Conciseness

The body is tight — steps are terse imperatives ('Create assumptions sheet with revenue growth, margins, WACC, and terminal growth rate') and no DCF concepts are re-explained. Minor padding ('Creates professional DCF valuation models following investment banking standards', the obvious prerequisite 'Excel or compatible spreadsheet software') keeps it below anchor 5's 'every token earns its place'.

Actionability

Steps name concrete artifacts (4-sheet model, 5-year forecast, 'Calculate terminal value using Gordon Growth Model', sensitivity on WACC and terminal growth) and references/dcf-formulas.md supplies copy-paste Excel formulas (=FCF_Year5*(1+TerminalGrowth)/(WACC-TerminalGrowth)). Not anchor 5 because the sensitivity table in the reference uses '=formula' placeholders rather than executable formulas.

Workflow Clarity

The six numbered steps form a clear, correctly ordered sequence (assumptions → FCF projections → terminal value → discounting → EV/equity value → sensitivity), and the Error Handling table maps errors to causes and fixes. Below anchor 5 because no explicit validation checkpoint is embedded in the sequence (e.g., verify WACC > terminal growth before step 3) — recovery guidance sits outside the workflow.

Progressive Disclosure

A ~50-line, well-sectioned overview that appropriately defers all formula templates to a real, one-level-deep reference ([references/dcf-formulas.md](references/dcf-formulas.md) — verified to exist, contains actual templates, and references no further files). Content is correctly split and navigation is easy, matching anchor 5.

Specificity

The what-clause 'Build discounted cash flow (DCF) valuation models in Excel' names the domain but only a single concrete action; capabilities the skill clearly delivers (WACC calculation, sensitivity analysis) are never stated. Matches anchor 3 ('Names domain and 1-2 concrete actions, but not comprehensive'), not anchor 4's 'lists several specific actions'.

Completeness

'Build discounted cash flow (DCF) valuation models in Excel' clearly answers what, and 'Use when creating DCF models, calculating enterprise value, or valuing companies' plus the explicit 'Trigger with phrases like...' clause answer when with concrete triggers — matching anchor 5 exactly.

Trigger Term Quality

Explicit trigger phrases 'excel dcf', 'build dcf model', 'calculate enterprise value' are terms a user would naturally say. Below anchor 5 because natural variations like 'discounted cash flow', 'valuation model', or 'WACC' are missing; above anchor 3 because the phrases go beyond mere relevant keywords.

Distinctiveness Conflict Risk

'excel dcf' and 'build dcf model' are distinct niche triggers, but 'calculating enterprise value' and 'valuing companies' could overlap with other valuation skills (comparables, precedent transactions) — minor overlap with closely related skills, matching anchor 4 rather than anchor 5's 'minimal conflict risk'.