Introduction
4 Janet Dignan introduces this year’s report
Research categories
5 Winners and runners-up 2019 Breakdown of this year’s research categories
Best investor relations by European companies
10 IR Magazine Euro Top 100 14 Research categories 27 Best in sector 29 Best in country
The research
32 Methodology 33 Respondents 34 Questionnaire 35 Table of all ranked companies 46 Index of companies
Editor Janet Dignan
Chief copy editor Kathleen Hennessy Design & layout James Noden
©2019 IR Media Group Ltd
Janet Dignan, founder of IR Magazine, introduces this year’s report
Spanish electric utilities company Iberdrola has once again taken the top ranking at the IR Magazine Awards – Europe 2019. This is the company’s third year in a row in the number one slot and reflects another impressive performance across all the research categories for which it was eligible.
Indeed, Iberdrola was ranked either first or second in all of the following categories:
In fact, the only category in which its name fails to appear is the one for most progress in IR – which is hardly surprising given its already high standard, from which dramatic improvement would be well-nigh impossible. Here is just a sample of the comments made about the company by analysts and investors in the course of the research study:
‘Iberdrola is best in terms of meetings for two reasons. Firstly, it’s a question of access. Whenever you want to reach it, it’s easy and then the management is open enough to discuss details and give access to divisional management as well’ – UK, sell side ‘Iberdrola’s presentations stand out, as does the IRO’s communications, which always provide clear insight’ – UK, sell side ‘Iberdrola has the best website as there is detailed information on wind farms and assets, and it is very clear and easy to follow’ – Spain, buy side
‘In terms of its reporting, Iberdrola makes the relevant information easily accessible on Excel spreadsheets that are always clear and transparent. Not graveyards of unnecessary stuff as some other companies tend to do’ – UK, sell side
‘Iberdrola meets all the standards and requirements to provide visibility and transparency to corporate bodies, and it implements new regulations with ease’ – Spain, buy side ‘Iberdrola’s management gives clear guidance on strategy, the investor relations team is constantly available and it organizes useful events’ – UK, sell side
They all sound like a happy bunch of investment community members, at least as far as their communications with Iberdrola are concerned. But what’s particularly striking is the repeated use of the words clear and clarity, transparency and visibility, accessible and open. There’s a lesson there for other IROs. We tend to think of IR as being fundamentally about honesty and building trust with shareholders. But how can trust be built without providing openness and accessibility? How could a company be usefully transparent if it’s not honest with its investment community? It may sound straightforward – even obvious – but any IR team that’s struggled with disclosure regulations, a tight IR budget or reticent senior management will know how hard this can be. IROs will be aware that scoring 443 points across the research categories in our survey is no mean feat and that, in particular, performing so well right across the board commands real respect. The second-biggest total goes to Germany’s Allianz, with 371 points, and the third to EDP – Energias de Portugal, with 274. After these three, the gaps between companies become a good deal smaller – but anyone involved with IR knows how much hard work and effort is needed to satisfy the demanding group of individuals who make up the investment community. In my opinion, therefore, anyone with any positive mentions in the following pages is entitled to feel a sense of satisfaction and, if not smugness, then at least justifiable pride.
IR Magazine
1 HUGO BOSS ‘HUGO BOSS has an admirably clear approach to IR. The whole story is explained, investors are kept updated and the website has everything, from presentations to a consensus’ – Italy, sell side 2 Lanxess ‘This year the crown goes to Lanxess! At investment meetings we are provided with so much information and in-depth detail about the company that really helps to shape our views’ – Germany, sell side
‘We get very good corporate access at Lanxess’ – Germany, sell side
3 DCC ‘DCC has been holding more capital markets days than previously and the IR people are very proactive’ – Ireland, sell side
4 EDP Renováveis ‘EDPR has a great IR team: always well prepared, available and willing to help’ – Spain, buy side
=5 REN – Redes Energéticas Nacionais ‘REN is an easy company to follow as the reports are clear and the IR very available’ – Portugal, sell side
=5 Umicore ‘I appreciate the twice-yearly lunch and dinner events that Umicore hosts as you can really discuss the company in detail. Also, I can meet up with the CEO and CFO in London when they visit there and this sets the firm apart’ – Netherlands, sell side
7 Enagás ‘I really appreciate the IR people at Enagás as they will look at our models, which I find very helpful’ – Spain, sell side
=8 Great Portland Estates ‘Great Portland showcases key projects in a clear and interesting manner’ – UK, sell side
=8 Royal Vopak ‘Vopak provides regular field trips and the IR team is consistently reliable in its open communications, as is its management’ – Netherlands, sell side
10 K+S Group ‘There has been a marked improvement in K+S’ communications’ – Germany, sell side
All the rankings, research category charts and point scores included in this IR Magazine Investor Perception Study – Europe 2019 are based on a survey of 462 members of the investment community. All these survey respondents are based in Europe so they are the people who make up the most important audience for Europe’s corporate investor relations professionals.
The first stage of the survey involved emailing our list of portfolio managers, buy-side analysts and sell-side analysts in Europe, inviting them to take part in an electronic survey. In all, 116 individuals completed the survey electronically. Next, Mary Maude Research telephoned 346 more analysts and investors, asking them which companies and individuals provide them with the best IR service, and why. The research company also asked a group of questions about the impact of Mifid II on the investment sector in Europe. The answers to these questions will be covered separately by IR Magazine.
Points & rankings Whether online or by phone, each respondent was asked to make three nominations in the various categories of investor relations under scrutiny: first,
second and third. Every first-choice nomination earns six points, every second choice earns three and every third earns two. The points are then totaled by company to establish the winners and leading companies for each of the research categories. This is the same points system used for other IR Magazine investor perception studies around the world, specifically those in the US, Canada and Asia.
Awards The points totals form the basis of all the awards charts in this investor perception study, as well as the Euro Top 100 and the overall rankings. The latter are the result of adding together all the points scored across all the categories for which every company is eligible. All companies with aggregate scores of at least 25 points are included in the list of ranked companies, together with their points breakdown. Some of the awards are split by the market cap size of the companies concerned, as follows:
Below €1 bn: Small cap €1 bn-€7.5 bn: Mid-cap €7.5 bn and over: Large cap
The sectors covered are:
This report documents the highest-ranked European companies across a range of IR-related categories, as voted for by the European investment community for the IR Magazine Awards – Europe 2019.
A total of 462 portfolio managers and analysts took part in online and telephone surveys in Q1 & Q2 2019 to determine the best current exponents of IR in the region.
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Research categories The report lists the leading companies and individuals in the following categories:
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