---
description: Use this skill for investment banking workflows — CIM drafting, teasers, buyer lists, merger models (accretion/dilution), pitch decks, process letters, company one-pagers, deal tracking, and data pack building. Triggers on: CIM, confidential information memorandum, teaser, buyer list, merger model, accretion dilution, pitch deck, process letter, one-pager, company profile, deal tracker, M&A, investment banking.
---

# Investment Banking

Institutional-quality IB workflows adapted from [Anthropic's Financial Services reference](https://github.com/anthropics/financial-services). Covers deal materials, execution documents, and advisory workflows.

## Data Sources
1. **VisionClaw stock_data tool** — quotes, financials, historical data
2. **Web search** — SEC filings, press releases, industry reports
3. **User-provided data** — CIMs, financials, templates, deal terms
4. **MCP servers** (if configured) — FactSet, S&P Global, PitchBook, etc.

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## 1. Confidential Information Memorandum (CIM)

### When to Use
Drafting sell-side marketing documents for M&A processes.

### Structure (typically 40-60 pages)
1. **Executive Summary** (2-3 pages): Investment highlights, key financials, transaction overview
2. **Company Overview** (5-8 pages): History, business model, products/services, organizational structure
3. **Industry Overview** (5-8 pages): Market size, growth drivers, competitive landscape, trends
4. **Operations** (5-8 pages): Facilities, supply chain, technology, employees
5. **Customers & Sales** (3-5 pages): Customer base, go-to-market, retention, pipeline
6. **Management Team** (2-3 pages): Bios, org chart, depth of team
7. **Growth Opportunities** (3-5 pages): Organic growth, M&A, new markets, product expansion
8. **Financial Overview** (8-12 pages): Historical performance, projections, key metrics, quality of earnings adjustments
9. **Appendix**: Detailed financials, customer lists, facility details

### Key Rules
- Every claim must be supportable — no unsubstantiated growth projections
- Present the company favorably but honestly — buyers will diligence everything
- Financials must be audited or clearly marked as management estimates
- Include EBITDA adjustments/add-backs with clear documentation

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## 2. Teaser (Anonymous One-Pager)

### When to Use
Initial outreach to potential buyers before NDA signing.

### Format (1 page, anonymous)
- **Sector/subsector** (do NOT name the company)
- **Business description**: What the company does (generalized)
- **Key financial highlights**: Revenue range, EBITDA range, growth rate, margins
- **Investment highlights**: 3-5 bullet points on why this is attractive
- **Transaction overview**: Process type, timeline, management expectations
- **Contact**: Advisor contact information

### Rules
- Must NOT identify the company (no name, location specifics, or unique identifiers)
- Use ranges instead of exact numbers when needed for anonymity
- Should generate enough interest for buyer to sign NDA and request the CIM

---

## 3. Buyer List

### When to Use
Building the universe of potential strategic and financial acquirers.

### Structure

**Strategic Buyers:**

| Company | Rationale | Revenue | Market Cap | Recent M&A Activity | Fit Score |
|---------|-----------|---------|-----------|---------------------|-----------|
| | | | | | High/Med/Low |

**Financial Buyers (PE/Growth Equity):**

| Firm | Fund Size | Sector Focus | Recent Relevant Deals | Fit Score |
|------|-----------|-------------|----------------------|-----------|
| | | | | High/Med/Low |

### Categorization
- **Tier 1**: Highest probability — strong strategic fit, active acquirers, clear rationale
- **Tier 2**: Good fit — logical buyers but may have hurdles (size, geography, timing)
- **Tier 3**: Possible — tangential fit, worth contacting for competitive tension

### Analysis per Buyer
- Strategic rationale (revenue synergies, cost synergies, market access)
- Ability to pay (financial capacity, leverage capacity)
- Likelihood to engage (recent activity, stated strategy, management comments)
- Potential concerns (antitrust, cultural fit, integration complexity)

---

## 4. Merger Model (Accretion/Dilution)

### When to Use
M&A analysis — whether a transaction is accretive or dilutive to the acquirer's EPS.

### Workflow
1. **Standalone projections**: Acquirer and target P&L (revenue, EBITDA, net income, EPS)
2. **Transaction assumptions**: Purchase price, premium, consideration mix (cash/stock), financing
3. **Pro forma adjustments**:
   - Purchase accounting (goodwill, intangible amortization)
   - Financing costs (new debt interest, foregone cash interest)
   - Synergies (revenue and cost, phased in over time)
   - Tax effects
4. **Pro forma EPS**: Combined net income / pro forma share count
5. **Accretion/dilution**: (Pro forma EPS - Standalone acquirer EPS) / Standalone EPS
6. **Sensitivity analysis**: Accretion/dilution across different purchase prices, synergy levels, consideration mixes

### Key Metrics
- % accretion/dilution in Year 1, Year 2, Year 3
- Breakeven synergies needed for accretion
- Implied acquisition multiples (EV/EBITDA, EV/Revenue, P/E)
- Goodwill created

---

## 5. Pitch Deck

### When to Use
Client presentations for M&A advisory, capital raising, or strategic review.

### Standard Sections
1. **Situation Overview**: Client context, why now, strategic rationale
2. **Company Snapshot**: Business overview, key financials, market position
3. **Valuation Analysis**: Football field showing range from multiple methodologies
4. **Comparable Companies**: Trading comps summary
5. **Precedent Transactions**: Relevant deal comps
6. **Process Recommendations**: Timeline, buyer universe, execution strategy
7. **Appendix**: Detailed financials, additional analysis

### Football Field Chart
Show valuation ranges from each methodology:
- 52-week trading range
- Analyst price targets
- Trading comps (EV/EBITDA, EV/Revenue)
- Precedent transactions
- DCF (with sensitivity range)
- LBO (PE affordability)

Current share price shown as a marker for reference.

---

## 6. Process Letter

### When to Use
Formal bid instructions sent to prospective buyers in an M&A process.

### Contents
- Transaction description and timeline
- Bid submission requirements (form, content, deadline)
- Evaluation criteria
- Confidentiality and exclusivity terms
- Next steps and key dates
- Management presentation scheduling
- Data room access instructions

---

## 7. Company One-Pager (Strip Profile)

### When to Use
Quick company profiles for pitch books, buyer meetings, or internal reference.

### Format (1 page)
- **Company name, ticker, sector**
- **Business description** (2-3 sentences)
- **Key financials**: Revenue, EBITDA, margins, growth, EV, market cap
- **Valuation multiples**: EV/Revenue, EV/EBITDA, P/E
- **Ownership**: Top shareholders, insider ownership %
- **Recent developments**: 2-3 key events
- **Key strengths/risks**: 2-3 bullets each

---

## 8. Deal Tracker

### When to Use
Tracking live deals, milestones, and action items across an active M&A pipeline.

### Format

| Deal Name | Stage | Key Dates | Next Milestone | Owner | Status | Notes |
|-----------|-------|-----------|---------------|-------|--------|-------|
| | IOI/LOI/DD/Signing/Close | | | | On Track/At Risk/Delayed | |

Track: buyer interactions, bid rounds, diligence progress, regulatory filings, integration planning.

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## 9. Data Pack Builder

### When to Use
Building standardized financial data packs from CIMs, offering memorandums, SEC filings, or other sources for IC review.

### Workflow
1. **Ingest source materials**: CIM pages, SEC filings, web data
2. **Extract financials**: Revenue, EBITDA, margins, capex, working capital
3. **Normalize**: Standard format across companies, consistent accounting treatment
4. **Quality of Earnings adjustments**: Add-backs, one-time items, run-rate adjustments
5. **Output**: Standardized Excel workbook with documented sources

---

## General IB Standards
- Every number must trace to a source document
- Professional formatting: consistent fonts, colors, decimal precision
- All deal-sensitive materials must be clearly marked confidential
- Financials must balance and tie across all materials
- When in doubt, ask the user — assumptions on deal terms can be costly

*Adapted from Anthropic Financial Services (Apache 2.0). No paid data subscriptions required.*
