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Equity Markets Figure 2: An example biotech stock – coverage starts 17 June 2010 (72% held by investment advisers, 81% held by investment advisers on 19 July 2012) Source: Edison Investment Research In the long term, what do businesses need from their shareholders? Shareholders are a source of capital for businesses. A wellinformed, supportive shareholder base should be a key objective of any IR strategy. A stock needs to be liquid or the price can be moved a long way on small volumes, so it helps to have a large shareholder base. It is also bene ficial to have a diverse one, with a mixture of institutional, retail and intermediate shareholders. Smaller holders help to keep the stock liquid where institutions might sit on large chunks of the equity for a long time. A broad, diverse and supportive shareholder base can help a business grow and provide stability in times of economic turbulence. How can this be achieved? 1. By creating and maintaining awareness. 2. By promoting understanding of the business and of strategy. 3. By making shareholders advocates of the company in their own financial networks. By creating and maintaining awareness To create and maintain awareness, you need to choose a target audience and make the best first impression you can. That might be via press coverage, at a roadshow or at a conference. Before making an investment decision, people will want to understand the investment case and see some form of third-party opinion. This is where equity research is invaluable. Bro kers reach out to their institutional clients for you, but reaching retail investors is more difficult: private ownership of equities has been in decline in Germany since the dotcom bubble burst 1 . Private investors rarely have access to research they can understand and have recently shown a preference for fixed income securities. However, no investor will buy shares in a company that hey do not know and understand. Page 38 Deutsches Eigenkapitalforum 2012 By promoting understanding of the business and of strategy Promoting understanding takes time. A company’s investment story evolves as its strategy matures and the business environment changes. To really understand a company, investors need to be kept up to date with these developments and not just through a detailed snapshot once a year. They need to know when a target is hit or a milestone passed and they need to know what that means for the company and its investment profile. Again, access to management, press releases and equity research all have a role to play here. It is worth remembering that to save management time, it is helpful for investors to be able to call an analyst and ask for an explanation. It is difficult to measure whether the market understands a company and its investment case. The share price is a barometer of the market’s opinion, but the difference between the price and a fair price can be affected by all sorts of factors. If you can track who is hearing your message, you will have some measure of its penetration. Several financial platforms and distribution media make it possible to see who your communications are reaching. By making shareholders advocates of the company in their own financial networks If someone thinks they have had a good idea, they will want to tell people. A shareholder who understands the investment case for a company and is convinced by it will become an ambassador for it. If you can make them see long-term value, they will endorse the company with their investment and in their own network. It is not enough just to publish press releases and expect people to buy shares as a result. Investors need to be educated and regularly engaged if they are to be loyal. 1) Source: Deutsches Aktieninstitut e.V., http://www.dai.de/internet/dai/dai-2- 0.nsf/dai_statistiken_e.htm, 10.4% of the German population owns shares.
BANK ON GERMANY As a central bank for more than 1,000 cooperative banks (Volksbanken und Raiffeisenbanken) and their 12,000 branch offi ces in Germany we have long been known for our stability and reliability. We are one of the market leaders in Germany and a renowned commercial bank with comprehensive expertise in international fi nancing solutions, maintaining representations in major fi nancial and commercial centers. Find out more about us: www.dzbank.com
Page 1 and 2: Publishing Partner Deutsches Eigenk
Page 3 and 4: Dear Readers, If exchanges were mer
Page 5 and 6: International 60 “There will be n
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Page 9 and 10: Corporate Financing financing, even
Page 11 and 12: Mezzanine as an interim step to sec
Page 13 and 14: Great achievements require taking r
Page 15 and 16: Drive. Made in Germany. Also with e
Page 17 and 18: UNSER PROGRAMM FÜR DIE ZUKUNFT: ER
Page 19 and 20: We believe in German Mittelstand ww
Page 21 and 22: particular, the volume and relevanc
Page 24 and 25: Capital Markets Figure 2: Broker co
Page 26 and 27: Capital Markets “The use of compu
Page 28 and 29: Equity Markets Selective environmen
Page 30 and 31: Equity Markets Figure 2: Market con
Page 32 and 33: Equity Markets TecDAX’s 10 th ann
Page 34 and 35: Equity Markets TecDAX Composition a
Page 36 and 37: Equity Markets Hearing versus under
Page 40 and 41: Bond Issuance New ways of debt fina
Page 42 and 43: Bond Issuance Corporate financing v
Page 44 and 45: Bond Issuance Figure 2: EBITDA marg
Page 46 and 47: Bond Issuance “A success model wi
Page 48 and 49: Bond Issuance Stumbling blocks on t
Page 50 and 51: Bond Issuance Transparency in the c
Page 52 and 53: Bond Issuance Figure 1: Covenants -
Page 54 and 55: Bond Issuance “The fact is that d
Page 56 and 57: Bond Issuance Photo: Deutsche Börs
Page 58 and 59: Bond Issuance Including employees a
Page 60 and 61: International “There will be no r
Page 62 and 63: International China’s move to Eur
Page 64 and 65: Legal Synergy potentials versus syn
Page 66 and 67: Legal Figure 1: Challenges of syner
Page 68 and 69: Legal Barbarians at the gate? Takeo
Page 70 and 71: Legal The brave new world of corpor
Page 72 and 73: Legal reduction of traditional debt
Page 74 and 75: Special: CSR Sustainability is an i
Page 76 and 77: Special: CSR Figure 3: Shareholder
Page 78 and 79: Special: CSR Energy management A re
Page 80 and 81: Industries & Sectors Clean energy a
Page 82 and 83: Industries & Sectors The solar powe
Page 84 and 85: Seit 1798 machen wir, was wir am be
Page 86 and 87: Deutsche Börse AG Phone +49-(0) 69
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BERENBERG BANK Contact Person Anna
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equinet Bank AG Contact Person Gera
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Baader Bank AG Contact Person Horst
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BLÄTTCHEN FINANCIAL ADVISORY GmbH
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einfach kommunizieren. heureka Prof
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Scope Ratings Scope Ratings GmbH Co
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Bundesverband Deutscher Kapitalbete
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EQS Group Contact Person Anja Weiß
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PvF Investor Relations Contact Pers
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Media Partners business new europe
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Media Partners FinanzNachrichten.de
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Media Partners mergermarket is an i
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Media Partners It is the mission of
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Media Partners Founded in 1998, Goi
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Network Partners The German Associa
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Network Partners F I C is a consult
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Die GBC Kapital GmbH ist nach § 2
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Company Page 4a medicom GmbH 124 Ar
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Artcline GmbH Medical technology Pr
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Wer denkt bei einer Pipeline schon
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certon systems GmbH Electronic comp
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CorTAG GmbH Medical technology Prof
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CrystAl-N GmbH Special chemical pro
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Cytolon AG Biotechnology Profile Fo
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DRAUSY GmbH Water investment and pr
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e.bootis ag Software Profile Founde
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Eurographics AG Private home constr
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healthy planet Food Profile Founded
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humangrid GmbH Internet services Pr
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Jennewein Biotechnologie GmbH Biote
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Kairos GmbH Biotechnology Profile F
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LeniMed GmbH Medical technology Pro
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Medicyte GmbH Biotechnology Profile
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NOXXON Pharma AG Biotechnology Prof
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PlanET Biogastechnik GmbH Renewable
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Scopis GmbH Medical technology Prof
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Shopgate GmbH Internet Profile Foun
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Torqeedo GmbH Green technology / en
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BLÄTTCHEN FINANCIAL ADVISORY Conta
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fischerAppelt, advisors Contact Per
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Service Mayer Brown LLP Contact Per
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Index of Advertisers Advertiser Pag
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Phases of an IPO Figure 3: Phases o
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Elisabeth Plakinger Alternative Ene
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Hong Kong Berlin München Room Sect
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Main Level (C2) Plenum, Forums Exhi
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