AI for equity research
The agent works from the filings, transcripts and models your desk keeps. Ask it to update the model from the release, calendarize the comps or draft the preview, and the finished file comes back with each number cited to its source.
Quiller-retail-Q3-preview.docxExampleQuiller Retail Q3 Preview: Comps Clear a Low Bar, but Gross Margin Is the Debate
What management guided
On the Q2 call, the CFO said the company expects “comparable sales up low single digits in the second half, with the third quarter the softer of the two.” We model Q3 comps of +1.8% against consensus of +1.2%, because our card panel shows September spending running 2 points ahead of August.
Our estimates against consensus
We are at $1.42bn of revenue and $0.58 of EPS, against consensus of $1.41bn and $0.63. The gap is gross margin, where we model 34.1%, down 60 basis points on freight and clearance markdowns, while consensus sits at 34.6%.
CheckedThe guidance quote matches the Q2 transcript, page 7. Consensus is as of Nov 11.
How it works
- 1
Load the research folder
Put the models your desk runs into the folder, along with filings pulled from EDGAR, earnings transcripts, expert call notes, the indenture and its amendments, and the house template for notes and decks.
- 2
Ask for the deliverable
It reads the folder and hands back finished files. The model arrives rolled forward with live formulas, the comps are built, and the note is drafted in your format. Anything it could not find or reconcile is flagged rather than filled in.
- 3
Tie it out and make the call
Each number cites the filing, transcript or cell it came from, so review is a page-turn you can run before the morning meeting. The rating, the price target, the trade and the IC vote stay yours.
Ask it for
“Roll the Q3 actuals from Arbrook Industries’ earnings release into the three-statement model, revise FY26 for the raised guidance, and cite each changed cell.”
Arbrook-FY26-model.xlsx“Draft the Quiller Retail Q3 preview with the guidance quoted verbatim from the Q2 call, our estimates against consensus, and three questions for the call.”
Quiller-retail-Q3-preview.docx“Build calendarized comps for the five retail peers on EV/EBITDA and EV/FCF, then add a football field with comps, our DCF and the 52-week range for reference.”
Quiller-comps-football-field.xlsx“Test Sandvale Plastics against the term loan’s 3.0x net leverage covenant from the Q2 compliance certificate, and show how far EBITDA can fall before it fails.”
Sandvale-covenant-headroom.xlsx“Page-turn the broker book before distribution and mark every number that doesn’t tie to the model or the filing.”
Broker-book-tieout.pdf“Turn the IC memo into a deck for Thursday’s committee, with action titles that state each takeaway and an exhibit behind every thesis point.”
IC-deck-Thursday.pptx
Inside the Public Markets Research & Investing mode
Executive storyline and decks
For an IC deck or a stock pitch, the action titles state each slide’s takeaway and the exhibits are built from the model rather than pasted in.
Tie-out and page-turn review
Runs the page-turn over a banker book, OM or IC deck, ties each number to its support, and tickmarks what moved.
Market sizing and evidence synthesis
Triangulates market sizes bottom-up and top-down from expert calls, filings and channel checks, then puts peer benchmarks on the reported KPIs.
Three statement and operating models
Builds and updates the earnings model, from the driver-based three statements to the debt schedule and scenario toggles, with each actual cited to the release.
Valuation
Valuation covers calendarized trading comps, the DCF, sum of the parts, the equity bridge and a football field stacking them for the price target debate.
Investment research and IC memos
Drafts initiations, previews, earnings notes and IC memos around a variant view, dated catalysts and a downside case that is actually sized.
M&A and LBO models
When a covered company does a deal or a spin, it builds the merger or LBO model, with accretion and dilution, sources and uses, debt paydown and return cases.
Credit underwriting and covenants
It turns each basket in the indenture or credit agreement into dollars, then tests leverage, coverage and headroom under the document’s own definitions.
Restructuring and liquidity
Puts together 13-week cash flows, DIP budgets, borrowing bases and recovery waterfalls that name the fulcrum and show where the value break moves.
Portfolio construction and risk review
The risk review lays out ex-ante tracking error, contribution to risk by position and factor, and the exposures nearest the mandate’s limits, for the IC.
Performance attribution and GIPS
Prepares the monthly attribution for the composite and each strategy, with contribution in points, not percent, and keeps the GIPS composites current.
Fundraising and LP materials
Answers DDQs and builds fund tables that show gross and net with equal prominence, and it flags extracted and hypothetical performance.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
Who it’s for
Buy-side and sell-side equity and credit analysts and portfolio managers at hedge funds, asset managers and broker-dealers, from research associate to portfolio manager.
Questions
Can it build and update our Excel models?
Yes, it reads the models in the folder and rolls actuals from the earnings release or the 10-Q. The workbooks keep their live formulas, and each number it changed carries the source file behind it. It runs code to check the calculations, and you review every file it touched.
Does it make up numbers?
No, it computes figures from the files in your folder and cites the source for each one. Where it cannot find or reconcile something, it says so instead of guessing. Still check the output the way you would check an associate, line by line, because one adjusted EBITDA pulled from the wrong paragraph of a CIM can move a margin assumption by 150 basis points.
Can we feed it expert call transcripts?
Yes, it can, but whether a particular call may be used is your compliance team’s decision, not the app’s. Expert-network terms, watch lists, chaperoned calls and call notes exist to establish who heard what, and any MNPI test belongs to that program. Anything you feed it is processed on Paper Instruments’ servers, so a transcript does end up leaving your machine.
Where does our data go?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.