canonical/appendices/Appendix-G-full-initiation-workflow-and-deliverable-pack.md

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<!-- Appendix: G | Title: FULL INITIATION WORKFLOW AND DELIVERABLE PACK -->

# APPENDIX G - FULL INITIATION WORKFLOW AND DELIVERABLE PACK

| Stage | Required output |
| --- | --- |
| 1. Decision framing | One-sentence decision question; time horizon; key valuation variables; stop conditions. |
| 2. Source archive | Latest 10-K/10-Q/8-K/proxy, debt documents, material exhibits, presentations, calls, ownership forms, relevant regulator/industry sources. |
| 3. Historical model | Five years and eight quarters where available; statements, segments, KPIs, share count, debt, taxes, working capital, capex. |
| 4. Accounting memo | Revenue policy, capitalization, reserves, SBC, leases, taxes, pensions, M&A, fair value, non-GAAP, auditor issues. |
| 5. Business model map | Customer, purchase decision, value proposition, pricing, distribution, cost structure, unit economics, capital needs, bottlenecks. |
| 6. Industry map | Value chain, profit pools, market size, competitors, substitutes, technology, regulation, cycle, supply constraints. |
| 7. Management/governance | Capital-allocation chronology, guidance accuracy, incentives, ownership, board, related parties, disclosure candor. |
| 8. Forecast model | Driver-based revenue, margin architecture, working capital, capex, taxes, debt, interest, shares, integrated statements. |
| 9. Valuation | DCF, relevant multiples, reverse DCF, SOTP if needed, EV-equity bridge, dilution, sensitivity and scenarios. |
| 10. Variant view | Market-implied expectations, evidence-based disagreement, catalyst/validation path, strongest disconfirming evidence. |
| 11. Risk and stress | Operational, competitive, regulatory, accounting, liquidity, financing, governance, valuation, thesis-break cases. |
| 12. Investment memo | Decision-useful conclusion; evidence; assumptions; valuation; catalysts; risks; what changes the view. |
| 13. Monitoring system | Dated KPI triggers, filing alerts, event calendar, estimate errors, thesis breaks, model-change log, post-mortem schedule. |





## Execution gates and handoff standard

- Gate 1, source completeness: no historical model work begins until filing periods, amendments, segment definitions, debt documents, share-count instruments, and material exhibits are version-controlled in the source archive.

- Gate 2, accounting integrity: historical statements, segment/KPI bridges, cash roll-forward, debt, taxes, dilution, leases, pensions, and acquisition effects must reconcile before forecast assumptions are approved.

- Gate 3, forecast causality: every material forecast line must trace to an economic driver or explicit accounting schedule. Unexplained plugs, hard-coded balance-sheet items, and circularity masked by copied values fail the build.

- Gate 4, valuation independence: at least one intrinsic method and one expectations/market-relative method must be completed independently before a target value is discussed.

- Gate 5, adversarial review: a reviewer who did not build the model must reproduce the top three value drivers, strongest disconfirming fact, largest downside mechanism, and EV-to-equity bridge from the archived workpapers.

- Gate 6, monitoring handoff: each thesis variable receives a source, cadence, expected range, warning threshold, thesis-break threshold, owner, and required model action.

- File-control standard: maintain dated folders for Sources, Historical Model, Forecast Model, Valuation, Memo, Monitoring, and Archive. Preserve the version used for every published conclusion so future analysts can recreate the decision state.

- Final handoff package: one-page conclusion, full memo, integrated model, source log, assumption register, model-change log, risk register, monitoring dashboard, IC question responses, and unresolved-items list.

## Initiation completion test

The initiation is complete only when a second analyst can start with the archived source pack, reproduce historicals and valuation within immaterial tolerance, explain every major assumption, and identify exactly what future evidence would trigger a model update or thesis break.