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IF IT’S CORBIN, IT’S ACTIONABLE
4Q17 Earnings Primer Investor Sentiment Survey January 11, 2018 CORBINADVISORS.COM
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Inside The Buy-sideÂŽ 4Q17 Earnings Primer
Issue Date: January 11, 2018
For over a decade, we have surveyed global investors and analysts on the equity markets, world economies and business climate. We share our research broadly with corporate executives, investor relations (IR) professionals and the financial community.
Market Performance 4Q17
2017
10.3%
25.1%
NASDAQ
6.3%
28.2%
S&P 500
6.1%
19.4%
Russell 2000
3.0%
13.1%
DJIA
Survey scope: 87 participants globally, comprising 58% buy side and 42% sell side; assets under management total ~$2.6 trillion Survey timeframe: November 29, 2017 – January 3, 2018
By Type
By Region
Generalist
51%
Multi Industrials Financials
21%
6% 5%
Other
5%
N. America
56%
1
12%
IT
By Investment Style
Latin America
26%
Growth
19%
GARP
Europe
Asia Pacific
Core Value
35%
6%
3%
16%
Core Growth
14%
Hedge Fund
7%
VC/Private Equity
7%
Specialty
5%
Other
6%
1 For
multiple coverage, sectors include: Cons. Disc.; Cons. Stap.; Energy; Financials; Healthcare; Industrials; IT; Materials; REITs; Telecom; and Utilities
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Word Cloud: Frequency of Occurrence
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Key Findings: Economic Outlook and Global Growth Driving the Highest Level of Optimism Reported Heading into 2018 #1
Expectations for Continued Earnings Growth Are At All-Time Highs; Executive Tone Remains Elevated with Investor Optimism Banking on Strong 2018 Guidance Outlooks
72% expect sequential earnings improvement off a solid 3Q while 95% expect In Line to Better Than results versus
consensus; a strong global economy and U.S. tax reform fueling optimism Highest positive level for investor sentiment and perceived upbeat management tone registered, with 80% describing
executives as Bullish or Neutral to Bullish, up from 71% in 3Q17 Nearly two-thirds expect 2018 full-year guidance to be stronger than 2017; EPS, cash flow and organic growth expected to
improve while margins are predicted to remain the same or expand somewhat
#2
Investors Expect Global Economy to Continue to Improve Broadly with the Exception of China
All regions are expected to improve, a broad-based uptick from prior quarter with the U.S. and Mexico seeing the largest
increases; fewer than 25% expect China economy to advance Investors shrug off Brexit as Eurozone remains top region for economic improvement over the next six months Momentum continues to build for global capex and Energy with nearly 70% expecting improvement in each over the next six
months Escalating North Korea tensions, U.S. political landscape and valuations are the leading concerns and could play the role of
Black Swan
#3
U.S. Equities Expected to Remain Flat or Expand Despite Increasing Valuations, While More Upside Potential Looms in Europe and Asia
56% now classify U.S. equities as overvalued, up from 44% last quarter but still below March 2017 peak level; 43% now
reporting holding, a significant increase QoQ Over 60% consider Europe and Asia equities fairly valued, with more than 50% expecting continued expansion in 2018 81% believe we are Mid-to-Late or Late in the economic cycle, an increase from 63% in the prior quarter Utilities and REITs continue to see heightened bearish sentiment CORBINADVISORS.COM CORBINADVISORS.COM
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2018 Expected to Extend 2017’s Momentum Expectations Regarding 4Q17 Earnings Performance Relative to Consensus
Economic Outlook Global Growth Dec '16 Mar '17 Jun '17
52% 49% 50%
50% 44% 35%
36%
39%
43%
38%
Sep '17 15%
Dec '17
18%
15%
11% 5%
Better Than
72%
Expect Sequential Improvement
In Line
95% CORBINADVISORS.COM CORBINADVISORS.COM
Worse Than
Expect In Line to Better Than Consensus Results
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All Metrics at or Above All-time Highs Reinforcing Strong Economic Environment Key Performance Indicators Expectations Versus Last Quarter Organic Growth 62%
EPS Growth
61% 46% 46%
46% 41%
59%
63%
68% 59%
35%
27%
31% 30% 11%13%
Improving
Staying the Same
8%
10% 7%
4%
Worsening
Improving
Cash Flow 50%
56%
27%26%
Staying the Same
14% 6%
Worsening
Operating Margins
62% 52%
50% 37%
32% 33% 35%
32% 35% 30%
40%
59% 53%
36%
13% 12% 15%
32% 15% 11%
3% Improving
Staying the Same
Worsening
Mar '17
Jun '17
Improving
Sep '17
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Staying the Same
7%
Worsening
Dec '17 6
Tax Reform Bolsters Strong 2018 Guidance Outlook Expectations; Republican Policy Initiatives to Remain X Factor Expectations for 2018 Full-year Guidance Outlooks Versus 2017
Expectations for 2018 Versus 2017
Tax Reform
EPS
64%
26%
10%
63% 31% 6%
Cash Flow
56%
Organic Growth
55%
34%
32%
10%
13%
Stronger
In Line
Weaker
Importance of Republican Policy Initiatives for Continued Economic Growth
79% Margins
41%
48%
11%
58% 21%
Improving
Staying The Same
21%
Worsening Very Important Important
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Not Important
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All Trends Point to Near-Record Bullish Sentiment Expectations for Next Quarters Results Versus Consensus 100% 80% 60% 40% 20% 0%
Better Than
Worse Than
Organic Growth
EPS Growth
100% 80% 60% 40% 20% 0%
100% 80% 60% 40% 20% 0%
100% 80% 60% 40% 20% 0%
Cash Flow
100% 80% 60% 40% 20% 0%
Improving
Operating Margins
Worsening
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Commentary on Earnings Expectations Vs. Consensus
Better Than – 43%
In Line – 52%
“Growing economy here and abroad. Lower IT for smaller companies.” Buy Side, Generalist, N. America
Generalist, N. America
“Improving global economy.” Buy Side, Generalist, N. America
“Christmas joy.” Buy Side, Generalist, N. America
“Consumer confidence, leading economic indicators, weak U.S. Dollar.” Buy Side, Generalist, N. America
“Improved economic outlook.” Buy Side, Generalist, N. America
“Increased GDP and low unemployment.” Buy Side, Multi, N. America
“GDP growth, low unemployment, low inflation.” Buy Side,
“GDP improvements.” Buy Side, Generalist, N. America “World economy is slowly improving.” Buy Side, Generalist, N. America
“Stronger worldwide growth.” Buy Side, Multi, N. America “Economic expansion and confidence in the numbers as well as policy shifts in Washington. Tech may not participate fully but enough to beat.” Buy Side, Multi, N. America “The money printing still hasn't stopped. Energy firms will see more profits with higher oil prices; this has been missing. Retail appears to be going great for Christmas, too.” Buy Side, Financials, N. America
“Impact of natural disasters offset by improving international results.” Buy Side, Generalist, N. America “Momentum.” Buy Side, Multi, N. America “Robust economic data.” Buy Side, Generalist, Asia “Seasonality for 4Q vs. 3Q. Don't see anything that might accelerate 4Q over guidance/consensus.” Sell Side, Generalist, N. America
“Very good macro environment (e.g., industrial production). Margins will stay high.” Buy Side, Generalist, Europe “Stronger U.S. and global economic growth.” Sell Side,
“Discussion with the Street and media coverage.” Sell Side, Multi, N. America
Industrials, N. America
“Booming economies.” Sell Side, Generalist, Europe
“Good macro figures, stringent cost awareness.” Sell Side,
“FX, leading indicators.” Sell Side, Generalist, Europe
Generalist, Europe
“Robust economy.” Sell Side, Information Technology, Europe “New high in important leading indicators.” Sell Side, Generalist, Europe
“Overvalued equities.” Sell Side, Multi, Asia CORBINADVISORS.COM CORBINADVISORS.COM
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Investors Register Highest Positive Sentiment in over Four Years, Report Most Upbeat Management Tone Since Sep. 2014
Investor Sentiment
54%
16%
23%
Management Tone
71%
71%
21%
80% 31%
Bullish 38%
Neutral to Bullish 48%
Neutral
50%
Neutral to Bearish
49%
Bearish 31% 12% 21% 15% Sep '17
15%
15%
2%
8%
4% 1%
Dec '17
Sep '17
Dec '17
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Commentary on Sentiment Bullish – 23%
“Improving economy.” Buy Side, Generalist, N. America
“Fundamental economic news.” Buy Side, Generalist, N. America
“Short-term impact of fiscal stimulus for corporations. Individuals will not be impacted until later in the year.” Buy Side, Generalist,
“Inflation remains okay; wages will be an issue.” Buy Side, Generalist, N. America
N. America
“Conversations with managers.” Buy Side, Multi, N. America
“High potential for tax reform.” Buy Side, Multi, N. America
“Improving fundamentals but fair valuations.” Buy Side,
“Infrastructure spending is next.” Buy Side, Multi, N. America
Industrials, N. America
“Nothing bad plus tax cuts.” Buy Side, Healthcare, N. America
“Confidence and policy in Washington.” Buy Side, Multi, N. America
“Data.” Buy Side, Generalist, Asia
“Stronger economic growth.” Buy Side, Multi, N. America
“Low rates, better results.” Sell Side, Generalist, Europe
“Economy finally going on all eight cylinders; MAGA (Make America Great Again)." Buy Side, Financials, N. America
“End market demand across most markets continues to exceed expectations, while management work overtime to be overly conservative.” Sell Side, Industrials, N. America
“Acceleration of global growth, especially in Europe.” Buy Side, Generalist, Europe
“High capex demand and increasing output prices.” Sell Side,
Neutral to Bearish – 15%
Generalist, Europe
“Valuations.” Buy Side, Generalist, N. America
Neutral to Bullish – 48%
“Actual company growth (muted) vs. assigned company value (rich).” Buy Side, Information Technology, N. America
“Tax changes and improving economy.” Buy Side, Generalist, N. America
“Late cycle indicators, channel checks, valuations, etc.” Sell Side, Multi, N. America
“Low interest rates still with improving growth in the economy.” Buy Side, Generalist, N. America
“Market not pricing in any downside risk.” Sell Side, Financials, N. America
“Sales forecasts look good.” Buy Side, Generalist, N. America
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Eurozone Shrugs off Brexit and Tops Our List for Third Consecutive Quarter with All Regions Seeing an Increase in Bullish Sentiment Global Economy Expectations Over The Next Six Months Eurozone
74%
22%
+1 pt
+4 pts
U.S.
67%
30%
+23 pts
3% -5 pts
Brazil
54%
31%
15%
+14 pts
-9 pts
India
51%
41%
8%
+2 pts
+3 pts
Southeast Asia
51%
44%
5%
+15 pts
+3 pts
Japan
44%
51%
5%
+1 pt
-6 pts
LatAm (ex-Brazil)
42%
47%
11%
+3 pts
-2 pts
Mexico
38%
46%
16%
+17 pts
China
4%
-10 pts
24%
48%
28%
+2 pts
+11 pts
Improving
Staying The Same CORBINADVISORS.COM CORBINADVISORS.COM
Worsening
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U.S. Equities Expected to Remain Flat or Expand Despite Heightened Valuations U.S. Equity Valuation Classification Dec '16 10%
36%
54%
Mar '17 3% 30% Jun '17 8%
43%
67%
45%
47%
Of U.S.-based Investors Consider U.S. Equities Overvalued, Lower Than Average
“U.S. is overvalued but likely to go higher.” Buy Side, Generalist, N. America
Sep '17 8%
48%
44%
“Earnings growth should be sufficient to grow prices.” Buy Side, Generalist, N. America
Dec '17 5%
39%
Under
“Stronger growth.” Buy Side, Multi, N. America
56%
Fairly
“Stock market prices raise more than EPS growth.” Buy
Over
Side, Generalist, Europe
2018 U.S. Equity Valuation Expectations Expand
40%
“U.S. tax reform shifts global capital allocation to the U.S. with the majority likely to be invested in either M&A in select industries or in localizing production in the U.S. due to the elimination of the vast majority of the U.S. adverse past tax scheme.” Sell Side, Industrials, N. America “U.S. tax reform driving U.S. earnings higher.” Sell Side,
Remain Flat Contract
38%
Generalist, Europe
22% CORBINADVISORS.COM CORBINADVISORS.COM
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Europe, Asia Equities Seen as More Fairly (vs. Over) Valued with Potential to Expand Europe Equity Valuation Classification Under
Expand
26%
Fairly Over
2018 Europe Equity Valuation Expectations
62%
Remain Flat
Contract
12%
Asia Equity Valuation Classification Under
Over
60%
11%
Expand
67%
9%
35%
2018 Asia Equity Valuation Expectations
24%
Fairly
54%
52%
Remain Flat
Contract
39%
9%
Of Asia-based Investors Consider Asia Equities Undervalued CORBINADVISORS.COM CORBINADVISORS.COM
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Investors Settle in and Hold; Net Buyers/Net Sellers Remain Consistent QoQ QoQ Investment Trends 43% 37% 34%
32%
32%
30%
26%
25%
18%
6%
8%
6% 0%
Net Buyer
Net Seller
Holding
Jun '17
43%
Sep '17
Rotating
2% 1%
Liquidating
Dec '17
Holding, Up 17pts as Rotation Declines
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Drifting Closer and Closer toward Late Cycle with Interest Rate Increases on the Horizon Economic Cycle Views
Early-to-Mid “Oil recession over but still early.” Buy Side, Generalist, N. America
55% 42%
“Policy change in Washington.” Buy Side, Multi, N. America
31%
0% 1% Early
13%
6% 5% Early-toMid
26% 21%
Mid “Slow recovery thus far; P/E multiples are not stretched currently in N.A.” Buy Side, Generalist, N. America
Mid
Sep '17
Mid-toLate
Late
“Long way to go.” Sell Side, Healthcare, N. America “Cycle is different this time.” Sell Side, Generalist, Europe
Dec '17
Mid-to-Late “Eight years and counting but new policies are helping.” Buy Side, Financials,
Expected 2018 Year-end Rate
N. America
“Length of recovery since 2006-07, valuations, employment rate.” Sell Side,
40%
Generalist, N. America
21% 5% 1.5%
21%
8%
1.75%
“The traditional regional economic cycle is being diminished by changes in global capital flows to the U.S. following tax reform and by rapid emergence of technology, which is shifting how companies in all industries, especially industrials, create value.” Sell Side, Industrials, N. America
5% 2.0%
2.25%
2.5%
2.75%
“Employment is growing strongly.” Buy Side, Generalist, N. America
Late “Eight-year bull market.” Buy Side, Generalist, N. America
Believe the Fed Will Continue to
100% Raise Interest Rates in 2018
“Continued expansion, low unemployment, end of housing boom.” Buy Side, Multi, N. America CORBINADVISORS.COM CORBINADVISORS.COM
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Top Concerns from around the Globe
1
Geopolitical Concerns, with Emphasis on Escalating N. Korea Tensions
2
U.S. Political Instability
3
Interest Rate Hikes
Out of N. America
Out of Europe
“1) Geopolitical; 2) Volatility; 3) Earnings.” Buy Side, Generalist
“1) Geopolitical turmoil; 2) Crisis in the Eurozone; 3) Suddenly rising inflation.” Buy Side, Generalist
“1) Domestic political dysfunction; 2) North Korea; 3) Middle East.” Buy Side, Generalist
“1) Valuations; 2) Debt; 3) Recession.” Buy Side, Generalist
“1) Equity valuations; 2) Fixed income valuations; 3) Political polarization.” Buy Side, Generalist
“1) A Black Swan; 2) Later stage of economic cycle than expected; 3) Inflation in Europe vs. ECB policy.” Buy Side, Generalist
“1) Debt load across globe; 2) Inflated asset prices; 3) Euphoric state of mind.” Buy Side, Generalist
“1) Weaker growth in China; 2) Political worries; 3) Conflict in Asia.” Buy Side, Generalist
“1) North Korea; 2) Political environment; 3) Economy.” Buy Side, Generalist
“1) Geopolitical events; 2) Federal Budget deficit and fiscal policy; 3) Monetary policy misjudgment.” Buy Side, Generalist
“1) Higher rates; 2) A sudden deterioration of market or economic sentiment.” Buy Side, Generalist “1) Trump; 2) European right wing; 3) Middle East.” Buy Side, Generalist
“1) Exogenous political event; 2) Dollar strength; 3) Fed rate increases.” Buy Side, Generalist “1) Trump creating a political crisis; 2) Unpredictability in regulatory environment.” Buy Side, Multi “1) Economies becoming overheated; 2) Inflation; 3) Rising interest rates.” Buy Side, Multi “1) 2014/2016 type pullback; 2) War; 3) China.” Sell Side, Financials
Out of Asia “1) North Korea; 2) Bitcoin commodities.” Buy Side, Generalist “1) Geopolitical risks; 2) Inflation increase; 3) Commodity price increase.” Sell Side, Generalist “1) Brexit; 2) China slowdown; 3) Inflation increasing.” Sell Side, Multi
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Oil & Gas Heats Up While Concerns about Input Cost Increases Remain High Expectations Over the Next Six Months
Global Capex
70%
28%
+15 pts
2% +2 pts
Oil & Gas Markets
69%
27%
+16 pts
4% -5 pts
U.S. GDP
61%
33%
6%
+8 pts
-1 pt
Non-Resi Const.
46%
39%
15%
-1 pt
+7 pts
Resi Const./Housing
41%
43%
16%
-9 pts
+11 pts
Consumer Confidence
31%
57%
12%
NA*
Global PMI
28%
60%
12%
-4 pts
FX Headwinds
+2 pts
19%
64%
17%
-8 pts
Company Input Costs
16%
-2 pts 43%
41%
+2 pts
Improving
-1 pt
Staying The Same
Worsening
*New measure CORBINADVISORS.COM CORBINADVISORS.COM
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Record Bullish Sentiment for Financials While Views on Utilities and REITs Continue to Deteriorate
56%
Financials
73% 50% 56%
Technology
35% 41% 31% 31%
Cons. Disc. Sep '17
31% 38% 29% 32% 16%
Cons. Staples
41%
Industrials
47%
Cons. Disc.
22%
Energy
39%
Telecom
39% 42%
Biotechnology
47%
REITs
41% 44%
Healthcare
39%
Utilities
29%
Technology
12% 18%
Building Products
14% 18%
Dec '17
Sep '17
Financials Hold Top Spot, Energy Bulls Spark and Nearly Double From Last Quarter
Dec '17
Consumer Staples Sees Most Significant Increase in Bearish Sentiment While Energy Bears Retreat
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Reinvestment Remains Top Preference Amid Elevated Valuations and Asset Prices Top Three By Region
Preferred Uses of Cash In Descending Order of Top Two Combined Preferences
U.S. Reinvestment
Debt Pay Down
54%
12%
13% 11%
21%
25%
16% 12% 23%
16%
51%
14% 16%
25% 9%
Reinvestment
Debt Paydown
Dividend Growth
Europe Dividend Growth
10%
M&A 4%
Dry Powder
22%
22%
22%
5% 14%
26%
57%
39%
Reinvestment
4% Debt Paydown
13%
13% 11% 8%
5% 23% 4% M&A
Asia 17%
Buybacks
8% 14%
22%
67%
67%
33% 17%
Primary Choice
Second
Third CORBINADVISORS.COM CORBINADVISORS.COM
Reinvestment
Dividend Growth
Debt Paydown 20
Hot off the Press: Institutional Investors Avoid Bitcoin “Bubble” Though Some Expect Rally to Continue; Politics and Tax Reform Top of Mind Are You Actively Trading Bitcoin? 7%
Top-of-Mind Topics “Taxes, currency.” Buy Side, Generalist, N. America “Government policy; Mueller indictments and their impact; Korean War; Major changes in Congress in mid-term elections.” Buy Side, Generalist, N. America
“Growth of China's maritime territorial ambitions.” Buy Side, Generalist,
93%
N. America
“Federal budget deficit and debt levels.” Buy Side, Generalist, N. America
Yes
No
“Politics; increasingly important for markets.” Buy Side, Multi, N. America “Compensation and employment of active fundamental analyst.” Buy Side, Healthcare, N. America
Do You Expect the Bitcoin Rally to Continue?
“Oil prices.” Sell Side, Generalist, Europe “Trade barriers, tariffs, regulatory changes.” Sell Side, Multi, Europe
30%
Side, Industrials, N. America
“We just completed a review of potential impact on industrials from U.S. tax reform. It could lift average industrial earnings ~15% from current consensus and move valuations down nearer to the midpoint (from the upper end currently) of their historical relative trading range to the S&P 500.” Sell Side, Industrials, N. America
70%
Yes
“Political shift in U.S.; it could emerge and move beyond two party system even in 2018 mid-term elections. Boomers will be replaced.” Sell
No CORBINADVISORS.COM CORBINADVISORS.COM
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VIEWS ON MiFID II
CORBIN ADVISORS CORBINADVISORS.COM
About MiFID II – The Markets in Financial Instruments Directive
As an update to our MiFID II article last quarter and in light of the regulation taking effect in Europe on January 3, 2018, we surveyed investors and analysts globally. The regulation broadly affects the equity, derivatives and fixed income markets. More specifically, it attempts to resolve historic potential conflicts of interest when trading commissions are used to compensate the sell-side for research or corporate access. Banks and broker-dealers that offer trade execution, research and corporate access will be required to unbundle and separately price each of these services. The SEC and EU rules conflict in some areas so selling research to European clients under MiFID II was initially perceived to require U.S.-based broker-dealers to register as investment advisers, increasing costs and regulatory oversight. In October, the SEC granted a 30-month delay in the implementation of MiFID II’s research rules by U.S. firms while it monitors the situation. This will allow investment banks to accept payments for research in hard dollars or “bundled” soft-dollar trading commissions so long as the research component is determined in advance. Also, asset managers may continue to pay commissions that bundle research and trading costs if the cost of each service is agreed upon in advance. CORBINADVISORS.COM CORBINADVISORS.COM
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Buy-side Views How Will MiFID II Change the Sell-side Landscape Going Forward?
Have You Heard of MiFID II?
N. America 100%
“Research areas get quarantined away from bankers.”
89%
“It is the final nail in the coffin for this industry.”
57%
“It will show people will not pay as much as the sell side thinks it is worth. Thus, people will lose jobs on the sell side.”
43% 0% Yes
N. America
11%
“Much more competitive; less research from the sell side.”
No
Europe
“No effect in 2018 but in 2019 and beyond, it will cause investors to narrow the list of research sources they use.” “Less commissions to be paid to the Street.”
Asia/Latin America
“Adds to volatility.” “Improves information flow.” Europe
Will Your Firm Continue to Pay for Sell-side Research?
“The cost will go up for everyone.” “Tighter market for research provider since users are cutting back on expenses.”
50% 38% 27%
21%
41%
38% 29%
32%
“Research will cost, which will provoke the rethinking of whether research services are valuable.” 24%
“Less commission-dependent, more paid research by listed companies and investors and reduced coverage.” “The big ones will get bigger and the little ones will die: that's what regulation changes are made for.”
Yes
N. America
No
Europe
Do Not Currently Pay For Research
Asia/Latin America
Asia/LatAm “Depleted research, 30-40% need to leave, only liquid large-caps in focus.” “Why would someone want to invest in a country with MiFID II? Anti-competitive.” CORBINADVISORS.COM CORBINADVISORS.COM
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Sell-side Views How Will MiFID II Change the Sell-side Landscape Going Forward and How Will You Add Continued Value to the Buy Side?
Will Buy Side Reduce Spend?
23% 77% Yes
European sell-side analysts generally expect 20% decrease in buyside spend
No
Biggest Changes in Europe as Part of New Environment “Stopping hiring due to expected lower fees from buy side.”
Europe “It will reduce competition, as the largest sell-side firms will undercut smaller firms. Smaller buy-side firms will lose access to research and perform worse. Sell-side analysts need to leave the business.” “Consolidation, better for few.” “Thought leadership articles.” “Huge consolidation wave ahead. Reinvention in the form of spending one to two hours a day on the phone to get paid for our ideas.” “Some firms will disappear. Long and deep view of industrial with detailed modelling.” “Concentration, focus on niches.”
“Paperwork and research pricing.” N. America “Completely redefining/re-clustering clients in order to service the ones who are actually willing to pay us for our services; becoming much more focused on the Top 20 list and seeking more interaction.”
“Bulge bracket will shift business model to accommodate MiFID II. Boutiques unaffected.”
“Arrangements with buy side for 2018.”
“Disruptive then constructive; should be the great cleansing. Unfortunately, it does not account for hybrid economic structure already embedded in the DNA of the Street.”
“Controlling of usage.” “Second-tier, bulge-bracket firms that don't originate (secondaries and IPOs) will likely be adversely impacted first.” “Hurts meaningfully.” CORBINADVISORS.COM CORBINADVISORS.COM
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ABOUT US
CORBIN ADVISORS CORBINADVISORS.COM
About Us
Deep Experience. Deeply Committed. Founded
2007 by Rebecca Corbin
Senior Team Experience
~200+ Years Combined
Location
Hartford, CT (U.S.)
Client Size
$250M to $150B+ Market Cap
Track record of value creation and committed to the highest-quality standards and client satisfaction
Extensive C-suite and board-level advisory experience
Thought leaders: Leading-edge research on investor sentiment and best practices; quarterly surveys regularly featured on CNBC
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Our Proven Methodology
We Deliver Insights and Advice Resulting in Measurable Value Creation Our proprietary approach combines stakeholder research, investor engagement and communication strategies to unlock embedded value. Leveraging deep experience across sectors, market-caps and various company situations, we engage with public companies on both high-level strategy and tactical execution. Our candid advice and actionable recommendations consistently result in value creation.
If it’s Corbin, it’s Actionable.
Contact: Jeffrey Goldsmith Jeffrey.Goldsmith@CorbinAdvisors.com CORBINADVISORS.COM CORBINADVISORS.COM
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