Sales - O targeting em ação


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Apresentação de Ricardo Lanfranchi, Head of Equities Sales, Barclays Capital, no Seminário “Targeting: Como conhecer e gerenciar sua base de acionistas?”, realizado pelo IBRI em 18/08/2009 em SP.

Sales – O Targeting “em ação”

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Sales - O targeting em ação

  1. 1. Sales O Targeting “em ação” Targeting in action Equities Brazil August 2009 Confidential Presentation
  2. 2. Table of Contents Agenda 1. Leveraging Sell-Side Platforms 2. Case Studies
  3. 3. Leveraging Sell-Side Platforms
  4. 4. A focal point for market intelligence and strategic advisory Leveraging Sell-Side Platforms Specialists provide objective market intelligence and advice to Providing Market corporates, while obtaining access for institutional investors Intelligence Through intelligence gathered around the corporate access product, actively engage appropriate internal partners Brokers are positioned to seek opportunities such as share buybacks Transaction-Focused and capital market transactions, and to offer other capabilities Additionally, supported by a robust logistics team Research Sales are effectively a high-end RM team, interacting with Public-Facing company management teams and investors, broadly, on a regular basis The Sell Side teams come from industry, as well as Wall Street, Offering Experience offering many years of relevant experience Corporate access is a market-driven initiative, emerging from a key Responding to trend showing that institutional investors are allocating an increasing Market Demand portion of their unbundled commission dollars to this service. 1
  5. 5. A partnership basis to deliver results to corporations and investors Pre-Event Event Post-Event Thoughtful preparation for Enhancing investor Insightful investor each event relations strategies feedback Offer companies Conduct in-depth Candid, timely, informed perspective shareholder analyses confidential feedback on the buyside and to offer thoughtful from investors to likely topics for guidance regarding assist informing discussion investor targeting future messaging and strategies Craft a plan to reach Assist Investor investors that can Relations and Offer follow up where satisfy corporate corporate appropriate across business objectives management in Barclays Capital testing ideas and franchise business decisions impacting shareholders 2
  6. 6. The evolution of Institutional Corporate Marketing Basic logistic services Enhanced market intelligence and broad origination that extends and origination solely into C-Suite advisory from research analysts Inner Circle Status Best in Class A consistent dialogue Market Intelligence with Broadest offering of targeted corporates ICM Launched industry specific C-Suite thought market intelligence partners and trusted Flawless logistics* Leverage Barclays advisors Basic Logistics Top 3 in both Capital’s intellectual Integration across the Acceptable quantity and quality resources Firm to source unique logistics* of meetings opportunities “Middle of the 100% of corporates pack” event receive feedback volume Consistent <25% of the experience companies across global received feedback regions *Barclays Events team is our execution arm 3
  7. 7. Our Mission To be recognized as a premier corporate advisory platform on the market; we seek to achieve trusted advisor status with corporates and influence the dialogue with the investment community. 4
  8. 8. Case Studies
  9. 9. Case Study #1 – The Dividends Deadlock Case Studies Situation Our Approach Company X requested an First, we looked at Company X dividend profile: a fixed, NDR to increase their minimum annual dividend, followed by one special dividend Dividend Funds that was quite erratic (and given Company X cash shareholders base generation, quite good as well, but still volatile) Second step was to check the trading pattern of the company, not only the public database (volumes, etc) but also our internal data, which contains accurate information on who did what, when (we obviously don’t disclose it to the Typical Solution company). We figured out there was a lot of speculation The plain vanilla around the special dividend season, with many players approach would be to trading that dividend itself book a full schedule with Dividend Funds Sales conducted extensive conversations with Dividend managers Funds and, mostly, shareholders alike, to identify the issues regarding the company dividend policy Research, on top of that information, analysed data and came up with a NDR strategy 5
  10. 10. Case Study #1 – The Dividends Deadlock Case Studies Outcome A 7-day NDR was done, and the company, with our advice, concluded that the best way to sell a consistent dividend policy to investors (and therefore to attract Dividend Funds to its shareholders base) was to boost the fixed dividend, and break the special dividend in 4 quarterly announcements It maintained the HF community interested in the special dividends play (in fact it enhanced liquidity as it was spread throughout the year) and attracted a fair number of Dividend Funds 6
  11. 11. Case Study #2 – What To Do With Money Honey Case Studies Situation Our Approach Company Y Company Y had a serious time constraint in their approached us with a calendar, had limited time to be on the road question: what We then made a multi-dimensional analysis of their investors want them to existing account base, to meet the following criteria: do with their excess cashflow Size of the position Relevance to the market Bias on the issue (they were under pressure by Typical Solution some specific hedge funds to distribute the money) The easiest solution would Investors that were not stock holders yet, but with a have been to hit strong edge in that sector were added to the list the road, and have them hearing random answers 7
  12. 12. Case Study #2 – What To Do With Money Honey Case Studies Outcome We organized a short, focused NDR Feedback from investors was collected throughout the NDR and afterwards, which were presented to the company management Management took both sets of feedbacks – the ones that they heard from investors and the ones we collected, confidentially, afterwards, to their Board of Directors On top of that, the company became more aggressive in their M&A strategy. That ultimately led to stock price appreciation and a broader shareholder base 8
  13. 13. Case Study #3 – Whole Lotta Love Case Studies Situation Our Approach Company Z wants to Company Z knew they could count on us to better acquire Company K, communicate their intentions to the market which has a very Our advice to Company Z was to communicate their fragmented intentions to the market; not only the fact that they shareholder base want to acquire Company K, but also, more importantly, what they want to do with Company K - and why that transaction make sense for Typical Solution shareholders of both Company Z and Company K Not much of communication here: We organized a multi-month, multi-region extensive launch a bid for NDR with 2 different teams for Company Z to meet Company K and wait Company K’s shareholders to see what happens 9
  14. 14. Case Study #3 – Whole Lotta Love Case Studies Outcome The acquisitoin was a success, with huge support of Company K’s institutional shareholders One year after the acquisition, another extensive NDR was conducted with the new, combined management 10
  15. 15. Institutional Corporate Marketing – The Relationship Hub Investors Sales Corporations ICM Trading Research Banking Derivatives Source: Barclays Capital Brazil 11
  16. 16. Disclaimer This document has been prepared by Barclays Capital, the investment banking division of Barclays Bank PLC ("Barclays"), for information purposes only. This document is an indicative summary of the terms and conditions of the securities/transaction described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the securities/transaction will be set out in full in the applicable offering document(s) or binding transaction document(s). This document shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to Barclays’ internal approvals. No transaction or services related thereto is contemplated without Barclays‘ subsequent formal agreement. Barclays is acting solely as principal and not as advisor or fiduciary. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the securities/transaction before investing or transacting. Barclays accepts no liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein. Barclays does not guarantee the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. Barclays, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein. IRS Circular 230 Disclosure: Barclays Capital and its affiliates do not provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication (including any attachments) cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor. BARCLAYS CAPITAL INC., THE UNITED STATES AFFILIATE OF BARCLAYS CAPITAL, THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC, ACCEPTS RESPONSIBILITY FOR THE DISTRIBUTION OF THIS DOCUMENT IN THE UNITED STATES. ANY TRANSACTIONS BY U.S. PERSONS IN ANY SECURITY DISCUSSED HEREIN MUST ONLY BE CARRIED OUT THROUGH BARCLAYS CAPITAL INC., 200 PARK AVENUE, NEW YORK, NY 10166. NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON BARCLAYS OR ANY OF ITS AFFILIATES. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. Barclays Bank PLC is registered in England No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. Copyright Barclays Bank PLC, 2009 (all rights reserved). This document is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. 12