Investor Perceptions is a leading provider of independent investor studies to the Boardrooms of global listed companies. Investor Perceptions delivers authoritative and considered strategic insight into the views and expectations of a company’s shareholders and the key underweight names. We do this based on an engaging and same language in-depth discussion with the institutions. Our studies analyse how the key elements that comprise the investment case are perceived, determine the level of understanding / support for the investment case and assess how the messaging resonates with the company’s capital markets audience. Investor Perceptions is located in the City of London and is part of Rothschild, one of the world's largest independent financial advisory groups.
An insightful investor perception study is an important and powerful management tool, both from a strategic planning and from a corporate governance perspective. Being aware of the opinions, views and expectations of investors assists companies in clarifying, remedying or reinforcing their message to the market. The aim is to help ensure the investment proposition is understood and the valuation afforded the shares accurately reflects the company's future prospects.
The Chairman and the Board have an obligation under the The UK Corporate Governance Code to be aware of the views of their shareholders:
E.1.1 The Chairman should ensure that the views of shareholders are communicated to the Board as a whole.
E.1.2 The Board should state in the annual report the steps they have taken to ensure that the members of the Board, and in particular the non-executive directors, develop an understanding of the views of major shareholders about their company, for example through direct face-to-face contact, analysts' or brokers' briefings and surveys of shareholder opinion.
Financial Reporting Council, The UK Corporate Governance Code. September 2012
In an increasingly activist investor environment it is important that management know how investors view their company. The level of understanding of the investment proposition will impact the rating of the shares. Understanding how investors perceive the company is invaluable in an M&A context and a regular perception study exercise can be a useful addition to the defence arsenal.
Work with the company to select a sample of shareholders and key underweight names - obtaining a broad spectrum of opinion is important
Work with the company to devise a series of customised open-ended questions / themes to be discussed
Recorded telephone based discussions
Strategy – level of understanding; effectiveness / delivering value; degree of support
Businesses – growth and margin prospects; drivers of growth; spread of business; internal / external influences
Finances – balance sheet strength; cash generation; capital allocation priorities; dividend / capital return
Management – Chairman, CEO, CFO, divisional heads; corporate governance; Board composition
Valuation – current rating; influences / drivers; key metrics; why hold / not hold shares
IR – effectiveness; management access; financial disclosure / materials; CMD’s
Key findings and main messages; suggested actionable points
Qualitative insight supported by quantitative measurement
Hard / soft copies delivered
Presentation to the Board / IR
Simon Collins founded Investor Perceptions in 2008 after a City career spanning 26 years as a UK equity buy-side analyst, UK portfolio manager and more latterly in an IR advisory capacity. Simon gained his experience at AXA Investment Management, F&C Management, Makinson Cowell and more recently as Head of IR, Corporate Broking at UBS. During his time at UBS Simon worked with a number of UK companies on all aspects of their investor relations requirements, including providing market intelligence, investor targeting, share register analysis and investor feedback.
Rebecca's City career started in 1981. When heading the IR Corporate Broking team at UBS and then Hoare Govett, Rebecca advised a range of FTSE 100 and mid 250 companies across different industries on their Investor Relations programmes, providing regular feedback and, where required, more detailed investor perception studies. Before moving into IR Rebecca gained her experience as an analyst, both on the buy-side and the sell-side.
Catherine Segrave worked in IR, Corporate Broking at UBS Investment Bank for 12 years. As a Director in the team, Catherine provided a range of IR advisory services to FTSE 100 and FTSE 250 companies including market intelligence, investor targeting and perception studies. During her time at UBS, Catherine designed and managed 'IRIS', a proprietary share register analysis and investor contact management system.
Peter Lloyd has worked in the securities industry throughout his career specialising in UK equities. He has worked at BZW and Schroder Securities where he was Head of UK Sales. He joined Citigroup when it merged its broking business with Schroder Securities and developed a focused Institutional Survey product, carrying out investor surveys for FTSE100 and FTSE250 companies.
Kate joined Investor Perceptions in June 2014. Prior to this she spent three years in the Strategic Communications division of FTI Consulting where she advised a range of FTSE and AIM companies on their financial PR programmes and communications with sell-side analysts. Kate graduated from the University of York with a degree in Politics, Philosophy and Economics.