Equity Research Analyst

Equity Research Analyst

Produce institutional-grade equity research deliverables covering nine distinct workflows. Each workflow has its own dedicated reference file in references/workflows/; this SKILL.md is the dispatcher and the hub for cross-workflow conventions.

Loading Strategy

Keep context tight and load only the files needed for the active task.

1. Match the request to exactly one workflow in references/workflows/. 2. Read only that workflow file first. 3. Open deep-dive references only when the active workflow points to them. 4. Read references/tradingviewapi.md before opening anything in references/tradingviewapi-docs/. 5. Treat references/tradingviewapi-docs/ as a lookup bundle: search by endpoint name or JSON field, then open the smallest relevant file instead of loading an entire large example file.

tradingviewapi lookup guide

• Start with references/tradingviewapi.md for task-to-endpoint mapping.
• Use references/tradingviewapi-docs/README.md for file selection inside the bundled API docs.
• Use references/tradingviewapi-docs/openapi.json as the source of truth for exact parameters, defaults, and allowed enum values.
• Use references/tradingviewapi-docs/examples/ mainly for concrete URL patterns and response shapes, not for deciding which asset-class parameter should be used.
• If an example and the OpenAPI spec disagree, trust openapi.json for parameters and trust executed examples only for payload shape after the request has been validated against the spec.
• Search patterns that usually find the right example quickly:
• GET /api/market-data/{symbol}
• GET /api/calendar/earnings
• GET /api/search/market/{query}
• earnings_release_next_date
• analyst-recommendations

When to invoke which workflow

Match the user request to one of the nine workflows below and read the corresponding reference file from references/workflows/. If the request is ambiguous, ask the user to confirm before committing.

Single-workflow discipline (especially for initiating-coverage)

The initiation-report workflow has five sequential tasks (Company Research → Financial Modeling → Valuation → Charts → Assembly). Execute one task per user request, verify prerequisites before the next task, and never auto-chain. Details in references/workflows/initiating-coverage.md.

Primary data source: tradingviewapi

Before Web Search, pull structured numeric data (financials, TTM ratios, analyst consensus, calendars, prices, technicals, news) from the bundled tradingviewapi (TradingView proxy). One call to `/api/market-data/{symbol}` covers ~70% of the numeric content of a typical research report.

• Full endpoint map, curl examples, and JSON-path-to-report-field mapping: references/tradingviewapi.md
• OpenAPI spec and example responses: references/tradingviewapi-docs/

Authentication: users must provide their own RAPIDAPI_KEY env var (RapidAPI hosted).

Use Web Search ONLY for narrative content: MD&A text, forward guidance wording, earnings call transcripts, segment breakdowns, risk factors, management bios, industry research, FDA/regulatory decisions. Pull raw SEC 10-K/10-Q only when direct quotation or audit is required.

Global conventions

Data freshness

• Training data is outdated. Before writing, verify today's date and confirm that the latest fetched data is current (next earnings date, last reported quarter).
• If data.current.fiscal_period_current is >90 days old, flag as "last reported" and Web Search for newer disclosures.
• Treat data.current.fiscal_period_current as a structured provider label, not the final narrative quarter label. If company IR / SEC naming differs (for example provider 2025-Q4 vs company-reported Fiscal 2026 Q4), use the latest primary-source wording in the written report and cite that source explicitly.

Ticker resolution

• Always use EXCHANGE:TICKER format (e.g., NASDAQ:AAPL, NYSE:JPM).
• If the user supplies only a company name, resolve it via /api/search/market/{query}?filter=stock before proceeding.
• Use the resolved symbol from /api/search/market/{query} as the canonical identifier for the workflow. Do not rely on data.company.ticker or data.company.exchange from /api/market-data/{symbol} as the canonical listing identifier, because those fields may be null or may reflect a quote venue rather than the primary exchange.

Citation standard

Every numeric fact in a deliverable must cite its source:

Source: Structured data via tradingviewapi (TradingView); fetched [YYYY-MM-DD]
        Endpoint: /api/market-data/NASDAQ:AAPL
        Fiscal period: 2026-Q1

SEC filings keep separate EDGAR hyperlinks. When consensus data comes from the API, cite the analyst-recommendations endpoint explicitly instead of a generic terminal label.

Output formatting

• Default font for Word deliverables: Times New Roman.
• Do not add emojis to research reports unless the user explicitly requests them.
• Follow the page/structure templates in assets/initiating-coverage/report-template.md for initiation reports.
• Use references/initiating-coverage/quality-checklist.md for final initiation-report QA.
• Other workflows use the template embedded in their own reference file.

No shortcuts

• Deliver exactly the outputs specified in each workflow reference. Do not create extra "completion summaries", "executive summaries", or "quick reference guides".
• Do not fabricate data. Missing field → "N/A". Missing consensus → state "consensus not available".

Fallback strategy

1. tradingviewapi unavailable → fall back to Web Search + SEC EDGAR per the workflow reference. 2. Ticker unresolved → ask the user for EXCHANGE:TICKER. 3. Ambiguous workflow → ask the user which deliverable they want.

Directory layout

equity-research-analyst/
├── SKILL.md                              # This file
├── references/
│   ├── tradingviewapi.md                   # Endpoint map + report-field mapping
│   ├── tradingviewapi-docs/                # Bundled API spec + examples (snapshot)
│   │   ├── README.md
│   │   ├── openapi.json
│   │   └── examples/ (12 .md files)
│   ├── workflows/                        # One dispatch target per workflow
│   │   ├── initiating-coverage.md
│   │   ├── earnings-analysis.md
│   │   ├── earnings-preview.md
│   │   ├── catalyst-calendar.md
│   │   ├── morning-note.md
│   │   ├── sector-overview.md
│   │   ├── thesis-tracker.md
│   │   ├── model-update.md
│   │   └── idea-generation.md
│   ├── earnings-analysis/                # Deep-dive references for earnings workflow
│   │   ├── workflow.md
│   │   ├── report-structure.md
│   │   └── best-practices.md
│   └── initiating-coverage/              # Deep-dive references for initiation tasks 1-5
│       ├── task1-company-research.md
│       ├── task2-financial-modeling.md
│       ├── task3-valuation.md
│       ├── task4-chart-generation.md
│       ├── task5-report-assembly.md
│       ├── quality-checklist.md
│       └── valuation-methodologies.md
├── assets/
│   └── initiating-coverage/              # Templates used in output
│       └── 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.

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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: Structured data via tradingviewapi (TradingView), company filings, [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

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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

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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]

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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

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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]

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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

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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]

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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: Structured data via tradingviewapi (TradingView), 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)

4. TAM growth and opportunity (stacked area chart) 5. Competitive positioning matrix (2×2 with bubbles) 6. Margin expansion pathway (waterfall or line)

Pages 6-17 - Company 101 (6-8 charts)

7. Business model diagram (flow chart) 8. Company timeline (horizontal timeline) 9. Funding history (bar chart with valuation line) 10. Organization chart 11. Product portfolio matrix 12. Customer segmentation (pie or tree map) 13. Geographic revenue breakdown 14. Customer cohort retention

Pages 18-20 - Growth Outlook (4 charts)

15. Revenue bridge showing drivers (waterfall) 16. Market share evolution (line chart) 17. Product roadmap (timeline) 18. Geographic expansion (map with timeline)

Pages 21-24 - Financials (7 charts) ⭐ CRITICAL SECTION

19. Revenue growth trajectory (line with annotations) 20. Revenue by product/segment (stacked area) ⭐ MUST HAVE 21. Revenue by geography (stacked bar) ⭐ MUST HAVE 22. Gross margin evolution (line chart) 23. Operating margin progression (waterfall or line) 24. Free cash flow trajectory (bar + line combo) 25. Key operating metrics dashboard (multi-panel) 26. Scenario comparison (grouped bar: Bear/Base/Bull)

Pages 25-30 - Industry Overview (6 charts)

27. Market size evolution (area chart with CAGR) 28. Competitive landscape map (2×2) 29. Market share pie chart 30. Market share evolution over time (line chart) 31. TAM segmentation 32. Industry trend charts

Pages 31-34 - Valuation (5 charts)

33. DCF sensitivity analysis (heat map) 34. DCF waterfall (PV of cash flows → equity value) 35. Trading comps scatter plot (growth vs. multiple) 36. Peer valuation multiples (grouped bar) 37. Valuation football field (range chart) 38. Price target scenarios (bar with upside/downside)

Chart Style Guidelines:

• Consistent color scheme throughout (pick 3-5 brand colors)
• Professional fonts (default to Times New Roman unless the user specifies otherwise)
• 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

Equity Research Analyst Skill

This repository contains the source for the equity-research-analyst skill: a reusable AI skill for producing institutional-style equity research deliverables with a structured workflow, TradingView-backed market data, and workflow-specific reference materials.

What This Skill Does

The skill is designed to help an AI agent handle common sell-side and buy-side research tasks such as:

• initiation-of-coverage reports
• earnings analyses
• earnings previews
• catalyst calendars
• morning notes
• sector overviews
• thesis trackers
• financial model updates
• idea-generation and stock screens

The skill prefers structured numeric data from the bundled tradingviewapi reference set, then falls back to web research for narrative material such as guidance wording, transcripts, risk factors, management commentary, and proprietary industry context.

SKILL.md Is The Real Entry Point

The most important file in this repository is SKILL.md.

For git users, this README.md explains the repository. For AI agents, SKILL.md is the actual product entry point and the file that gets packaged into the distributable .skill.

SKILL.md defines:

• the skill metadata used for triggering
• which user requests should map to which workflow
• how the agent should load files progressively instead of reading everything at once
• when to use tradingviewapi versus web research
• which workflows already have explicit tradingviewapi playbooks for earnings, previews, model updates, thesis tracking, morning notes, sector work, and idea generation
• global conventions for freshness checks, citation style, ticker resolution, and output formatting

In practice, SKILL.md acts as a dispatcher. It does not try to contain every detail inline. Instead, it routes the agent to the smallest relevant file in references/ for the active task.

How The Skill Is Organized

The repository follows a progressive-disclosure structure:

• SKILL.md

The top-level dispatcher and packaged entry point.

• references/workflows/

Workflow routing files such as initiating coverage, earnings analysis, earnings preview, and idea generation.

• references/initiating-coverage/

Deep-dive task files for the five-step initiation workflow.

• references/earnings-analysis/

Detailed guidance for earnings-update execution, report structure, and QA.

• references/tradingviewapi.md

The main task-to-endpoint mapping for the TradingView proxy API, now including workflow-specific scenarios beyond earnings and initiation.

• references/tradingviewapi-docs/

Bundled API specification and endpoint examples used as a lookup bundle.

• assets/

Output-oriented templates, currently focused on initiation-report assembly.

Key Design Ideas In SKILL.md

If you are reviewing or extending this skill, these are the main design decisions to understand first:

• Single-workflow discipline

The agent should map a request to one workflow at a time.

• Progressive disclosure

The agent should read only the workflow and reference files needed for the active task.

• Structured-data-first research

Numeric market and financial content should come from tradingviewapi before web search.

• Workflow-specific endpoint mapping

Each major workflow should say which tradingviewapi endpoints provide its numeric baseline, and which tasks still need Web / SEC / IR follow-up.

• Clear fallback rules

Web search is still required for narrative, regulatory, and transcript-heavy content.

• Institutional output standards

Reports are expected to follow consistent citation, formatting, and completeness rules.

Repository-Only Files Vs Packaged Skill Files

This repository is both:

• a git repository for humans
• a source directory for a packaged .skill artifact

That means some files are useful for the repository but should not be shipped inside the final skill package.

• .skillignore defines repo-only files to exclude from packaged .skill artifacts
• README.md is intentionally kept for the git repository and excluded from .skill output
• the packager also skips .git/ by default

This keeps the distributed skill clean while still allowing the repository to have normal project documentation.

Packaging

To validate and package the skill from the repository root:

python3 ~/.agents/skills/skill-creator/scripts/package_skill.py .

The packager now respects .skillignore, so repo-only files like this README.md are not included in the generated .skill file.

Best Practices, Examples, and Quality Guidelines

This document provides examples, tips for success, common mistakes to avoid, and comprehensive quality checklists.

Quick Navigation

1. Example Headlines 2. Tips for Success 3. Common Mistakes to Avoid 4. Comprehensive Quality Control Checklist 5. Pre-Delivery Final Check 6. Summary Delivery Format

Example Headlines

Good Earnings Update Headlines:

• "Nike Q2 FY24: DTC Strength Offsets Wholesale Weakness - Maintaining OW, PT $95"
• "Tesla Q3'24: Cybertruck Ramp Ahead of Plan - Raising Estimates, PT to $285"
• "LVMH Q4'24: Fashion & Leather Resilient, Wines Weak - In-Line, Reiterating Buy"
• "Apple Q1 FY24: Services Beat, iPhone Miss - Mixed Quarter, Lowering PT to $185"

Bad Headlines (Avoid):

• "Nike Quarterly Update" (too generic, no takeaway)
• "Company Reports Earnings" (states obvious, no analysis)
• "Q3 Results Analysis" (no company name, no view)

Tips for Success

1. Speed matters: Published 24-48hrs post-earnings, not days later

2. Lead with conclusion: Beat or miss? Up or down estimates?

3. Quantify everything: "Strong" means nothing, "$150M beat on $1.2B revenue" is clear

4. Focus on drivers: Don't just say "revenue beat", explain WHY

5. Show the work: Old estimates → New estimates with reasons

6. Update price target if material: If estimates change >5%, usually PT changes too

7. Acknowledge the call: Reference management commentary, don't just analyze the press release

8. Compare to peers: If similar companies reported, note relative performance

9. Be concise: This is NOT a comprehensive report, stay focused on quarterly results

10. Chart the trends: Quarterly progression charts are most valuable

Common Mistakes to Avoid

❌ Too comprehensive: Don't write an initiation-length report for quarterly results

❌ Missing beat/miss: Lead with whether results beat or missed expectations

❌ Not updating estimates: Must provide updated forward estimates

❌ Vague language: "Strong performance" without quantification

❌ Ignoring guidance: If company guides, analyze it thoroughly

❌ Too slow: Publishing 5+ days after earnings loses relevance

❌ Rehashing basics: Don't spend 3 pages explaining what the company does

❌ Missing price target update: If estimates changed materially, PT should too

❌ No investment impact: Must connect results to thesis and rating

❌ Missing citations: Every number needs a source with clickable hyperlinks

❌ Plain text URLs: All URLs must be formatted as clickable hyperlinks

Comprehensive Quality Control Checklist

Before delivering earnings update, verify all items below:

Content & Analysis Checklist

Beat/Miss Analysis:

• [ ] Beat/miss analysis leads the report
• [ ] Specific variances quantified (e.g., "beat by $120M or 3%")
• [ ] Explanation of WHY results differed from expectations
• [ ] Analysis of each key metric (revenue, EPS, margins, etc.)

Metrics & Performance:

• [ ] All key metrics discussed with YoY comparisons
• [ ] QoQ comparisons included where relevant
• [ ] Segment/geographic/product breakdowns provided
• [ ] Operating metrics analyzed (customers, ARPU, units, etc.)

Guidance & Estimates:

• [ ] Guidance changes analyzed and quantified (if provided)
• [ ] If no guidance, this is explicitly noted
• [ ] Updated estimates provided for current year
• [ ] Updated estimates provided for next year
• [ ] Old vs. new estimates clearly shown
• [ ] Explanation of what changed and why

Valuation & Rating:

• [ ] Price target updated (if warranted by results)
• [ ] If PT unchanged, explicitly maintained
• [ ] Valuation methodology explained
• [ ] Rating confirmed or changed with clear rationale
• [ ] Investment thesis assessed and updated if needed

Format & Length Checklist

Overall Structure:

• [ ] Report is 8-12 pages (not shorter, not longer)
• [ ] Page 1 has earnings summary format
• [ ] Page 1 has "EARNINGS UPDATE" in title (NOT "Initiating Coverage")
• [ ] Event-driven title (e.g., "Strong Q3 Results...")

Tables:

• [ ] 1-3 summary tables included (NOT comprehensive tables)
• [ ] All tables have clear column headers
• [ ] All tables have header row shading
• [ ] All tables have source lines at bottom
• [ ] Estimates table shows old vs. new with change column

Charts:

• [ ] 8-12 charts embedded throughout document
• [ ] All charts have "Figure X - [Title]" caption above
• [ ] All charts have "Source: [Source]" line below
• [ ] Charts focus on quarterly trends
• [ ] Charts highlight changes (beat/miss, revisions)
• [ ] Charts use professional styling

Citations & Sources Checklist ⭐⭐⭐ MANDATORY

Figure & Table Citations:

• [ ] Every figure has specific source with document name and date
• [ ] Every table has specific source with document reference
• [ ] Source citations include page numbers or slide numbers where applicable

Beat/Miss Citations:

• [ ] Beat/miss analysis cites the consensus source used (tradingviewapi or other external source)
• [ ] Consensus source includes "as of" date (pre-earnings close)
• [ ] Company reported results cited to earnings release or 10-Q

Guidance Citations:

• [ ] Current guidance cited to earnings call transcript or release
• [ ] Prior guidance cited to previous quarter's materials
• [ ] Both current and prior guidance sources hyperlinked

Statistics & Metrics:

• [ ] Key statistics have footnotes with sources
• [ ] Footnotes reference specific documents and page/slide numbers
• [ ] Management quotes cite speaker name and source document

Hyperlinks: ⭐⭐⭐ CRITICAL

• [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
• [ ] Hyperlinks formatted with meaningful display text
• [ ] Blue, underlined hyperlink formatting in Word document
• [ ] Hyperlinks tested and working (Ctrl+Click opens correct page)
• [ ] All SEC filings hyperlinked to EDGAR viewer
• [ ] All earnings materials hyperlinked (release, transcript, presentation)
• [ ] Prior quarter materials hyperlinked for comparison
• [ ] No raw URLs displayed anywhere in document

Sources Section:

• [ ] "Sources & References" section included at end of report
• [ ] Section lists all earnings materials with dates
• [ ] All materials have clickable hyperlinks
• [ ] Consensus data sources listed (even if no link for subscription data)
• [ ] Prior period references included

Accuracy Checklist

Numerical Accuracy:

• [ ] Numbers match company's reported results exactly
• [ ] Math checks out in all calculations
• [ ] Estimate changes calculated correctly
• [ ] Valuation math is accurate
• [ ] Charts match text descriptions

Factual Accuracy:

• [ ] No typos in ticker symbol
• [ ] No typos in company name
• [ ] Dates are current and accurate
• [ ] Quarter/year references are correct
• [ ] Year notation correct (A for actual, E for estimate)

Timeliness Checklist

Publication Timing:

• [ ] Report published within 24-48 hours of earnings release
• [ ] If later than 48 hours, acknowledged as "delayed reaction"
• [ ] ✅ VERIFIED all data is from LATEST quarter by searching for recent earnings
• [ ] ✅ Did NOT rely on knowledge cutoff - actively searched for current data
• [ ] Consensus estimates are pre-earnings (not post-earnings)
• [ ] No outdated information included
• [ ] Earnings release date is within last 1-3 months (not 6+ months old)

Writing Style Checklist

Clarity & Directness:

• [ ] Lead with numbers ("Revenue grew 15% to $1.2B" not "Strong revenue")
• [ ] Use "vs." not "versus"
• [ ] Be direct and concise throughout
• [ ] Focus on what's NEW (not rehashing company basics)
• [ ] Avoid vague language ("strong performance" without quantification)

Professional Standards:

• [ ] Institutional tone maintained
• [ ] Consistent terminology throughout
• [ ] No informal language
• [ ] Proper financial notation

Pre-Delivery Final Check

Run through this quick final check before sending report to user:

5-Minute Final Review:

1. Page 1: Rating clear? Price target updated? Key takeaways compelling? 2. Numbers: Do reported results match company's press release exactly? 3. Citations: Spot check 3-4 figures/tables - all have sources with clickable hyperlinks? 4. Estimates: Old vs. new clearly shown? Changes explained? 5. Charts: All 8-12 embedded? All numbered and captioned? 6. Length: Is it 8-12 pages (not 6, not 15)? 7. Hyperlinks: Test 3-4 hyperlinks - do they work with Ctrl+Click? 8. Timeliness: Is this being published within 48 hours of earnings?

If all items check out, the report is ready for delivery.

Summary Delivery Format

When delivering the completed report to the user, provide this summary:

[Company] Q[X] [Year] Earnings Update Complete

Results: [BEAT / INLINE / MISS]
- Revenue: $X.XB ([beat/missed] by $XXM or X%)
- EPS: $X.XX ([beat/missed] by $X.XX)

Key Takeaways:
■ [Takeaway 1]
■ [Takeaway 2]
■ [Takeaway 3]

Updated Estimates:
- FY[Year]E Revenue: $XX.XB (prior: $XX.XB, [+/-]X%)
- FY[Year]E EPS: $X.XX (prior: $X.XX, [+/-]X%)

Rating: [MAINTAINED / RAISED / LOWERED] [RATING]
Price Target: $XXX (prior: $XXX) - [+/-]XX% upside

Deliverables:
✓ 8-12 page earnings update report (DOCX)
✓ 8-12 embedded charts
✓ Updated estimates with old/new comparison
✓ Complete sources section with clickable hyperlinks
✓ [Optional: Updated XLS financial model]

File: [Company]_Q[X]_[Year]_Earnings_Update.docx

Report Structure and Templates

This document provides complete page-by-page templates and formatting requirements for the earnings update DOCX report.

Quick Navigation

1. Complete Report Structure 2. Page 1: Earnings Summary 3. Pages 2-3: Detailed Results Analysis 4. Pages 4-5: Key Metrics & Guidance 5. Pages 6-7: Updated Investment Thesis 6. Pages 8-10: Valuation & Estimates 7. Pages 11-12: Appendix 8. Formatting Requirements 9. Citation Examples

Complete Report Structure

REPORT STRUCTURE:

---

PAGE 1: EARNINGS SUMMARY

Top Section - Header:

[COMPANY NAME] ([TICKER])
[QUARTER] [YEAR] EARNINGS UPDATE

[Current Date]

Rating: [MAINTAIN/RAISE/LOWER] [RATING]
Price (as of [date]): $XX.XX
Price Target: [OLD → NEW if changed, or MAINTAIN $XXX]

Top Section - Quick Summary Box:

EARNINGS SUMMARY
─────────────────────────────────────────────────
Q[X] [YEAR] RESULTS: [BEAT / INLINE / MISS]

                Reported    Est      Variance
Revenue         $X,XXX      $X,XXX   +$XXX (+X%)
EPS (Adj)       $X.XX       $X.XX    +$X.XX (+X%)

Key Takeaways:
■ [Takeaway 1 - one sentence]
■ [Takeaway 2 - one sentence]
■ [Takeaway 3 - one sentence]

Main Content - Investment Impact (3-4 bullets):

Use ■ character with bold headers and paragraph-length explanations:

■ **Results beat on strong [segment/geography/product], maintaining positive momentum**

Q[X] revenue of $X.XB exceeded our $X.XB estimate by X% and consensus by X%,
driven primarily by [specific driver]. [Segment] revenue grew X% YoY (vs. our
X% estimate), while [segment] grew X% (vs. X% estimate). Management highlighted
[specific products/initiatives] as key growth drivers and maintained confident
tone on outlook. The beat demonstrates [thesis point], reinforcing our positive
view.

■ **Margins expanded XXbps YoY despite [headwind], showcasing operational leverage**

[Detailed margin analysis paragraph...]

■ **Guidance raised / maintained / lowered - implies [interpretation]**

[Detailed guidance analysis paragraph...]

■ **Maintaining [RATING] with [raised/unchanged] $XXX price target**

[Investment conclusion paragraph...]

Bottom Section - Updated Estimates Table:

UPDATED FINANCIAL ESTIMATES
─────────────────────────────────────────────────────────────────
                     FY2024E (OLD)  FY2024E (NEW)  Change  FY2025E (NEW)
Revenue ($M)         XX,XXX         XX,XXX         +X%     XX,XXX
Revenue Growth (%)   X.X%           X.X%           +XXbps  X.X%
Gross Margin (%)     XX.X%          XX.X%          +XXbps  XX.X%
EBITDA ($M)          X,XXX          X,XXX          +X%     X,XXX
EBITDA Margin (%)    XX.X%          XX.X%          +XXbps  XX.X%
EPS (Adjusted) ($)   X.XX           X.XX           +X%     X.XX
P/E (x)              XX.Xx          XX.Xx          -X%     XX.Xx

Note: "E" = Estimate. Old estimates from [prior report date].
Source: Company data, [Firm Name] estimates.

---

PAGES 2-3: DETAILED RESULTS ANALYSIS

Break down results by:

Revenue Analysis (1 page)

• Total revenue beat/miss explanation
• Segment/geographic/product breakdown
• YoY and sequential trends
• Comparison to guidance (if provided)

Table: Quarterly Revenue Progression

                        Q[X-3]  Q[X-2]  Q[X-1]  Q[X]    YoY Chg  QoQ Chg
Total Revenue ($M)      X,XXX   X,XXX   X,XXX   X,XXX   +X%      +X%
  [Segment A] ($M)      XXX     XXX     XXX     XXX     +X%      +X%
  [Segment B] ($M)      XXX     XXX     XXX     XXX     +X%      +X%
  [Segment C] ($M)      XXX     XXX     XXX     XXX     +X%      +X%

Note: Q[X] = [Quarter] [Year]
Source: Company reports, [Firm Name] analysis

Profitability Analysis (1 page)

• Gross margin analysis (drivers, trends)
• Operating margin analysis
• Below-the-line items (interest, tax, etc.)
• EPS reconciliation (adjusted vs. GAAP)

Table: Margin Analysis

                        Q[X-3]  Q[X-2]  Q[X-1]  Q[X]    YoY Chg
Gross Margin (%)        XX.X%   XX.X%   XX.X%   XX.X%   +XXbps
Operating Margin (%)    XX.X%   XX.X%   XX.X%   XX.X%   +XXbps
Net Margin (%)          XX.X%   XX.X%   XX.X%   XX.X%   +XXbps

Key Drivers:
+ [Positive driver 1]
+ [Positive driver 2]
- [Negative driver 1]
- [Negative driver 2]

Embed 2-3 charts on these pages:

• Chart 1: Quarterly revenue progression
• Chart 2: Quarterly EPS progression
• Chart 3: Margin trends

---

PAGES 4-5: KEY METRICS & GUIDANCE

Business Metrics (1 page)

• Customer count, ARPU, units, store count, etc.
• Whatever metrics company emphasizes
• Comparison to expectations
• Trends and outlook

Table: Key Operating Metrics

                        Q[X-3]  Q[X-2]  Q[X-1]  Q[X]    YoY Chg  Our Est  Var
[Metric 1]              XXX     XXX     XXX     XXX     +X%      XXX      +X%
[Metric 2]              XXX     XXX     XXX     XXX     +X%      XXX      +X%
[Metric 3]              XXX     XXX     XXX     XXX     +X%      XXX      +X%

Source: Company reports

Guidance & Outlook (1 page)

• What guidance was provided (if any)
• Comparison to prior guidance
• Comparison to Street estimates
• Our assessment of achievability
• Key assumptions

If guidance provided:

MANAGEMENT GUIDANCE vs. ESTIMATES
─────────────────────────────────────────────────────────────────
                     New Guidance    Old Guidance    Change    Street
FY2024E Revenue      $XX-XXB         $XX-XXB         Raised    $XX.XB
FY2024E EPS          $X.XX-X.XX      $X.XX-X.XX      Raised    $X.XX

Our Take: [Brief assessment of guidance]

Embed 2-3 charts:

• Chart 4: Key metrics trends
• Chart 5: Guidance vs. Street comparison
• Chart 6: Revenue by segment/geography

---

PAGES 6-7: UPDATED INVESTMENT THESIS

Thesis Impact Assessment (1-2 pages)

For each key thesis pillar, assess impact of results:

■ **Thesis Pillar 1: [Original thesis statement]**

Status: [STRENGTHENED / UNCHANGED / WEAKENED]

Q[X] results [supported / challenged] this thesis pillar because [specific
evidence from results]. [Detailed analysis of 150-200 words explaining how
results impact this specific thesis element.]

■ **Thesis Pillar 2: [Original thesis statement]**

[Similar analysis]

■ **Thesis Pillar 3: [Original thesis statement]**

[Similar analysis]

Risks Update (0.5 pages)

• Any new risks identified?
• Have existing risks been mitigated or worsened?
• Brief assessment

Embed 1-2 charts:

• Chart 7: Valuation vs. historical
• Chart 8: Estimate revision comparison

---

PAGES 8-10: VALUATION & ESTIMATES

Updated Valuation (1-2 pages)

DCF Update:

Updated DCF inputs based on Q[X] results:
- Revenue growth FY24E: X.X% → X.X% (raised/lowered)
- EBIT margin FY24E: XX.X% → XX.X%
- Terminal growth: X.X% (unchanged)
- WACC: X.X% (unchanged)

Updated DCF fair value: $XXX (prior: $XXX)

Comparable Companies:

[Company] trades at XX.Xx NTM P/E vs. peer median of XX.Xx (-X% discount).
Given [rationale], we believe [premium/discount/inline] valuation is warranted.

Price Target Methodology:

Our $XXX price target (prior: $XXX) is based on:
- XX% DCF
- XX% NTM P/E of XX.Xx (vs. peers at XX.Xx)
- XX% EV/EBITDA

Implied upside: +XX% from current price of $XXX

Updated Estimates Detail

Provide updated estimates for at least current year and next year:

DETAILED ESTIMATE UPDATES
─────────────────────────────────────────────────────────────────
                            FY2024E                 FY2025E
                     Old      New      Change    New Estimate
Revenue ($B)         XX.X     XX.X     +X.X%     XX.X
  [Segment A]        XX.X     XX.X     +X.X%     XX.X
  [Segment B]        XX.X     XX.X     +X.X%     XX.X

Gross Profit ($B)    XX.X     XX.X     +X.X%     XX.X
Gross Margin (%)     XX.X%    XX.X%    +XXbps    XX.X%

EBITDA ($B)          X.X      X.X      +X.X%     X.X
EBITDA Margin (%)    XX.X%    XX.X%    +XXbps    XX.X%

Operating Income     X.X      X.X      +X.X%     X.X
Op Margin (%)        XX.X%    XX.X%    +XXbps    XX.X%

Net Income ($B)      X.X      X.X      +X.X%     X.X
EPS - Adjusted ($)   X.XX     X.XX     +X.X%     X.XX
EPS - GAAP ($)       X.XX     X.XX     +X.X%     X.XX

P/E (x)              XX.Xx    XX.Xx              XX.Xx
EV/EBITDA (x)        XX.Xx    XX.Xx              XX.Xx

Source: [Firm Name] estimates

Embed 1-2 charts:

• Chart 9: P/E or EV/EBITDA bands
• Chart 10: Price target walk (old → new)

---

PAGES 11-12: APPENDIX (Optional)

Detailed Quarterly Models (if space allows)

• Income statement detail
• Cash flow highlights
• Balance sheet highlights

Call Transcript Highlights (optional)

• Key Q&A excerpts
• Notable management quotes

Peer Comparison (if peers have reported)

• How results compare to competitors
• Market share implications

Embed final charts:

• Chart 11: Peer comparison
• Chart 12: Additional supporting charts

---

FORMATTING REQUIREMENTS

1. Page 1 Requirements

• Clear rating (MAINTAIN OUTPERFORM, RAISE TO BUY, etc.)
• Updated price target prominently displayed
• Summary table with old/new estimates
• 3-4 paragraph-length bullets with ■ character

2. All Tables Requirements

• Source line at bottom
• Clear column headers
• Shading for header rows

3. All Charts Requirements

• "Figure X - [Title]" caption above
• "Source: [Source]" line below
• Professional styling

4. Year Notation

• Use A for actual (Q3'24A)
• Use E for estimate (Q4'24E)

5. Writing Style

• Lead with numbers ("Revenue grew 15% to $1.2B" not "Strong revenue growth")
• Use "vs." not "versus"
• Be direct and concise
• Focus on what's NEW

6. Hyperlink Requirements ⭐⭐⭐

• ALL URLs must be clickable hyperlinks in Word
• Blue, underlined text that opens on Ctrl+Click
• Display text meaningful (not raw URL)
• Every source citation should have clickable link where applicable
• No plain text URLs - always format as hyperlinks

Citation Examples for Specific Content

For Beat/Miss Analysis:

Revenue of $2.45B beat consensus of $2.39B by $60M (2.5%)¹

¹ `tradingviewapi` analyst snapshot or other consensus source as of market close November 6, 2024; Company earnings release November 7, 2024
  [Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024-earnings]

For Guidance:

Management raised FY2024 revenue guidance to $9.8-10.0B from prior $9.5-9.7B²

² Q3 2024 Earnings Call, November 7, 2024, CFO prepared remarks
  [Hyperlink "Earnings Call" to: https://seekingalpha.com/article/...]
  Prior guidance from Q2 earnings call August 8, 2024
  [Hyperlink "Q2 earnings call" to August transcript]

For Key Metrics:

Enterprise customers grew 23% YoY to 845, with net revenue retention at 128%³

³ Q3 2024 10-Q, page 23
  [Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
  Q3 2024 Investor Presentation slide 8
  [Hyperlink "Investor Presentation" to PDF]

Detailed Workflow for Earnings Updates

This document provides detailed step-by-step instructions for each phase of the earnings update process.

Structured Data Source

Use tradingviewapi for the numeric baseline before doing narrative research:

• GET /api/market-data/{symbol} — one-shot pull for company info, TTM history arrays, current-period ratios, current-quarter metadata, and next-quarter EPS forecast
• GET /api/market-data/{symbol}/financials-quarterly — quarterly three-statement actuals
• GET /api/market-data/{symbol}/analyst-recommendations — price-target consensus plus buy/hold/sell distribution
• GET /api/price/{symbol}?timeframe=D&range=252 — 1-year price history for report charts
• GET /api/quote/{symbol}?session=regular&fields=all — current share price, market cap, session status, and pre/post-market reaction

Web Search and SEC / IR materials are still required for release wording, transcript commentary, segment detail not carried in the API, and direct source hyperlinks in the finished report.

Execution Notes

• Resolve the company to EXCHANGE:TICKER with /api/search/market/{query}?filter=stock before the structured pull, and treat that resolved symbol as canonical.
• Use GET /api/quote/{symbol}?session=regular&fields=all for quote context. Quote metrics are nested under data.data, including last price, daily move, volume, and session status.
• Treat data.current.fiscal_period_current as a provider-side structured label. If it conflicts with the latest company-reported fiscal-quarter wording, use the primary-source quarter label in the report narrative.

Quick Navigation

1. Data Freshness Guardrail 2. Phase 1: Earnings Data Collection 3. Phase 2: Analysis 4. Phase 3: Chart Generation 5. Phase 4: Report Creation 6. Phase 5: Quality Check & Delivery

Data Freshness Guardrail

Check the latest reported quarter before doing any analysis.

1. Check today's date and write it down explicitly. 2. Search for the latest earnings release or investor-relations posting. 3. Confirm the release date and quarter from the primary source. 4. Pull the structured tradingviewapi baseline and compare the reported quarter / next earnings fields to the primary source. 5. If the latest materials are older than 90 days, search again before proceeding.

Phase 1: Earnings Data Collection (30-60 minutes)

Step 1: Identify the Latest Earnings Period

CRITICAL: ALWAYS SEARCH FOR THE LATEST EARNINGS - DO NOT RELY ON KNOWLEDGE CUTOFF. CRITICAL: NEVER USE EARNINGS DATA FROM TRAINING - IT IS OUTDATED.

Step 1a: Search for Latest Earnings Release

🚨 ACTIVELY SEARCH - training data is outdated. 🚨

MANDATORY STEP 1: CHECK TODAY'S DATE

• Write down today's date explicitly: [Month] [Day], [Year]
• Use this to verify that any earnings found are within 3 months
• Example: "Today is October 29, 2024"

MANDATORY STEP 2: SEARCH FOR "LATEST EARNINGS"

• Use web search with queries like:
• [Company name] latest earnings results
• [Company name] most recent quarterly earnings
• [Ticker symbol] earnings latest quarter
• OR search company investor relations site:
• Go to investor.[company].com or [company].com/investors
• Navigate to "Press Releases", "News", or "Earnings" section
• Sort by date to find MOST RECENT release
• Look for keywords: "earnings", "results", "financial results", "quarterly results"

MANDATORY STEP 3: VERIFY THE RELEASE DATE

• Look at the date of the earnings release found
• Calculate: Is this date within the last 3 months from today?
• If YES → Proceed to next step
• If NO (older than 3 months) → 🚨 WRONG QUARTER - Search again for more recent

❌ COMMON MISTAKES TO AVOID:

• ❌ Using earnings data from training without searching
• ❌ Assuming "Q3 2024" is latest based on expectations
• ❌ Grabbing the first earnings release found without checking the date
• ❌ Not comparing the release date to today's date
• ❌ Proceeding when the release is 4+ months old

✅ CORRECT APPROACH:

• ✅ Check today's date first
• ✅ Search explicitly for "latest" or "most recent"
• ✅ Read the actual release date on the materials
• ✅ Confirm release date is within 3 months of today
• ✅ If unsure, search again with different terms

MANDATORY STEP 4: IDENTIFY THE QUARTER

• Read the title/headline to identify the quarter (Q1, Q2, Q3, Q4 or fiscal quarter)
• Read the release date on the document itself
• Verify both the quarter name AND the date are recent

3. Alternative search methods if IR site is unclear:

• Web search: [Company name] latest earnings results
• Web search: [Company name] most recent quarterly earnings
• Web search: [Ticker symbol] earnings latest quarter
• SEC EDGAR: Search for company and look at most recent 10-Q or 10-K filing date

Example searches that find latest data:

• "Nike latest earnings results" → Returns most recent quarter reported
• "AAPL most recent quarterly earnings" → Shows latest Apple earnings
• "Tesla Q3 2024 earnings" → Results confirm Q3 2024 exists

Step 1b: Understand Company's Fiscal Calendar

After identifying the latest quarter from search, understand the company's fiscal year to interpret it correctly:

Common fiscal year patterns:

• Calendar year (CY): Q1=Jan-Mar, Q2=Apr-Jun, Q3=Jul-Sep, Q4=Oct-Dec
• Nike fiscal: Q1=Jun-Aug, Q2=Sep-Nov, Q3=Dec-Feb, Q4=Mar-May (May fiscal year-end)
• Apple fiscal: Q1=Oct-Dec, Q2=Jan-Mar, Q3=Apr-Jun, Q4=Jul-Sep (September fiscal year-end)
• Walmart fiscal: Q1=Feb-Apr, Q2=May-Jul, Q3=Aug-Oct, Q4=Nov-Jan (January fiscal year-end)

Many companies state their fiscal year in the earnings release header. Search [company] fiscal year calendar if needed.

Step 1c: Pull the structured baseline after quarter verification

Once the latest quarter is confirmed from the primary source, immediately pull:

• /api/market-data/{symbol}
• /api/market-data/{symbol}/financials-quarterly
• /api/market-data/{symbol}/analyst-recommendations
• /api/quote/{symbol}?session=regular&fields=all

Use these calls to prefill the numeric template before reading narrative materials. If data.current.fiscal_period_current or earnings_release_date appears stale relative to the newly found release, treat the API as last-reported context and rely on the current filing / release for quarter-accurate figures.

Step 1d: MANDATORY VERIFICATION - Verify Latest Data Obtained

🛑 STOP - DO NOT PROCEED until verifying ALL of these:

• [ ] ✅ Today's date written down: [Month] [Day], [Year]
• [ ] ✅ Actively searched using "latest earnings" or "most recent earnings"
• [ ] ✅ Earnings release date found: [Month] [Day], [Year]
• [ ] ✅ Verified release is within 3 months of today (do the math!)
• [ ] ✅ Did NOT assume the quarter based on today's date alone
• [ ] ✅ Can see the actual press release confirming the quarter/period
• [ ] ✅ Opened and read the actual earnings materials (not just assumed they exist)

🚨 RED FLAGS - If ANY of these are true, WRONG quarter obtained:

• 🚨 Release date is more than 90 days old
• 🚨 Relying on expectations rather than what was FOUND by searching
• 🚨 Have not actually SEEN a press release or filing confirming this quarter exists
• 🚨 Used data from training without searching
• 🚨 Cannot state the exact release date
• 🚨 Release date found is from 2023 or earlier (when today is 2024+)

IF ANY RED FLAGS PRESENT: STOP and search again. Do not proceed with outdated data.

Step 1e: Handle Naming Variations

Companies use different terminology - recognize these patterns:

Quarter terminology:

• "Q1 2024", "Q1 FY24", "First Quarter 2024", "1Q24"
• "Third Quarter Fiscal 2024", "Q3 FY2024", "3Q FY24"

Earnings release titles:

• "[Company] Reports Q3 2024 Results"
• "[Company] Announces Third Quarter Fiscal 2024 Financial Results"
• "[Company] Q3 Revenue Grew 15% Year-over-Year"

SEC filing searches:

• Company name may differ from common name (e.g., "Meta Platforms, Inc." vs "Facebook")
• Search by ticker symbol to find filings reliably
• Look for most recent 10-Q (quarterly) or 10-K (annual if Q4)

Step 2: Gather Earnings Materials

After SEARCHING FOR and confirming the latest quarter, collect the following:

⚠️ IMPORTANT: SEARCH for and ACCESS actual documents - do not rely on training data.

Structured Pull (REQUIRED before narrative collection):

• Pull /api/market-data/{symbol} for TTM / current-period financial baselines and earnings dates
• Pull /api/market-data/{symbol}/financials-quarterly for quarterly actuals
• Pull /api/market-data/{symbol}/analyst-recommendations for consensus sentiment and price-target context
• Pull /api/quote/{symbol}?session=regular&fields=all for current price and immediate market reaction

Treat these as the starting numeric layer. The release, filing, and transcript remain the source of truth for wording, disclosure nuance, and directly hyperlinked citations.

Primary Materials (REQUIRED):

• Earnings press release - Usually on company investor relations site under "Press Releases" or "News"
• Navigate to IR site and find the actual press release
• Search patterns: "[Company name] latest earnings", "[Company name] Q[X] [Year] earnings results"
• Look for PDF or HTML version
• Verify the date matches what was found in Step 1 (should be within last 1-3 months)
• Read the actual document to confirm the quarter and get reported numbers

• 10-Q or 10-K filing - On SEC EDGAR (sec.gov/edgar/searchedgar/companysearch.html)
• Search by ticker symbol
• For quarters 1-3: Look for most recent 10-Q
• For Q4: Look for 10-K (annual report)
• Note: May be filed 1-5 days after earnings release
• Direct link format: https://www.sec.gov/cgi-bin/viewer?accession=[accession-number]

• Earnings call transcript - 🚨 VERIFY THE DATE ON THE TRANSCRIPT 🚨
• Search for: "[Company] latest earnings call transcript" or "[Company] Q[X] [Year] earnings call transcript"
• Sources:
• Company IR site (some post transcripts directly)
• Third-party transcript providers: Search "[Company] [latest quarter] earnings call transcript"
• Other financial media / transcript mirrors (alternative sources)
• CRITICAL DATE CHECK:
• ✅ Before using ANY transcript, verify the date on the transcript itself
• ✅ The transcript date MUST match the earnings release date from Step 1
• ✅ If transcript says "Q2 2023" but release was "Q3 2024", WRONG transcript obtained
• 🚨 Common mistake: Grabbing an old transcript without checking the date
• If transcript not yet available, listen to webcast replay or note to wait for transcript

Supplemental Materials (if available):

• Investor presentation/slides - Often posted on IR site alongside press release
• Usually titled "Q[X] [Year] Earnings Presentation" or "Investor Presentation"
• PDF format with slides management presented during earnings call

• Supplemental data file - Some companies provide Excel files with detailed metrics
• Look for "Supplemental Financial Information" or "Investor Data Sheet"

Reference Materials (for comparison):

• Prior quarter results - For QoQ comparison
• From prior quarter's earnings release (90 days ago)

• Prior year same quarter - For YoY comparison
• From same quarter last year (4 quarters ago)

• Prior estimates - If this company was previously covered
• From last earnings update or initiation report
• Check what was estimated for this quarter's metrics

• Consensus estimates - Prefer tradingviewapi /analyst-recommendations for current Street snapshot; use other external consensus sources only when you need a pre-release consensus timestamp or a metric not present in the API
• CRITICAL: Use estimates from BEFORE earnings release
• Look for "as of [date before earnings]" to ensure pre-announcement consensus
• Needed for beat/miss analysis

🛑 MANDATORY VERIFICATION before proceeding to Step 3:

DATES - Verify ALL dates match:

• [ ] ✅ Today's date written down: _______________
• [ ] ✅ Earnings release date: _______________ (MUST be within 3 months of today)
• [ ] ✅ Earnings call transcript date: _______________ (MUST match release date ±1 day)
• [ ] ✅ 10-Q/10-K filing date: _______________ (MUST be same quarter as release)
• [ ] ✅ ALL materials show SAME quarter (e.g., all say "Q3 2024", not mixed quarters)

SEARCH & ACCESS - Verify active search completed:

• [ ] ✅ SEARCHED for "latest earnings" (not assumed based on current date)
• [ ] ✅ ACCESSED actual earnings press release and read it
• [ ] ✅ OPENED actual earnings call transcript and verified date
• [ ] ✅ CONFIRMED this is the MOST RECENT quarter by checking dates
• [ ] ✅ Pulled the tradingviewapi baseline and checked it against the primary-source quarter
• [ ] ✅ Have full financial results (revenue, EPS, margins, etc.) from actual release
• [ ] ✅ Have pre-earnings consensus estimates with source date

🚨 RED FLAGS - STOP if ANY of these are true:

• 🚨 Did NOT actually search for or access the earnings materials
• 🚨 Working from memory or training data instead of current documents
• 🚨 The earnings release date is more than 90 days old
• 🚨 Cannot state the EXACT DATE of the earnings release
• 🚨 The transcript date does NOT match the release date
• 🚨 Materials show different quarters (e.g., release says Q3 but transcript says Q2)
• 🚨 Grabbed the first result without verifying the date

Step 3: Extract Key Metrics

Create a structured summary:

REPORTED RESULTS vs. ESTIMATES:
─────────────────────────────────────────────────
                    Reported    Our Est    Consensus    Beat/(Miss)
Revenue             $X,XXX      $X,XXX     $X,XXX       $XX (X%)
Gross Margin        XX.X%       XX.X%      XX.X%        XXbps
EBITDA              $XXX        $XXX       $XXX         $XX (X%)
Operating Profit    $XXX        $XXX       $XXX         $XX (X%)
EPS (Adjusted)      $X.XX       $X.XX      $X.XX        $X.XX
EPS (GAAP)          $X.XX       $X.XX      $X.XX        $X.XX

KEY BUSINESS METRICS:
─────────────────────────────────────────────────
[Metric 1]          XXX         XXX        XXX          +X% YoY
[Metric 2]          XXX         XXX        XXX          +X% YoY
[Metric 3]          XXX         XXX        XXX          +X% YoY

Populate the reported and historical numeric lines from tradingviewapi first, then reconcile every current-quarter figure to the earnings release / filing before publishing.

Step 4: Identify Key Themes from Call

Listen to or read earnings call transcript and note:

• Management's tone (confident, cautious, defensive?)
• Key topics emphasized (product launches, geographic trends, competition)
• Questions from analysts (what are investors concerned about?)
• Guidance provided (raised, lowered, maintained, introduced?)
• Any surprises or unexpected commentary

Phase 2: Analysis (2-3 hours)

Step 5: Beat/Miss Analysis

For EACH key metric that beat or missed, explain:

If BEAT:

• What drove the outperformance?
• Was it one-time or sustainable?
• Did management guide higher going forward?
• How does this impact our thesis?

If MISS:

• What went wrong?
• Was it company-specific or industry-wide?
• Is management taking corrective action?
• How does this impact our thesis?

Example Format:

■ **Revenue Beat by 3% Driven by Strong DTC Performance**

Revenue of $13.5B exceeded our estimate of $13.1B by $400M (3%) and consensus
of $13.2B by $300M (2%). The outperformance was driven primarily by Direct-to-
Consumer channels, which grew 18% YoY (vs. our 12% estimate), offsetting
weaker-than-expected wholesale (-5% vs. flat estimate). Management cited strong
digital demand and successful product launches (Pegasus 40 running shoe, new
Jordan colorways) as key drivers. DTC now represents 42% of total revenue vs.
38% a year ago, demonstrating successful channel shift strategy.

Step 6: Segment/Geographic/Product Analysis

Analyze performance by:

• Business segment (if multi-segment company)
• Geography (North America, Europe, China, etc.)
• Product category
• Channel (retail, wholesale, e-commerce)

Identify:

• What outperformed expectations?
• What underperformed?
• Trends vs. prior quarters
• Management commentary on outlook for each area

Step 7: Margin Analysis

Analyze profitability:

• Gross margin: up or down? why?
• Operating margin: up or down? why?
• Key drivers (pricing, mix, costs, leverage)
• Outlook going forward

Step 8: Guidance Analysis

If company provided guidance:

• Compare new guidance to prior guidance
• Compare to internal estimates and Street estimates
• Assess credibility (does company have track record of sandbagging? beating?)
• Identify key assumptions behind guidance

If company did NOT provide guidance:

• Note this explicitly
• Provide independent outlook based on results and commentary

Step 9: Update Financial Model

Update estimates for:

• Current year (remaining quarters)
• Next year
• Potentially year after

Show clearly:

UPDATED ESTIMATES:
─────────────────────────────────────────────────
                        Old Est     New Est     Change      Reason
FY2024E Revenue         $XX.XB      $XX.XB      +X.X%      [Brief reason]
FY2024E EBITDA          $X.XB       $X.XB       +X.X%      [Brief reason]
FY2024E EPS             $X.XX       $X.XX       +X.X%      [Brief reason]

FY2025E Revenue         $XX.XB      $XX.XB      +X.X%      [Brief reason]
FY2025E EBITDA          $X.XB       $X.XB       +X.X%      [Brief reason]
FY2025E EPS             $X.XX       $X.XX       +X.X%      [Brief reason]

Step 10: Update Valuation & Price Target

Based on updated estimates:

• Recalculate DCF (use updated cash flows)
• Update comparable company multiples (if peer group has reported)
• Determine new fair value
• Decide if price target changes

Use /api/quote/{symbol}?session=regular&fields=all for current price / market cap context and /api/market-data/{symbol}/analyst-recommendations for the live sell-side target range when framing the updated valuation.

Price Target Decision:

• If estimates changed significantly (>5%) → Usually change price target
• If estimates changed marginally (<5%) → May maintain price target
• If thesis strengthened/weakened → May change even without estimate change

Step 11: Assess Rating Impact

Decide whether to change rating:

• If results significantly better than expected + guidance raised → Consider upgrade
• If results significantly worse + guidance cut → Consider downgrade
• If inline or mixed → Usually maintain rating

Consider:

• Stock reaction (up/down/flat?)
• Valuation (expensive/cheap relative to new estimates?)
• Risk/reward (asymmetry shifted?)

Phase 3: Chart Generation (1-2 hours)

Step 12: Generate 8-12 Charts

Create charts focusing on QUARTERLY TRENDS and WHAT'S NEW.

REQUIRED CHARTS (8-12 total):

1. Quarterly Revenue Progression (Bar chart)

• Last 8-12 quarters
• Show beat/miss vs. estimates each quarter
• Highlight current quarter

2. Quarterly EPS Progression (Bar chart)

• Last 8-12 quarters
• Show beat/miss vs. estimates
• Adjusted and GAAP

3. Quarterly Margin Trend (Line chart)

• Gross margin, EBIT margin, net margin
• Last 8-12 quarters
• Show trajectory

4. Revenue by Segment/Geography (Stacked bar OR table)

• Current quarter vs. YoY
• Growth rates by segment

5. Key Operating Metrics (Multi-line chart)

• Customer count, ARPU, units sold, etc. (whatever is relevant)
• Last 8-12 quarters

6. Beat/Miss Summary (Waterfall or table)

• Show components of beat/miss
• What drove variance from estimates

7. Estimate Revision Chart (Before/after comparison)

• Old FY estimates vs. new FY estimates
• Bar chart showing change

8. Valuation Chart (P/E or EV/EBITDA multiple)

• Historical multiple range (derive from structured price / history series when possible)
• Current multiple from tradingviewapi
• Fair value multiple

OPTIONAL CHARTS (if space allows):

• Peer comparison (if peers have reported)
• Guidance vs. Street comparison
• Cash flow metrics
• Balance sheet highlights (if notable)

Chart Style Guidelines:

• Focus on TRENDS (quarterly progression)
• Highlight CHANGES (beat/miss, estimate revisions)
• Keep simple and clear (this is a fast-turnaround report)

Phase 4: Report Creation (2-3 hours)

Step 13: Create DOCX Report

Use DOCX skill to create 8-12 page report.

See report-structure.md for complete page-by-page templates and formatting requirements.

Key Steps: 1. Create Page 1 with earnings summary and quick takeaways 2. Add detailed results analysis (Pages 2-3) 3. Include key metrics and guidance (Pages 4-5) 4. Update investment thesis (Pages 6-7) 5. Provide valuation and estimates (Pages 8-10) 6. Add appendix if needed (Pages 11-12) 7. Embed all 8-12 charts throughout 8. Add 1-3 summary tables 9. Include complete sources section with clickable hyperlinks

Step 14: Optional - Update XLS Model

If a full financial model exists for this company (from initiation), update it with:

• Actual Q[X] results
• Revised estimates for future quarters
• Updated valuation

Note: For earnings updates, a full XLS file is OPTIONAL (not required like in initiation reports). The DOCX report is the primary deliverable.

If creating XLS, include:

• Quarterly model tab
• Updated annual projections
• Revised DCF
• Updated comps analysis

Phase 5: Quality Check & Delivery (30 minutes)

Step 15: Quality Checklist

Before publishing, verify:

Content:

• [ ] Beat/miss clearly stated and quantified
• [ ] Key drivers explained (not just "strong performance")
• [ ] Updated estimates provided (old vs. new shown)
• [ ] Price target updated or explicitly maintained
• [ ] Rating confirmed or changed with rationale
• [ ] Guidance analyzed (if provided)
• [ ] Thesis impact assessed

Formatting:

• [ ] Page 1 has summary box and key bullets
• [ ] All tables have source lines
• [ ] All figures numbered and captioned
• [ ] Estimates table shows old vs. new
• [ ] 8-12 charts embedded throughout
• [ ] Report is 8-12 pages (not too long, not too short)

Accuracy:

• [ ] Numbers match company's reported results exactly
• [ ] Math checks out (estimates, valuation)
• [ ] No typos in ticker, company name, numbers
• [ ] Charts match text descriptions
• [ ] Date is current

Citations: ⭐ MANDATORY

• [ ] Every figure has specific source with document and date
• [ ] Every table has specific source with document reference
• [ ] Beat/miss analysis cites consensus source with date
• [ ] If tradingviewapi supplied the consensus context, the endpoint and fetch date are cited clearly
• [ ] Guidance changes cite current and prior guidance sources
• [ ] Key statistics have footnotes with specific page/slide references
• [ ] Sources section lists all materials with URLs
• [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
• [ ] Hyperlinks tested and working (Ctrl+Click opens correct page)
• [ ] All SEC filings hyperlinked to EDGAR viewer
• [ ] All earnings materials hyperlinked (release, transcript, presentation)
• [ ] Prior guidance hyperlinked to prior quarter's materials
• [ ] No raw URLs displayed - all formatted as clickable links
• [ ] Earnings call quotes cite specific speaker and approximate timestamp

Timeliness:

• [ ] Report published within 24-48 hours of earnings release
• [ ] All data is from LATEST quarter
• [ ] Consensus estimates are pre-earnings (not post-earnings)

Step 16: Deliver Report

Provide user with:

1. DOCX file: [Company]_Q[X]_[Year]_Earnings_Update.docx 2. Chart files: All PNG/JPG charts (for reference) 3. Optional XLS: Updated financial model if maintained

Brief summary for user:

[Company] Q[X] [Year] Earnings Update Complete

Results: [BEAT / INLINE / MISS]
- Revenue: $X.XB ([beat/missed] by $XXM or X%)
- EPS: $X.XX ([beat/missed] by $X.XX)

Key Takeaways:
■ [Takeaway 1]
■ [Takeaway 2]
■ [Takeaway 3]

Updated Estimates:
- FY[Year]E Revenue: $XX.XB (prior: $XX.XB, [+/-]X%)
- FY[Year]E EPS: $X.XX (prior: $X.XX, [+/-]X%)

Rating: [MAINTAINED / RAISED / LOWERED] [RATING]
Price Target: $XXX (prior: $XXX) - [+/-]XX% upside

Deliverable: 8-12 page earnings update report with updated estimates and valuation.

Quality Control Checklist for Initiation Reports

Before delivering an initiation report, verify all items below are complete.

Quick Navigation

1. Critical Minimums 2. Deliverables Checklist 3. DOCX Report - Length & Content 4. DOCX Report - Structure 5. DOCX Report - Formatting 6. Citations & Sources 7. XLS Financial Model 8. Final Sanity Check

Critical Minimums - Reports Must Meet These

CRITICAL DO NOT DELIVER IF:

• ❌ DOCX report fewer than 30 pages → INCOMPLETE
• ❌ Fewer than 25 embedded charts → INCOMPLETE
• ❌ Fewer than 12 comprehensive tables → INCOMPLETE
• ❌ Fewer than 10,000 words → INCOMPLETE
• ❌ No XLS financial model → MISSING DELIVERABLE
• ❌ Charts are text descriptions, not actual PNG/JPG files → MAJOR FAILURE

Deliverables Checklist

• [ ] DOCX report file created
• [ ] XLS financial model file created
• [ ] Both files named properly: [Company]_Initiation_Report_[Date].docx and [Company]_Financial_Model_[Date].xlsx

DOCX Report - Length & Content

Length Verification:

• [ ] Report is 30-50 pages (count pages in final document)
• [ ] Word count is 10,000-15,000 words
• [ ] If under 30 pages: STOP and add more content

Visual Elements:

• [ ] 25-35 charts embedded (count them: _____ charts)
• [ ] All charts are actual PNG/JPG image files (NOT text descriptions)
• [ ] 12-20 comprehensive tables included (count them: _____ tables)
• [ ] Charts and tables interspersed throughout, not grouped at end

Chart Requirements:

• [ ] Revenue by product chart: Stacked Area format ✓
• [ ] Revenue by geography chart: Stacked Bar format ✓
• [ ] DCF sensitivity: 2-way Heat Map with color coding ✓
• [ ] Valuation football field: Horizontal bar chart ✓
• [ ] All other charts are actual image files ✓

Table Requirements:

• [ ] Full Income Statement (40-50 rows) with 5 years historical + 5 years projected
• [ ] Full Cash Flow Statement (30-40 rows)
• [ ] Full Balance Sheet (35-45 rows)
• [ ] Revenue by product table (20-30 rows)
• [ ] Revenue by geography table (15-20 rows)
• [ ] Revenue by channel table (10-15 rows)
• [ ] Comparable companies table with statistical summary (max/75th/median/25th/min)
• [ ] DCF calculation table (30-40 rows)
• [ ] WACC calculation table (8-10 rows)
• [ ] Two sensitivity tables
• [ ] 2-3 additional financial/competitive tables

DOCX Report - Structure

Page 1 Requirements:

• [ ] "INITIATING COVERAGE" header present (NOT "Company Update")
• [ ] Thesis-focused title (NOT event-driven like "Strong Q4 Results")
• [ ] Rating box with rating, price, target price, 52-week range, market cap, EV
• [ ] 3-4 paragraph-length bullets with ■ character and bold headers
• [ ] Financial & valuation metrics table with 2-3 years historical, 2 years projected
• [ ] Table shows "A" suffix for actuals, "E" suffix for estimates
• [ ] Source lines on all visuals

Content Sections:

• [ ] Table of Contents (Page 2)
• [ ] Investment Thesis & Risks (3-5 pages)
• [ ] Company Overview (6-12 pages) including:
• [ ] Company description
• [ ] History and milestones
• [ ] Management bios (300-400 words EACH for 3-4 executives)
• [ ] Products/services detail
• [ ] Competitive landscape
• [ ] Financial Analysis & Projections (10-15 pages)
• [ ] Valuation Analysis (8-12 pages)
• [ ] Assumptions section (2,000-3,000 words documenting ALL projection assumptions)
• [ ] Scenario Analysis (1,500-2,000 words with Bull/Base/Bear parameters)
• [ ] Appendices including Data Sources & References page

DOCX Report - Formatting

Figure & Table Formatting:

• [ ] Every figure has caption above: "Figure X - [Company] [Descriptive Title]"
• [ ] Every figure has source line below: "Source: [Specific sources with dates]"
• [ ] Sequential figure numbering (Figure 1, 2, 3... no gaps)
• [ ] Every table has header row with shading
• [ ] Every table has source line at bottom
• [ ] All years use "A" for actual, "E" for estimate notation

Professional Formatting:

• [ ] Consistent fonts throughout (default to Times New Roman unless the user specifies otherwise)
• [ ] Headers and footers with page numbers
• [ ] Dense layout: 60-80% page coverage, minimal white space
• [ ] Every page has both text AND visuals (charts or tables)
• [ ] Professional business report template used

Citations & Sources ⭐⭐⭐ CRITICAL

Source Attribution:

• [ ] Every figure has specific source with document name and date
• [ ] Every table has specific source with document reference
• [ ] Key statistics throughout text have footnotes with sources
• [ ] NOT just generic "Company data" - must be specific

Hyperlinks: ⭐⭐⭐ MANDATORY

• [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
• [ ] SEC filings hyperlinked to EDGAR viewer
• [ ] Earnings transcripts hyperlinked (company IR or transcript provider)
• [ ] Press releases hyperlinked to company IR page
• [ ] Presentations hyperlinked to PDF URLs
• [ ] Industry reports hyperlinked (if publicly available)
• [ ] Subscription / licensed data noted as "(subscription required)"
• [ ] No raw URLs displayed anywhere - all formatted as hyperlinks
• [ ] Test 3-5 sample hyperlinks to ensure they work (Ctrl+Click)

Reference Page:

• [ ] "Data Sources & References" page at end of report
• [ ] Lists ALL sources used in report
• [ ] Sources organized by category (SEC Filings, Earnings Transcripts, etc.)
• [ ] Every source has date
• [ ] Every source has clickable hyperlink (where applicable)

XLS Financial Model - Structure

File Structure:

• [ ] 15+ tabs in Excel workbook
• [ ] Tabs include: Executive Summary, Assumptions, Historical Financials, Revenue Model, Operating Expenses, Income Statement, Balance Sheet, Cash Flow, Supporting Schedules, DCF Valuation, Comps Analysis, Precedent Transactions, Scenarios, Sensitivity Analysis, Charts

Formatting:

• [ ] Blue text for hardcoded inputs
• [ ] Black text for formulas
• [ ] Green text for links to other sheets
• [ ] Professional formatting with borders and shading
• [ ] Clear section headers and labels

Model Functionality:

• [ ] All numbers flow (change assumption → entire model updates)
• [ ] DCF links to assumptions and projections
• [ ] No circular references or errors
• [ ] All important cells/ranges are named
• [ ] Sensitivity tables work dynamically

XLS Financial Model - Content

Projections:

• [ ] 3-5 years historical data
• [ ] 5 years forward projections (FY+1 through FY+5)
• [ ] Revenue broken down by product, geography, channel
• [ ] Full P&L with 40-50 line items
• [ ] Full cash flow with 30-40 line items
• [ ] Full balance sheet with 35-45 line items

Valuation:

• [ ] Complete DCF model with all calculations shown
• [ ] WACC calculation with all components
• [ ] Terminal value calculation
• [ ] Comparable companies analysis (5-10 companies)
• [ ] Precedent transactions analysis (5-10 deals)
• [ ] Scenario analysis (Bull/Base/Bear)
• [ ] Two sensitivity tables

Cross-File Consistency

CRITICAL: Numbers must match EXACTLY between DOCX and XLS

• [ ] Revenue numbers match across both files
• [ ] EPS numbers match across both files
• [ ] Margin percentages match across both files
• [ ] Valuation numbers match across both files
• [ ] Price target matches across both files
• [ ] All projected years match across both files

Verification Method: Spot check 10-15 key numbers between DOCX report and XLS model.

Content Quality

Investment Thesis:

• [ ] 3-5 clear thesis pillars
• [ ] Each pillar supported with specific data and quantification
• [ ] Financial impact quantified for each pillar
• [ ] Catalysts identified with timelines

Analysis Depth:

• [ ] Comprehensive business model analysis
• [ ] Detailed competitive assessment
• [ ] 3-5 year financial trends analyzed
• [ ] 8-12 risks identified and quantified
• [ ] Management team analyzed (300-400 words per executive)

Assumptions:

• [ ] 2,000-3,000 words documenting ALL assumptions
• [ ] Revenue growth assumptions by category/geography
• [ ] Margin assumptions with bridge showing drivers
• [ ] Working capital assumptions
• [ ] CapEx assumptions
• [ ] Each assumption has specific quantification

Scenarios:

• [ ] 1,500-2,000 words on scenario analysis
• [ ] Bull case with specific parameters and catalysts
• [ ] Base case with detailed rationale
• [ ] Bear case with specific triggers
• [ ] Probability assessments for each scenario

Writing Quality

Style:

• [ ] Lead with numbers ("Revenue grew 15% to $1.2B" not "Strong revenue")
• [ ] Use "vs." not "versus"
• [ ] Be direct and concise
• [ ] Professional institutional tone throughout
• [ ] No informal language

Accuracy:

• [ ] No typos in ticker symbol
• [ ] No typos in company name
• [ ] All dates accurate
• [ ] All calculations verified
• [ ] Charts match text descriptions
• [ ] All numbers properly formatted ($ signs, % signs, commas)

Pre-Delivery Final Check

Run through this quick final review:

1. Deliverables: Both DOCX and XLS files created ✓ 2. Length: DOCX is 30-50 pages ✓ 3. Charts: 25-35 actual PNG/JPG files embedded ✓ 4. Tables: 12-20 comprehensive tables included ✓ 5. Words: 10,000-15,000 words ✓ 6. Hyperlinks: Test 3-5 hyperlinks - all work ✓ 7. Cross-check: Spot check 10 numbers match between DOCX and XLS ✓ 8. Page 1: "INITIATING COVERAGE" header present ✓

If ANY item fails, DO NOT DELIVER. Go back and fix.

Actual Count Verification

Before delivery, fill in actual counts:

DOCX Report:

• Page count: _____ pages (MUST BE 30-50)
• Chart count: _____ charts (MUST BE 25-35)
• Table count: _____ tables (MUST BE 12-20)
• Word count: _____ words (MUST BE 10,000-15,000)

XLS Model:

• Tab count: _____ tabs (SHOULD BE 15+)
• Model years: _____ historical + _____ projected

If any count is below minimum, STOP and add content before delivery.

Task 1: Company Research - Detailed Workflow

This document provides step-by-step instructions for executing Task 1 (Company Research) of the initiating-coverage skill.

Quick Navigation

1. Task Overview 2. Data Sources to Gather 3. Step-by-Step Research Workflow 4. Quality Standards 5. Output Format 6. Success Criteria 7. File Naming Convention 8. Next Steps

Task Overview

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

Prerequisites: ✅ None (fully independent)

• Company name or ticker symbol only

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

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Data Sources to Gather

Primary Sources (Company)

• Structured prefill via `tradingviewapi` (for public companies):
• /api/market-data/{symbol}/company: founding year, employee count, website, sector/industry, business description
• /api/market-data/{symbol}/ipo: IPO timing and listing history
• /api/market-data/{symbol}/credit-ratings: credit profile for mature issuers

• SEC Filings (for public companies):
• Latest 10-K: Business description, risk factors, MD&A, financials
• Recent 10-Qs: Quarterly updates
• DEF 14A (Proxy): Executive compensation, board composition
• 8-Ks: Material events, acquisitions, management changes

• Company Website & IR:
• Investor presentations
• Earnings transcripts (last 2-3 quarters)
• Press releases
• Product documentation

• For Private Companies:
• Company website and blog
• Press releases and media coverage
• LinkedIn for management bios
• Crunchbase or PitchBook for funding history

Secondary Sources (Industry/Competitive)

• Competitor websites and SEC filings
• Industry research reports (Gartner, Forrester, IDC, etc.)
• News articles and trade publications
• Market research reports
• LinkedIn profiles for key executives

Key Information to Extract

Key Information:

• Company founding date, headquarters, employee count
• Revenue size and growth trajectory (if available)
• Product portfolio and pricing
• Customer segments and case studies
• Management backgrounds and track records
• Competitive landscape and market share
• Industry trends and growth drivers
• Regulatory considerations
• High-level financial metrics (from 10-K prose, not detailed extraction)

---

Step-by-Step Research Workflow

Step 1: Initial Data Collection

1. Prefill structured basics for public companies

• Pull /api/market-data/{symbol}/company, /ipo, and /credit-ratings
• Capture founding year, employee count, website, sector, industry, and any rating data
• Use this as the base fact sheet before reading narrative materials

2. Start with company website

• Read About/Company pages
• Review product pages
• Identify customer case studies
• Note key metrics mentioned (employees, customers, etc.)

3. Gather SEC filings (if public)

• Download latest 10-K from SEC EDGAR
• Download most recent 10-Q
• Download latest DEF 14A (proxy statement)
• Note filing dates

4. Read earnings materials

• Latest earnings transcript
• Most recent investor presentation
• Press releases from last 12 months

5. Document basic facts

• Founding date and story
• Headquarters location
• Employee count
• Products/services
• Key customers

Step 2: Business Model Analysis

1. Map revenue streams

• What does the company sell?
• How is it priced? (subscription, transaction, license, etc.)
• Who pays?
• What are typical deal sizes?

2. Understand customer segments

• Enterprise vs. SMB vs. consumer
• Industries served
• Geographic distribution
• Customer concentration (top 10 customers)

3. Document go-to-market

• Direct sales vs. channel partners
• Sales cycle length
• Customer acquisition strategy
• Distribution model

4. Identify unit economics

• LTV/CAC if available
• Gross margins
• Net revenue retention
• Payback periods

Step 3: Management Research

For each of 3-4 key executives:

1. Identify key leaders

• CEO (always required)
• CFO (always required)
• COO, CTO, or other C-suite (2 additional)

2. Research each executive

• Find LinkedIn profile
• Review DEF 14A for background
• Search for press interviews
• Note tenure at company

3. Write 300-400 word bio including:

• Current role and responsibilities
• Prior roles and companies (last 2-3 positions)
• Key accomplishments and track record
• Education and credentials
• Years of experience in industry
• Time at current company

4. Assess governance

• Board composition and independence
• Key board members and their backgrounds
• Insider ownership percentage
• Executive compensation structure

Step 4: Competitive Intelligence

1. Identify 5-10 competitors

• Direct competitors (same products/markets)
• Indirect competitors (substitute solutions)
• Emerging competitors (disruptors)
• Check 10-K for company's own list of competitors

2. Research each competitor

• Visit competitor website
• Review their SEC filings (if public)
• Note key products and positioning
• Identify differentiators
• Estimate market share (if data available)

3. Create competitive framework

• Map on key dimensions (price, features, scale, etc.)
• Identify company's competitive advantages
• Note competitive vulnerabilities
• Assess switching costs and network effects

4. Document competitive insights

• Who are the market leaders?
• Where does this company rank?
• What are unique differentiators?
• What are competitive threats?

Step 5: Industry Analysis

1. Define the industry

• Industry classification (NAICS/SIC)
• Scope and boundaries
• Related/adjacent industries

2. Size the market

• Total addressable market (TAM)
• Serviceable addressable market (SAM)
• Serviceable obtainable market (SOM)
• Current penetration rate

3. Research growth drivers

• Historical market growth rate
• Projected growth rate (next 3-5 years)
• Key trends accelerating/decelerating growth
• Technology changes impacting industry

4. Understand industry structure

• Fragmented vs. consolidated
• Barriers to entry
• Supplier/buyer power
• Threat of substitutes
• Regulatory environment

Step 6: Risk Assessment

Identify 8-12 risks across four categories. For each risk, write 50-100 words.

Company-Specific Risks (4-6 risks):

• Execution risk (can management deliver?)
• Customer concentration (top customers)
• Key person dependency
• Product/technology obsolescence
• Geographic concentration
• Integration risk (if recent M&A)

Industry/Market Risks (3-4 risks):

• Competitive intensity
• Regulatory changes
• Technology disruption
• Market saturation

Financial Risks (2-3 risks):

• Profitability timeline
• Funding requirements
• Debt levels and covenants
• Cash burn rate (if unprofitable)

Macroeconomic Risks (2-3 risks):

• Economic sensitivity (cyclical vs. defensive)
• Interest rate sensitivity
• Foreign exchange exposure
• Geopolitical factors

For each risk:

• Describe the risk clearly
• Quantify impact if possible
• Note likelihood/severity
• Identify mitigating factors

Step 7: Synthesis and Writing

Write document following this structure:

1. Company Overview (800-1,200 words)

• What does the company do? (plain English)
• How do they make money? (business model)
• Where do they operate? (geographic presence)
• How large are they? (revenue, employees, customers)
• Key metrics and scale indicators

2. Company History (800-1,200 words)

• Founding story (who, when, why, where)
• Timeline of major milestones
• Strategic pivots or transformations
• Key acquisitions
• Recent developments (last 1-2 years)

3. Management Team (1,000-1,400 words)

• 300-400 word bio for each of 3-4 executives
• Board composition and governance
• Insider ownership
• Management track record assessment

4. Products & Services (700-1,000 words)

• Detailed product portfolio
• Key features and capabilities
• Product differentiation
• Target customers and use cases
• Pricing models and typical deal sizes

5. Customers & Go-to-Market (500-700 words)

• Customer segments and profiles
• Distribution channels
• Sales strategy and cycle
• Key partnerships
• Customer case studies

6. Industry Overview (800-1,200 words)

• Industry definition and scope
• Market size and structure
• Growth rates (historical and projected)
• Key trends and drivers
• Regulatory environment
• Industry dynamics

7. Competitive Landscape (700-1,000 words)

• Analysis of 5-10 key competitors
• Market positioning framework
• Company's competitive advantages
• Competitive vulnerabilities
• Market share analysis

8. Market Opportunity (500-700 words)

• TAM sizing and methodology
• Market growth projections
• Company's serviceable market
• Market share opportunity
• Penetration strategy

9. Risk Assessment (600-900 words)

• Company-specific risks (4-6)
• Industry/market risks (3-4)
• Financial risks (2-3)
• Macroeconomic risks (2-3)
• Each risk: 50-100 word description

Data Sources Section

• List all sources used
• Include dates and URLs
• Organize by source type

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Quality Standards

Content Depth

• Each section must meet minimum word count targets
• Analysis should be substantive, not just descriptive
• Use specific examples and quantitative data
• Cite sources throughout
• Maintain objectivity and balance

Management Bios

• 300-400 words per executive for 3-4 key executives
• Must include: current role, prior experience, key accomplishments, education
• Provide enough detail to assess track record and capabilities

Competitive Analysis

• Must analyze 5-10 specific competitors
• Include both direct and indirect competitors
• Assess relative positioning on key dimensions
• Identify company's competitive advantages and vulnerabilities
• Use specific data and examples

Risk Assessment

• Must identify 8-12 distinct risks across all four categories
• Each risk needs 50-100 word description
• Quantify impact where possible
• Note mitigating factors
• Cover all four risk categories

Writing Quality

• Professional, analytical tone
• Lead with key insights
• Use concrete examples and data
• Avoid generic statements
• Proper citations throughout

---

Output Format

COMPANY RESEARCH REPORT: [Company Name]
Date: [Date]
Analyst: [Your name if applicable]

TABLE OF CONTENTS
1. Company Overview
2. Company History
3. Management Team
4. Products & Services
5. Customers & Go-to-Market
6. Industry Overview
7. Competitive Landscape
8. Market Opportunity (TAM)
9. Risk Assessment

======================================

1. COMPANY OVERVIEW (800-1,200 words)

[Content]

2. COMPANY HISTORY (800-1,200 words)

[Content]

3. MANAGEMENT TEAM (1,000-1,400 words)

[Name], [Title]
[300-400 word bio]

[Repeat for 3-4 key executives]

[Governance section]

4. PRODUCTS & SERVICES (700-1,000 words)

[Content]

5. CUSTOMERS & GO-TO-MARKET (500-700 words)

[Content]

6. INDUSTRY OVERVIEW (800-1,200 words)

[Content]

7. COMPETITIVE LANDSCAPE (700-1,000 words)

[Content]

8. MARKET OPPORTUNITY (500-700 words)

[Content]

9. RISK ASSESSMENT (600-900 words)

Company-Specific Risks:
[4-6 risks with descriptions]

Industry/Market Risks:
[3-4 risks with descriptions]

Financial Risks:
[2-3 risks with descriptions]

Macroeconomic Risks:
[2-3 risks with descriptions]

======================================

DATA SOURCES
[List all sources with dates and URLs]

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Success Criteria

A successful Task 1 completion should deliver:

1. Meet 6,000-8,000 word target (verify word count) 2. Include all 9 required sections with target word counts 3. Provide substantive analysis, not just description 4. Use specific examples and quantitative data 5. Cite all sources properly 6. Enable reader to understand:

• What the company does and how it makes money
• Quality and track record of management team
• Company's competitive position
• Market opportunity size
• Key risks to consider

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File Naming Convention

Save the output as:

[Company]_Research_Document_[Date].md

Example: Tesla_Research_Document_2024-10-27.md

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Next Steps

After completing Task 1, the research document will be used:

• As standalone company analysis
• As input for Task 2 (Financial Modeling) - provides business context for projections
• As input for Task 4 (Chart Generation) - provides data for company/competitive charts
• As foundation for Task 5 (Report Assembly) - Company 101 sections copied verbatim

Valuation Methodologies for Equity Research

This reference document provides comprehensive guidance on the three primary valuation methodologies used in equity research: Discounted Cash Flow (DCF), Trading Comparables, and Precedent Transactions.

Structured Data Inputs

Before using external terminals or manual work, prefill the public-market inputs from tradingviewapi:

• GET /api/market-data/{symbol} — beta, market cap, current / TTM valuation ratios, debt / leverage context, dividend yield, and broad profitability metrics
• GET /api/market-data/{symbol}/enterprise-value — EV bridge and EV-based current multiples
• GET /api/market-data/{symbol}/ttm — TTM revenue, EBITDA, EPS, cash flow, ROE / ROIC, and margin data
• GET /api/market-data/{symbol}/history-quarterly and /history-annual — historical trend arrays for supporting analysis
• GET /api/market-data/{symbol}/analyst-recommendations — Street recommendation mix and price-target range
• GET /api/quote/{symbol}?session=regular&fields=all — live share price and current market-cap context

Use external sources only where tradingviewapi is not enough: pre-announcement consensus timestamps, precedent transactions, bond-yield detail, private-company data, and proprietary peer datasets.

Table of Contents

1. Discounted Cash Flow (DCF) Analysis 2. Trading Comparables Analysis 3. Precedent Transactions Analysis 4. Valuation Reconciliation

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Discounted Cash Flow (DCF) Analysis

Overview

DCF analysis values a company based on the present value of its projected future cash flows. This is considered the most theoretically sound valuation method as it's based on fundamental value creation.

Step-by-Step DCF Process

1. Historical Financial Analysis

• Collect 3-5 years of historical financials, prefilling from tradingviewapi history endpoints when available
• Calculate historical FCF = EBIT(1-Tax Rate) + D&A - CapEx - Change in NWC
• Analyze historical growth rates and margins
• Identify trends and cyclicality

2. Build Revenue Projections (5-10 years)

Approaches:

• Top-down: Start with market size (TAM) → Market share → Revenue
• Bottom-up: Units sold × Price per unit
• Hybrid: Combine multiple drivers

Key Considerations:

• Management guidance and historical growth
• Industry growth rates and market trends
• Competitive dynamics and market share evolution
• Product pipeline and new market opportunities
• Macroeconomic factors

3. Project Operating Expenses

• COGS: As % of revenue (analyze historical margins)
• SG&A: Often semi-fixed; model as % of revenue with scale effects
• R&D: Critical for tech/pharma; model as % of revenue
• D&A: Based on CapEx assumptions

Calculate EBIT = Revenue - COGS - Operating Expenses

4. Calculate Unlevered Free Cash Flow

EBIT
× (1 - Tax Rate)
= NOPAT (Net Operating Profit After Tax)
+ Depreciation & Amortization
- Capital Expenditures
- Increase in Net Working Capital
= Unlevered Free Cash Flow (UFCF)

CapEx Assumptions:

• Maintenance CapEx: Required to maintain current operations (typically 2-4% of revenue)
• Growth CapEx: Required for expansion
• Consider industry benchmarks and company guidance

Net Working Capital:

• NWC = (Accounts Receivable + Inventory) - Accounts Payable
• Model as % of revenue or days (DSO, DIO, DPO)
• An increase in NWC is a use of cash

5. Determine Terminal Value

Method A: Perpetuity Growth Method

Terminal Value = FCF(final year) × (1 + g) / (WACC - g)

• g = perpetual growth rate (typically 2-3%, not exceeding GDP growth)
• Use when company has reached stable, mature growth

Method B: Exit Multiple Method

Terminal Value = EBITDA(final year) × Exit Multiple

• Exit multiple based on current trading comps
• More appropriate for cyclical businesses

6. Calculate Weighted Average Cost of Capital (WACC)

WACC = (E/V × Cost of Equity) + (D/V × Cost of Debt × (1 - Tax Rate))

Cost of Equity (using CAPM):

Cost of Equity = Risk-Free Rate + Beta × Equity Risk Premium

• Risk-Free Rate: 10-year Treasury yield
• Beta: Prefer tradingviewapi market-data beta; otherwise use regression / comparable beta
• Equity Risk Premium: Historical average ~5-6%

Cost of Debt:

Cost of Debt = Risk-Free Rate + Credit Spread

• Use company's current borrowing rate or implied from bonds
• Adjust for credit rating if no bonds outstanding

Capital Structure:

• E/V = Market value of equity / Total value
• D/V = Market value of debt / Total value
• Use target capital structure, not current (if significantly different)

7. Discount Cash Flows to Present Value

PV = Σ [FCFt / (1 + WACC)^t] + [Terminal Value / (1 + WACC)^n]

8. Calculate Enterprise Value and Equity Value

Enterprise Value = PV of Projected FCF + PV of Terminal Value
Less: Net Debt (Total Debt - Cash)
Plus: Non-operating Assets
Less: Minority Interest
Less: Preferred Stock
= Equity Value

Price Per Share = Equity Value / Diluted Shares Outstanding

DCF Sensitivity Analysis

Always perform sensitivity analysis on key variables:

1. Two-way sensitivity table: WACC vs. Terminal Growth Rate 2. Revenue growth scenarios: Base / Bull / Bear cases 3. Margin assumptions: Operating leverage scenarios 4. Terminal multiple sensitivity: If using exit multiple method

Example Sensitivity Table:

           Terminal Growth Rate
WACC      2.0%    2.5%    3.0%
8.0%      $45     $48     $52
9.0%      $40     $43     $46
10.0%     $36     $39     $41

Common DCF Pitfalls to Avoid

1. Double-counting growth: Don't project high growth without corresponding investment (CapEx, NWC) 2. Unrealistic terminal growth: Should not exceed long-term GDP growth 3. Ignoring cyclicality: Normalize earnings for cyclical businesses 4. Wrong cash flow definition: Use unlevered FCF, not net income 5. Inconsistent assumptions: Match discount rate to cash flows (unlevered FCF → WACC)

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Trading Comparables Analysis

Overview

Trading comps values a company based on how similar companies are valued in the public markets. This reflects current market sentiment and relative valuation.

Step-by-Step Comps Process

1. Select Comparable Companies

Selection Criteria:

• Same industry/sector (primary criterion)
• Similar business model and revenue streams
• Comparable size (market cap, revenue)
• Similar growth profile and margins
• Similar end markets and geographies

Typical Universe:

• Start with 8-15 companies
• Remove companies with unique circumstances
• Final set of 5-10 companies

2. Gather Financial Information

Required Data:

• Current stock price and shares outstanding
• Latest fiscal year financial statements
• Next-year (NTM) estimates from consensus
• Historical growth rates

For public peers, the default starting point should be tradingviewapi market-data, quote, enterprise-value, and analyst-recommendations endpoints before opening external data terminals.

Calculate Market Metrics:

• Market Cap = Share Price × Shares Outstanding
• Enterprise Value = Market Cap + Debt + Minority Interest + Preferred - Cash
• Net Debt = Total Debt - Cash & Equivalents

3. Calculate Valuation Multiples

Enterprise Value Multiples:

• EV/Revenue: Good for early-stage/high-growth companies
• EV/EBITDA: Most common; good for capital-intensive businesses
• EV/EBIT: Useful when D&A varies significantly

Equity Value Multiples:

• P/E (Price/Earnings): Most widely used
• P/B (Price/Book): Good for financial institutions
• P/S (Price/Sales): For unprofitable companies

Calculate for:

• Last Twelve Months (LTM) - historical
• Next Twelve Months (NTM) - forward-looking (preferred)

4. Analyze and Select Multiples

Create Comparable Company Table:

Adjustments:

• Remove outliers (typically >2 standard deviations)
• Consider using median instead of mean (less affected by outliers)
• Weight multiples if some comps are more comparable
• Adjust for differences in growth, margins, risk

5. Apply Multiples to Target Company

Example Calculation:

Target Company NTM EBITDA = $500M
Selected EV/EBITDA Multiple = 11.0x
Implied Enterprise Value = $500M × 11.0x = $5,500M

Less: Net Debt = $1,000M
Equity Value = $4,500M

Shares Outstanding = 100M
Implied Price Per Share = $45.00

6. Select Appropriate Multiple

Choose based on:

• EV/Revenue: High-growth, unprofitable companies (tech, biotech pre-profit)
• EV/EBITDA: Most common; capital-intensive industries (manufacturing, telecom)
• P/E: Profitable companies with stable cap structure (consumer, retail)
• Sector-specific: P/B for banks, EV/Production for oil & gas, EV/Subscriber for media

Premium/Discount Analysis

Apply premiums or discounts based on:

• Growth premium: Higher growth → higher multiple
• Profitability: Higher margins → higher multiple
• Size: Larger companies typically trade at premium (liquidity)
• Market position: Market leaders → premium
• Geographic: Developed vs. emerging markets

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Precedent Transactions Analysis

Overview

Precedent transactions values a company based on prices paid for similar companies in M&A transactions. This reflects control premiums and strategic value.

Step-by-Step Process

1. Identify Relevant Transactions

Selection Criteria:

• Same or similar industry
• Similar size (within 0.5x to 2x target's size)
• Similar business characteristics
• Recent transactions (last 3-5 years preferred)
• Announced and closed deals (avoid withdrawn deals)

Typical Universe:

• 5-10 transactions minimum
• Focus on recent deals (weight more recent higher)

2. Gather Transaction Details

Required Information:

• Transaction date (announcement and close)
• Acquisition price and structure (cash, stock, mixed)
• Target's financials at time of transaction
• Strategic rationale and synergies
• Control premium paid

Sources:

• SEC filings (S-4, 8-K, proxy statements)
• Press releases and investor presentations
• M&A databases and other transaction datasets

tradingviewapi does not replace precedent-transaction sourcing; it is most useful here for current trading context and target-company fundamentals alongside the deal work.

3. Calculate Transaction Multiples

Same multiples as trading comps, but based on transaction value:

Transaction Value = Equity Purchase Price + Assumed Debt - Cash Acquired

EV/Revenue (LTM) = Transaction Value / Target's LTM Revenue
EV/EBITDA (LTM) = Transaction Value / Target's LTM EBITDA
EV/EBIT (LTM) = Transaction Value / Target's LTM EBIT

Calculate Control Premium:

Control Premium = (Offer Price - Unaffected Price) / Unaffected Price

• Unaffected Price = Target's stock price 1-2 days before announcement
• Typical range: 20-40%

4. Analyze Precedent Transactions

Create Precedent Transactions Table:

5. Apply to Target Company

Important Considerations:

• Precedent multiples typically higher than trading comps (include control premium)
• Adjust for differences in transaction rationale
• Consider market conditions at time of transactions vs. current
• Weight recent transactions more heavily

Example Calculation:

Target Company LTM EBITDA = $450M
Selected EV/EBITDA Multiple = 13.0x (precedent)
vs Trading Comps Multiple = 11.0x

Implied EV (Precedent) = $450M × 13.0x = $5,850M
Implied EV (Trading) = $450M × 11.0x = $4,950M

Implied Control Premium = $5,850M / $4,950M - 1 = 18%

Adjustments to Transaction Multiples

Consider adjusting for:

• Market conditions: Bull vs. bear market (M&A activity levels)
• Deal structure: Strategic vs. financial buyer
• Synergies: Transactions with high synergies command premiums
• Competitive dynamics: Single vs. multiple bidders
• Time value: Older transactions less relevant

---

Valuation Reconciliation

Creating a Valuation Bridge

Present all three methods in a single framework:

Example Valuation Summary:

Weighting the Methods

Typical Weighting:

• DCF: 40-60% (fundamental value, but assumes accuracy of projections)
• Trading Comps: 25-40% (reflects current market sentiment)
• Precedent Trans.: 15-25% (less relevant unless M&A likely)

Adjust weights based on:

• Confidence in forecasts: Higher confidence → higher DCF weight
• Market conditions: Bull/bear market affects comps reliability
• M&A likelihood: Higher if company in play or industry consolidating
• Company maturity: Mature companies → higher weight on comps; growth → higher DCF weight

Valuation Range

Always present a valuation range, not a point estimate:

Approach:

• Base Case: Most likely scenario
• Bull Case: Optimistic assumptions (revenue growth, margins)
• Bear Case: Conservative assumptions

Example:

Bear Case: $38 - $40
Base Case: $42 - $46
Bull Case: $48 - $52

Recommendation: BUY with target price of $45 (midpoint of base case)

Sanity Checks

Cross-check valuation with: 1. Historical multiples: Is current valuation in line with history? Derive from tradingviewapi price / history data when possible 2. Peer comparison: Justified premium/discount vs. peers? 3. Implied growth: What growth is market pricing in? 4. Implied returns: IRR from current price to target price 5. Market cap analysis: Does total market cap make sense?

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Conclusion

Using all three valuation methods provides a robust framework for determining fair value:

• DCF provides intrinsic value based on fundamentals
• Trading Comps reflects current market valuation
• Precedent Transactions indicates M&A value and control premium

The key is to understand the assumptions driving each method and to present a well-reasoned valuation range that considers multiple scenarios and methodologies.

Logo Proxy

• Source: openapi.json
• Generated At: 2026-04-21T18:58:33+08:00
• Live Requests: enabled

Proxy TradingView Logo by URL

GET /logo

Request

curl --request GET \
	--url 'https://tradingview-data1.p.rapidapi.com/logo?url=apple.svg&big=true' \
	--header 'x-rapidapi-host: tradingview-data1.p.rapidapi.com' \
	--header 'x-rapidapi-key: YOUR_RAPIDAPI_KEY' \
	--output apple.svg

Proxy TradingView Logo by Path

GET /logo/{path}

Request

curl --request GET \
	--url 'https://tradingview-data1.p.rapidapi.com/logo/apple.svg' \
	--header 'x-rapidapi-host: tradingview-data1.p.rapidapi.com' \
	--header 'x-rapidapi-key: YOUR_RAPIDAPI_KEY' \
	--output apple.svg