Initiating Coverage

Initiating Coverage

Create institutional-quality equity research initiation reports (JPMorgan/Goldman Sachs/Morgan Stanley format) through a structured 5-task workflow.

Task Overview

Parallelism: Tasks 1 & 2 have no mutual dependency — execute them in parallel when possible to save time. Tasks 3→4→5 are strictly sequential.

Execution Rules

• Execute ONE task per user request unless Tasks 1 & 2 are both requested (parallel OK)
• Verify prerequisites before starting Tasks 3-5
• Deliver specified outputs only — no extra summaries or completion documents
• Default font: Times New Roman

Task 1: Company Research

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

Prerequisites: Company name or ticker only.

Process: Load references/task1-company-research.md for detailed workflow.

Output: [Company]_Research_Document_[Date].md (6,000-8,000 words)

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

Task 2: Financial Modeling

Purpose: Build comprehensive Excel financial model with projections.

Prerequisites: Access to 10-K/financial statements OR user-provided financials.

Process: Load references/task2-financial-modeling.md for detailed workflow.

Output: [Company]_Financial_Model_[Date].xlsx (6 tabs)

1. Revenue Model — product + geography breakdown
2. Income Statement — 40-50 line items, 3-5Y historical + 5Y projected
3. Cash Flow Statement — historical + projected
4. Balance Sheet — historical + projected
5. Scenarios — Bull/Base/Bear comparison
6. DCF Inputs — prepared for Task 3

Task 3: Valuation Analysis

Purpose: DCF, comparables, and precedent transactions valuation.

Prerequisites: Task 2 financial model must exist.

Process: Load references/task3-valuation.md for detailed workflow.

Output:

• [Company]_Valuation_Analysis_[Date].md (4-6 pages)
• 4 Excel tabs added to Task 2 file (DCF, Sensitivity, Comps, Summary)
• Price target, recommendation (BUY/HOLD/SELL), upside %

Task 4: Chart Generation

Purpose: Generate 25-35 professional financial charts.

Prerequisites: Tasks 1, 2, 3 all complete + external market data access.

Process: Load references/task4-chart-generation.md for detailed workflow.

4 Mandatory Charts ⭐:

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

Output: [Company]_Charts_[Date].zip (25-35 PNG files at 300 DPI + chart_index.txt)

Task 5: Report Assembly

Purpose: Assemble comprehensive final DOCX report from all previous outputs.

Prerequisites: ALL Tasks 1-4 must be complete.

Process: Load references/task5-report-assembly.md for detailed workflow.

Key principles:

• Use DOCX and XLSX skills for file operations
• Text-dense with charts every 200-300 words (60-80% page coverage)
• Copy Task 1 content verbatim, extract Task 2/3 tables, embed Task 4 charts

Output: [Company]_Initiation_Report_[Date].docx

• 30-50 pages, 10,000-15,000 words
• 25-35 embedded charts, 12-20 tables
• Professional formatting with clickable hyperlinks

Task Reference Files

Load ONLY the reference file for the task being performed:

• references/task1-company-research.md — Company research workflow
• references/task2-financial-modeling.md — Financial modeling workflow
• references/task3-valuation.md — Valuation methodology
• references/task4-chart-generation.md — Chart generation workflow
• references/task5-report-assembly.md — Report assembly workflow
• assets/report-template.md — Report structure template
• assets/quality-checklist.md — Quality checks

Quality Standards

• Institutional quality (JPMorgan/Goldman/Morgan Stanley level)
• All numbers cite sources with timestamps
• Stale data (>90d) labeled [STALE], missing data labeled [MISSING]
• All citations include clickable hyperlinks