hermes-agent/website/docs/user-guide/skills/optional/finance/finance-merger-model.md
Teknium 252d68fd45
docs: deep audit — fix stale config keys, missing commands, and registry drift (#22784)
* docs: deep audit — fix stale config keys, missing commands, and registry drift

Cross-checked ~80 high-impact docs pages (getting-started, reference, top-level
user-guide, user-guide/features) against the live registries:

  hermes_cli/commands.py    COMMAND_REGISTRY (slash commands)
  hermes_cli/auth.py        PROVIDER_REGISTRY (providers)
  hermes_cli/config.py      DEFAULT_CONFIG (config keys)
  toolsets.py               TOOLSETS (toolsets)
  tools/registry.py         get_all_tool_names() (tools)
  python -m hermes_cli.main <subcmd> --help (CLI args)

reference/
- cli-commands.md: drop duplicate hermes fallback row + duplicate section,
  add stepfun/lmstudio to --provider enum, expand auth/mcp/curator subcommand
  lists to match --help output (status/logout/spotify, login, archive/prune/
  list-archived).
- slash-commands.md: add missing /sessions and /reload-skills entries +
  correct the cross-platform Notes line.
- tools-reference.md: drop bogus '68 tools' headline, drop fictional
  'browser-cdp toolset' (these tools live in 'browser' and are runtime-gated),
  add missing 'kanban' and 'video' toolset sections, fix MCP example to use
  the real mcp_<server>_<tool> prefix.
- toolsets-reference.md: list browser_cdp/browser_dialog inside the 'browser'
  row, add missing 'kanban' and 'video' toolset rows, drop the stale
  '38 tools' count for hermes-cli.
- profile-commands.md: add missing install/update/info subcommands, document
  fish completion.
- environment-variables.md: dedupe GMI_API_KEY/GMI_BASE_URL rows (kept the
  one with the correct gmi-serving.com default).
- faq.md: Anthropic/Google/OpenAI examples — direct providers exist (not just
  via OpenRouter), refresh the OpenAI model list.

getting-started/
- installation.md: PortableGit (not MinGit) is what the Windows installer
  fetches; document the 32-bit MinGit fallback.
- installation.md / termux.md: installer prefers .[termux-all] then falls
  back to .[termux].
- nix-setup.md: Python 3.12 (not 3.11), Node.js 22 (not 20); fix invalid
  'nix flake update --flake' invocation.
- updating.md: 'hermes backup restore --state pre-update' doesn't exist —
  point at the snapshot/quick-snapshot flow; correct config key
  'updates.pre_update_backup' (was 'update.backup').

user-guide/
- configuration.md: api_max_retries default 3 (not 2); display.runtime_footer
  is the real key (not display.runtime_metadata_footer); checkpoints defaults
  enabled=false / max_snapshots=20 (not true / 50).
- configuring-models.md: 'hermes model list' / 'hermes model set ...' don't
  exist — hermes model is interactive only.
- tui.md: busy_indicator -> tui_status_indicator with values
  kaomoji|emoji|unicode|ascii (not kawaii|minimal|dots|wings|none).
- security.md: SSH backend keys (TERMINAL_SSH_HOST/USER/KEY) live in .env,
  not config.yaml.
- windows-wsl-quickstart.md: there is no 'hermes api' subcommand — the
  OpenAI-compatible API server runs inside hermes gateway.

user-guide/features/
- computer-use.md: approvals.mode (not security.approval_level); fix broken
  ./browser-use.md link to ./browser.md.
- fallback-providers.md: top-level fallback_providers (not
  model.fallback_providers); the picker is subcommand-based, not modal.
- api-server.md: API_SERVER_* are env vars — write to per-profile .env,
  not 'hermes config set' which targets YAML.
- web-search.md: drop web_crawl as a registered tool (it isn't); deep-crawl
  modes are exposed through web_extract.
- kanban.md: failure_limit default is 2, not '~5'.
- plugins.md: drop hard-coded '33 providers' count.
- honcho.md: fix unclosed quote in echo HONCHO_API_KEY snippet; document
  that 'hermes honcho' subcommand is gated on memory.provider=honcho;
  reconcile subcommand list with actual --help output.
- memory-providers.md: legacy 'hermes honcho setup' redirect documented.

Verified via 'npm run build' — site builds cleanly; broken-link count went
from 149 to 146 (no regressions, fixed a few in passing).

* docs: round 2 audit fixes + regenerate skill catalogs

Follow-up to the previous commit on this branch:

Round 2 manual fixes:
- quickstart.md: KIMI_CODING_API_KEY mentioned alongside KIMI_API_KEY;
  voice-mode and ACP install commands rewritten — bare 'pip install ...'
  doesn't work for curl-installed setups (no pip on PATH, not in repo
  dir); replaced with 'cd ~/.hermes/hermes-agent && uv pip install -e
  ".[voice]"'. ACP already ships in [all] so the curl install includes it.
- cli.md / configuration.md: 'auxiliary.compression.model' shown as
  'google/gemini-3-flash-preview' (the doc's own claimed default);
  actual default is empty (= use main model). Reworded as 'leave empty
  (default) or pin a cheap model'.
- built-in-plugins.md: added the bundled 'kanban/dashboard' plugin row
  that was missing from the table.

Regenerated skill catalogs:
- ran website/scripts/generate-skill-docs.py to refresh all 163 per-skill
  pages and both reference catalogs (skills-catalog.md,
  optional-skills-catalog.md). This adds the entries that were genuinely
  missing — productivity/teams-meeting-pipeline (bundled),
  optional/finance/* (entire category — 7 skills:
  3-statement-model, comps-analysis, dcf-model, excel-author, lbo-model,
  merger-model, pptx-author), creative/hyperframes,
  creative/kanban-video-orchestrator, devops/watchers,
  productivity/shop-app, research/searxng-search,
  apple/macos-computer-use — and rewrites every other per-skill page from
  the current SKILL.md. Most diffs are tiny (one line of refreshed
  metadata).

Validation:
- 'npm run build' succeeded.
- Broken-link count moved 146 -> 155 — the +9 are zh-Hans translation
  shells that lag every newly-added skill page (pre-existing pattern).
  No regressions on any en/ page.
2026-05-09 13:19:51 -07:00

6.4 KiB

title sidebar_label description
Merger Model — Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact Merger Model Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact

{/* This page is auto-generated from the skill's SKILL.md by website/scripts/generate-skill-docs.py. Edit the source SKILL.md, not this page. */}

Merger Model

Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact. Pairs with excel-author. Use for M&A pitches, board materials, or deal evaluation.

Skill metadata

Source Optional — install with hermes skills install official/finance/merger-model
Path optional-skills/finance/merger-model
Version 1.0.0
Author Anthropic (adapted by Nous Research)
License Apache-2.0
Platforms linux, macos, windows
Tags finance, m-and-a, merger, accretion-dilution, excel, openpyxl, modeling, investment-banking
Related skills excel-author, pptx-author, dcf-model, 3-statement-model

Reference: full SKILL.md

:::info The following is the complete skill definition that Hermes loads when this skill is triggered. This is what the agent sees as instructions when the skill is active. :::

Environment

This skill assumes headless openpyxl — you are producing an .xlsx file on disk. Follow the excel-author skill's conventions for cell coloring, formulas, named ranges, and sensitivity tables. Recalculate before delivery: python /path/to/excel-author/scripts/recalc.py ./out/model.xlsx.

Merger Model

Build accretion/dilution analysis for M&A transactions. Models pro forma EPS impact, synergy sensitivities, and purchase price allocation. Use when evaluating a potential acquisition, preparing merger consequences analysis for a pitch, or advising on deal terms.

Workflow

Step 1: Gather Inputs

Acquirer:

  • Company name, current share price, shares outstanding
  • LTM and NTM EPS (GAAP and adjusted)
  • P/E multiple
  • Pre-tax cost of debt, tax rate
  • Cash on balance sheet, existing debt

Target:

  • Company name, current share price, shares outstanding (if public)
  • LTM and NTM EPS or net income
  • Enterprise value or equity value

Deal Terms:

  • Offer price per share (or premium to current)
  • Consideration mix: % cash vs. % stock
  • New debt raised to fund cash portion
  • Expected synergies (revenue and cost) and phase-in timeline
  • Transaction fees and financing costs
  • Expected close date

Step 2: Purchase Price Analysis

Item Value
Offer price per share
Premium to current
Equity value
Plus: net debt assumed
Enterprise value
EV / EBITDA implied
P/E implied

Step 3: Sources & Uses

Sources $ Uses $
New debt Equity purchase price
Cash on hand Refinance target debt
New equity issued Transaction fees
Financing fees
Total Total

Step 4: Pro Forma EPS (Accretion / Dilution)

Calculate year-by-year (Year 1-3):

Standalone Pro Forma Accretion/(Dilution)
Acquirer net income
Target net income
Synergies (after tax)
Foregone interest on cash (after tax)
New debt interest (after tax)
Intangible amortization (after tax)
Pro forma net income
Pro forma shares
Pro forma EPS
Accretion / (Dilution) %

Step 5: Sensitivity Analysis

Accretion/Dilution vs. Synergies and Offer Premium:

$0M syn $25M syn $50M syn $75M syn $100M syn
15% premium
20% premium
25% premium
30% premium

Accretion/Dilution vs. Cash/Stock Mix:

100% cash 75/25 50/50 25/75 100% stock
Year 1
Year 2

Step 6: Breakeven Synergies

Calculate the minimum synergies needed for the deal to be EPS-neutral in Year 1.

Step 7: Output

  • Excel workbook with:
    • Assumptions tab
    • Sources & uses
    • Pro forma income statement
    • Accretion/dilution summary
    • Sensitivity tables
    • Breakeven analysis
  • One-page merger consequences summary for pitch book

Important Notes

  • Always show both GAAP and adjusted (cash) EPS where relevant
  • Stock deals: use acquirer's current price for exchange ratio, note dilution from new shares
  • Include purchase price allocation — goodwill and intangible amortization matter for GAAP EPS
  • Synergy phase-in is critical — Year 1 is often only 25-50% of run-rate synergies
  • Don't forget foregone interest income on cash used and new interest expense on debt raised
  • Tax rate on synergies and interest adjustments should match the acquirer's marginal rate

Data sources — MCP first, web fallback

Many passages below say "use the S&P Kensho MCP / Daloopa MCP / FactSet MCP". Those are commercial financial-data MCPs from the original Cowork plugin context. In Hermes:

  • If you have any structured financial-data MCP configured (Hermes supports MCP — see native-mcp skill), prefer it for point-in-time comps, precedent transactions, and filings.
  • Otherwise, fall back to:
    • web_search / web_extract against SEC EDGAR (https://www.sec.gov/cgi-bin/browse-edgar) for US filings
    • Company IR pages for press releases, earnings decks
    • browser_navigate for interactive data portals
    • User-provided data (explicitly ask when the context doesn't have it)
  • Never fabricate. If a multiple, precedent, or filing number can't be sourced, flag the cell as [UNSOURCED] and surface it to the user.

Attribution

This skill is adapted from Anthropic's Claude for Financial Services plugin suite (Apache-2.0). The Office-JS / Cowork live-Excel paths have been removed; this version targets headless openpyxl via the excel-author skill's conventions. Original: https://github.com/anthropics/financial-services