Task 1: Company Research - Detailed Workflow

This document provides step-by-step instructions for executing Task 1 (Company Research) of the initiating-coverage skill.

Task Overview

Purpose: Research company's business, management, competitive position, industry, and risks.

Prerequisites: ✅ None (fully independent)

• Company name or ticker symbol only

Output: Company Research Document (6,000-8,000 words)

Data Sources to Gather

Primary Sources (Company)

• SEC Filings (for public companies):
• Latest 10-K: Business description, risk factors, MD&A, financials
• Recent 10-Qs: Quarterly updates
• DEF 14A (Proxy): Executive compensation, board composition
• 8-Ks: Material events, acquisitions, management changes

• Company Website & IR:
• Investor presentations
• Earnings transcripts (last 2-3 quarters)
• Press releases
• Product documentation

• For Private Companies:
• Company website and blog
• Press releases and media coverage
• LinkedIn for management bios
• Crunchbase or PitchBook for funding history

Secondary Sources (Industry/Competitive)

• Competitor websites and SEC filings
• Industry research reports (Gartner, Forrester, IDC, etc.)
• News articles and trade publications
• Market research reports
• LinkedIn profiles for key executives

Key Information to Extract

Key Information:

• Company founding date, headquarters, employee count
• Revenue size and growth trajectory (if available)
• Product portfolio and pricing
• Customer segments and case studies
• Management backgrounds and track records
• Competitive landscape and market share
• Industry trends and growth drivers
• Regulatory considerations
• High-level financial metrics (from 10-K prose, not detailed extraction)

Step-by-Step Research Workflow

Step 1: Initial Data Collection

1. Start with company website
2. Read About/Company pages
3. Review product pages
4. Identify customer case studies
5. Note key metrics mentioned (employees, customers, etc.)

1. Gather SEC filings (if public)
2. Download latest 10-K from SEC EDGAR
3. Download most recent 10-Q
4. Download latest DEF 14A (proxy statement)
5. Note filing dates

1. Read earnings materials
2. Latest earnings transcript
3. Most recent investor presentation
4. Press releases from last 12 months

1. Document basic facts
2. Founding date and story
3. Headquarters location
4. Employee count
5. Products/services
6. Key customers

Step 2: Business Model Analysis

1. Map revenue streams
2. What does the company sell?
3. How is it priced? (subscription, transaction, license, etc.)
4. Who pays?
5. What are typical deal sizes?

1. Understand customer segments
2. Enterprise vs. SMB vs. consumer
3. Industries served
4. Geographic distribution
5. Customer concentration (top 10 customers)

1. Document go-to-market
2. Direct sales vs. channel partners
3. Sales cycle length
4. Customer acquisition strategy
5. Distribution model

1. Identify unit economics
2. LTV/CAC if available
3. Gross margins
4. Net revenue retention
5. Payback periods

Step 3: Management Research

For each of 3-4 key executives:

1. Identify key leaders
2. CEO (always required)
3. CFO (always required)
4. COO, CTO, or other C-suite (2 additional)

1. Research each executive
2. Find LinkedIn profile
3. Review DEF 14A for background
4. Search for press interviews
5. Note tenure at company

1. Write 300-400 word bio including:
2. Current role and responsibilities
3. Prior roles and companies (last 2-3 positions)
4. Key accomplishments and track record
5. Education and credentials
6. Years of experience in industry
7. Time at current company

1. Assess governance
2. Board composition and independence
3. Key board members and their backgrounds
4. Insider ownership percentage
5. Executive compensation structure

Step 4: Competitive Intelligence

1. Identify 5-10 competitors
2. Direct competitors (same products/markets)
3. Indirect competitors (substitute solutions)
4. Emerging competitors (disruptors)
5. Check 10-K for company's own list of competitors

1. Research each competitor
2. Visit competitor website
3. Review their SEC filings (if public)
4. Note key products and positioning
5. Identify differentiators
6. Estimate market share (if data available)

1. Create competitive framework
2. Map on key dimensions (price, features, scale, etc.)
3. Identify company's competitive advantages
4. Note competitive vulnerabilities
5. Assess switching costs and network effects

1. Document competitive insights
2. Who are the market leaders?
3. Where does this company rank?
4. What are unique differentiators?
5. What are competitive threats?

Step 5: Industry Analysis

1. Define the industry
2. Industry classification (NAICS/SIC)
3. Scope and boundaries
4. Related/adjacent industries

1. Size the market
2. Total addressable market (TAM)
3. Serviceable addressable market (SAM)
4. Serviceable obtainable market (SOM)
5. Current penetration rate

1. Research growth drivers
2. Historical market growth rate
3. Projected growth rate (next 3-5 years)
4. Key trends accelerating/decelerating growth
5. Technology changes impacting industry

1. Understand industry structure
2. Fragmented vs. consolidated
3. Barriers to entry
4. Supplier/buyer power
5. Threat of substitutes
6. Regulatory environment

Step 6: Risk Assessment

Identify 8-12 risks across four categories. For each risk, write 50-100 words.

Company-Specific Risks (4-6 risks):

• Execution risk (can management deliver?)
• Customer concentration (top customers)
• Key person dependency
• Product/technology obsolescence
• Geographic concentration
• Integration risk (if recent M&A)

Industry/Market Risks (3-4 risks):

• Competitive intensity
• Regulatory changes
• Technology disruption
• Market saturation

Financial Risks (2-3 risks):

• Profitability timeline
• Funding requirements
• Debt levels and covenants
• Cash burn rate (if unprofitable)

Macroeconomic Risks (2-3 risks):

• Economic sensitivity (cyclical vs. defensive)
• Interest rate sensitivity
• Foreign exchange exposure
• Geopolitical factors

For each risk:

• Describe the risk clearly
• Quantify impact if possible
• Note likelihood/severity
• Identify mitigating factors

Step 7: Synthesis and Writing

Write document following this structure:

1. Company Overview (800-1,200 words)
2. What does the company do? (plain English)
3. How do they make money? (business model)
4. Where do they operate? (geographic presence)
5. How large are they? (revenue, employees, customers)
6. Key metrics and scale indicators

1. Company History (800-1,200 words)
2. Founding story (who, when, why, where)
3. Timeline of major milestones
4. Strategic pivots or transformations
5. Key acquisitions
6. Recent developments (last 1-2 years)

1. Management Team (1,000-1,400 words)
2. 300-400 word bio for each of 3-4 executives
3. Board composition and governance
4. Insider ownership
5. Management track record assessment

1. Products & Services (700-1,000 words)
2. Detailed product portfolio
3. Key features and capabilities
4. Product differentiation
5. Target customers and use cases
6. Pricing models and typical deal sizes

1. Customers & Go-to-Market (500-700 words)
2. Customer segments and profiles
3. Distribution channels
4. Sales strategy and cycle
5. Key partnerships
6. Customer case studies

1. Industry Overview (800-1,200 words)
2. Industry definition and scope
3. Market size and structure
4. Growth rates (historical and projected)
5. Key trends and drivers
6. Regulatory environment
7. Industry dynamics

1. Competitive Landscape (700-1,000 words)
2. Analysis of 5-10 key competitors
3. Market positioning framework
4. Company's competitive advantages
5. Competitive vulnerabilities
6. Market share analysis

1. Market Opportunity (500-700 words)
2. TAM sizing and methodology
3. Market growth projections
4. Company's serviceable market
5. Market share opportunity
6. Penetration strategy

1. Risk Assessment (600-900 words)
2. Company-specific risks (4-6)
3. Industry/market risks (3-4)
4. Financial risks (2-3)
5. Macroeconomic risks (2-3)
6. Each risk: 50-100 word description

Data Sources Section

• List all sources used
• Include dates and URLs
• Organize by source type

Quality Standards

Content Depth

• Each section must meet minimum word count targets
• Analysis should be substantive, not just descriptive
• Use specific examples and quantitative data
• Cite sources throughout
• Maintain objectivity and balance

Management Bios

• 300-400 words per executive for 3-4 key executives
• Must include: current role, prior experience, key accomplishments, education
• Provide enough detail to assess track record and capabilities

Competitive Analysis

• Must analyze 5-10 specific competitors
• Include both direct and indirect competitors
• Assess relative positioning on key dimensions
• Identify company's competitive advantages and vulnerabilities
• Use specific data and examples

Risk Assessment

• Must identify 8-12 distinct risks across all four categories
• Each risk needs 50-100 word description
• Quantify impact where possible
• Note mitigating factors
• Cover all four risk categories

Writing Quality

• Professional, analytical tone
• Lead with key insights
• Use concrete examples and data
• Avoid generic statements
• Proper citations throughout

Output Format

COMPANY RESEARCH REPORT: [Company Name]
Date: [Date]
Analyst: [Your name if applicable]

TABLE OF CONTENTS
1. Company Overview
2. Company History
3. Management Team
4. Products & Services
5. Customers & Go-to-Market
6. Industry Overview
7. Competitive Landscape
8. Market Opportunity (TAM)
9. Risk Assessment

======================================

1. COMPANY OVERVIEW (800-1,200 words)

[Content]

2. COMPANY HISTORY (800-1,200 words)

[Content]

3. MANAGEMENT TEAM (1,000-1,400 words)

[Name], [Title]
[300-400 word bio]

[Repeat for 3-4 key executives]

[Governance section]

4. PRODUCTS & SERVICES (700-1,000 words)

[Content]

5. CUSTOMERS & GO-TO-MARKET (500-700 words)

[Content]

6. INDUSTRY OVERVIEW (800-1,200 words)

[Content]

7. COMPETITIVE LANDSCAPE (700-1,000 words)

[Content]

8. MARKET OPPORTUNITY (500-700 words)

[Content]

9. RISK ASSESSMENT (600-900 words)

Company-Specific Risks:
[4-6 risks with descriptions]

Industry/Market Risks:
[3-4 risks with descriptions]

Financial Risks:
[2-3 risks with descriptions]

Macroeconomic Risks:
[2-3 risks with descriptions]

======================================

DATA SOURCES
[List all sources with dates and URLs]

Success Criteria

A successful Task 1 completion should deliver:

1. Meet 6,000-8,000 word target (verify word count)
2. Include all 9 required sections with target word counts
3. Provide substantive analysis, not just description
4. Use specific examples and quantitative data
5. Cite all sources properly
6. Enable reader to understand:
7. What the company does and how it makes money
8. Quality and track record of management team
9. Company's competitive position
10. Market opportunity size
11. Key risks to consider

File Naming Convention

Save the output as:

[Company]_Research_Document_[Date].md

Example: Tesla_Research_Document_2024-10-27.md

Next Steps

After completing Task 1, the research document will be used:

• As standalone company analysis
• As input for Task 2 (Financial Modeling) - provides business context for projections
• As input for Task 4 (Chart Generation) - provides data for company/competitive charts
• As foundation for Task 5 (Report Assembly) - Company 101 sections copied verbatim