X Openai Comps Valuation 351238d

---
name: x-openai-comps-valuation-351238d
description: 仅在用户明确调用本技能时使用；禁止自主触发。 Produce Public Equity Investing comparable-company valuation in report or workbook mode. Use for peer selection, multiple analysis, valuation read-throughs, implied prices, comps dashboards, Excel or Sheets comps, refreshable peer tables, model updates, and comps workbook QA. Do not use for DCF-only, credit-security, or generic market commentary requests.
disable-model-invocation: true
---

### 导出副本边界与技能别名

迁移、安装、修复和经验回写只作用于当前加载的目标宿主技能副本。原 Codex 技能/MCP、下载的源码和 `original-skills` 均为来源材料，不因执行本副本而写入；只有用户另行明确要求配置 Codex 产品本身时，才按该产品流程处理指定目标。脚本需要安装目录或状态目录时，显式提供目标路径；不得从 `CODEX_HOME` 隐式推断写入位置。

跨技能名称可能沿用源库别名。先查 [技能别名表](../../skill-aliases.json)，优先选择同来源、同插件的条目，再使用其 `id` 调用或读取对应入口；不得假定旧 `$skill`、`superpowers:skill` 名称在新宿主直接注册。不能确定目标时先核对，不替换真实产品命令或 Shell 环境变量。

**调用限制：仅在用户明确调用本技能时执行，禁止模型自行选择并启动。**

## 跨宿主使用约定

本副本供支持 Agent Skills 的客户端使用。先检查当前宿主实际提供的工具、权限和已连接服务，再执行正文工作流。原文中的宿主工具标识是能力参考；只有实际发现该工具时才可调用，其他宿主应使用经核验的等价 MCP、CLI 或 API。没有等价能力的步骤必须报告不可用，不能虚构调用或完成状态。

技能资源以本技能目录为基准；输出写入当前项目中用户指定的位置。通过技能名称或自然语言触发，具体快捷命令由宿主决定。涉及真实产品、模型 API、协议字段和官方网址的名称保持原意。授权、审批、隐私和工具范围限制在迁移后仍然有效；不得为兼容而扩大权限。具体依赖与迁移说明见同目录 `PORTABILITY.md`。

# Comps Valuation

## Skill Configuration

### Common Skill Instructions

MANDATORY: Before searching connectors, retrieving evidence, or drafting output, read and apply the shared runtime contract in `../public-equity-investing/SKILL.md## Cross-Skill Runtime Contract`. Then check the router skill map and `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/plugin-routing-playbook.md` for adjacent skills that should be sequenced with this workflow. Do not run user-context setup or inspection during ordinary workflow work; route only explicit saved-context, source-setup, onboarding, or automation-setup requests to `../x-openai-user-context-4975b4c/SKILL.md`.

### Source Resolution

Load `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/workflow-source-resolution.md`. Resolve only the categories needed for this workflow: `company_filings_ir`, `market_data_estimates`, and `portfolio_models_trackers`. Use the shared runtime contract to map each attempted category to an available app, connector, file, export, or user-provided input.

## Relevant Dependency Categories

These are the source categories most likely to matter for this workflow. Use the router contract to resolve only the categories the task actually needs, prefer user-named sources first, and state any material source limitation.

- `Market Data & Estimates`
- `Company Filings & IR`
- `Portfolio Models & Trackers`

## Deliverable Intake And Judgment Standard

Before source gathering or analysis for a new substantive hero deliverable, load `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/deliverable-intake-policy.md` and use its adaptive preference-clarification preflight through a supported elicitation tool or chat for materially unresolved format, depth, audience/use, or focus choices. Reuse resolved preferences downstream. For substantive investment judgment, apply `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/final-deliverable-framework.md`.

## Equity Valuation PM Standard

Load `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/equity-valuation-pm-standard.md` and `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/pm-judgment-heuristics.md` for substantial model, valuation, scenario, model-update, or audit work.

The output must state what the current stock price implies, the variant estimate path, whether upside is driven by fundamentals, multiple expansion, mix, capital return, sentiment, or event probability, what breaks first in downside, the valuation posture and next underwriting step, and what evidence is missing. State what changes target, rating, sizing, hedge, trim, exit, or watchlist status only when the user requests portfolio action or provides the relevant holding, benchmark, mandate, and liquidity context.

Keep equity valuation as the center of gravity. Debt is allowed only as an input to common-equity value through net debt, cost of debt, leverage, liquidity, refinancing risk, or downside equity impairment. Use Credit Markets for bond comps, loan comps, CDS, spread/yield relative value, covenant-package analysis, debt-security valuation, recovery waterfall, restructuring valuation, creditworthiness, private-credit or public-credit instrument underwriting, or distressed claim valuation.

## Mode Selection

Select the mode from the request and available context; do not ask merely because both modes exist.

- `report` mode: peer framing, multiple interpretation, implied valuation or price read-through, peer-set review, PM-facing comps argument, or a standalone HTML report or explicitly requested standardized dashboard without an editable model.
- `workbook` mode: Excel, Sheets, CSV/XLSX export, refreshable data, formulas, EV bridges, peer-table templates, workbook/model updates, structured sensitivities, or auditing an existing comps workbook.
- If an existing workbook is supplied and the requested output changes or validates it, choose `workbook`.
- Ask one focused question only when either mode is equally plausible and choosing incorrectly would materially change the user's intended artifact or decision workflow. Prefer proceeding with a stated inferred default when reliance is not impaired.

## Common Workflow

1. Establish security, issuer or target, audience mode, valuation date, fiscal basis, currency, and thesis question.
2. Source and label price, shares, EV bridge, reported/adjusted/consensus denominators, forward estimates, and peer rationale.
3. Build Core, Secondary, Excluded, and optional Watchlist peer roles.
4. Test metric comparability, stale data, outliers, valuation range, premium/discount logic, and PM action implications.
5. State what is priced in, what would change the thesis, and what evidence is missing.
6. Render or materialize the selected mode.

## Report Mode

Read `references/peer-selection.md`, `references/module-rules.md`, `references/source-and-staleness-rules.md`, `references/valuation-readthrough.md`, `references/output-templates.md`, and `references/p0-integrations.md` only when relevant. For a substantial reusable or HTML comps report, produce a polished standalone HTML comps report following `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/html-artifact-standard.md`; let the valuation question and supported evidence determine the hierarchy. Use `dashboard-builder` only when the user explicitly asks for a standardized dashboard, reusable dashboard template, PM cockpit, or structured payload-driven render; in that case, load `references/DASHBOARD_PACK.md` and hand over a `public_equity_investing_dashboard.v1` payload.

For a standalone HTML comps report, keep the first read compact:

1. Valuation read: whether the premium or discount is supported and the key unresolved proof point.
2. Four or five high-signal metrics: current price, primary trading multiple, premium or discount to core peers, implied value range only when supportable, and the key operating proof point.
3. Peer-set rationale: Core, Secondary, and Excluded peers with concise inclusion or exclusion reasons.
4. Core trading-comps table.
5. Premium or discount bridge grounded in growth, margin, business-model fit, and data quality.
6. Valuation posture, material evidence gaps, and concise source ledger.

Express a valuation posture such as `premium partly supported`, `screening-only`, or `not sufficiently supported for a new-money decision`. Do not issue add, trim, hedge, sizing, or exit instructions unless the user requests portfolio action or supplies relevant holding and mandate context.

When HTML is delivered, keep citations traceable but readable: do not fragment tickers, prices, multiples, percentages, dates, numeric ranges, metric names, or peer labels into separately linked tokens. Visually inspect local HTML via local headless-browser screenshots and iterate on hierarchy, density, clipping, citation rendering, and whitespace before delivery.

## Workbook Mode

Read `references/workbook/comps-framework.md`, `references/workbook/data-sourcing-and-connectors.md`, `references/workbook/model-workbook-spec.md`, `references/workbook/qa-and-pressure-testing.md`, `references/workbook/review-memo-template.md`, and `references/workbook/dashboard-map.md` only when relevant. Use `scripts/create_comps_template.py`, `scripts/materialize_screening_comps.py`, and `scripts/audit_comps_workbook.py` as appropriate. Preserve an existing workbook before rebuilding it.

## When To Invoke Support

Load `../../resources/plugins-6ebaff11/plugins/public-equity-investing/shared/support-layer-routing-contract.md` when source/data/QC support is needed. Use `financials-normalizer` for messy issuer or peer inputs, `model-audit-tieout` for standalone workbook audit, and `deck-report-qc` before circulation. Route credit-first conclusions to Credit Markets.