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Adds 7 optional skills under optional-skills/finance/ adapted from
anthropics/financial-services (Apache-2.0):
excel-author — openpyxl conventions: blue/black/green cells,
formulas over hardcodes, named ranges, balance
checks, sensitivity tables. Ships recalc.py.
pptx-author — python-pptx for model-backed decks (pitch,
IC memo, earnings note) that bind every number
to a source workbook cell.
dcf-model — institutional DCF (49KB skill): projections,
WACC, terminal value, Bear/Base/Bull scenarios,
5x5 sensitivity tables. Ships validate_dcf.py.
comps-analysis — comparable company analysis: operating metrics,
multiples, statistical benchmarking.
lbo-model — leveraged buyout: S&U, debt schedule, cash
sweep, exit multiple, IRR/MOIC sensitivity.
3-statement-model — fully-integrated IS/BS/CF with balance-check
plugs. Ships references/ for formatting,
formulas, SEC filings.
merger-model — accretion/dilution analysis for M&A.
All seven are optional (not active by default). Users install via
'hermes skills install official/finance/<skill>'.
Hermesification:
- Stripped every Office JS / Office Add-in / mcp__office__*
branch — skills assume headless openpyxl only.
- Replaced Cowork MCP data-source instructions with 'MCP first (via
native-mcp), fall back to web_search/web_extract against SEC EDGAR
and user-provided data'.
- Swapped Claude tool references (Bash, Read, Write, Edit, mcp__*)
for Hermes-native equivalents and Python library calls.
- Canonical Hermes frontmatter (name/description/version/author/
license/metadata.hermes.{tags,related_skills}).
- Descriptions tightened to 187-238 chars, trigger-first.
- Attribution preserved: author field credits 'Anthropic (adapted by
Nous Research)', license: Apache-2.0, each SKILL.md links back to
the upstream source directory.
Verification:
- All 7 discovered by OptionalSkillSource with source_id='official'
- Bundle fetch includes support files (scripts, references, troubleshooting)
- related_skills cross-refs all resolve within the bundle
- No Claude product / Cowork / Office JS / /mnt/skills leakage
remains in body text (bounded mentions only in attribution blocks)
Source: https://github.com/anthropics/financial-services (Apache-2.0)
143 lines
5.3 KiB
Markdown
143 lines
5.3 KiB
Markdown
---
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name: merger-model
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description: 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.
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version: 1.0.0
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author: Anthropic (adapted by Nous Research)
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license: Apache-2.0
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metadata:
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hermes:
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tags: [finance, m-and-a, merger, accretion-dilution, excel, openpyxl, modeling, investment-banking]
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related_skills: [excel-author, pptx-author, dcf-model, 3-statement-model]
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---
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## Environment
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This skill assumes **headless openpyxl** — you are producing an .xlsx file on disk.
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Follow the `excel-author` skill's conventions for cell coloring, formulas, named ranges, and sensitivity tables.
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Recalculate before delivery: `python /path/to/excel-author/scripts/recalc.py ./out/model.xlsx`.
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# Merger Model
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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.
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## Workflow
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### Step 1: Gather Inputs
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**Acquirer:**
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- Company name, current share price, shares outstanding
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- LTM and NTM EPS (GAAP and adjusted)
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- P/E multiple
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- Pre-tax cost of debt, tax rate
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- Cash on balance sheet, existing debt
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**Target:**
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- Company name, current share price, shares outstanding (if public)
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- LTM and NTM EPS or net income
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- Enterprise value or equity value
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**Deal Terms:**
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- Offer price per share (or premium to current)
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- Consideration mix: % cash vs. % stock
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- New debt raised to fund cash portion
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- Expected synergies (revenue and cost) and phase-in timeline
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- Transaction fees and financing costs
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- Expected close date
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### Step 2: Purchase Price Analysis
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| Item | Value |
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|------|-------|
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| Offer price per share | |
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| Premium to current | |
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| Equity value | |
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| Plus: net debt assumed | |
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| Enterprise value | |
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| EV / EBITDA implied | |
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| P/E implied | |
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### Step 3: Sources & Uses
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| Sources | $ | Uses | $ |
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|---------|---|------|---|
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| New debt | | Equity purchase price | |
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| Cash on hand | | Refinance target debt | |
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| New equity issued | | Transaction fees | |
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| | | Financing fees | |
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| **Total** | | **Total** | |
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### Step 4: Pro Forma EPS (Accretion / Dilution)
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Calculate year-by-year (Year 1-3):
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| | Standalone | Pro Forma | Accretion/(Dilution) |
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|---|-----------|-----------|---------------------|
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| Acquirer net income | | | |
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| Target net income | | | |
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| Synergies (after tax) | | | |
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| Foregone interest on cash (after tax) | | | |
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| New debt interest (after tax) | | | |
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| Intangible amortization (after tax) | | | |
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| Pro forma net income | | | |
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| Pro forma shares | | | |
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| **Pro forma EPS** | | | |
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| **Accretion / (Dilution) %** | | | |
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### Step 5: Sensitivity Analysis
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**Accretion/Dilution vs. Synergies and Offer Premium:**
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| | $0M syn | $25M syn | $50M syn | $75M syn | $100M syn |
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|---|---------|----------|----------|----------|-----------|
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| 15% premium | | | | | |
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| 20% premium | | | | | |
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| 25% premium | | | | | |
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| 30% premium | | | | | |
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**Accretion/Dilution vs. Cash/Stock Mix:**
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| | 100% cash | 75/25 | 50/50 | 25/75 | 100% stock |
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|---|-----------|-------|-------|-------|------------|
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| Year 1 | | | | | |
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| Year 2 | | | | | |
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### Step 6: Breakeven Synergies
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Calculate the minimum synergies needed for the deal to be EPS-neutral in Year 1.
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### Step 7: Output
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- Excel workbook with:
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- Assumptions tab
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- Sources & uses
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- Pro forma income statement
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- Accretion/dilution summary
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- Sensitivity tables
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- Breakeven analysis
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- One-page merger consequences summary for pitch book
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## Important Notes
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- Always show both GAAP and adjusted (cash) EPS where relevant
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- Stock deals: use acquirer's current price for exchange ratio, note dilution from new shares
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- Include purchase price allocation — goodwill and intangible amortization matter for GAAP EPS
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- Synergy phase-in is critical — Year 1 is often only 25-50% of run-rate synergies
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- Don't forget foregone interest income on cash used and new interest expense on debt raised
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- Tax rate on synergies and interest adjustments should match the acquirer's marginal rate
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## Data sources — MCP first, web fallback
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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:
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- **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.
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- **Otherwise**, fall back to:
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- `web_search` / `web_extract` against SEC EDGAR (`https://www.sec.gov/cgi-bin/browse-edgar`) for US filings
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- Company IR pages for press releases, earnings decks
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- `browser_navigate` for interactive data portals
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- User-provided data (explicitly ask when the context doesn't have it)
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- **Never fabricate**. If a multiple, precedent, or filing number can't be sourced, flag the cell as `[UNSOURCED]` and surface it to the user.
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## Attribution
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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
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