

[Add 2-3 more pillars as needed]

[EMBED CHART: Margin Expansion Pathway] - Waterfall or line chart showing path to margin improvement

Investment Risks

Company-Specific Risks

[Risk 1]: [Title - e.g., "Customer Concentration"] [Description of risk, quantification if possible, mitigating factors. 2-3 sentences.]

[Risk 2]: [Title - e.g., "Execution Risk on Product Roadmap"] [Description. 2-3 sentences.]

[Risk 3-5]: [Additional company-specific risks] [Continue with 3-5 total company risks]

Industry/Market Risks

[Risk 1]: [Title - e.g., "Regulatory Uncertainty"] [Description. 2-3 sentences.]

[Risk 2]: [Title - e.g., "Intense Competition"] [Description. 2-3 sentences.]

[Risk 3-4]: [Additional industry/market risks] [Continue with 2-4 total industry risks]


PAGES 8-19: COMPANY 101

Company Description (1 page)

Overview [3-4 paragraphs describing:

  • What the company does (in plain English)

  • How it makes money

  • Who its customers are

  • Geographic presence

  • Scale/size metrics]

Business Model Diagram/Visual [Insert visual showing how the company creates value]

Company History (2-3 pages)

The Early Days: [Founding Story Title]

[Paragraph on founding: who, when, why, initial vision]

Timeline of Key Milestones

[Year]: [Founding event, initial funding]
[Year]: [Product launch, key milestone]
[Year]: [Major partnership, funding round]
[Year]: [Geographic expansion, new product]
[Year]: [Recent achievement]

[Major Turning Point or Pivot] [If applicable, describe any major strategic shifts]

[Company Name] Today: [Current State Title] [Paragraphs describing current position, recent developments, current strategy]

Management & Ownership (2 pages)

Key Executives

For each executive:

[Name] - [Title]
[Bio paragraph including:
- Current role and responsibilities
- Prior experience and track record
- Key accomplishments at company
- Education/credentials]

Corporate Structure & Governance

  • Entity type (C-Corp, PBC, etc.)

  • Board composition

  • Special governance features

  • [Include governance diagram if applicable]

Ownership Structure [if disclosed]

  • Major shareholders and ownership %

  • Strategic investors

  • Employee ownership

  • Insider ownership trends

Core Technology/Products (2-3 pages)

Technology Overview [Description of core technology/platform]

Product Portfolio

For each major product:

[Product Name]

Description:
[What it does, key features]

Target Customers:
[Who uses it, use cases]

Pricing Model:
[How it's priced, typical contract values]

Competitive Positioning:
[How it compares to alternatives]

Traction:
[Customers, revenue, growth metrics]

Product Roadmap [Future products/features in development]

Customers & Distribution (2-3 pages)

Customer Base

  • Total customers: [number]

  • Customer segments (Enterprise, Mid-Market, SMB)

  • Geographic breakdown

  • Customer case studies/testimonials

Go-to-Market Strategy

  • Sales channels (direct, partner, etc.)

  • Sales cycle and CAC

  • Key partnerships for distribution

  • Marketing strategy

Customer Economics

  • LTV/CAC ratio

  • Net retention rate

  • Churn rates

  • Expansion rates


PAGES 20-22: GROWTH OUTLOOK

Growth Framework Overview

Short-term Growth Drivers (1-2 years)

  1. [Driver 1]

  2. [Driver 2]

  3. [Driver 3]

Medium-term Growth Drivers (3-5 years)

  1. [Driver 1]

  2. [Driver 2]

Detailed Growth Driver Analysis

[Growth Driver 1]: [Title]

Current State: [Baseline metrics, current performance]

Opportunity: [Market size, company positioning, growth potential]

Timeline & Milestones:

  • Near-term (1-2 years): [Expected progress]

  • Medium-term (3-5 years): [Expected progress]

Risks & Challenges: [What could prevent realization of this opportunity]

[Repeat for each major growth driver]

Financial Projections

Revenue Build-up [Visual showing how revenue grows from current to projected]

Scenario Analysis [Table or chart showing Bear/Base/Bull case projections]


PAGES 21-24: FINANCIAL ANALYSIS & PERFORMANCE

LAYOUT PRINCIPLE: This section should be VERY DENSE with 5-7 charts interspersed with financial tables. Each page should have multiple elements (table + 1-2 charts).

Historical Financial Analysis

Income Statement Highlights (3-5 Year History)

                    2021    2022    2023    2024    LTM
Revenue ($M)        [X]     [X]     [X]     [X]     [X]
  Growth %          -       X%      X%      X%      X%
Gross Profit ($M)   [X]     [X]     [X]     [X]     [X]
  Margin %          X%      X%      X%      X%      X%
EBITDA ($M)         [X]     [X]     [X]     [X]     [X]
  Margin %          X%      X%      X%      X%      X%
Net Income ($M)     [X]     [X]     [X]     [X]     [X]
  Margin %          X%      X%      X%      X%      X%
FCF ($M)            [X]     [X]     [X]     [X]     [X]

[CHART 1: Revenue Growth Trajectory] Line chart showing historical revenue with annotations for key milestones. Include growth % labels on chart.

[CHART 2: REVENUE BY PRODUCT/SEGMENT] ⭐ CRITICAL Stacked area chart showing revenue composition by product line or business segment over time. This shows mix shift and which products are driving growth.

Example segments:
- Product A Revenue
- Product B Revenue
- Product C Revenue
- Services Revenue

[CHART 3: REVENUE BY GEOGRAPHY] ⭐ CRITICAL Stacked bar chart showing revenue breakdown by geographic region over time.

Example regions:
- North America
- Europe
- Asia-Pacific
- Rest of World
Financial Performance Analysis

[CHART 4: Gross Margin Evolution] Line chart with annotations explaining margin drivers (scale, pricing, mix, etc.)

[CHART 5: Operating Margin Progression] Waterfall chart showing path from gross margin to operating margin, or line chart showing EBITDA margin trend

[CHART 6: Free Cash Flow Generation] Bar + line combo chart: Bars = FCF, Line = FCF margin %

[CHART 7: Key Operating Metrics Dashboard] Multi-panel chart showing 3-4 key metrics:

  • Customer count or user growth

  • ARPU (Average Revenue Per User) or ACV (Annual Contract Value)

  • Customer cohort retention or net revenue retention

  • LTV/CAC or magic number or other unit economic metric

Forward Projections (3-5 Years)

Projected Financial Model

                    2025E   2026E   2027E   2028E   2029E
Revenue ($M)        [X]     [X]     [X]     [X]     [X]
  Growth %          X%      X%      X%      X%      X%
Gross Profit ($M)   [X]     [X]     [X]     [X]     [X]
  Margin %          X%      X%      X%      X%      X%
EBITDA ($M)         [X]     [X]     [X]     [X]     [X]
  Margin %          X%      X%      X%      X%      X%
FCF ($M)            [X]     [X]     [X]     [X]     [X]
  FCF Margin %      X%      X%      X%      X%      X%

Key Assumptions

  • Revenue growth drivers and assumptions

  • Margin progression assumptions

  • CapEx as % of revenue

  • Working capital assumptions

Charts:

  • Revenue bridge showing growth drivers

  • Margin waterfall showing path to profitability/margin expansion

  • Free cash flow trajectory

Fundraising & Valuation [For Private Companies]

Fundraising History

Round    Date      Amount    Valuation    Lead Investor(s)
Seed     [Date]    $XM       $XM          [Investor]
Series A [Date]    $XM       $XM          [Investor]
Series B [Date]    $XM       $XM          [Investor]
[etc.]

Valuation Evolution Chart [Visual showing valuation progression over time]

Current Valuation Metrics

  • Latest valuation: $XXbn

  • Implied valuation multiple: XX.Xx

  • Comparison to public peers


PAGES 26-31: INDUSTRY OVERVIEW

Industry Definition & Market Size

Industry Overview [2-3 paragraphs on:

  • Industry definition and scope

  • Current market size

  • Historical growth rates

  • Key trends and drivers]

Market Size Chart [Visual showing market growth from historical through projected]

Competitive Landscape

Competitive Positioning Matrix [2x2 chart showing company vs. competitors on key dimensions]

Competitive Comparison Table

Metric              [Company]  Comp A   Comp B   Comp C   Comp D
Revenue ($B)        [X]        [X]      [X]      [X]      [X]
Growth %            X%         X%       X%       X%       X%
Market Share        X%         X%       X%       X%       X%
Gross Margin        X%         X%       X%       X%       X%
Key Differentiator  [X]        [X]      [X]      [X]      [X]

Competitive Analysis Narrative [2-3 paragraphs analyzing:

  • Competitive strengths and weaknesses

  • Market positioning

  • Share gains/losses

  • Competitive moats]

Total Addressable Market

TAM Calculation

Current TAM (2025):              $XXbn
Projected TAM (2030):            $XXbn
CAGR:                            XX%

Segmentation:
- [Segment A]:                   $XXbn
- [Segment B]:                   $XXbn
- [Segment C]:                   $XXbn

TAM Growth Chart [Visual showing TAM expansion over time by segment]

Company's Market Opportunity

Total TAM (2030):                $XXbn
Serviceable TAM:                 $XXbn
Company's Realistic Share:       XX%
Implied Revenue Potential:       $XXbn
Industry Dynamics

Porter's Five Forces Analysis

  • Threat of new entrants: [High/Medium/Low] - [Explanation]

  • Bargaining power of suppliers: [High/Medium/Low] - [Explanation]

  • Bargaining power of buyers: [High/Medium/Low] - [Explanation]

  • Threat of substitutes: [High/Medium/Low] - [Explanation]

  • Industry rivalry: [High/Medium/Low] - [Explanation]

Key Industry Trends

  1. [Trend 1]: [Description and impact]

  2. [Trend 2]: [Description and impact]

  3. [Trend 3]: [Description and impact]


PAGES 32-34: VALUATION ANALYSIS

Valuation Methodology Summary
Valuation Method            Weight    Implied Value    Weighted Value
DCF Analysis                50%       $XX - $YY        $ZZ
Trading Comparables         30%       $XX - $YY        $ZZ
Precedent Transactions      20%       $XX - $YY        $ZZ
                           ────       ─────────────    ─────────
Weighted Average Price Target         $AA - $BB        $CC
DCF Analysis

Key Assumptions

Revenue Growth (2025-2029):         XX% CAGR
Terminal Growth Rate:               X.X%
WACC:                               X.X%
Terminal Year EBITDA Margin:        XX%

Figure X - DCF Sensitivity Analysis ($/share)

CRITICAL FORMAT: DCF sensitivity must be shown as a 2-way heat map table with color coding.

                        Terminal Growth Rate
WACC        2.0%      2.5%      3.0%      3.5%      4.0%
8.0%        $52       $55       $58       $62       $66
9.0%        $48       $51       $54       $57       $61
10.0%       $45       $47       $50       $53       $56
11.0%       $42       $44       $47       $49       $52
12.0%       $39       $41       $44       $46       $49

Color coding: Green (higher values) → Yellow (mid) → Red (lower values)
Source: [Firm Name] estimates.

Scenario Analysis

Scenario      Enterprise Value    Equity Value    Price/Share
Bear Case     $XXbn              $XXbn           $XX
Base Case     $XXbn              $XXbn           $XX
Bull Case     $XXbn              $XXbn           $XX
Trading Comparables

Figure X - Comparable Companies Analysis

CRITICAL FORMAT: Comp table must have two-part structure with statistical summary.

Part 1: Individual Company Data

Company         Ticker   Market   EV/Rev   EV/Rev   EV/EBITDA  EV/EBITDA  Rev     EBITDA
                         Cap($B)  2024E    2025E    2024E      2025E      Growth  Margin
Peer A          PERA     XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
Peer B          PERB     XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
Peer C          PERC     XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
Peer D          PERD     XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
[Company]       COMP     XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%

Part 2: Statistical Summary

Max                      XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
75th Percentile          XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
Median                   XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
25th Percentile          XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%
Min                      XX.X     X.Xx     X.Xx     XX.X       XX.X       XX%     XX%

Source: FactSet, company filings, [Firm Name] estimates.

Implied Valuation [Calculation showing application of peer multiples to company's metrics]

Precedent Transactions [If Applicable]

Figure X - Precedent Transaction Analysis

Date        Target       Acquirer      Deal      EV/Rev   EV/EBITDA  Premium
                                      Value($B)
[MM/YYYY]   [Company A]  [Buyer A]    X.X       X.Xx     XX.X       XX%
[MM/YYYY]   [Company B]  [Buyer B]    X.X       X.Xx     XX.X       XX%
[MM/YYYY]   [Company C]  [Buyer C]    X.X       X.Xx     XX.X       XX%
────────────────────────────────────────────────────────────────────
Median                                          X.Xx     XX.X       XX%

Source: Capital IQ, company filings, [Firm Name] estimates.

Control Premium Analysis [Discussion of typical premiums in the industry]

Valuation Summary

Figure X - Valuation Football Field

CRITICAL FORMAT: Football field must be a horizontal bar chart showing all valuation methods.

Valuation Method                Low End ────── Range ────── High End

DCF Analysis                    $42 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓ $58

Trading Comps (NTM)             $45 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓ $55

Precedent Trans.                $48 ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓ $60
                                                      ↑
                                            Current Price: $50
────────────────────────────────────────────────────────────────
Valuation Range:                $42                        $60

Color coding: Each method should have distinct color bar
Add vertical line showing current stock price
Source: [Firm Name] estimates.

Price Target & Recommendation

Current Price:              $XX.XX ([Date])
Price Target:               $YY.YY
Upside/Downside:            ZZ%

Recommendation:             BUY / HOLD / SELL
Time Horizon:               12 months

Catalysts:
• [Near-term catalyst with timeframe]
• [Medium-term catalyst with timeframe]
• [Long-term catalyst with timeframe]

PAGES 35+: APPENDICES & DISCLOSURES

Appendix A: Detailed Financial Model

[Reference to Excel model]

Appendix B: Management Bios

[Extended bios if not included in main text]

Appendix C: Product Detail

[Additional product information if needed]

Appendix D: Industry Data Sources

[List of sources used for industry analysis]

Required Disclosures
  • Analyst certification

  • Important disclosures

  • Company-specific disclosures

  • Legal entity disclosures

  • Other regulatory disclosures


GRAPHICS & CHARTS TO INCLUDE

TARGET: 20-30+ charts throughout the report

CRITICAL PRINCIPLE: Charts should be embedded within text sections, NOT grouped on separate pages. Every page (except TOC) should have at least one chart or table.

Page 1 - Executive Summary (3 charts)
  1. Revenue/ARR growth trajectory (line chart, historical + projected)

  2. Key metrics dashboard (multi-panel chart)

  3. Market positioning or margin progression

Pages 3-5 - Investment Thesis & Risks (3 charts)
  1. TAM growth and opportunity (stacked area chart)

  2. Competitive positioning matrix (2×2 with bubbles)

  3. Margin expansion pathway (waterfall or line)

Pages 6-17 - Company 101 (6-8 charts)
  1. Business model diagram (flow chart)

  2. Company timeline (horizontal timeline)

  3. Funding history (bar chart with valuation line)

  4. Organization chart

  5. Product portfolio matrix

  6. Customer segmentation (pie or tree map)

  7. Geographic revenue breakdown

  8. Customer cohort retention

Pages 18-20 - Growth Outlook (4 charts)
  1. Revenue bridge showing drivers (waterfall)

  2. Market share evolution (line chart)

  3. Product roadmap (timeline)

  4. Geographic expansion (map with timeline)

Pages 21-24 - Financials (7 charts) ⭐ CRITICAL SECTION
  1. Revenue growth trajectory (line with annotations)

  2. Revenue by product/segment (stacked area) ⭐ MUST HAVE

  3. Revenue by geography (stacked bar) ⭐ MUST HAVE

  4. Gross margin evolution (line chart)

  5. Operating margin progression (waterfall or line)

  6. Free cash flow trajectory (bar + line combo)

  7. Key operating metrics dashboard (multi-panel)

  8. Scenario comparison (grouped bar: Bear/Base/Bull)

Pages 25-30 - Industry Overview (6 charts)
  1. Market size evolution (area chart with CAGR)

  2. Competitive landscape map (2×2)

  3. Market share pie chart

  4. Market share evolution over time (line chart)

  5. TAM segmentation

  6. Industry trend charts

Pages 31-34 - Valuation (5 charts)
  1. DCF sensitivity analysis (heat map)

  2. DCF waterfall (PV of cash flows → equity value)

  3. Trading comps scatter plot (growth vs. multiple)

  4. Peer valuation multiples (grouped bar)

  5. Valuation football field (range chart)

  6. Price target scenarios (bar with upside/downside)

Chart Style Guidelines:

  • Consistent color scheme throughout (pick 3-5 brand colors)

  • Professional fonts (Arial, Calibri, or similar)

  • Clear labels and legends on every chart

  • Source citations at bottom of each chart

  • High information density - use chart space efficiently

  • Mix of chart types for visual interest

  • Annotations to highlight key insights

  • Embedded in text - never standalone pages

  • Sparklines in tables where appropriate


NOTES ON USING THIS TEMPLATE

  1. PAGE 1 IS CRITICAL: The executive summary on page 1 must contain ALL key information - fast facts, financial snapshot, 3 charts, valuation summary, thesis, and risks. This is the most important page.

  2. MAXIMUM DENSITY: Professional equity research is EXTREMELY information-dense. Every page should be packed with interspersed text, charts, and tables. Aim for 60-80% page coverage with minimal white space.

  3. NO ORPHANED SECTIONS: Never have a section header alone, or a single chart/table on its own page. Always combine elements. Example: DON'T put "Financial Snapshot" on page 6 by itself - integrate it with surrounding content.

  4. 20-30+ CHARTS: Include extensive graphics throughout, with specific emphasis on:

    • Revenue by product/segment (stacked area chart)

    • Revenue by geography (stacked bar chart)

    • Financial performance trends (multiple charts)

    • Charts should be embedded within text, not grouped separately

  5. Use DOC Skill: This outline should be converted to a professional Word document using the DOC skill, with proper formatting, styles, headers/footers, and page numbers

  6. Intersplice Content: Text paragraphs should have charts embedded inline. Each page should have 2-4 distinct elements (tables, charts, text blocks).

  7. Consistent Formatting: Use consistent styles for headers, body text, tables, and charts throughout. Pick a color scheme and stick to it.

  8. References: Include citations and sources for all data points

  9. Proofread: Always proofread for accuracy, especially financial data and calculations

  10. Executive Summary Last: While it appears on page 1, write this section last after completing the full analysis

  11. Balance: Present both positive and negative aspects objectively

  12. Specific > Generic: Use specific data and examples rather than generic statements

Requirements and compatibility

Written for: Claude Code, Claude apps

Works with: Claude Code, Claude apps, OpenAI Codex, GitHub Copilot, Cursor, Gemini CLI, Kiro, OpenCode, Goose, Amp, Roo Code, JetBrains Junie, Factory Droid, Devin (ex-Windsurf), Mistral Vibe, OpenHands, Letta

“Works with” means the tool reads the open Agent Skills format; a skill written for one tool may use features others lack.

Needs: Names Claude Code tools

Security

What our scanner noticed· Low risk

  • Instructions that use the network

A static scan is not a guarantee. Skills are third-party content: review a skill before you let an agent use it.

Attribution and licence

Published by
Anthropic
Publisher
Anthropic (Official)
Source
anthropics/financial-services · plugins/vertical-plugins/equity-research/skills/initiating-coverage · commit 6056506
Licence
Apache License 2.0 (redistribution allowed)
  • LICENSE (added by AutoGineer from LICENSE)
  • ATTRIBUTION.md (written by AutoGineer)
Synced

AutoGineer is not affiliated with or endorsed by Anthropic.

Download ZIP

The ZIP holds the skill’s files, its licence files and an ATTRIBUTION.md. Download initiating-coverage.zip