252d68fd45
* 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.
163 lines
6.4 KiB
Markdown
163 lines
6.4 KiB
Markdown
---
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title: "Merger Model — Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact"
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sidebar_label: "Merger Model"
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description: "Build accretion/dilution (merger) models in Excel — pro-forma P&L, synergies, financing mix, EPS impact"
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---
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{/* 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. */}
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# Merger Model
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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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## Skill metadata
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| Source | Optional — install with `hermes skills install official/finance/merger-model` |
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| Path | `optional-skills/finance/merger-model` |
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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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| Platforms | linux, macos, windows |
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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`](/docs/user-guide/skills/optional/finance/finance-excel-author), [`pptx-author`](/docs/user-guide/skills/optional/finance/finance-pptx-author), [`dcf-model`](/docs/user-guide/skills/optional/finance/finance-dcf-model), [`3-statement-model`](/docs/user-guide/skills/optional/finance/finance-3-statement-model) |
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## Reference: full SKILL.md
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:::info
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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.
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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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