Using Investor Relations to Maximize Equity

A practical guide to proactive investor relations (IR) Investor relations (IR) has traditionally been an administrative function within corporate communications, responsible for disseminating public information and answering investor and media questions. Using Investor Relations to Maximize Equity Valuation challenges this approach, by arguing that IR has been underutilized and then illustrating how it should be elevated to lead a strategic communications effort to preserve or enhance corporate value and lower a company's cost of capital. Divided into four comprehensive parts, this book clearly describes capital markets strategies and tactical operations that these former, senior-level equity analysts and portfolio managers employ. Chad A. Jacobs (Westport, CT) and Thomas M. Ryan (Westport, CT) are the cofounders and co-CEOs of Integrated Corporate Relations.

THOMAS M. RYAN is the cofounder and co-CEO of Integrated Corporate Relations. Tom was a managing director in the equity research department of BT Alex. Brown. He has participated as lead or co-manager on at least $5 billion worth of investment banking transactions, including bank financing, high-yield debt, equity, and M&A transactions. Tom has often been quoted in the New York Times, the Wall Street Journal, Investor's Business Daily, International Herald Tribune, and the Wall Street Transcript. He has been a featured expert on CNNfn, CNBC, Money Talk (PBS), WNYC TV, and Bloomberg Television.

CHAD A. JACOBS is the cofounder and co-CEO of Integrated Corporate Relations. Before cofounding ICR, Chad was a vice president and managing director in the equity research departments of BT Alex. Brown and, before that, Ladenburg Thalmann. Chad has been the focus of stories in USA Today, POV, the Wall Street Journal, Investor's Business Daily, Women's Wear Daily, Daily News Record, Footwear News, Transworld Snowboarding, and Action Sports Retailer. He also served as a roundtable member on CNNfn and as a featured guest on ESPN2.

Preface A Brave New World of Investor Relations

ix

Introduction A New Approach and Why It's Important

xiii

PART ONE Capital Markets and Their Players: A Brief Primer

1

(32)

The Capital Markets and IR

3

(10)

The Self-Side Disclosed: Who They Are and What They Do

13

(8)

The Buy-Side: Institutional and Retail Investors

21

(4)

Employees, Suppliers, Customers

25

(4)

The Media

29

(4)

PART TWO Post-Bubble Communications: Events in the Markets and the New World of IR

33

(26)

Greed Is Good, '90s Style

35

(4)

Of Rules and Regulations

39

(6)

Post-Bubble Reality

45

(6)

Of Reason, Renewal, and Honesty

51

(8)

PART THREE Investor Relations---The Fundamentals: Traditional IR and the Need for Change

59

(40)

Traditional IR: What It Is, and Why It's Not Enough

61

(12)

Staffing and Sourcing the New IR

73

(6)

Grasping the IR Evolution

79

(8)

PART FOUR Investor Relations---Maximizing Equity Value

Positioning IR to Succeed

87

(12)

PART FIVE Definition

99

(22)

The IR Audit

101

(12)

Excavating Value Post-Audit

113

(8)

PART SIX Delivery

121

(70)

To Guide or Not to Guide: That Is the Question

123

(14)

Targeting the Audience

137

(10)

Integrating with PR

147

(10)

Infrastructure/Disclosure Check

157

(4)

Delivering the Goods

161

(30)

PART SEVEN Dialogue

191

(54)

From Delivery to Dialogue

193

(4)

Maintaining and Building Relationships

197

(8)

Meeting The Street

205

(8)

Event Management

213

(20)

The Banker Mentality

233

(12)

Conclusion A Call for Change

245

(4)

Appendix A Two Press Releases

249

(6)

Appendix B The Conference Call Script

255

(6)

Appendix C Velocity Inc. 2004 Investor Relations Plan

261

(6)

Index

267

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Using Investor Relations to Maximize Equity Valuation

Summary

Author Biography

Table of Contents

Supplemental Materials