# Company Valuation Rules

> Score and explain public-company valuation using a Wall Street-style framework. Use when the user asks in Korean or English to evaluate 기업가치, 밸류에이션, 적정가치, PER/PBR/DCF/peer comparison, moat, ROIC, FCF, catalysts, rerating, or whether a stock is cheap, expensive, safe, dangerous, good to buy, or must sell.

- Skill: `egoing88/company-valuation-rules` (Agent Skill, multi-file: 3 files)
- Install (CLI): `npx skillmds@latest add egoing88/company-valuation-rules`
- Raw SKILL.md: https://api.skillmd.com/api/skills/egoing88/company-valuation-rules/raw
- Safety review: pending (external: skill-scanner PASS, skillspector PASS)
- Works with: Claude Code, Claude.ai, OpenAI Codex
- Category: Coding & Dev Tools
- Author: egoing88 (https://skillmd.com/u/egoing88)
- Updated: 2026-09-22
- Page: https://skillmd.com/skills/egoing88/company-valuation-rules

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# Company Valuation Rules

## Workflow

Use the rulebook in `references/rulebook.md` whenever evaluating a company or designing a valuation checklist.

1. Start with a first-screen judgment: `핵심 장기 후보`, `좋음`, `관찰`, `위험`, or `회피`.
2. Classify the company type before scoring: high-growth, mature compounder, cyclical, turnaround, asset-heavy/financial, or rerating candidate.
3. Score the nine categories out of 100: moat, growth, ROIC/capital efficiency, margins, cash flow, valuation, balance sheet, catalysts/revisions, and market reflection.
4. Apply adjustment rules and hard risk caps. Do not let an attractive headline multiple override weak cash flow, poor balance sheet quality, or broken narrative-to-numbers evidence.
5. Triangulate valuation with intrinsic value, peer trading comps, and, when relevant, precedent transaction/deal comps.
6. Always separate `good company` from `good stock at this price`.
7. If citing dollar figures, place KRW conversion next to every USD amount using the current USD/KRW rate. If the rate cannot be verified, state the assumed rate.
8. For current prices, market caps, estimates, revisions, exchange rates, and catalysts, verify live or recent data before giving a final investment judgment.

## Output Shape

Use this compact structure unless the user asks for a different format:

```text
기업명:
현재 판단:
점수:
등급:
평가 시점 / 환율:

핵심 결론:
1.
2.
3.

점수표:
- 사업의 질 / 모트:
- 성장성:
- ROIC / 자본효율:
- 수익성 / 마진:
- 현금흐름:
- 밸류에이션:
- 재무 안정성:
- 촉매 / 추정치 변화:
- 시장 반영도 / 리레이팅:

시장이 덜 반영한 부분:
이미 과하게 반영된 부분:
가장 큰 리스크:
매수 가능 조건:
매도 / 비중축소 조건:
다음 실적에서 확인할 항목:
```

## Guardrails

- Treat EPS without FCF conversion as lower quality.
- Penalize stories that do not connect to revenue growth, margin expansion, reinvestment efficiency, or lower risk.
- For high-growth stocks, test whether the implied valuation requires heroic terminal growth or margins.
- For cyclical stocks, avoid extrapolating peak margins and peak multiples together.
- For rerating claims, require market behavior evidence: relative strength, price reaction to news, and estimate revisions.
- Do not provide a single fair value as if it were precise. Prefer a base/bull/bear valuation range.