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Results of a study on investor presentations conducted by NOBILI in 2013 on 140 largest public companies listed on the Warsaw Stock Exchange (all companies of the WIG20, mWIG40 and sWIG80 indices).
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Presentations: an undervalued
Poland, Autumn 2013
investorrelationstool
Piotr Biernacki
#investor relations!
#presentations!
#design!
CEO @
We’ve done a study of 140 companies listed on the
Warsaw Stock Exchange
All companies of the WIG20, mWIG40 and sWIG80 indices (of over a total of 400+ companies listed on the WSE)
Half of companies doesn’t
publish presentations in English...
4
WIG20 mWIG40 sWIG80
35%70%
90%53%
What percentage of companies publishes investor presentations in English on their websites?
... neither in Polish
5
WIG20 mWIG40 sWIG80
38%68%
85%53%
What percentage of companies publishes investor presentations in Polish on their websites?
If we somehow publish any presentations, then...
We prepare presentations only at financial results disclosure
7
WIG20 mWIG40 sWIG80
3,53,1
4,0
0,21,10,6
4,1
How many presentations has a company published in 2012? How many of them related to financial results and how many to other corporate issues?
4,64,2
3,73,5
0,6
Fin. results presentations
Other presentations
All presentations
Large caps prepare longer, but lighter presentations
8
WIG20 mWIG40 sWIG80
232632
26
How many slides counts the latest financial results presentations and how much does it weight (in MB)?
max: 58
1,40MB 1,59MB 1,89MB
1,67MB
max: 16,20MB
We try not to get sued...
9
WIG20 mWIG40 sWIG80
42%62%67%
55%
Does the presentations include a legal disclaimer slide?
... and we definitely don’t want to introduce ourselves...
10
WIG20 mWIG40 sWIG80
9%14%22%14%
Are the presenters introduced or mentioned in the presentation?
... because an investor might want to ask us some questions
11
WIG20 mWIG40 sWIG80
18%41%56%
35%
Does the presentation include a personal contact to any of the presenters or the company’s IR officer?
In case of questions, someone may
probably answer them (anonimously)
12
WIG20 mWIG40 sWIG80
46%52%83%
56%
Are there in the presentation any contact details at all?
Sometimes we try to help investors to
navigate through the presentation...
13
WIG20 mWIG40 sWIG80
70%
28%
67%
54%
Does the presentation include agenda / content’s summary / tracker slides?
... but usually we don’t how how to structure information
14
WIG20 mWIG40 sWIG80
21%31%
72% 36%
Does the presentation include a separated appendix / back-up section and how many slides does this section count?
96911
max: 33
We know how to synthesize information...
15
WIG20 mWIG40 sWIG80
70%76%78%
74%
Does the presentation include an executive summary slide / summary of most important facts&figuers?
... but the presentation still doesn’t
communicate the company’s equity story
16
WIG20 mWIG40 sWIG80
9%31%33%
22%
Do the slides’ titles communicate the equity story (do they tell any story or are they merely descriptions of what is shown on the slide)?
Large caps assume that everybody
knows what is their business
17
WIG20 mWIG40 sWIG80
67%62%
11%
52%
Is a business model / company profile included in the presentation?
Usually we try to explain what is our market...
18
WIG20 mWIG40 sWIG80
55%79%89%
71%
Does the presentation include an overview of the market?
... and what has influenced our latest financial results
19
WIG20 mWIG40 sWIG80
61%59%89%
66%
Does the presentation include a commentary to the company’s latest financial results?
We don’t want to or know how to
predict where the market is heading
20
WIG20 mWIG40 sWIG80
21%14%39%
22%
Does the presentation include any forecast of market trends?
We are afraid to talk about factors
influencing our future financial results
21
WIG20 mWIG40 sWIG80
18%14%22%17%
Does the presentation include a financial results forecast / guidelines or any information on factors that may influence these results in future?
The corporate language
doesn’t include the word „risk”...
22
WIG20 mWIG40 sWIG80
3%3%11% 5%
Are risk factors covered or mentioned in the presentation?
... but we like to talk in general about our plans and intentions
23
WIG20 mWIG40 sWIG80
46%66%72%
59%
Does the presentation include information about the company’s strategy, operating goals or planned investments?
We (especially large caps) use many difficult words...
24
WIG20 mWIG40 sWIG80
36%35%
78%45%
Are there in the presentation any industry terms or any other commonly unknown indices that aren’t explained (in a glossary or footnotes)?
... and we assume that investors understand them all
25
WIG20 mWIG40 sWIG80
3%7%22% 9%
Does the presentation include a glossary or are difficult industry terms and unpopular indices explained in any other way?
We’re sure that everyone knows who is our CEO...
26
WIG20 mWIG40 sWIG80
12%7%6%9%
Does the presentation include a slide on the management / supervisory board and/or structure of the capital group?
... and what is the shareholders’ structure
of every company listed in Warsaw
27
WIG20 mWIG40 sWIG80
15%31%
11%
20%
Does the presentation include information on shareholders’ structure?
We don’t comment on our company’s stock price...
28
WIG20 mWIG40 sWIG80
15%10%11%12%
Does the presentation include a stock price and shares turnover chart?
... but large caps help investors
to assess the company’s situation
29
WIG20 mWIG40 sWIG80
6%7%39% 14%
Does the presentation include any capital market indices or any other information helping investors to assess the company’s situation (for example a list of sell side analysts)?
In a 1-5 school grade scale we
get a (subjective) three minus (C-)
30
WIG20 mWIG40 sWIG80
2,62,83,2
2,8
General subjective evaluation of the presentation content: (in a Polish school grade scale of 1(lowest) to 5 (highest))
And what about the
presentations’ design?
Although not everyone remembers about their logo...
32
WIG20 mWIG40 sWIG80
100%97%100%
99%
Does the presentation include the company’s logo?
... it is usually the only graphical
element in the entire presentation
33
WIG20 mWIG40 sWIG80
39%52%28%
41%
Does the presentation include any logos of child companies or the company’s product or service brands?
Lack of any pictures of persons related to the company
34
WIG20 mWIG40 sWIG80
6%3%11% 6%
Does the presentation include any pictures of employees or representatives (other than stock photos)?
Half of companies try to illustrate what they do
35
WIG20 mWIG40 sWIG80
53%55%50%
53%
Does the presentation include pictures of its products, headquarters, factories, instalations or any other pictures related to its operational activities?
Few companies use pictures not
related to its operational activity
36
WIG20 mWIG40 sWIG80
27%48%
33%
36%
Does the presentation include any other pictures (also stock photos not related to its operational activity)?
Generally we try to stick to our corporate identity quidelines
37
WIG20 mWIG40 sWIG80
3,03,53,2
3,2
General subjective evaluation of the presentation’s consistency with its corporate identity system: (in a Polish school grade scale of 1(lowest) to 5 (highest))
Most companies don’t use such basic tools as hyperlinks…
38
WIG20 mWIG40 sWIG80
39%35%61%
42%
Does the presentation include active hyperlinks (directing to content in the internet or other slides inside the presentation)?
... not speaking of more convenient file formats or display tools
39
WIG20 mWIG40 sWIG80
6%14%17%11%
Is the presentation available in any other format than pdf?
In a 1-5 school grade scale we
get a (subjective) three minus (C-)
40
WIG20 mWIG40 sWIG80
2,52,92,2
2,6
General subjective evaluation of the presentation’s design: (in a Polish school grade scale of 1(lowest) to 5 (highest))
How can we prepare
presentations?
Turn of the computer.
Read about what the presentation is
supposed to be about.∎
Start with an idea
It is the backbone of the presentation
Having the presentation flow in your head (and on the wall), you can draw all the slides
to prepare a digital version of the presentation
Onlythen
it’s
time
Thank you!
© Piotr Biernacki!Graphical content of several authors is used in this presentation.!No part of this presentation can be duplicated or used in any aim without the author’s consent, except for your own education.!The presentation includes results of the study on presentations conducted in July 2013 by NOBILI PARTNERS Sp. z o.o. among 140 public companies of the WIG20, mWIG40 and sWIG80 indices listed on the Warsaw Stock Exchange.
@piotrbiernacki
www.drivingtrust.com
slideshare.net/NOBILI