Achieving Fair Value: How Companies Can Better Manage Their by Mark C. Scott

Achieving Fair Value: How Companies Can Better Manage Their by Mark C. Scott

By Mark C. Scott

The one largest preoccupation of senior administration of any indexed corporation is its institutional traders. CEOs and CFOs on ordinary spend round forty% in their time facing this team, and the implicit target of so much administration groups is to maximize proportion expense. but the genuine impacts in the back of events in proportion cost are poorly understood, and therefore many businesses don't do a very good activity of dealing with their traders. reaching reasonable worth offers the correct process instruments and strategies for administration to make sure that their company is valued in a manner that effectively displays its basic, sustainable worthy for the long run. it's a well timed and useful contribution to a subject matter that are supposed to be excessive at the time table of any senior administration group.

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Beyond this 15% or so of funds, indexers get far harder to identify and it is far less clear to an external observer whether the fund has an index mandate or not. A fund may operate under an amalgam of sectoral indexes or indeed a house index. At these points on the spectrum, funds are easily mistaken for active traders, and a large amount of management energy can be spent trying to woo them when the criteria for their position is not directly related to intrinsic performance of the company. If they persistently fail to attend any analyst meetings, never make calls to the IR director, and express no interest in meeting management, that may be a reasonable give-away.

They W H Y D O T H E M A R K E T S G E T I T W R O N G ? / 37 increasingly tend to employ their own dedicated analysts whose cost is spread across a number of portfolios. As we have discussed, often they will also draw on the informationgathering resources of the brokers with whom they place trades and then pass this cost on. This effectively means they can source as much market information as they want at comparatively low direct cost. What could be a better position to be in from which to beat the markets?

There is often little systematic analysis of the shareholder register. Knowledge about particular fund managers tends to be personalised and anecdotal. The house broker fills this void, able to invest in information systems and analytical resource. You might also expect fund managers to basically disregard the output of the sell-side analyst, binning research notes much like any direct mail shot. Yet, that is not how things work in practice. Lead sell-side analysts’ notes are read by fund managers and a good analyst has the power to influence investor opinion quite dramatically.

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