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

   • Read About/Company pages
   • Review product pages
   • Identify customer case studies
   • Note key metrics mentioned (employees, customers, etc.)

2. Gather SEC filings (if public)

   • Download latest 10-K from SEC EDGAR
   • Download most recent 10-Q
   • Download latest DEF 14A (proxy statement)
   • Note filing dates

3. Read earnings materials

   • Latest earnings transcript
   • Most recent investor presentation
   • Press releases from last 12 months

4. Document basic facts

   • Founding date and story
   • Headquarters location
   • Employee count
   • Products/services
   • Key customers

Step 2: Business Model Analysis

1. Map revenue streams

   • What does the company sell?
   • How is it priced? (subscription, transaction, license, etc.)
   • Who pays?
   • What are typical deal sizes?

2. Understand customer segments

   • Enterprise vs. SMB vs. consumer
   • Industries served
   • Geographic distribution
   • Customer concentration (top 10 customers)

3. Document go-to-market

   • Direct sales vs. channel partners
   • Sales cycle length
   • Customer acquisition strategy
   • Distribution model

4. Identify unit economics

   • LTV/CAC if available
   • Gross margins
   • Net revenue retention
   • Payback periods

Step 3: Management Research

For each of 3-4 key executives:

1. Identify key leaders

   • CEO (always required)
   • CFO (always required)
   • COO, CTO, or other C-suite (2 additional)

2. Research each executive

   • Find LinkedIn profile
   • Review DEF 14A for background
   • Search for press interviews
   • Note tenure at company

3. Write 300-400 word bio including:

   • Current role and responsibilities
   • Prior roles and companies (last 2-3 positions)
   • Key accomplishments and track record
   • Education and credentials
   • Years of experience in industry
   • Time at current company

4. Assess governance

   • Board composition and independence
   • Key board members and their backgrounds
   • Insider ownership percentage
   • Executive compensation structure

Step 4: Competitive Intelligence

1. Identify 5-10 competitors

   • Direct competitors (same products/markets)
   • Indirect competitors (substitute solutions)
   • Emerging competitors (disruptors)
   • Check 10-K for company's own list of competitors

2. Research each competitor

   • Visit competitor website
   • Review their SEC filings (if public)
   • Note key products and positioning
   • Identify differentiators
   • Estimate market share (if data available)

3. Create competitive framework

   • Map on key dimensions (price, features, scale, etc.)
   • Identify company's competitive advantages
   • Note competitive vulnerabilities
   • Assess switching costs and network effects

4. Document competitive insights

   • Who are the market leaders?
   • Where does this company rank?
   • What are unique differentiators?
   • What are competitive threats?

Step 5: Industry Analysis

1. Define the industry

   • Industry classification (NAICS/SIC)
   • Scope and boundaries
   • Related/adjacent industries

2. Size the market

   • Total addressable market (TAM)
   • Serviceable addressable market (SAM)
   • Serviceable obtainable market (SOM)
   • Current penetration rate

3. Research growth drivers

   • Historical market growth rate
   • Projected growth rate (next 3-5 years)
   • Key trends accelerating/decelerating growth
   • Technology changes impacting industry

4. Understand industry structure

   • Fragmented vs. consolidated
   • Barriers to entry
   • Supplier/buyer power
   • Threat of substitutes
   • 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)

   • What does the company do? (plain English)
   • How do they make money? (business model)
   • Where do they operate? (geographic presence)
   • How large are they? (revenue, employees, customers)
   • Key metrics and scale indicators

2. Company History (800-1,200 words)

   • Founding story (who, when, why, where)
   • Timeline of major milestones
   • Strategic pivots or transformations
   • Key acquisitions
   • Recent developments (last 1-2 years)

3. Management Team (1,000-1,400 words)

   • 300-400 word bio for each of 3-4 executives
   • Board composition and governance
   • Insider ownership
   • Management track record assessment

4. Products & Services (700-1,000 words)

   • Detailed product portfolio
   • Key features and capabilities
   • Product differentiation
   • Target customers and use cases
   • Pricing models and typical deal sizes

5. Customers & Go-to-Market (500-700 words)

   • Customer segments and profiles
   • Distribution channels
   • Sales strategy and cycle
   • Key partnerships
   • Customer case studies

6. Industry Overview (800-1,200 words)

   • Industry definition and scope
   • Market size and structure
   • Growth rates (historical and projected)
   • Key trends and drivers
   • Regulatory environment
   • Industry dynamics

7. Competitive Landscape (700-1,000 words)

   • Analysis of 5-10 key competitors
   • Market positioning framework
   • Company's competitive advantages
   • Competitive vulnerabilities
   • Market share analysis

8. Market Opportunity (500-700 words)

   • TAM sizing and methodology
   • Market growth projections
   • Company's serviceable market
   • Market share opportunity
   • Penetration strategy

9. Risk Assessment (600-900 words)

   • Company-specific risks (4-6)
   • Industry/market risks (3-4)
   • Financial risks (2-3)
   • Macroeconomic risks (2-3)
   • 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:
   • What the company does and how it makes money
   • Quality and track record of management team
   • Company's competitive position
   • Market opportunity size
   • 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