The document discusses best practices for conducting investor roadshows in Europe. It provides advice from an experienced investor relations professional on their successful experience partnering with Atlantic Equities for a European roadshow. Key points include: - Roadshows in Europe can now be more targeted and shorter due to industry consolidation and better data on European shareholders. - Regular, repeated visits to key financial centers like London are important for building relationships over time. - Using an advisor like Atlantic Equities can help identify the most relevant investors and ensure a smooth execution. - The feedback received from investors on the roadshow provided valuable insights for the company.

1. The Windy City has much to offer
from the beautiful Lake Michigan
to the blues bars and stunning
architecture. Last month, we had
the privilege of participating in a
panel on Global Marketing at the
NIRI Chicago chapter’s Global
Convergence symposium. It was a
pleasure to meet such a range of IR
professionals and from our many
conversations, we would highlight
a number of recurring themes that
dominated most conversations.
Firstly, why should companies
devote resources to a European
roadshow? In short, foreigners’
holding of US companies is
growing and significant, hence it’s
quite a “chunk of change”. In addi-
tion, Europeans tend to be much
longer-term than their average US
counterparts, clearly an attractive
attribute for any company.
Shareholder diversification and
extending the duration of those
holdings is clearly a positive.
Secondly, what’s the best way to
setupatrip? Itcanbesensibletouse
an advisor or PR
company for geogra-
phies outside of the
US. Generally, US
IROsareawareofwho
to target domestically
due to the stringent
filing requirements of
the US.Outside of the
US, that is not neces-
sarily the case, mak-
ing non-US countries trickier in
terms of nailing down the most
meaningful investors for companies
to meet. Hence, a broker can bridge
the knowledge gap and assist with
navigating the unfamiliar investor
terrain of Europe and Asia.
Thirdly and most importantly,
how can companies justify the
expenditure of a trip when foreign
investors don’t buy immediately?
The bottom line is the detailed and
written feedback that
you should expect to
receive from a road-
show. Foreigners are
slower to come into
the stock but stickier
coming out so, to
bridge the gap
betweenmeetingand
buying, the feedback
will offer a snapshot
of what the investors are thinking,
how to hone your message and
possibly what issues they might
perceive to be stumbling blocks to
owning the shares. “Going global”
with your marketing has never been
so timely – go get your share!
NIRIChicagogoesglobal
I
understand that the
bulk of active money
in Europe is in London.
Doesn’t it make sense
to spend two days in
London?
I
t’s true that half the active
money in Europe is in the
UK, the majority being in
London. It is a critical market
for any company coming
through London and if
companies are coming a
couple times a year, it can
make sense to visit London
on each visit. Having said
that, in our experience,
London is rarely a full two
days for a company as you
can see the most interested,
meaningful accounts in one-
on-ones and the rest in two
group meetings over breakfast
and lunch. If companies do
choose to stay in London a
couple days, they can
generally expect a less
strenuous schedule,
comprising of a day and a half
of meetings, potentially
dipping into the smaller
institutions. It’s best to use
the second day for another
market where you can pack in
a worthwhile day of meetings.
Death and taxes might be
certainties but so is tapping
more frequently into the health-
care system as one gets older.
The US healthcare sector has
been in focus over the past few
years, particularly with
break-throughs in innova-
tion and rapid sector consolidation.
Companies will meet global
investors for whom it is essential
to keep up to date with the latest
developments.
The most attractive com-
panies will have sustainable
core franchises along with
pipeline optionality. Whilst
companies will encounter
both specialists and gener-
alists, meeting the
generalist PMs is
essential. They will listen keenly to
their analysts but they will decide
whether a significant holding
should or should not be taken.
Quality of management is critical
as well as top-line growth, attrac-
tive margin profiles and sensible
capitaldeployment.London,Zurich
and Geneva are top priorities.
A regular check up with European
investors will help develop a
healthy shareholder base over here,
just what the doctor ordered!
EUROPERSPECTIVEUnparalleled local knowledge of the European investment community
SECTOR FOCUS: HEALTHCARE
The right prescription in Europe
Issue No 21 October 2015
IN THE KNOW
Ask
Rupert
Rupert Della-Porta is COO
of Atlantic Equities. Before joining
AE in 2008, he spent 20 years as
a London-based portfolio manager,
investing in US companies. He
ran some of the larger pools of
money in Europe.
www.atlantic-equities.com
PMs are key to a healthy
shareholder base, says
AE healthcare analyst
Steve Chesney
‘Half the active
money in Europe
is in the UK, the
majority being in
London.’
‘The bottom line
is the detailed
and written
feedback that you
should expect to
receive from a
roadshow’
Rupert Della-Porta and Lisa Traeger participate on a panel about global marketing and answer
the most frequently asked questions about European marketing
Pictured above: Elizabeth Allen, FedEx Corporation; Steve Eschbach, Eschbach & Associates; Lisa Traeger and Rupert Della-Porta from AE

2. Conventional wisdom would
have it that once you’ve
flown to Europe for your
NDR you should spend the
whole week seeing investors.
With a fragmented asset
management industry,
companies had to spread the
net far and wide to get decent
coverage. Nowadays though
with industry consolidation
and investors better
established, it’s much easier
to take a more targeted
approach. The larger money
managers and money centres
are well known and there is
better data on who owns
what (although in Europe
only about two thirds of
investors file holdings). Also
since many US companies
have divisions in Europe,
C-suite can now efficiently
combine a roadshow with
visits to regional offices. This
is increasingly becoming the
case and investor dedicated
trips are shorter. This spares
management undue
exhaustion and raises the
ROI of a trip. Today less is
truly more!
How long have you been
coming on roadshows in
Europe?
Roughly 20 years.
Why did you decide to use
Atlantic Equities?
Currently, AE has no sell-side
analyst coverage of Haemonetics
Corp. and this makes it difficult to
allocate non-deal roadshow time
to AE and meet the needs of our
other analysts. The quality of AE’s
roadshows is such that I gradually
decided to avail myself of them.
Critically, AE understands the
capability of experienced IROs, as
well as the willingness and often
preference of European investors
to meet with IR only for the first
meeting or two. AE puts forth the
identical effort for an IR-only
roadshow as they do for a CEO +
CFO + IR roadshow. I was treated
like a CEO and I enjoyed that!
What are your goals in
putting together a roadshow
in Europe?
Important goals include meeting
with both existing owners and
appropriate potential investors.
An equally important goal is to go
repeatedly to these investors and
establish meaningful business
relationships.
How did you work with AE
before and after the event?
AE and I went down parallel paths
- a method I find of tremendous
benefit to both. We each identified
existing and potential investors
and determined which European
cities might be best. The AE sales
team suggested target investors
and I did also.
How would you rate your
experience with the investors
on the roadshow?
The experience was excellent.
Each investor was legitimately
interested, well prepared and
appropriate for our company at
this time.
How was the execution and
logistics during the
roadshow?
In a word, fantastic. AE is still
best-in-class. The car service was
great, the meetings were spaced
allowing us to arrive at each one
on time. The AE sales team
accompanied us to all meetings
and were as professional and
knowledgeable as any with whom
I’ve worked.
Describe the feedback that
you received from investors.
Its close relationships with the
buy-side enabled AE to provide
detailed, candid feedback on a very
timely basis.
How would you judge the
success of the roadshow?
It was the best roadshow we’ve
done in two years - all objectives
met.
What tips would you have for
companies considering a
roadshow in Europe?
Do not think of all of Europe as
your focus - i.e. do not market in
10-12 cities with a visit to each
one every few years. Better for
investors in 4-5 key cities to see
you coming back frequently and
see that access to your team is
regular. Spend time with the AE
team identifying 4-5 cities that
are key for your company and
your industry, then go to 2-3 of
these key cities in Europe every
6 months so you can see
investors in each city annually.
Consider an IRO-only effort in
each city for the first
introductory meeting; then try
to bring CEO or CFO on
subsequent trips, as you identify
appropriate investors.
What has been your overall
experience with AE ?
AE knows the European market
inside and out. They are good at
pointing companies toward good
investors, especially small-cap and
mid-cap companies. AE
appreciates IROs more than most
American-based broker firms do,
and AE is much more aligned with
IR efforts to pursue roadshows
without initially committing CEO
or CFO. Importantly, it is very clear
that European investors appreciate
what AE does, the quality of the AE
salesforce and the professional
approach.
ROADSHOW REPORT
Takingthepulseof Europe
Gerry Gould is vice president of investor relations at Haemonetics
Corporation, a medical equipment, software and services company in the
blood management business. He brings twenty years of experience in
investor relations and corporate communications, having previously held
VP-IR roles at RSC Equipment Rental, The Stanley Works (now Stanley
Black & Decker) and Wyman-Gordon Company. Gerry has also been a member of NIRI for over 20 years, serving in
various roles. He is a member of the Board of Directors and Membership Committee of NIRI’s Boston Chapter
Issue No 21 October 2015
EUROPERSPECTIVEUnparalleled local knowledge of the European investment community
For more information about Atlantic Equities, please contact Lisa Traeger, Corporate Relationship Officer, at
l.traeger@atlantic-equities.com or visit www.atlantic-equities.com
‘I was treated like a CEO
and I enjoyed that!’
‘C-suite can now
efficiently combine
a roadshow with
visits to regional
offices.’
DATA POINT
One day
at a time