> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cf0.ai/llms.txt
> Use this file to discover all available pages before exploring further.

# IC memo

> Compile an investment-committee memo on a name in one Lab thread — thesis, financials, risks, valuation, and recommendation — ready for the morning meeting.

The IC memo is the unit of communication between an analyst and the committee. A good one takes a day. A bad one takes a week and still gets sent back. cf0's IC memo Skill compiles the standard sections from the same data your team would have pulled by hand.

> *"Build an IC memo on NIO. Bull case is autonomy + China EV penetration. Bear case is balance-sheet pressure and competition from BYD. I want the full thesis, last-eight-quarter financials, sector comps, base-case DCF, key risks, and a recommendation."*

## Step 1 — ask Lab for the memo

Open **Lab**. Type the request in plain English, framing the bull and bear from your view:

> *"Build an IC memo on NIO. Bull case: autonomy and China EV penetration. Bear case: balance-sheet pressure and BYD competition. I want full thesis, last-eight-quarter financials, sector comps (BYD, LI, XPEV, TSLA), base-case DCF, key risks, recommendation."*

cf0 pulls the historical filings (10-Ks, 10-Qs, recent 8-Ks), the most recent earnings transcript, sector peers, and the consensus dataset. It also reads anything your team has previously contributed on the name — past Lab threads, uploaded research, customer comms from connected integrations.

## Step 2 — review the draft sections

Lab assembles the memo in the artifact panel as a draft report. Standard sections:

| Section              | What it contains                                                      |
| -------------------- | --------------------------------------------------------------------- |
| **Thesis**           | One-paragraph bull, one-paragraph bear, framed from the cues you gave |
| **Company snapshot** | Sector, market cap, revenue, key metrics tile                         |
| **Financials**       | Eight-quarter revenue / margin / FCF table with QoQ and YoY deltas    |
| **Sector comps**     | Peers table with valuation multiples, growth, and margin              |
| **Valuation**        | Base-case DCF with WACC build (or pull from a prior `/dcf` thread)    |
| **Key risks**        | Top five risks with citation links to the relevant 10-K risk factors  |
| **Catalysts**        | Upcoming events (earnings dates, regulatory filings, sector reads)    |
| **Recommendation**   | The agent's read; flag if it disagrees with the thesis cues           |

Every figure cites the source — click any number to open the underlying 10-Q section or transcript paragraph. See [Citations and audit trail](/security/citations-and-audit) for how provenance is generated and exported.

<Frame caption="A cf0 IC-style cover page in the firm's brand template. The report editor lets you tweak any section inline before exporting the PDF.">
  <img src="https://mintcdn.com/cf0ai/Tr576YnoqImeEPZS/images/reports-nio-cover.jpg?fit=max&auto=format&n=Tr576YnoqImeEPZS&q=85&s=c33a6e1d7650044fe73b120eb4c0c9ec" alt="cf0 IC memo cover — NIO comprehensive investment analysis" width="740" height="600" data-path="images/reports-nio-cover.jpg" />
</Frame>

## Step 3 — edit, sign off, export

The draft opens in the inline editor. Each section can be edited as prose. Charts and tables pull live from the Lab thread and aren't editable — change them by changing the thread.

Click **Export PDF**. The output renders in your firm's brand template — logo, colours, font, footer — configured under [Settings → Brand](/workspace/settings#brand-org-admin-only).

## Step 4 — bring the thread to committee

For the meeting, two practical moves:

* **Open the audit trail** alongside the PDF. The committee gets the polished memo; you keep the trail with every source link in case anyone challenges a number. See [Citations and audit trail](/security/citations-and-audit#exporting-an-audit-trail).
* **Drop the Lab thread URL** into the committee invite. Members with cf0 access can re-run any cell in the thread or follow up — "what would the recommendation be if WACC were 12%?" — without you in the room.

## Step 5 — encode your firm's IC template

If your committee has a specific section structure (sustainability section, position-sizing recommendation, etc.), save it once as an org Skill via the [Skills](/features/skills) page — share with the org. From then on, every memo follows your committee's structure verbatim. See also [Settings → Brand](/workspace/settings#brand-org-admin-only) for the report template.

## Next walkthrough

→ [Run a head-to-head](/examples/head-to-head) · [Run a DCF](/examples/dcf-walkthrough)