better-dsh 0.2.5-c → 0.2.5-e

package/docs/80_upstream-docs-and-skills/hermes-dev-skill/src/docs/user-guide/skills/optional/finance/finance-comps-analysis.md

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----
-title: "Comps Analysis — Build comparable-company valuation workbooks in Excel"
-sidebar_label: "Comps Analysis"
-description: "Build comparable-company valuation workbooks in Excel"
----
-
-{/* This page is auto-generated from the skill's SKILL.md by website/scripts/generate-skill-docs.py. Edit the source SKILL.md, not this page. */}
-
-# Comps Analysis
-
-Build comparable-company valuation workbooks in Excel.
-
-## Skill metadata
-
-| | |
-|---|---|
-| Source | Optional — install with `hermes skills install official/finance/comps-analysis` |
-| Path | `optional-skills/finance\comps-analysis` |
-| Version | `1.0.0` |
-| Author | Anthropic (adapted by Nous Research) |
-| License | Apache-2.0 |
-| Platforms | linux, macos, windows |
-| Tags | `finance`, `valuation`, `comps`, `excel`, `openpyxl`, `modeling`, `investment-banking` |
-| Related skills | [`excel-author`](/docs/user-guide/skills/optional/finance/finance-excel-author), [`pptx-author`](/docs/user-guide/skills/optional/finance/finance-pptx-author), [`dcf-model`](/docs/user-guide/skills/optional/finance/finance-dcf-model), [`lbo-model`](/docs/user-guide/skills/optional/finance/finance-lbo-model) |
-
-## Reference: full SKILL.md
-
-:::info
-The following is the complete skill definition that Hermes loads when this skill is triggered. This is what the agent sees as instructions when the skill is active.
-:::
-
-## Environment
-
-This skill assumes **headless openpyxl** — you are producing an .xlsx file on disk.
-Follow the `excel-author` skill's conventions for cell coloring, formulas, named ranges, and sensitivity tables.
-Recalculate before delivery: `python /path/to/excel-author/scripts/recalc.py ./out/model.xlsx`.
-
-# Comparable Company Analysis
-
-## ⚠️ CRITICAL: Data Source Priority (READ FIRST)
-
-**ALWAYS follow this data source hierarchy:**
-
-1. **FIRST: Check for MCP data sources** - If S&P Kensho MCP, FactSet MCP, or Daloopa MCP are available, use them exclusively for financial and trading information
-2. **DO NOT use web search** if the above MCP data sources are available
-3. **ONLY if MCPs are unavailable:** Then use Bloomberg Terminal, SEC EDGAR filings, or other institutional sources
-4. **NEVER use web search as a primary data source** - it lacks the accuracy, audit trails, and reliability required for institutional-grade analysis
-
-**Why this matters:** MCP sources provide verified, institutional-grade data with proper citations. Web search results can be outdated, inaccurate, or unreliable for financial analysis.
-
----
-
-## Overview
-This skill teaches the agent to build institutional-grade comparable company analyses that combine operating metrics, valuation multiples, and statistical benchmarking. The output is a structured Excel/spreadsheet that enables informed investment decisions through peer comparison.
-
-**Reference Material & Contextualization:**
-
-An example comparable company analysis is provided in `examples/comps_example.xlsx`. When using this or other example files in this skill directory, use them intelligently:
-
-**DO use examples for:**
-- Understanding structural hierarchy (how sections flow)
-- Grasping the level of rigor expected (statistical depth, documentation standards)
-- Learning principles (clear headers, transparent formulas, audit trails)
-
-**DO NOT use examples for:**
-- Exact reproduction of format or metrics
-- Copying layout without considering context
-- Applying the same visual style regardless of audience
-
-**ALWAYS ask yourself first:**
-1. **"Do you have a preferred format or should I adapt the template style?"**
-2. **"Who is the audience?"** (Investment committee, board presentation, quick reference, detailed memo)
-3. **"What's the key question?"** (Valuation, growth analysis, competitive positioning, efficiency)
-4. **"What's the context?"** (M&A evaluation, investment decision, sector benchmarking, performance review)
-
-**Adapt based on specifics:**
-- **Industry context**: Big tech mega-caps need different metrics than emerging SaaS startups
-- **Sector-specific needs**: Add relevant metrics early (e.g., cloud ARR, enterprise customers, developer ecosystem for tech)
-- **Company familiarity**: Well-known companies may need less background, more focus on delta analysis
-- **Decision type**: M&A requires different emphasis than ongoing portfolio monitoring
-
-**Core principle:** Use template principles (clear structure, statistical rigor, transparent formulas) but vary execution based on context. The goal is institutional-quality analysis, not institutional-looking templates.
-
-User-provided examples and explicit preferences always take precedence over defaults.
-
-## Core Philosophy
-**"Build the right structure first, then let the data tell the story."**
-
-Start with headers that force strategic thinking about what matters, input clean data, build transparent formulas, and let statistics emerge automatically. A good comp should be immediately readable by someone who didn't build it.
-
----
-
-## ⚠️ CRITICAL: Formulas Over Hardcodes + Step-by-Step Verification
-
-**Formulas, not hardcodes:**
-- Every derived value (margin, multiple, statistic) MUST be an Excel formula referencing input cells — never a pre-computed number pasted in
-- When using Python/openpyxl to build the sheet: write `cell.value = "=E7/C7"` (formula string), NOT `cell.value = 0.687` (computed result)
-- The only hardcoded values should be raw input data (revenue, EBITDA, share price, etc.) — and every one of those gets a cell comment with its source
-- Why: the model must update automatically when an input changes. A hardcoded margin is a silent bug waiting to happen.
-
-**Verify step-by-step with the user:**
-- After setting up the structure → show the user the header layout before filling data
-- After entering raw inputs → show the user the input block and confirm sources/periods before building formulas
-- After building operating metrics formulas → show the calculated margins and sanity-check with the user before moving to valuation
-- After building valuation multiples → show the multiples and confirm they look reasonable before adding statistics
-- Do NOT build the entire sheet end-to-end and then present it — catch errors early by confirming each section
-
----
-
-## Section 1: Document Structure & Setup
-
-### Header Block (Rows 1-3)
-```
-Row 1: [ANALYSIS TITLE] - COMPARABLE COMPANY ANALYSIS
-Row 2: [List of Companies with Tickers] • [Company 1 (TICK1)] • [Company 2 (TICK2)] • [Company 3 (TICK3)]
-Row 3: As of [Period] | All figures in [USD Millions/Billions] except per-share amounts and ratios
-```
-
-**Why this matters:** Establishes context immediately. Anyone opening this file knows what they're looking at, when it was created, and how to interpret the numbers.
-
-### Visual Convention Standards (OPTIONAL - User preferences and uploaded templates always override)
-
-**IMPORTANT: These are suggested defaults only. Always prioritize:**
-1. User's explicit formatting preferences
-2. Formatting from any uploaded template files
-3. Company/team style guides
-4. These defaults (only if no other guidance provided)
-
-**Suggested Font & Typography:**
-- **Font family**: Times New Roman (professional, readable, industry standard)
-- **Font size**: 11pt for data cells, 12pt for headers
-- **Bold text**: Section headers, company names, statistic labels
-
-**Default Color & Shading — Professional Blue/Grey Palette (minimal is better):**
-- **Keep it restrained** — only blues and greys. Do NOT introduce greens, oranges, reds, or multiple accent colors. A clean comps sheet uses 3-4 colors total.
-- **Section headers** (e.g., "OPERATING STATISTICS & FINANCIAL METRICS"):
-  - Dark blue background (`#1F4E79` or `#17365D` navy)
-  - White bold text
-  - Full row shading across all columns
-- **Column headers** (e.g., "Company", "Revenue", "Margin"):
-  - Light blue background (`#D9E1F2` or similar pale blue)
-  - Black bold text
-  - Centered alignment
-- **Data rows**:
-  - White background for company data
-  - Black text for formulas; blue text for hardcoded inputs
-- **Statistics rows** (Maximum, 75th Percentile, etc.):
-  - Light grey background (`#F2F2F2`)
-  - Black text, left-aligned labels
-- **That's the whole palette**: dark blue + light blue + light grey + white. Nothing else unless the user's template says otherwise.
-
-**Suggested Formatting Conventions:**
-- **Decimal precision**:
-  - Percentages: 1 decimal (12.3%)
-  - Multiples: 1 decimal (13.5x)
-  - Dollar amounts: No decimals, thousands separator (69,632)
-  - Margins shown as percentages: 1 decimal (68.7%)
-- **Borders**: No borders (clean, minimal appearance)
-- **Alignment**: All metrics center-aligned for clean, uniform appearance
-- **Cell dimensions**: All column widths should be uniform/even, all row heights should be consistent (creates clean, professional grid)
-
-**Note:** If the user provides a template file or specifies different formatting, use that instead.
-
----
-
-## Section 2: Operating Statistics & Financial Metrics
-
-### Core Columns (Start with these)
-1. **Company** - Names with consistent formatting
-2. **Revenue** - Size metric (can be LTM, quarterly, or annual depending on context)
-3. **Revenue Growth** - Year-over-year percentage change
-4. **Gross Profit** - Revenue minus cost of goods sold
-5. **Gross Margin** - GP/Revenue (fundamental profitability)
-6. **EBITDA** - Earnings before interest, tax, depreciation, amortization
-7. **EBITDA Margin** - EBITDA/Revenue (operating efficiency)
-
-### Optional Additions (Choose based on industry/purpose)
-- **Quarterly vs LTM** - Include both if seasonality matters
-- **Free Cash Flow** - For capital-intensive or SaaS businesses
-- **FCF Margin** - FCF/Revenue (cash generation efficiency)
-- **Net Income** - For mature, profitable companies
-- **Operating Income** - For businesses with varying D&A
-- **CapEx metrics** - For asset-heavy industries
-- **Rule of 40** - Specifically for SaaS (Growth % + Margin %)
-- **FCF Conversion** - For quality of earnings analysis (advanced)
-
-### Formula Examples (Using Row 7 as example)
-```excel
-// Core ratios - these are always calculated
-Gross Margin (F7): =E7/C7
-EBITDA Margin (H7): =G7/C7
-
-// Optional ratios - include if relevant
-FCF Margin: =[FCF]/[Revenue]
-Net Margin: =[Net Income]/[Revenue]
-Rule of 40: =[Growth %]+[FCF Margin %]
-```
-
-**Golden Rule:** Every ratio should be [Something] / [Revenue] or [Something] / [Something from this sheet]. Keep it simple.
-
-### Statistics Block (After company data)
-
-**CRITICAL: Add statistics formulas for all comparable metrics (ratios, margins, growth rates, multiples).**
-
-```
-[Leave one blank row for visual separation]
-- Maximum: =MAX(B7:B9)
-- 75th Percentile: =QUARTILE(B7:B9,3)
-- Median: =MEDIAN(B7:B9)
-- 25th Percentile: =QUARTILE(B7:B9,1)
-- Minimum: =MIN(B7:B9)
-```
-
-**Columns that NEED statistics (comparable metrics):**
-- Revenue Growth %, Gross Margin %, EBITDA Margin %, EPS
-- EV/Revenue, EV/EBITDA, P/E, Dividend Yield %, Beta
-
-**Columns that DON'T need statistics (size metrics):**
-- Revenue, EBITDA, Net Income (absolute size varies by company scale)
-- Market Cap, Enterprise Value (not comparable across different-sized companies)
-
-**Note:** Add one blank row between company data and statistics rows for visual separation. Do NOT add a "SECTOR STATISTICS" or "VALUATION STATISTICS" header row.
-
-**Why quartiles matter:** They show distribution, not just average. A 75th percentile multiple tells you what "premium" companies trade at.
-
----
-
-## Section 3: Valuation Multiples & Investment Metrics
-
-### Core Valuation Columns (Start with these)
-1. **Company** - Same order as operating section
-2. **Market Cap** - Current market valuation
-3. **Enterprise Value** - Market Cap ± Net Debt/Cash
-4. **EV/Revenue** - How much market pays per dollar of sales
-5. **EV/EBITDA** - How much market pays per dollar of earnings
-6. **P/E Ratio** - Price relative to net earnings
-
-### Optional Valuation Metrics (Choose based on context)
-- **FCF Yield** - FCF/Market Cap (for cash-focused analysis)
-- **PEG Ratio** - P/E/Growth Rate (for growth companies)
-- **Price/Book** - Market value vs. book value (for asset-heavy businesses)
-- **ROE/ROA** - Return metrics (for profitability comparison)
-- **Revenue/EBITDA CAGR** - Historical growth rates (for trend analysis)
-- **Asset Turnover** - Revenue/Assets (for operational efficiency)
-- **Debt/Equity** - Leverage (for capital structure analysis)
-
-**Key Principle:** Include 3-5 core multiples that matter for your industry. Don't include every possible metric just because you can.
-
-### Formula Examples
-```excel
-// Core multiples - always include these
-EV/Revenue: =[Enterprise Value]/[LTM Revenue]
-EV/EBITDA: =[Enterprise Value]/[LTM EBITDA]
-P/E Ratio: =[Market Cap]/[Net Income]
-
-// Optional multiples - include if data available
-FCF Yield: =[LTM FCF]/[Market Cap]
-PEG Ratio: =[P/E]/[Growth Rate %]
-```
-
-### Cross-Reference Rule
-**CRITICAL:** Valuation multiples MUST reference the operating metrics section. Never input the same raw data twice. If revenue is in C7, then EV/Revenue formula should reference C7.
-
-### Statistics Block
-Same structure as operating section: Max, 75th, Median, 25th, Min for every metric. Add one blank row for visual separation between company data and statistics. Do NOT add a "VALUATION STATISTICS" header row.
-
----
-
-## Section 4: Notes & Methodology Documentation
-
-### Required Components
-
-**Data Sources & Quality:**
-- Where did the data come from? (S&P Kensho MCP, FactSet MCP, Daloopa MCP, Bloomberg, SEC filings)
-- What period does it cover? (Q4 2024, audited figures)
-- How was it verified? (Cross-checked against 10-K/10-Q)
-- Note: Prioritize MCP data sources (S&P Kensho, FactSet, Daloopa) if available for better accuracy and traceability
-
-**Key Definitions:**
-- EBITDA calculation method (Gross Profit + D&A, or Operating Income + D&A)
-- Free Cash Flow formula (Operating CF - CapEx)
-- Special metrics explained (Rule of 40, FCF Conversion)
-- Time period definitions (LTM, CAGR calculation periods)
-
-**Valuation Methodology:**
-- How was Enterprise Value calculated? (Market Cap + Net Debt)
-- What growth rates were used? (Historical CAGR, forward estimates)
-- Any adjustments made? (One-time items excluded, normalized margins)
-
-**Analysis Framework:**
-- What's the investment thesis? (Cloud/SaaS efficiency)
-- What metrics matter most? (Cash generation, capital efficiency)
-- How should readers interpret the statistics? (Quartiles provide context)
-
----
-
-## Section 5: Choosing the Right Metrics (Decision Framework)
-
-### Start with "What question am I answering?"
-
-**"Which company is undervalued?"**
-→ Focus on: EV/Revenue, EV/EBITDA, P/E, Market Cap
-→ Skip: Operational details, growth metrics
-
-**"Which company is most efficient?"**
-→ Focus on: Gross Margin, EBITDA Margin, FCF Margin, Asset Turnover
-→ Skip: Size metrics, absolute dollar amounts
-
-**"Which company is growing fastest?"**
-→ Focus on: Revenue Growth %, EBITDA CAGR, User/Customer Growth
-→ Skip: Margin metrics, leverage ratios
-
-**"Which is the best cash generator?"**
-→ Focus on: FCF, FCF Margin, FCF Conversion, CapEx intensity
-→ Skip: EBITDA, P/E ratios
-
-### Industry-Specific Metric Selection
-
-**Software/SaaS:**
-Must have: Revenue Growth, Gross Margin, Rule of 40
-Optional: ARR, Net Dollar Retention, CAC Payback
-Skip: Asset Turnover, Inventory metrics
-
-**Manufacturing/Industrials:**
-Must have: EBITDA Margin, Asset Turnover, CapEx/Revenue
-Optional: ROA, Inventory Turns, Backlog
-Skip: Rule of 40, SaaS metrics
-
-**Financial Services:**
-Must have: ROE, ROA, Efficiency Ratio, P/E
-Optional: Net Interest Margin, Loan Loss Reserves
-Skip: Gross Margin, EBITDA (not meaningful for banks)
-
-**Retail/E-commerce:**
-Must have: Revenue Growth, Gross Margin, Inventory Turnover
-Optional: Same-Store Sales, Customer Acquisition Cost
-Skip: Heavy R&D or CapEx metrics
-
-### The "5-10 Rule"
-
-**5 operating metrics** - Revenue, Growth, 2-3 margins/efficiency metrics
-**5 valuation metrics** - Market Cap, EV, 3 multiples
-**= 10 total columns** - Enough to tell the story, not so many you lose the thread
-
-If you have more than 15 metrics, you're probably including noise. Edit ruthlessly.
-
----
-
-## Section 6: Best Practices & Quality Checks
-
-### Before You Start
-1. **Define the peer group** - Companies must be truly comparable (similar business model, scale, geography)
-2. **Choose the right period** - LTM smooths seasonality; quarterly shows trends
-3. **Standardize units upfront** - Millions vs. billions decision affects everything
-4. **Map data sources** - Know where each number comes from
-
-### As You Build
-1. **Input all raw data first** - Complete the blue text before writing formulas
-2. **Add cell comments to ALL hard-coded inputs** - Right-click cell → Insert Comment → Document source OR assumption
-
-   **For sourced data, cite exactly where it came from:**
-   - Example: "Bloomberg Terminal - MSFT Equity DES, accessed 2024-10-02"
-   - Example: "Q4 2024 10-K filing, page 42, line item 'Total Revenue'"
-   - Example: "FactSet consensus estimate as of 2024-10-02"
-   - **Include hyperlinks when possible**: Right-click cell → Link → paste URL to SEC filing, data source, or report
-
-   **For assumptions, explain the reasoning:**
-   - Example: "Assumed 15% EBITDA margin based on peer median, company does not disclose"
-   - Example: "Estimated Enterprise Value as Market Cap + $50M net debt (from Q3 balance sheet, Q4 not yet available)"
-   - Example: "Forward P/E based on street consensus EPS of $3.45 (average of 12 analyst estimates)"
-
-   **Why this matters**: Enables audit trails, data verification, assumption transparency, and future updates
-3. **Build formulas row by row** - Test each calculation before moving on
-4. **Use absolute references for headers** - $C$6 locks the header row
-5. **Format consistently** - Percentages as percentages, not decimals
-6. **Add conditional formatting** - Highlight outliers automatically
-
-### Sanity Checks
-- **Margin test**: Gross margin > EBITDA margin > Net margin (always true by definition)
-- **Multiple reasonableness**: 
-  - EV/Revenue: typically 0.5-20x (varies widely by industry)
-  - EV/EBITDA: typically 8-25x (fairly consistent across industries)
-  - P/E: typically 10-50x (depends on growth rate)
-- **Growth-multiple correlation**: Higher growth usually means higher multiples
-- **Size-efficiency trade-off**: Larger companies often have better margins (scale benefits)
-
-### Common Mistakes to Avoid
-❌ Mixing market cap and enterprise value in formulas
-❌ Using different time periods for numerator and denominator (LTM vs quarterly)
-❌ Hardcoding numbers into formulas instead of cell references
-❌ **Hard-coded inputs without cell comments citing the source OR explaining the assumption**
-❌ Missing hyperlinks to SEC filings or data sources when available
-❌ Including too many metrics without clear purpose
-❌ Including non-comparable companies (different business models)
-❌ Using outdated data without disclosure
-❌ Calculating averages of percentages incorrectly (should be median)
-
----
-
-## Section 6: Advanced Features
-
-### Dynamic Headers
-For columns showing calculations, use clear unit labels:
-```
-Revenue Growth (YoY) % | EBITDA Margin | FCF Margin | Rule of 40
-```
-
-### Quartile Analysis Benefits
-Instead of just mean/median, quartiles show:
-- **75th percentile** = "Premium" companies trade here
-- **Median** = Typical market valuation
-- **25th percentile** = "Discount" territory
-
-This helps answer: "Is our target company trading rich or cheap vs. peers?"
-
-### Industry-Specific Modifications
-
-**Software/SaaS:**
-- Add: ARR, Net Dollar Retention, CAC Payback Period
-- Emphasize: Rule of 40, FCF margins, gross margins >70%
-
-**Healthcare:**
-- Add: R&D/Revenue, Pipeline value, Regulatory status
-- Emphasize: EBITDA margins, growth rates, reimbursement risk
-
-**Industrials:**
-- Add: Backlog, Order book trends, Geographic mix
-- Emphasize: ROIC, asset turnover, cyclical adjustments
-
-**Consumer:**
-- Add: Same-store sales, Customer acquisition cost, Brand value
-- Emphasize: Revenue growth, gross margins, inventory turns
-
----
-
-## Section 7: Workflow & Practical Tips
-
-### Step-by-Step Process
-1. **Set up structure** (30 minutes)
-   - Create all headers
-   - Format cells (blue for inputs, black for formulas)
-   - Lock in units and date references
-
-2. **Gather data** (60-90 minutes)
-   - Pull from primary sources (S&P Kensho MCP, FactSet MCP, Daloopa MCP if available; otherwise Bloomberg, SEC)
-   - Input all raw numbers in blue
-   - Document sources in notes section
-
-3. **Build formulas** (30 minutes)
-   - Start with simple ratios (margins)
-   - Progress to multiples (EV/Revenue)
-   - Add cross-checks (do margins make sense?)
-
-4. **Add statistics** (15 minutes)
-   - Copy formula structure for all columns
-   - Verify ranges are correct (B7:B9, not B7:B10)
-   - Check quartile logic
-
-5. **Quality control** (30 minutes)
-   - Run sanity checks
-   - Verify formula references
-   - Check for #DIV/0! or #REF! errors
-   - Compare against known benchmarks
-
-6. **Documentation** (15 minutes)
-   - Complete notes section
-   - Add data sources
-   - Define methodologies
-   - Date-stamp the analysis
-
-### Pro Tips
-- **Save templates**: Build once, reuse forever
-- **Color-code outliers**: Conditional formatting for values >2 standard deviations
-- **Link to source files**: Hyperlink to Bloomberg screenshots or SEC filings
-- **Version control**: Save as "Comps_v1_2024-12-15" with clear dating
-- **Collaborative reviews**: Have someone else check your formulas
-
-### Excel Formatting Checklist (Optional - adapt to user preferences)
-- [ ] Font set to user's preferred style (default: Times New Roman, 11pt data, 12pt headers)
-- [ ] Section headers formatted per user's template (default: dark blue #17365D with white bold text)
-- [ ] Column headers formatted per user's template (default: light blue/gray #D9E2F3 with black bold text)
-- [ ] Statistics rows formatted per user's template (default: light gray #F2F2F2)
-- [ ] No borders applied (clean, minimal appearance)
-- [ ] **Column widths set to uniform/even width** (creates clean, professional appearance)
-- [ ] **Row heights set to consistent height** (typically 20-25pt for data rows)
-- [ ] Numbers formatted with proper decimal precision and thousands separators
-- [ ] **All metrics center-aligned** for clean, uniform appearance
-- [ ] **One blank row for separation between company data and statistics rows**
-- [ ] **No separate "SECTOR STATISTICS" or "VALUATION STATISTICS" header rows**
-- [ ] **Every hard-coded input cell has a comment with either: (1) exact data source, OR (2) assumption explanation**
-- [ ] **Hyperlinks added to cells where applicable** (SEC filings, data provider pages, reports)
-
----
-
-## Section 8: Example Template Layout
-
-**Simple Version (Start here):**
-<!-- ascii-guard-ignore -->
-```
-┌─────────────────────────────────────────────────────────────┐
-│ TECHNOLOGY - COMPARABLE COMPANY ANALYSIS                    │
-│ Microsoft • Alphabet • Amazon                               │
-│ As of Q4 2024 | All figures in USD Millions                │
-├─────────────────────────────────────────────────────────────┤
-│ OPERATING METRICS                                           │
-├──────────┬─────────┬─────────┬──────────┬──────────────────┤
-│ Company  │ Revenue │ Growth  │ Gross    │ EBITDA  │ EBITDA │
-│          │ (LTM)   │ (YoY)   │ Margin   │ (LTM)   │ Margin │
-├──────────┼─────────┼─────────┼──────────┼─────────┼────────┤
-│ MSFT     │ 261,400 │ 12.3%   │ 68.7%    │ 205,100 │ 78.4%  │
-│ GOOGL    │ 349,800 │ 11.8%   │ 57.9%    │ 239,300 │ 68.4%  │
-│ AMZN     │ 638,100 │ 10.5%   │ 47.3%    │ 152,600 │ 23.9%  │
-│          │         │         │          │         │        │ [blank row]
-│ Median   │ =MEDIAN │ =MEDIAN │ =MEDIAN  │ =MEDIAN │=MEDIAN │
-│ 75th %   │ =QUART  │ =QUART  │ =QUART   │ =QUART  │=QUART  │
-│ 25th %   │ =QUART  │ =QUART  │ =QUART   │ =QUART  │=QUART  │
-├─────────────────────────────────────────────────────────────┤
-│ VALUATION MULTIPLES                                         │
-├──────────┬──────────┬──────────┬──────────┬────────────────┤
-│ Company  │ Mkt Cap  │ EV       │ EV/Rev   │ EV/EBITDA │ P/E│
-├──────────┼──────────┼──────────┼──────────┼───────────┼────┤
-│ MSFT     │3,550,000 │3,530,000 │ 13.5x    │ 17.2x     │36.0│
-│ GOOGL    │2,030,000 │1,960,000 │  5.6x    │  8.2x     │24.5│
-│ AMZN     │2,226,000 │2,320,000 │  3.6x    │ 15.2x     │58.3│
-│          │          │          │          │           │    │ [blank row]
-│ Median   │ =MEDIAN  │ =MEDIAN  │ =MEDIAN  │ =MEDIAN   │=MED│
-│ 75th %   │ =QUART   │ =QUART   │ =QUART   │ =QUART    │=QRT│
-│ 25th %   │ =QUART   │ =QUART   │ =QUART   │ =QUART    │=QRT│
-└──────────┴──────────┴──────────┴──────────┴───────────┴────┘
-```
-<!-- ascii-guard-ignore-end -->
-
-**Add complexity only when needed:**
-- Include quarterly AND LTM if seasonality matters
-- Add FCF metrics if cash generation is key story
-- Include industry-specific metrics (Rule of 40 for SaaS, etc.)
-- Add more statistics rows if you have >5 companies
-
----
-
-## Section 9: Industry-Specific Additions (Optional)
-
-Only add these if they're critical to your analysis. Most comps work fine with just core metrics.
-
-**Software/SaaS:**
-Add if relevant: ARR, Net Dollar Retention, Rule of 40
-
-**Financial Services:**
-Add if relevant: ROE, Net Interest Margin, Efficiency Ratio
-
-**E-commerce:**
-Add if relevant: GMV, Take Rate, Active Buyers
-
-**Healthcare:**
-Add if relevant: R&D/Revenue, Pipeline Value, Patent Timeline
-
-**Manufacturing:**
-Add if relevant: Asset Turnover, Inventory Turns, Backlog
-
----
-
-## Section 10: Red Flags & Warning Signs
-
-### Data Quality Issues
-🚩 Inconsistent time periods (mixing quarterly and annual)  
-🚩 Missing data without explanation  
-🚩 Significant differences between data sources (>10% variance)
-
-### Valuation Red Flags
-🚩 Negative EBITDA companies being valued on EBITDA multiples (use revenue multiples instead)  
-🚩 P/E ratios >100x without hypergrowth story  
-🚩 Margins that don't make sense for the industry
-
-### Comparability Issues
-🚩 Different fiscal year ends (causes timing problems)  
-🚩ixing pure-play and conglomerates  
-🚩 Materially different business models labeled as "comps"
-
-**When in doubt, exclude the company.** Better to have 3 perfect comps than 6 questionable ones.
-
----
-
-## Section 11: Formulas Reference Guide
-
-### Essential Excel Formulas
-```excel
-// Statistical Functions
-=AVERAGE(range)          // Simple mean
-=MEDIAN(range)           // Middle value
-=QUARTILE(range, 1)      // 25th percentile
-=QUARTILE(range, 3)      // 75th percentile
-=MAX(range)              // Maximum value
-=MIN(range)              // Minimum value
-=STDEV.P(range)          // Standard deviation
-
-// Financial Calculations
-=B7/C7                   // Simple ratio (Margin)
-=SUM(B7:B9)/3            // Average of multiple companies
-=IF(B7>0, C7/B7, "N/A")  // Conditional calculation
-=IFERROR(C7/D7, 0)       // Handle divide by zero
-
-// Cross-Sheet References
-='Sheet1'!B7             // Reference another sheet
-=VLOOKUP(A7, Table1, 2)  // Lookup from data table
-=INDEX(MATCH())          // Advanced lookup
-
-// Formatting
-=TEXT(B7, "0.0%")        // Format as percentage
-=TEXT(C7, "#,##0")       // Thousands separator
-```
-
-### Common Ratio Formulas
-```excel
-Gross Margin = Gross Profit / Revenue
-EBITDA Margin = EBITDA / Revenue
-FCF Margin = Free Cash Flow / Revenue
-FCF Conversion = FCF / Operating Cash Flow
-ROE = Net Income / Shareholders' Equity
-ROA = Net Income / Total Assets
-Asset Turnover = Revenue / Total Assets
-Debt/Equity = Total Debt / Shareholders' Equity
-```
-
----
-
-## Key Principles Summary
-
-1. **Structure drives insight** - Right headers force right thinking
-2. **Less is more** - 5-10 metrics that matter beat 20 that don't
-3. **Choose metrics for your question** - Valuation analysis ≠ efficiency analysis
-4. **Statistics show patterns** - Median/quartiles reveal more than average
-5. **Transparency beats complexity** - Simple formulas everyone understands
-6. **Comparability is king** - Better to exclude than force a bad comp
-7. **Document your choices** - Explain which metrics and why in notes section
-
----
-
-## Output Checklist
-
-Before delivering a comp analysis, verify:
-- [ ] All companies are truly comparable
-- [ ] Data is from consistent time periods
-- [ ] Units are clearly labeled (millions/billions)
-- [ ] Formulas reference cells, not hardcoded values
-- [ ] **All hard-coded input cells have comments with either: (1) exact data source with citation, OR (2) clear assumption with explanation**
-- [ ] **Hyperlinks added where relevant** (SEC EDGAR filings, Bloomberg pages, research reports)
-- [ ] Statistics include at least 5 metrics (Max, 75th, Med, 25th, Min)
-- [ ] Notes section documents sources and methodology
-- [ ] Visual formatting follows conventions (blue = input, black = formula)
-- [ ] Sanity checks pass (margins logical, multiples reasonable)
-- [ ] Date stamp is current ("As of [Date]")
-- [ ] Formula auditing shows no errors (#DIV/0!, #REF!, #N/A)
-
----
-
-## Continuous Improvement
-
-After completing a comp analysis, ask:
-1. Did the statistics reveal unexpected insights?
-2. Were there any data gaps that limited analysis?
-3. Did stakeholders ask for metrics you didn't include?
-4. How long did it take vs. how long should it take?
-5. What would make this more useful next time?
-
-The best comp analyses evolve with each iteration. Save templates, learn from feedback, and refine the structure based on what decision-makers actually use.
-
-
-## Data sources — MCP first, web fallback
-
-Many passages below say "use the S&P Kensho MCP / Daloopa MCP / FactSet MCP". Those are commercial financial-data MCPs from the original Cowork plugin context. In Hermes:
-
-- **If you have any structured financial-data MCP configured** (Hermes supports MCP — see `native-mcp` skill), prefer it for point-in-time comps, precedent transactions, and filings.
-- **Otherwise**, fall back to:
-  - `web_search` / `web_extract` against SEC EDGAR (`https://www.sec.gov/cgi-bin/browse-edgar`) for US filings
-  - Company IR pages for press releases, earnings decks
-  - `browser_navigate` for interactive data portals
-  - User-provided data (explicitly ask when the context doesn't have it)
-- **Never fabricate**. If a multiple, precedent, or filing number can't be sourced, flag the cell as `[UNSOURCED]` and surface it to the user.
-
-## Attribution
-
-This skill is adapted from Anthropic's Claude for Financial Services plugin suite (Apache-2.0). The Office-JS / Cowork live-Excel paths have been removed; this version targets headless openpyxl via the `excel-author` skill's conventions. Original: https://github.com/anthropics/financial-services