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Investor presentation research study results 2017

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The presentation covers results of the 5th edition of an investor presentation research, done in 2017. The study, as in the previous editions, covered 140 largest companies listed on the Warsaw Stock Exchange (all companies of the WIG20, mWIG40 and sWIG80 indices). Authors of the research: Piotr Biernacki (founder of IDEAcraft) and Marcin Piechota (Head of Investor Relations Department at PGNiG S.A.). The results have been disclosed on 13 September 2017 during "IR trends" conference organized by the Polish Association of Listed Companies.

Publié dans : Économie & finance
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Investor presentation research study results 2017

  1. 1. FAILURES AND EFFORTS 2017 WARSAW, 13.09.2017. INVESTOR PRESENTATION RESEARCH 5TH EDITION
  2. 2. PIOTR BIERNACKI MARCIN PIECHOTA Founder of IDEAcraft President of the Foundation for Reporting Standards Vice-President of the Polish Association of Listed Companies Head of the Investor Relations Department, Polskie Górnictwo Naftowe i Gazownictwo S.A.
  3. 3. For the 5th time we’ve done a study of 140 largest 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) The most up-to-date annual results presentations were studied. In the 5th wave of the research (2017) we’ve compared results of the study to 2016. Slides lacking % or pp changes regard topics studied for the first time in 2017. See last slide for further details.
  4. 4. Contents of the presentation
  5. 5. Already over 3/4 of companies prepare presentations… Are any investor presentations available on the company’s website? 100% 85% 68% 77% WIG20 mWIG40 sWIG80 +6pp +8pp +5pp +5pp
  6. 6. … and some large- and mid-caps prepare also factsheets Is there a factsheet (a 1- or 2-page document) on the company’s website? 32% 39% 4% 20% WIG20 mWIG40 sWIG80
  7. 7. Attention: the following results relate only to companies that publish their investor presentations online
  8. 8. Published presentations are almost always (but not always!) up to date Are the presentations available on the website up-to-date? 95% 94% 89% 92% WIG20 mWIG40 sWIG80 -6pp +7pp-6pp-5pp
  9. 9. Some small-caps ceased to publish presentations in Polish What percentage of companies publishes investor presentations in Polish on their websites? 100% 85% 87% 89% WIG20 mWIG40 sWIG80 -3pp -7pp-2pp +5pp
  10. 10. As usual, a presentation in Enlish is a must-have for large- and mid-caps What percentage of companies publishes investor presentations in English on their websites? 95% 85% 52% 70% WIG20 mWIG40 sWIG80 -2pp +2pp -5pp -5pp
  11. 11. Large- and small-caps have prepared more presentations in 2016; mid-caps – quite the contrary How many presentations has a company published in 2016? 5,3 3,8 2,8 3,6 WIG20 mWIG40 sWIG80 +0,1 +0,3 -0,5 +0,5 Highest no. of presentations published in 2016: 20
  12. 12. Mid- and small-caps tend to delete older presentations from their websites In total, how many presentations are available on the website? 45,2 28,0 15,7 25,3 WIG20 mWIG40 sWIG80 +1% -5% ~ +9% Highest total no. of presentations published: 102
  13. 13. Still the majority of presentations relate to financial results… How many presentations published in 2016 relate to financial results? 4,2 3,1 2,7 3,1 WIG20 mWIG40 sWIG80 -0,1 +0,1 -0,6 +0,1
  14. 14. … and only every second mid- and small-cap publishes presentations relating to other issues How many presentations published in 2016 relate to other issues? 1,1 0,6 0,4 0,6 WIG20 mWIG40 sWIG80 +0,1 +0,2 ~ ~ Highest no. of presentations relating to other issues: 8
  15. 15. Almost every one in three companies tries to tell investors their Equity Story What percentage of companies publishes a general presentation for investors (equity story, investment presentation etc.)? 35% 41% 24% 31% WIG20 mWIG40 sWIG80 +11pp +12pp +13pp+3pp
  16. 16. Large-caps have shortened and mid-caps have lengthened their results presentations How many slides counts the latest annual results presentations? 39,6 30,8 25,6 30,3 WIG20 mWIG40 sWIG80 +1% -4% +12% -5% Highest no. of slides in a presentation: 64
  17. 17. The average weight of a presentation remains unchanged What is the size (in MB) of the latest annual results presentations? 1,9 5,1 3,0 3,4 WIG20 mWIG40 sWIG80 -1% +31% -5% +6% Largest size of a presentation: 61,7MB
  18. 18. Longer presentations require adequate structuring… Does the presentation include agenda / content’s summary / tracker slides? 63% 57% 46% 53% WIG20 mWIG40 sWIG80 -3pp -2pp -9pp+5pp
  19. 19. … which may have form of an appendix, used mainly by large-caps Does the presentation include a separated appendix / back-up section? 70% 40% 24% 39% WIG20 mWIG40 sWIG80 -2pp +1pp -10pp +7pp
  20. 20. The appendices have more content which doesn’t need to be discussed in the main part of the presentatio How many slides does the appendix / back-up section count? 14,5 8,1 5,3 9,8 WIG20 mWIG40 sWIG80 +38% -13% +59% +26% Largest no. of slides in an appendix: 32
  21. 21. The level of fear of being sued has been on the rise for 5 consecutive years and reaches nearly 60% Does the presentations include a legal disclaimer slide? 65% 60% 52% 57% WIG20 mWIG40 sWIG80 +4pp -2pp +13pp+2pp
  22. 22. We almost never introduce the presenters Are the presenters introduced or mentioned in the presentation? 15% 20% 15% 17% WIG20 mWIG40 sWIG80 +2pp +6pp -2pp-1pp
  23. 23. The majority of companies provide a general contact in the presentation… Are there in the presentation any contact details at all? 80% 63% 48% 59% WIG20 mWIG40 sWIG80 -2pp ~ -2pp -4pp
  24. 24. … yet it is less often direct contact to persons that may help investors Does the presentation include a personal contact to any of the presenters or the company’s IR officer? 50% 30% 22% 30% WIG20 mWIG40 sWIG80 -8pp -9pp-9pp ~
  25. 25. The longer our listing history, the more we are convinced that everybody knows what our company is doing Is a business model / company profile included in the presentation? 30% 30% 28% 29% WIG20 mWIG40 sWIG80 -12pp -20pp-14pp+9pp
  26. 26. Some large-caps ceased to describe their macroeconomics which used to be their distinction Does the presentation include a macroeconomic overview? 45% 17% 15% 22% WIG20 mWIG40 sWIG80 +1pp +6pp+1pp -13pp
  27. 27. We tend to speak more about the market we’re operating on… Does the presentation include an overview of the market the company is operating on? 85% 40% 48% 53% WIG20 mWIG40 sWIG80 +4pp ~+6pp +6pp
  28. 28. … yet when it comes to hard facts, it’s more difficult for us to quantify our market share or position Does the presentation include the company’s quantified market share or position? 40% 27% 11% 22% WIG20 mWIG40 sWIG80 -3pp-10pp -2pp +14pp
  29. 29. Almost everyone presents their profit&loss account Does the presentation include a profit&loss account? 95% 100% 93% 96% WIG20 mWIG40 sWIG80 +7pp +3pp+16pp+6pp
  30. 30. The financial situation became more important for large-cap investors Does the presentation include a balance sheet? 60% 63% 65% 64% WIG20 mWIG40 sWIG80 +4pp -3pp+7pp+13pp
  31. 31. Large-caps tend to present more often their cash flow statements Does the presentation include a cash flow statement? 68% 47% 39% 47% WIG20 mWIG40 sWIG80 +2pp +1pp -10pp +24pp
  32. 32. Large- and mid-caps comment on their financial results more often, small-caps, unfortunately, quite the contrary Does the presentation include a commentary to the company’s financial results? 85% 57% 54% 61% WIG20 mWIG40 sWIG80 +5pp -5pp+10pp +17pp
  33. 33. We constantly present rather 4 than 2 periods in our annual results presentations What is the number of periods (years, quarters etc.) presented in the presentation? 3,2 3,4 3,2 3,2 WIG20 mWIG40 sWIG80 ~ +0,1~-0,2
  34. 34. We feel more self-confident presenting our plans, goals and intentions… Does the presentation include information about the company’s strategy, operating goals or planned investments? 90% 77% 67% 75% WIG20 mWIG40 sWIG80 +12pp +8pp +11pp +22pp
  35. 35. … yet it’s not easy for us to put them in a future market context Does the presentation include any forecast of market trends? 50% 20% 20% 26% WIG20 mWIG40 sWIG80 +2pp -8pp+11pp +8pp
  36. 36. Almost a quarter of companies give their investors some kind of a financial results guidance Does the presentation include a financial results forecast / guidelines or any information on factors that may influence results in the future? 35% 23% 15% 22% WIG20 mWIG40 sWIG80 +8pp +2pp+14pp +14pp
  37. 37. The percentage of companies presenting risks they’re facing has decreased by almost one half Are risk factors covered or mentioned in the presentation? 35% 10% 9% 15% WIG20 mWIG40 sWIG80 -11pp -16pp-3pp -12pp
  38. 38. Almost no one, except for the large-caps, explains difficult industry vocabulary and definitions… Does the presentation include a glossary or are difficult industry terms and unpopular indices explained in any other way? 20% 3% 0% 5% WIG20 mWIG40 sWIG80 -4pp-5pp-3pp-6pp
  39. 39. … yet the language used in the presentations remains not easily understandable Are there in the presentation any industry terms or other commonly unknown indices that aren’t explained (in a glossary or footnotes)? 50% 40% 37% 41% WIG20 mWIG40 sWIG80 ~ +12pp-13pp -8pp
  40. 40. Only mid-caps feel the need to remind the investors who is managing the company Does the presentation include a slide on the management / supervisory board and/or structure of the capital group? 0% 27% 13% 15% WIG20 mWIG40 sWIG80 +2pp -5pp +17pp -5pp
  41. 41. A quarter of companies present their shareholders’ structure… Does the presentation include information on shareholders’ structure? 15% 40% 22% 26% WIG20 mWIG40 sWIG80 +7pp -1pp +21pp +5pp
  42. 42. … as well as the stock price and volume chart Does the presentation include a stock price and shares turnover chart? 16% 37% 24% 26% WIG20 mWIG40 sWIG80 +1pp -3pp +11pp -6pp
  43. 43. The number of companies helping investors to assess their situation on the stock exchange has doubled Does the presentation include any capital market indices or any other information helping investors to assess the company’s situation? 50% 47% 30% 40% WIG20 mWIG40 sWIG80 +22pp +15pp +25pp+34pp
  44. 44. Still only one third of companies use storytelling in communicating with investors Are any storytelling (not just descriptive) titles used in the presentation? 50% 37% 28% 35% WIG20 mWIG40 sWIG80 +3pp +3pp+2pp +3pp
  45. 45. In a 1-5 school grade we give a (subjective) C in 2017, just as it was last year. This year however, it is a C- General subjective evaluation of the presentation content: (in a Polish school grade scale of 1 (lowest) to 5 (highest)) 3,9 3,0 2,5 2,9 WIG20 mWIG40 sWIG80 -0,3 -0,5 -0,1 -0,1 Number of minimum (1) grades attributed: 13
  46. 46. Visual design of the presentation
  47. 47. As usual, someone forgot to include their logo! Does the presentation include the company’s logo? 95% 100% 98% 98% WIG20 mWIG40 sWIG80 -1pp -2pp~~
  48. 48. Mid-caps present logos of their brands more often, while small-caps less often Does the presentation include any logos of dependent companies or the company’s product or service brands? 35% 40% 30% 34% WIG20 mWIG40 sWIG80 +1pp -13pp+18pp+3pp
  49. 49. Large-caps started to use pictures of their representatives and employees in presentations Does the presentation include any pictures of employees or representatives (other than stock photos)? 20% 23% 13% 18% WIG20 mWIG40 sWIG80 +1pp -1pp -2pp +10pp
  50. 50. Large- and mid-caps show more often their business, unfortunately small-caps cease to do so Does the presentation include pictures of its products, factories, installations or any other pictures related to its operational activities? 50% 77% 61% 64% WIG20 mWIG40 sWIG80 +1pp -7pp +11pp +8pp
  51. 51. We use less often generic stock photos Does the presentation include any other pictures (also stock photos not related to its operational activity)? 20% 37% 28% 29% WIG20 mWIG40 sWIG80 -14pp -10pp-23pp -6pp
  52. 52. Little over one third of companies use larger pictures Does the presentation include pictures covering more than ¼ of the slide surface? 26% 40% 39% 36% WIG20 mWIG40 sWIG80 -4pp -6pp+6pp -13pp
  53. 53. Column and bar charts remain the most popular ones Does the presentation include any column or bar charts? 95% 100% 98% 98% WIG20 mWIG40 sWIG80 +2pp +2pp+3pp~
  54. 54. The popularity of line charts didn’t change… Does the presentation include any line charts? 80% 67% 63% 68% WIG20 mWIG40 sWIG80 ~ +4pp-5pp +1pp
  55. 55. … while mid- and small-caps use less pie charts Does the presentation include any pie charts? 80% 63% 59% 65% WIG20 mWIG40 sWIG80 -8pp -7pp-15pp +2pp
  56. 56. Advanced charts that let us show more gain on attractiveness Does the presentation include any advanced charts (for example bridge or two-axis charts)? 85% 67% 67% 71% WIG20 mWIG40 sWIG80 +12pp +22pp+5pp +1pp
  57. 57. Over one half of companies use infographics and diagrams in their presentations Does the presentation include any other infographic elements (for example diagrams)? 65% 57% 52% 56% WIG20 mWIG40 sWIG80 +5pp -2pp+13pp +7pp
  58. 58. Large- and mid-caps have improved consistency of their presentations with their corporate identity General subjective evaluation of the presentation’s consistency with its CI system: (in a Polish school grade scale of 1 (lowest) to 5 (highest)) 3,8 3,5 3,3 3,4 WIG20 mWIG40 sWIG80 +0,3 ~+0,5 +0,7 Number of maximum (5) grades attributed: 15
  59. 59. As usual, we don’t use opportunities to make our presentations more interactive… Does the presentation include active hyperlinks (directing to content in the internet or other slides inside the presentation)? 10% 17% 2% 8% WIG20 mWIG40 sWIG80 +1pp-3pp+14pp-11pp
  60. 60. … and we don’t publish them in any other form than a pdf file Is the presentation available in any other format than pdf (for example via an on-line player)? 16% 7% 4% 7% WIG20 mWIG40 sWIG80 +1pp~-3pp +10pp
  61. 61. In a 1-5 school grade we give a (subjective) C in 2017, just as it was last year. As it was with the content, it’s a C- General subjective evaluation of the presentation’s visual design: (in a Polish school grade scale of 1 (lowest) to 5 (highest)) 3,3 3,2 2,7 2,9 WIG20 mWIG40 sWIG80 -0,1 -0,1 -0,1+0,1 Number of maximum (5) grades attributed: 11
  62. 62. Thank you! www.theideacraft.com © Piotr Biernacki, Marcin Piechota No part of this presentation can be duplicated or used in any aim without the author’s consent, except for your own education. You can use the results of the research only referring to the source. In case of any questions regarding methodology of the research or any other issues, please feel free to contact us. If you are representative of a listed company and would like to learn what you could improve in your investor presentations, please contact us at info@theideacraft.com for a free consultation.

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