skills/sector-analysis/references/universal/sector-playbooks-common-protocol.md

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# PART XV - SECTOR PLAYBOOKS: COMMON PROTOCOL

- For every sector, build five annual years and at least eight quarters of the listed KPIs when available, extending through a prior cycle where relevant.

- Record issuer definition, normalized definition, source/date, unit, and definition changes for every KPI before comparing companies.

- Decompose demand, supply, price, cost, capital, and cycle. Identify the binding constraint and marginal price setter.

- Create a price-volume-mix-capacity bridge and reconcile operating evidence to statements, working capital, capex, financing, and cash.

- Benchmark direct peers only after normalizing geography, product mix, capital structure, accounting, and KPI definitions.

- Use at least two sector-appropriate valuation methods plus reverse expectations. Do not average incompatible methods to hide disagreement.

- Build a sector-specific bear/stress case through operating drivers first, then liquidity, dilution, and valuation.

- Maintain a sector dashboard, historical KPI bridge, peer table, driver forecast, scenario matrix, valuation, and risk register.