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SAN pitch SR Speaking points/BI - Coggle Diagram
SAN pitch SR Speaking points/BI
2019: noticed post MIFID asking us to cover small and mid cap coverage which lacked
after due diligence and asking around we realized after MIFID poor coverage of mid caps. Many comp are unable to tell their story to investors
Story of the beginning
Request from INST INV to have better research
we investigated and found out that we had the poss
Small enough that SR is an opportunity that EXANE can do
Existing SR prov don't speak to inst inv. But banks too big to care. WE sit in the middle that has the best of both worlds, and put in front of inv that matter. BI create value where others can't or won't
We are going to tell your story in an Exane way. Others are like editors but they don't do anything more. We're going to tell your story to inv that matter.
It can be distributed to everybody not only institutionals
Not looking to hide this is SR
we are proud of this
We don't give a rating or a target price (valuaiton range). SM an Mid cap Inv don't care about the target price. Giving a target price takes out the objectivity. Inv need good stories to be put in front of them
MIFID is only to get worse
Exane has a genuine quality control process which is the most robust in the world. The factory process is exaclty the same whether the research is sponsored or not.
We have a large reach, International, make it available
You get the research from our ind specific expertise
BI
BI: Coverege is already not good, it's only going to get worse
BI: Sponsored research is not a dirty word,
Inst Inv asked us to this. SP RE comes from their need
BI: we are not too big to care
High quality resaerch they can't get anywhere else,
We create value where others can't or won't
Trilogie:Read/Trust/Invest
We have the power to
Get INV to read your report
Get inv to trust your report
Get inv to act upon a report !
Int Investors are just as frustrated as you
WE tell your compelling story
We are on the list
Mifid 2 has had a massive impact on the quality of research and Sponsored Research is really needed.
BI: “You have to admit to yourself there is a problem” getting them to realize
Others do it but smaller comp offer less quality
Resistance: Price/"you should want to cover us without making us pay
Mifid has led to a sharp deterioration in the quality of coverage of small caps
In most cases, the number of analysts covering a stock has not changed over the past years. But the production of quality reports has almost vanished for market cap below EUR1Bn