How Automation is Driving Efficiency Through the Last Mile of Reporting
2020 Investor Relations Audit
1. It’s time for this vital annual check-up.
BGIR
Lawrence Delaney, Jr.
Chairman
The Berlin Group, Inc.
2. Who are you?
The CEO or CFO of a publicly traded company with a
market cap of up to $5 billion.
Your stock is traded on a major U.S. exchange, such as
Nasdaq or the NYSE.
The C-suite is actively involved in IR efforts. You may or
may not have an IR Officer.
Your stock is covered by at least one, ideally more than
three, brokerage analysts.
You (and your Board) believe the Street doesn’t fully
understand or appreciate key components of your
investment thesis.
3. Questions to ask yourself
Do you consider your stock undervalued compared to peers,
using one or more valuation methodologies?
Earnings yield, EV/EBITDA, cash flow yield, sum-of-the parts,
etc.
Are you satisfied with the company’s quarterly earnings
calls?
Do you conduct a real-time “practice call” as part of
preparation?
Do you devote at least three hours to rehearse potential Q&A
Do you conduct follow-up calls with analysts immediately
post-call?
Is your IR program fully integrated into both internal and
external communications programs?
Do you tell a powerful, consistent story to various audiences,
especially in Q’s and K’s?
How many non-deal roadshows (NDRs) per quarter
does management conduct?
Did one or more feel like too much time was wasted?
4. Questions to ask yourself, cont’d
When was your last Analyst/Investor Day?
Where was it held?
Did program managers or division heads make presentations?
Do you provide quarterly and/or annual financial guidance?
Which metrics do you forecast?
Do you have a record of meeting or exceeding guidance?
How many brokerage-sponsored investment conferences does
your company present at each quarter?
Is a member of your team regularly marketing the company’s
story to institutional investors?
Does the company have a Board-approved Disclosure Policy?
Does your company’s Disclosure Committee meet regularly? Are
SEC filings considered a component of the company’s IR program?
5. What do we do?
After an initial phone call or videoconference, we come to
you and conduct a thorough review of your IR program
We work with all concerned parties: C-suite, IRO, GC, FP&A,
Communications, and Board (if desired).
We collaborate on a quarterly earnings sequence, including
press release, 10-Q (or K), conference call, and follow-up.
We draft and help institute a company Disclosure Policy, if
needed.
We review your targeting of institutional investors and help
match the best prospects with your story and valuation.
We help plan and execute an Analyst/Investor Day.
We examine any irregularities in the analysts’ consensus and
work to rectify. Our analyst contacts run the gamut of bulge-
bracket companies to small, independent firms.
We make sure that NDRs led by a broker analyst team
consist of pre-qualified investor meetings.
We conduct regular follow-ups to ensure ongoing success
6. Representative clients
Worked with new IR director
and C-level team to create
world-class strategic Investor
Relations program leading up
to Leidos spinoff.
Led IR Program for SCM
software company.
Completed $1.9B merger
with Red Prairie.
Led IR Program for leading
Federal IT Services
provider.
Led IR Program for Federal
IT Services provider from
IPO to $1.1B acquisition by
CGI.
Oversaw IR activities for
largest independent steel
fabricator and erector.
Acquired by HC2 Holdings,
Inc.
Provided communications
consulting for coronary
product company acquired
by Spectranetics.
Led IR Program for DoD
intel and IT Services
company acquired for
$2.7B by L3.
Helped articulate IR
Program for
cybersecurity/Fed IT
Services firm. Acquired by
JEC in June 2019.
Headed IR effort for $500
million Product Lifecycle
Management software
company acquired by
Oracle.
7. Who we are
Founded in 1999, The Berlin Group offers embedded IR
consulting to small- and mid-cap clients.
We’re task oriented, not time oriented. We disdain the
traditional agency model that can be heavy on billable
hours and light on effective financial community contact.
We offer clients immediate, professional IR consulting. Our
objective is to help free up more of management’s time to
oversee the company’s strategic operations.
We’re finance-oriented IR professionals. We have proven
expertise in translating clients’ strategic vision into a
tangible investment thesis.
Our expertise spans Federal IT Services, Aerospace &
Defense, Health Care, Software, and Steel Fabrication &
Construction.
8. Who we are, cont’d
Founded and led by Larry Delaney,
an experienced strategic Investor
Relations consultant with
extensive public and private
company experience.
Track record of helping to build
shareholder value leading to
liquidity events for small- and
mid-cap companies in technology-
based industries.
Finance and journalism expertise
provides multiples tools for
yielding a good story well told.
Veteran of successful IPOs, M&A
and corporate divestitures.
9. The Berlin Group
Give us a call or shoot us an email:
(714) 734-5142
larry@berlingroup.com
BGIR