Nicholas Lin
b891783b23
Financial services plugins for Claude Code covering: - Equity Research - Financial Analysis (comps, DCF, LBO, 3-statements, check-deck, check-model) - Investment Banking (strip profiles, CIM, pitch decks, merger models) - Private Equity (deal screening, IC memos, portfolio monitoring) - Wealth Management
11 KiB
11 KiB
Report Structure and Templates
This document provides complete page-by-page templates and formatting requirements for the earnings update DOCX report.
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 Bloomberg consensus 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]