skills/initiating-coverage/references/quality-checklist.md

# Quality Checklist

Run this checklist before final delivery.

## Research view

- The report has a clear rating/view or explains why no rating/view is provided.
- The central debate is explicit.
- The variant perception is specific and not just bullish/bearish adjectives.
- The thesis is falsifiable.
- The disconfirming evidence is real and measurable.

## Model and valuation

- Forecast drivers are visible.
- Consensus bridge is included when estimates are available.
- Target price method is appropriate to the sector and company maturity.
- Target price math ties to share count, net debt, and valuation assumptions.
- Sensitivities show what matters most.
- Downside case is credible, not token.
- Non-GAAP metrics are labeled.
- EPS-driven valuation uses the right basis: recurring/operating EPS when GAAP EPS is distorted, with accepted/rejected adjustments visible.
- For capital-intensive or externally financed growth, the report shows the pro forma fully diluted capitalization, financing burden, and after-financing return evidence before any positive ownership or target-price conclusion.
- Revenue multiples are labeled preliminary market context rather than stand-alone valuation support when material debt, leases, or dilution are unresolved.

## Sector nuance

- Sector-specific metrics are used where relevant.
- Sector-specific risks are included.
- Generic TAM / market leader language is cut unless it affects model or valuation.
- Peer set is appropriate and caveated.

## Evidence and sources

- Data cut-off is shown.
- Current price, market capitalization, diluted share-count inputs, enterprise-value inputs, and available consensus context were retrieved from approved accessible sources or explicitly labeled unavailable with the conclusion they prevent.
- Source register is included.
- Every key metric and claim has source support or an evidence label.
- Stale data is flagged.
- Source conflicts are visible.
- Assumptions are separated from facts.

## Senior polish

- Evidence confidence is separate from underwriting status; source confidence is not used as a proxy for investability.
- Executive summary is concise and decision-useful.
- Section titles convey conclusions.
- Risks are ranked by thesis impact.
- Catalysts have timing and read-through.
- The output is appropriate for sell-side, buy-side, long-only, hedge fund, or credit use.
- A standalone HTML initiation uses one clear posture and avoids repeating the same decision across dashboard-style modules.
- Citation rendering remains readable and does not fragment tickers, fiscal periods, dates, prices, ranges, multiples, or metric names.
- Local HTML output has been checked with local headless-browser screenshots, including the opening viewport and a decision-critical downstream section.
- First-read capitalization labels are plain English, such as `Pro Forma Net Debt + Recorded Leases`, rather than internal shorthand.

## Non-destructive behavior

- No original user file is overwritten.
- Any edits are additive or versioned.
- Any suggested changes to existing models/reports are clearly marked.

## Public Equity PM Acceptance

Require a real view, target/valuation basis, downside case, variant perception, what is priced in, falsifiers, source register, and audience-specific implications for long-only, hedge fund, sell-side, ETF/index, or public diligence users.