What problem does it solve? Judging whether a company's dividend or buyback policy is sustainable requires more than a payout ratio: you must measure cash actually returned (dividends plus buybacks), compute free cash flow to equity over multiple years, assess whether management earned its cost of equity, and project whether future FCFE can fund the payout. Doing this by hand invites well-known errors like ignoring buybacks or using the wrong FCFE variant. ## Core Features & Use Cases - FCFE history engine: Computes three FCFE variants (pre-debt, actual-debt, target-debt-ratio) over 1-10 years and classifies the firm as a cash accumulator or overpayer. - Trust and dividend matrix: Scores management via ROE versus CAPM required return and Jensen's alpha, then places the firm in the affordability-versus-project-quality quadrant with a prescription. - Sustainability projection: Forecasts five years of FCFE and dividends, solves for the maximum sustainable dividend growth rate, and sizes buyback capacity. - Peers, market norms, and banks: Benchmarks against peer groups and Damodaran's cross-sectional regressions, with a dedicated regulatory-capital FCFE mode for banks and insurers. - Use Case: Given five years of Disney's financial statements as JSON, run the fcfe-history, trust, and matrix subcommands to determine whether Disney should raise, hold, or cut its payout. ## Quick Start Ask the agent to analyze the attached company's dividend and buyback policy against its FCFE using the payout-policy-analysis skill.
