Initiating Coverage
AnthropicOfficialPublished by Anthropic
- Skill
- Workflow
- Business and productivity
- Apache-2.0
- Low risk
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
Download the skill as a ZIP:
https://autogineer.com/agent-skills/anthropics/initiating-coverage/downloadUnzip 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:
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?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)?Never automatically assume which task to start - always ask user to confirm.
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:
| Task | Name | Prerequisites | Output |
|---|---|---|---|
| 1 | Company Research | Company name/ticker | 6-8K word document |
| 2 | Financial Modeling | 10-K or financials access | Excel model (6 tabs) |
| 3 | Valuation Analysis | Financial model (Task 2) | Valuation + price target |
| 4 | Chart Generation | Tasks 1, 2, 3 + external data | 25-35 PNG/JPG charts |
| 5 | Report Assembly | ALL 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 immediatelyPattern 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 1Correct 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 outputsTask 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:
Verify company name/ticker provided
Load detailed instructions from references/task1-company-research.md
Execute qualitative research workflow
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:
Verify access to financial data
Load detailed instructions from references/task2-financial-modeling.md
Step 1: Extract historical financials (if needed)
Step 2+: Build projection model with 6 essential tabs
Deliver Excel model
Output: Excel Financial Model (.xlsx)
6 essential tabs:
Revenue Model - Product breakdown (20-30 rows) + Geography breakdown (15-20 rows)
Income Statement - Full P&L with 40-50 line items, historical (3-5 years) + projected (5 years)
Cash Flow Statement - Operating/Investing/Financing activities, historical + projected
Balance Sheet - Assets/Liabilities/Equity, historical + projected
Scenarios - Bull/Base/Bear comparison table
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 metricsProcess:
Verify financial model is accessible
Load detailed instructions from references/task3-valuation.md
Execute valuation workflow
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:
Verify model and valuation outputs are accessible
Load detailed instructions from references/task4-chart-generation.md
Execute chart generation workflow
Package all charts into a zip file
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:
CRITICAL: Verify ALL prerequisites before starting
Load detailed instructions from references/task5-report-assembly.md
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
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 metExample 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.docxNo 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:
Complete all 5 tasks in order
Pass all input verifications
Meet all quality standards
Produce all required deliverables
Numbers cross-check between outputs
Final report is publication-ready
Output quality: Institutional (JPMorgan/Goldman/Morgan Stanley level) Use case: First-time comprehensive coverage of a company
Files
- ATTRIBUTION.mdAdded by AutoGineer937 B
- LICENSELicence file added by AutoGineer11.1 KiB
- SKILL.md29.1 KiB
- assets/quality-checklist.md9.4 KiB
- assets/report-template.md28.5 KiB
- references/task1-company-research.md11.8 KiB
- references/task2-financial-modeling.md27.2 KiB
- references/task3-valuation.md22.2 KiB
- references/task4-chart-generation.md32.1 KiB
- references/task5-report-assembly.md50.8 KiB
- references/valuation-methodologies.md13.8 KiB
references/task2-financial-modeling.md
Task 2: Financial Modeling - Detailed Workflow
This document provides step-by-step instructions for executing Task 2 (Financial Modeling) of the initiating-coverage skill.
Task Overview
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 and recent 10-Qs from SEC EDGAR
For private companies: Financial statements or estimates from available sources
OR: Pre-extracted historical financials provided by user
Optional: Company research (Task 1) for business context
Output: Excel Financial Model (.xlsx) with 6 essential tabs:
Revenue Model
Income Statement
Cash Flow Statement
Balance Sheet
Scenarios
DCF Inputs
Input Verification
BEFORE STARTING - CHECK:
Option A: Extract financials directly (most common)
[ ] Have access to 10-K filings (public company)?
[ ] OR have access to financial statements (private company)?
[ ] Ready to create Excel file for historical extraction?
Option B: User has pre-extracted financials
[ ] Historical financials file provided? (.xlsx or other format)
[ ] Contains 3-5 years of income statement, cash flow, balance sheet?
[ ] Data is clean and ready to use?
Optional Context:
[ ] Company research (Task 1) complete for business understanding?
IF VERIFICATION FAILS: Stop and obtain access to financial statements (10-K or equivalent) before proceeding.
Model Structure and Formatting
Color Coding (Industry Standard)
Blue text: Hardcoded inputs (user can change)
Black text: Formulas and calculations
Green text: Links to other sheets
Red text: Errors or flags (should be resolved)
Formatting Standards
Professional borders and shading
Clear section headers
Grouped rows for collapsibility
Named ranges for key inputs/outputs
No hardcoded numbers in formulas (except constants like 12 months)
Clear units ($ thousands, $ millions, etc.)
Formula Best Practices
All numbers should flow from assumptions
Change an assumption → entire model updates
No circular references
Use named ranges for key cells
Keep formulas simple and auditable
Add comments for complex calculations
Step-by-Step Modeling Workflow
Step 1: Extract Historical Financials
If historical financials are already extracted, skip to Step 2.
For Public Companies:
Download 10-K Filing
Go to SEC EDGAR (https://www.sec.gov/edgar/searchedgar/companysearch.html)
Search for company name or ticker
Download latest 10-K (annual report)
Navigate to Item 8: Financial Statements and Supplementary Data
Create Historical Financials Excel File
File name:
[Company]_Historical_Financials_[Date].xlsxThis file will be the foundation for the model
Extract Income Statement (3-5 years)
Create Sheet 1: "Historical Income Statement"
Extract ALL line items for 3-5 years:
Revenue (total and by segment if disclosed)
Cost of revenue / COGS
Gross profit
Operating expenses (R&D, Sales & Marketing, G&A broken out)
EBITDA (calculate if not disclosed: EBIT + D&A)
EBIT / Operating income
Interest expense/income
Other income/expense
Pre-tax income
Income tax and tax rate
Net income
EPS (basic and diluted)
Shares outstanding (basic and diluted)
Extract Cash Flow Statement (3-5 years)
Create Sheet 2: "Historical Cash Flow"
Extract ALL line items:
Operating activities (starting from net income)
Depreciation & amortization
Stock-based compensation
Changes in working capital (receivables, inventory, payables)
Cash from operations
Investing activities (CapEx, acquisitions)
Financing activities (debt issuance/repayment, equity, dividends)
Net change in cash
Beginning and ending cash
Extract Balance Sheet (3-5 years)
Create Sheet 3: "Historical Balance Sheet"
Extract ALL line items:
Current assets (cash, receivables, inventory, other)
Non-current assets (PP&E, intangibles, goodwill)
Total assets
Current liabilities (payables, accrued expenses, current debt)
Non-current liabilities (long-term debt, deferred taxes)
Total liabilities
Shareholders' equity (common stock, retained earnings)
Total liabilities + equity
Calculate Historical Metrics
Create Sheet 4: "Historical Metrics"
Calculate from statements:
Revenue growth % (YoY)
Gross margin %
EBITDA margin %
Operating margin %
Net margin %
Free cash flow (CFO - CapEx)
FCF margin %
ROIC (approximate: NOPAT / Invested Capital)
Debt/Equity ratio
Current ratio (Current Assets / Current Liabilities)
Document Sources and Notes
Create Sheet 5: "Notes"
Document:
10-K filing date and fiscal year end
Any one-time items or adjustments noted
Non-GAAP vs GAAP differences
Segment breakdown (if revenue split by product/geography)
Data quality notes and limitations
For Private Companies:
Gather Available Data
Financial statements (if available)
Press releases with revenue figures
Funding announcements
Industry estimates or comparable company data
Create Simplified Historical File
Estimated revenue (if available)
Estimated margins (from comparables if needed)
Key ratios and metrics
Document all assumptions and sources
Verification:
[ ] All 3 financial statements extracted (3-5 years)
[ ] Numbers reconcile across statements (net income ties)
[ ] Key metrics calculated correctly
[ ] Excel file saved and can be opened
[ ] Data sources documented (10-K dates, page numbers)
Foundation for projection model is now complete. Proceed to Step 2.
Capital expenditures
Working capital items
Debt and interest expense
Share count (basic and diluted)
Organize historical data for entry
Prepare 3-5 years of actuals
Will be entered directly into Income Statement, Cash Flow Statement, and Balance Sheet tabs
Historical years in columns, projected years following
Calculate historical trends
Revenue CAGR
Margin progression
OpEx leverage
Working capital patterns
CapEx as % of revenue
These trends will inform projection assumptions
Note: Assumptions will be documented directly in each tab as blue text inputs, not in a separate tab.
Step 2: Model Revenue
CRITICAL: This is the most important and detailed part of the model.
A. Revenue by Product/Category (20-30 rows)
Create detailed table:
2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
Product Category A
Sub-product A1 XX XX XX XX XX XX XX XX XX
Sub-product A2 XX XX XX XX XX XX XX XX XX
Sub-product A3 XX XX XX XX XX XX XX XX XX
Category A Total XX XX XX XX XX XX XX XX XX
% of Total Rev X% X% X% X% X% X% X% X% X%
YoY Growth % - X% X% X% X% X% X% X% X%
Product Category B
[Similar structure]
[Continue for all product categories]
Services Revenue XX XX XX XX XX XX XX XX XX
Other Revenue XX XX XX XX XX XX XX XX XX
TOTAL REVENUE XX XX XX XX XX XX XX XX XX
Total Revenue Growth % - X% X% X% X% X% X% X% X%Key Requirements:
Show absolute revenue ($M) for each category
Calculate % of total revenue for each category
Show YoY growth % for each category
Must have granular sub-categories (not just 3-5 top-level categories)
Show mix shift over time
Link all projections to Assumptions tab
B. Revenue by Geography (15-20 rows)
Create detailed table:
2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
North America
United States XX XX XX XX XX XX XX XX XX
Canada XX XX XX XX XX XX XX XX XX
Mexico XX XX XX XX XX XX XX XX XX
NA Total XX XX XX XX XX XX XX XX XX
% of Total X% X% X% X% X% X% X% X% X%
YoY Growth % - X% X% X% X% X% X% X% X%
Europe
UK XX XX XX XX XX XX XX XX XX
Germany XX XX XX XX XX XX XX XX XX
France XX XX XX XX XX XX XX XX XX
Other Europe XX XX XX XX XX XX XX XX XX
Europe Total XX XX XX XX XX XX XX XX XX
% of Total X% X% X% X% X% X% X% X% X%
YoY Growth % - X% X% X% X% X% X% X% X%
Asia-Pacific
[Similar structure]
Rest of World
[Similar structure]
TOTAL REVENUE XX XX XX XX XX XX XX XX XXVerification:
Revenue by product total = Revenue by geography total = Total revenue
All percentages sum to 100%
Growth rates calculated correctly
C. Revenue by Channel (if applicable)
2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
Direct Sales XX XX XX XX XX XX XX XX XX
E-commerce/Online XX XX XX XX XX XX XX XX XX
Wholesale/Partner XX XX XX XX XX XX XX XX XX
Retail Stores
Company-owned stores XX XX XX XX XX XX XX XX XX
Store count XX XX XX XX XX XX XX XX XX
Sales per store XX XX XX XX XX XX XX XX XX
Other Channels XX XX XX XX XX XX XX XX XX
TOTAL REVENUE XX XX XX XX XX XX XX XX XXStep 3: Model Operating Expenses
A. Cost of Revenue
Break down COGS components
Product costs (materials, manufacturing)
Shipping and logistics
Service delivery costs
Other direct costs
Link to revenue
Calculate COGS as % of revenue
Model gross margin by year
Link to Assumptions tab
B. R&D Expenses
Research & Development 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
R&D Headcount XX XX XX XX XX XX XX XX XX
R&D Comp per head XX XX XX XX XX XX XX XX XX
R&D Personnel Costs XX XX XX XX XX XX XX XX XX
R&D Other Costs XX XX XX XX XX XX XX XX XX
Total R&D XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%C. Sales & Marketing Expenses
Sales & Marketing 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
S&M Headcount XX XX XX XX XX XX XX XX XX
S&M Comp per head XX XX XX XX XX XX XX XX XX
S&M Personnel Costs XX XX XX XX XX XX XX XX XX
Marketing Spend XX XX XX XX XX XX XX XX XX
S&M Other Costs XX XX XX XX XX XX XX XX XX
Total S&M XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%D. General & Administrative
G&A 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
G&A Headcount XX XX XX XX XX XX XX XX XX
G&A Comp per head XX XX XX XX XX XX XX XX XX
G&A Personnel Costs XX XX XX XX XX XX XX XX XX
G&A Other Costs XX XX XX XX XX XX XX XX XX
Total G&A XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%E. Depreciation & Amortization
Link to CapEx schedule
Apply depreciation rates from Assumptions
Calculate annual D&A
Step 4: Build Income Statement
Create full P&L with 40-50 line items:
INCOME STATEMENT 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
REVENUE
[Link to Revenue Model tab]
Total Revenue XX XX XX XX XX XX XX XX XX
YoY Growth % - X% X% X% X% X% X% X% X%
COST OF REVENUE
[Link to COGS breakdown]
Total COGS XX XX XX XX XX XX XX XX XX
GROSS PROFIT XX XX XX XX XX XX XX XX XX
Gross Margin % X% X% X% X% X% X% X% X% X%
OPERATING EXPENSES
Total R&D XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%
Total S&M XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%
Total G&A XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%
Depreciation & Amort. XX XX XX XX XX XX XX XX XX
Total Operating Exp. XX XX XX XX XX XX XX XX XX
% of Revenue X% X% X% X% X% X% X% X% X%
EBITDA XX XX XX XX XX XX XX XX XX
EBITDA Margin % X% X% X% X% X% X% X% X% X%
EBIT XX XX XX XX XX XX XX XX XX
EBIT Margin % X% X% X% X% X% X% X% X% X%
Interest expense (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Interest income XX XX XX XX XX XX XX XX XX
Other income/(expense) XX XX XX XX XX XX XX XX XX
Pre-tax income XX XX XX XX XX XX XX XX XX
Income tax (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Tax rate % X% X% X% X% X% X% X% X% X%
NET INCOME XX XX XX XX XX XX XX XX XX
Net Margin % X% X% X% X% X% X% X% X% X%
SHARES OUTSTANDING
Basic shares (M) XX XX XX XX XX XX XX XX XX
Diluted shares (M) XX XX XX XX XX XX XX XX XX
EARNINGS PER SHARE
Basic EPS $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX
Diluted EPS $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX $X.XX $X.XXStep 5: Build Cash Flow Statement
CASH FLOW STATEMENT 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
OPERATING ACTIVITIES
Net Income XX XX XX XX XX XX XX XX XX
Adjustments:
Depreciation & Amort. XX XX XX XX XX XX XX XX XX
Stock-based comp XX XX XX XX XX XX XX XX XX
Other non-cash XX XX XX XX XX XX XX XX XX
Changes in WC:
Accounts Receivable (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Inventory (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Accounts Payable XX XX XX XX XX XX XX XX XX
Other working capital (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Cash from Operations XX XX XX XX XX XX XX XX XX
INVESTING ACTIVITIES
Capital Expenditures (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Acquisitions (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Other investing XX XX XX XX XX XX XX XX XX
Cash from Investing (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
FREE CASH FLOW XX XX XX XX XX XX XX XX XX
FCF Margin % X% X% X% X% X% X% X% X% X%
FINANCING ACTIVITIES
Debt issuance XX XX XX XX XX XX XX XX XX
Debt repayment (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Equity issuance XX XX XX XX XX XX XX XX XX
Dividends paid (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Other financing XX XX XX XX XX XX XX XX XX
Cash from Financing XX XX XX XX XX XX XX XX XX
NET CHANGE IN CASH XX XX XX XX XX XX XX XX XX
Beginning Cash XX XX XX XX XX XX XX XX XX
Ending Cash XX XX XX XX XX XX XX XX XXStep 6: Build Balance Sheet
Create full balance sheet with 35-45 line items:
BALANCE SHEET 2021A 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
ASSETS
Current Assets:
Cash & Equivalents XX XX XX XX XX XX XX XX XX
Accounts Receivable XX XX XX XX XX XX XX XX XX
Inventory XX XX XX XX XX XX XX XX XX
Prepaid expenses XX XX XX XX XX XX XX XX XX
Other current assets XX XX XX XX XX XX XX XX XX
Total Current Assets XX XX XX XX XX XX XX XX XX
Non-Current Assets:
PP&E, gross XX XX XX XX XX XX XX XX XX
Accumulated Depr. (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
PP&E, net XX XX XX XX XX XX XX XX XX
Intangible assets XX XX XX XX XX XX XX XX XX
Goodwill XX XX XX XX XX XX XX XX XX
Other non-current XX XX XX XX XX XX XX XX XX
Total Non-Current XX XX XX XX XX XX XX XX XX
TOTAL ASSETS XX XX XX XX XX XX XX XX XX
LIABILITIES
Current Liabilities:
Accounts Payable XX XX XX XX XX XX XX XX XX
Accrued expenses XX XX XX XX XX XX XX XX XX
Deferred revenue XX XX XX XX XX XX XX XX XX
Current debt XX XX XX XX XX XX XX XX XX
Other current liab. XX XX XX XX XX XX XX XX XX
Total Current Liab. XX XX XX XX XX XX XX XX XX
Non-Current Liabilities:
Long-term debt XX XX XX XX XX XX XX XX XX
Deferred taxes XX XX XX XX XX XX XX XX XX
Other non-current XX XX XX XX XX XX XX XX XX
Total Non-Current Liab. XX XX XX XX XX XX XX XX XX
TOTAL LIABILITIES XX XX XX XX XX XX XX XX XX
EQUITY
Common stock XX XX XX XX XX XX XX XX XX
Additional paid-in XX XX XX XX XX XX XX XX XX
Retained earnings XX XX XX XX XX XX XX XX XX
Treasury stock (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX) (XX)
Other equity XX XX XX XX XX XX XX XX XX
TOTAL EQUITY XX XX XX XX XX XX XX XX XX
TOTAL LIAB + EQUITY XX XX XX XX XX XX XX XX XX
BALANCE CHECK OK OK OK OK OK OK OK OK OKBalance Check Formula:
Total Assets must equal Total Liabilities + Equity for each year
Flag any imbalances in red
Step 7: Build DCF Inputs Tab
Prepare inputs for valuation (Task 3):
DCF INPUTS 2025E 2026E 2027E 2028E 2029E
EBIT XX XX XX XX XX
Tax Rate X% X% X% X% X%
NOPAT XX XX XX XX XX
Add: D&A XX XX XX XX XX
Less: CapEx (XX) (XX) (XX) (XX) (XX)
Less: Chg in NWC (XX) (XX) (XX) (XX) (XX)
UNLEVERED FCF XX XX XX XX XX
Terminal Year Metrics:
2029E Revenue $X,XXX
2029E EBITDA $XXX
2029E EBIT $XXX
2029E Unlevered FCF $XXXStep 8: Build Scenarios Tab
Create three scenarios with different assumptions:
Scenario Assumptions Table
Assumption Bull Base Bear
Revenue CAGR (2025-2029) XX% XX% XX%
Gross Margin 2029E XX% XX% XX%
EBITDA Margin 2029E XX% XX% XX%
CapEx as % of Revenue X% X% X%
[Add other key assumptions]Scenario Output Table
Metric Bull Base Bear
2029E Revenue ($M) $X,XXX $X,XXX $X,XXX
2029E EBITDA ($M) $XXX $XXX $XXX
2029E EBITDA Margin XX% XX% XX%
2029E Net Income ($M) $XXX $XXX $XXX
2029E EPS $X.XX $X.XX $X.XX
2029E FCF ($M) $XXX $XXX $XXX
2029E FCF Margin XX% XX% XX%
Cumulative FCF 2025-2029 ($M) $XXX $XXX $XXXDocument scenario rationale:
Bull case: [Describe optimistic but achievable assumptions]
Base case: [Describe most likely scenario]
Bear case: [Describe downside risks and triggers]
Step 9: Quality Check
Verify model integrity:
[ ] Test all formulas (spot check calculations)
[ ] Change assumption → verify model updates correctly
[ ] Test scenario switching
[ ] Verify color coding (blue/black/green)
[ ] Check balance sheet balances for all years
[ ] Verify no circular references (Excel will flag)
[ ] Check for hardcoded numbers in projections
[ ] Verify all cross-sheet links work
[ ] Test that revenue totals tie across all tabs
[ ] Review formatting and presentation
Quality Standards
Model Integrity
All formulas link properly across sheets
No hardcoded numbers in projections (except in Assumptions tab)
No circular references
Balance sheet balances for all years
Scenario switching works properly
Completeness
All 6 essential tabs: Revenue Model, Income Statement, Cash Flow Statement, Balance Sheet, Scenarios, DCF Inputs
40-50 line items in Income Statement
20-30 rows in Revenue Model (product breakdown)
15-20 rows in Revenue Model (geography breakdown)
Full cash flow and balance sheet with all line items
Bull/Base/Bear scenarios complete
Professional Formatting
Consistent color coding (blue/black/green)
Clear headers and labels
Proper borders and shading
Named ranges for key cells
Grouped rows for collapsibility
Units clearly labeled ($ thousands vs. $ millions)
Documentation
Assumptions documented with rationale (blue text cells with comments)
Data sources noted in cell comments or notes section within tabs
Complex calculations explained with comments
Methodology described
File Naming Convention
Save the financial model as:
[Company]_Financial_Model_[Date].xlsx
Example: Tesla_Financial_Model_2024-10-27.xlsx
Success Criteria
A successful financial model should:
Have all 6 essential tabs (Revenue Model, Income Statement, Cash Flow Statement, Balance Sheet, Scenarios, DCF Inputs)
Be fully dynamic (change assumption → model updates)
Have no hardcoded numbers in projections
Include detailed revenue breakdowns (20-30 rows by product, 15-20 rows by geography)
Contain 40-50 line items in Income Statement
Include Bull/Base/Bear scenarios
Be professionally formatted with color coding
Balance properly (balance sheet, cash flows)
Be auditable and easy to follow
Support valuation analysis with proper FCF calculations
Common Model Types - Special Considerations
High-Growth Tech/SaaS
Focus on ARR growth and net retention
Model by product line and geography
Heavy R&D and S&M spend
Path to profitability timeline
Unit economics (LTV/CAC)
E-commerce/Retail
Revenue by product category and channel
Store count and comp store growth (if applicable)
Inventory turns and working capital
Fulfillment costs
Customer acquisition
Manufacturing/Industrial
Production capacity utilization
Raw material costs and pricing
Gross margin bridge (volume/price/mix/cost)
CapEx heavy models
Working capital cycles
Next Steps
After completing Task 2, the financial model will be used for:
Task 3 (Valuation): DCF inputs, projected financials
Task 4 (Charts): Data for revenue trends, margin charts, scenario comparisons
Task 5 (Report Assembly): Financial data for report tables and analysis
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
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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
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