inside the buy-side® 1q13

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www.corbinperception.com

INSIDE THE BUY-SIDE®

FIRST QUARTER| ISSUE DATE: JANUARY 15, 2013

Despite pre-election uncertainty, year-end fiscal

cliff fears and ongoing European sovereign debt

issues, U.S. equities staged a strong finish for

2012. For the year, the Dow gained 7%, the S&P

500 added 13%, marking the index’s largest annual

return since 2009 and fourth largest return in the

last decade and the NASDAQ climbed 16% after

logging a decline of 1.8% in 2011. Meanwhile, the

Russell 2000 Index, a barometer for small-caps,

rose 15%.

In our ongoing quest to remain at the forefront of

current trends in investor sentiment, we recently

conducted interviews with 38 global financial

professionals across multiple industry segments

and investment styles. Participating institutions

aggregately manage upwards of $1.8 trillion in

equity assets.

Investor tone can best be described as tempered

optimism. With the U.S. Presidential Election in

the rear view mirror, easing fears over Europe and

China and fiscal cliff (Part I) resolved, the buy side

now turns their attention to the debt ceiling,

earnings and current year guidance. An analyst1

sums up general sentiment, “There is clearly a lot

of uncertainty but there are good things happening

in the world”.

As earnings season gets underway, most investors

predict that fourth quarter results should be in line

with already muted expectations. Focus will be on

growth expectations for 2013 with several noting

that while “companies have been ruthless in cutting

costs and expanding margins…the ability to trim

excess fat in the next year will become more

difficult, as much of the fat has already been cut”.

1 Growth, Industrials

20, 53%

4, 10%

4, 10%

4, 10%

3, 8%

1, 3% each

By Sector

Generalist

Technology

Multi

Industrials

Fixed Income

Energy

Healthcare

Retail

13, 34%

7, 18% 5, 13%

4, 11%

3, 8%

3, 8%

2, 5% 1, 3%

By Investment Style

Core Growth

GARP

Core Value

Growth

Hedge Fund

Fixed Income

Deep Value

Aggr. Gr.

24, 63%

12, 31%

1, 3%

1, 3%

By Country

US

Europe

Asia

Australia

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Key Trends

Investors forecast muted results for 4Q12 following a mostly disappointing 3Q12; looking

forward, top-line growth is of keen interest along with quality of earnings

Management tone is characterized as “more negative” from an already cautious stance

As companies prepare to provide annual guidance, study contributors expect 2013 outlooks

to be conservative; management insight into the spending environment, cost cutting

initiatives and 2013 guidance is sought

Investor sentiment has ticked up from last quarter amid views that the Euro situation is

“largely reflected in the markets”, China is staging a resurgence and the after-math of built-

up demand in the wake of the fiscal cliff resolution should begin to play out

Investors generally opine that the government “kicked the can the down road” and failed to

address the “debt ceiling, sequestration and our spending problems, which are completely out

of control”; indeed Washington dysfunction remains a leading concern

Continuing the previous quarter’s trend, financial professionals largely see organic and EPS

growth metrics staying the same or worsening while cash flow growth is expected to improve

In our ongoing research on investor preferences for uses of excess free cash, a penchant for

buybacks and reinvestment gained significant ground; still, dividends remain the preferred

option “even with the tax law changes”

Despite a slew of special dividend announcements from corporate America during

December,2 the vast majority of canvassed professionals indicate special dividends do not

impact their investment decisions

Finally, contributing investors note that outside of fundamentals, management quality,

sustainable competitive advantages and market position top the list of qualitative investment

factors

“Overall, the fiscal cliff resolution was a copout; it only focused on one aspect and it

wasn’t even the aspect that was the most critical part of it. The government put a

Band-Aid on it and kicked the can down the road. The political issue right now has

become an even bigger problem because as we saw, we could barely get a deal done

on the revenue side and that was at the last possible moment. To be able to cut

entitlements that basically elect half of the current political party will be a problem.

We have formed a society that likes the handouts and we continue to push this. With

regulation and everything else, we can’t continue to go down this path; otherwise,

2 483 companies announced special dividends during December bringing the 2012 total to 1,056, the most since 1973 (Source:

WSJ Online)

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we will destroy corporate America as we know it, which provides a lot of the jobs.” –

Core Growth, Generalist VIII

“I do not have much confidence in the government being able to get anything done in

a timely manner. The deal is reasonable for now; we averted the worst of it but the

next few months could get a little ugly with the debt ceiling and spending reduction

talks.” – Core Growth, Technology/Industrials II

3Q12 Earnings “Worse Than Expected” And 4Q12 Results Predicted To Be “Soft”

With revenue misses dominating headlines last quarter, the vast majority of investors, or 80%,

affirms that 3Q12 earnings results came in worse than expected and advise, “Caution is still

merited”.

“Unfortunately, the ones that I follow came in worse than expected pretty much

across the board.” – Hedge Fund, Energy

“In general, companies seem like they are a little bit on edge, and I wouldn’t be

surprised if there was a reset of expectations. Some of the shorter cycle companies

that I cover that put out stuff on a monthly basis are coming in worse than expected;

many are on edge because of the fiscal cliff and the uncertainty around what the

government is going to be doing.” – Growth, Industrials

“Results were in line to slightly worse.” – Deep Value, Generalist II

Uncertainty surrounding the fiscal cliff, which investors assert “resulted in a knee-jerk reaction”

of halted purchasing and extended CAPEX cycles will likely lead to muted 4Q12 results. Still,

some maintain that companies tied to the housing market/home improvement will fare well.

“We are in a declining trend so the question is when will you reach the end of the

trend? It is not necessarily expectations of improvement; it is expectations of

declining rates of decline.” – Hedge Fund, Energy

“The numbers may come in slightly below but not much lower because most of the

companies have taken numbers down so they can come in line with the numbers

given what the situation is. The election is behind us now; it is only the fiscal cliff.”

– Core Value, Technology

“I expect the fourth quarter to be similar to last quarter; that is, in line to slightly

worse.” – Deep Value, Generalist II

“Our expectations are that this whole fiscal cliff mess is going to screw up the fourth

quarter of this year and the first quarter of next year. We will probably enter a

recession.” – Core Growth, Generalist III

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In general, investors report they will be focused on:

Top-line growth

2013 guidance

Quality of earnings

Comments on market growth, customer spending

Cost cutting initiatives

“I will be looking at the quality of the numbers they report for the actual quarter and

then the guidance that they report.” – GARP, Healthcare/Industrials/Telecom

“For the companies I follow, I will be focused on what they say about the spending

environment from their customers and whether they are seeing their customers hold

back spending because of this fiscal cliff.” – Core Growth, Technology/Industrials

“I will be looking at the prospects for top-line revenue growth and the costs they are

taking out. I am looking at the source of earnings, whether it is coming from the top-

line, organic growth or if they are taking a lot of costs out of the system and using

that to drive earnings growth.” – Deep Value, Generalist I

Meanwhile, 86% of the group surmises that 2013 guidance will be “conservative” given

continued uncertainty and slow-to-accelerate U.S. growth. As one investor3 forecasts, “It will be

lower on revenue but earnings will be okay”.

“I think companies will be cautious with their guidance and rightfully so.” – Growth,

Industrials

“They will come in lower just given the conservative nature management teams are

likely to take regarding all of these political uncertainties. It will be lower on

revenues but earnings will be okay.” – Core Growth, Technology/Industrials

“It will be quite conservative. Companies will be restricting themselves in what kind

of guidance they need to give given the situation in Europe and likely constrained

economic growth in the U.S.” – Core Value, Technology

Management Tone Described as “More Negative”

A majority of investors across sectors4 report that management tone has moved from “cautious”

to “more negative” with one5 noting, “They have been talking everyone down since the third

3 Core Growth, Technology/Industrials

4 Energy, Healthcare, Technology and Industrials

5 Deep Value, Generalist II

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quarter”. The remainder asserts that management sentiment has remained somewhat downbeat

or continued to grow more cautious. As a buy side analyst6 comments, “They have been

concerned about issues and they remain concerned”. Of note, no one reports that executives are

“less negative” in their discussions.

“If I had to extrapolate their tone on conference calls then I would say it is a little

more conservative than they probably would normally be.” – Core Growth,

Technology/Industrials

“They stayed the same with a slightly pessimistic tone.” – Core Value, Technology

“In energy they are more negative.” – Hedge Fund, Energy Meanwhile, investors report that management discussions have centered on:

Short-term macro economic factors that are materially affecting their end markets

Fiscal cliff and decision to “tighten up CAPEX budgets”

Long-term strategy and positioning

“On a recent earnings call, a company said, ‘We are doing everything we can to sell

to our customers. A very high percentage of them have come back to us saying they

are really concerned about the fiscal cliff and are tightening up their CAPEX

budgets so they are not going to spend the money right now’. That’s a general

flavor of the feedback we’re getting. There is a tremendous amount of economic

uncertainty and customers are a little tighter on the purse strings right now, which

directly translates into sales for every company out there.” – GARP,

Healthcare/Industrials/Telecom

6 Growth, Generalist

Less Negative 25%

More Negative

19%

Previous Quarter

The Same (Still Cautious)

44%

More Uncertain

12%

More Negative

73% More

Uncertain 9%

Current Quarter

The Same (Still Cautious)

18%

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“I do notice that we end up talking a lot about the short-term because no one really

knows and so we are trying to sound it out. The management teams are reasonable

in terms of addressing some of the longer-term issues. In my conversations, that’s

what we talk most about.” – Growth, Technology

Despite Management Managing Expectations, Investors Are Cautiously Optimistic, Bullish Even

Despite more conservative messaging from management teams, surveyed investors report their

sentiment has improved with just 20% maintaining a bearish stance compared to 40% last quarter

and 13% describing their outlook as bullish. Similar to last quarter’s findings, 60%, report they

have a cautiously optimistic view. “There is pent-up demand” notes one investor7, adding, “If

people aren’t ordering purely because they are nervous then we could see a situation where we

get past the fiscal cliff and people feel more secure”.

Trend In Investor Sentiment: Less Bearish

“I am cautiously optimistic unless things become materially worse in Europe. I

believe China will be better in 2013 and 2014 than it was in 2012. My view on

China is somewhat sanguine from the perspective of economic growth but I have a

great deal of concern that its political system is irretrievably corrupt and that it will

be an issue at some point.” – Hedge Fund, Energy

“A minimal amount of economic activity will occur in Europe no matter what.

Hopefully, we are trudging along the bottom there. China has a new regime in place

and I imagine they are going to do things to spur economic growth in that region.

The U.S. economy will rebound if the government gets its act together and passes

something sensible. U.S. consumers seem relatively optimistic in most of the

sentiment surveys and we could end up with a decent rebound.” – Growth, Industrials

“We are pretty neutral given that realities are not always reflected in the stock

market. Having to have a balanced portfolio, you can’t always go in with just one

7 Growth, Industrials

Bearish 40% Cautiously

Optimistic 60%

Previous Quarter

Cautiously Optimistic

60%

Bearish 20%

Bullish 13%

Neutral 7%

Current Quarter

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thought process. Hence, we are market neutral right now.” – Core Growth, Generalist

III

Sector Snapshot

“I am slightly bullish on healthcare and am neutral to slightly negative on

industrials and telecom. With regard to telecom, the growth prospects for the

industry as a whole simply don’t meet what we have as our threshold hurdle. We are

not that excited and there are not many opportunities that we find compelling. As far

as industrials, we are neutral to slightly bearish just based on our thesis that the

economy is slowing and that those companies are highly levered. Most likely, you

will get greater margin compression in a downturn. Valuations have further to fall

in that sector. In healthcare, we tend to find more long-term, higher growth

opportunities that are a little more resilient to economic cycles such that we feel it

offers a little more protection in an eventual downturn.” – GARP,

Healthcare/Industrials/Telecom

“Technology has always been one of the cheapest segments of the market relative to

its growth and FCF prospects so it has been a place where we’ve been overweight

and found many great names that we’re excited about. I don’t see the fiscal cliff

doing any more than causing short-term uncertainty, which could provide a chance

to own more. That said, I’m not sure the whole market is cheap but for technology it

is.” – Growth, Technology

“I cover consumer staples, business services and advertising. I am neutral overall.

It does not seem like there are many opportunities for revenue growth in the

developed markets. It is hard for me to envision a scenario where these companies

will be able to continue to realize productivity improvements in the next several

years. At some point in time, we need the top-line to kick in. I am not sure when that

is going to happen. Outside of that, some stocks are still pretty cheap and are giving

free cash flow back to shareholders. From a valuation standpoint, some stocks are

attractive but outside of that construct it is hard to see how they will grow.” – Deep

Value, Generalist I

Healthcare

Commodities

Materials

Insurance

Telecom Industrials

Consumer Disc.

Technology

Energy

Bearish Bullish

Banks

Utilities

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Global Concerns Take A Back Seat To Washington Dysfunction

While the fiscal cliff loomed large as a concern heading up to the January 1, 2013 agreement,

investors remain concerned about Washington policy and political brinkmanship while

uncertainty related to the continuing debate on the debt ceiling and threat of sequestration is top

of mind.

Sovereign debt and balance sheets in Europe remain an issue albeit to a lesser extent as “the

resolution to the euro crisis is on track”. Meanwhile, China, which topped Corbin Perception’s

investor concerns list last quarter, is no longer an overriding fear for surveyed investors. Flush

with cash and a new political regime in place, investors note that “things have been put in motion

to develop the economy” and while it “won’t go back to the heavy 9% GDP…it will still be a

leader in terms of global growth”.8

A challenging macroeconomic environment and its impact on top-line growth continue to trouble

25% of surveyed investors, a group comprising mainly technology analysts and generalists.

Rounding out the list is global political unrest, specifically with regard to the Middle East and

North Korea.

Top Investor Concerns

“Since the European economy situation has been going on for so long and although

I don’t want to say that the worst is behind us, the situation is largely reflected in the

markets at this point.” – Core Growth, Retail

8 1/10/13: China’s exports beat expectations after jumping 14.1% on year in December and showed a marked improvement from

a 2.9% rise in November as the growth in sales to the U.S. and EU accelerated. Imports increased 6% while the trade surplus

surged 61% on month to $31.6B, well above consensus of $19.6B.

2Q12

European Crisis

U.S. Political Paralysis

Pause In U.S. Momentum

Margin Pressures

China Slowdown

3Q12

European Crisis

U.S. Political Paralysis

Pause In U.S. Momentum

Margin Pressures

China Slowdown

4Q12

China Slowdown

European Crisis

Fiscal Cliff

U.S. Equity Valuations

Violent Unrest

Current

Fiscal Cliff (Partially Resolved)

Washington Policy, Brinkmanship

European Crisis

Challenging Macro/Muted Growth

Global Political Unrest

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0%

10%

20%

30%

40%

50%

60%

70%

3Q12 4Q12 1Q13

Organic Growth

0%

10%

20%

30%

40%

50%

3Q12 4Q12 1Q13

FCF Growth

0%

10%

20%

30%

40%

50%

60%

70%

80%

3Q12 4Q12 1Q13

EPS Growth

“Europe is a disaster but it is more stabilized now than it has been over the past

three years. Currently, I am less concerned about Europe being a driver for what we

do right now. I am more concerned about the policies coming out of Washington.”

– Core Growth, Generalist III

“I have a huge concern over the debt but I have very limited concern over the debt

ceiling. They will make a deal on the debt ceiling but there will be no deal made on

the debt.” – Core Growth, Generalist VI

“China will be the only bright spot that will try to make up for the weaknesses here

in the U.S. People have exposure into China as they transform from a capital goods

economy to a consumer-based economy. That’s not going to happen overnight but

looking at companies exposed to the consumer in China is something we should all

be doing.” – Core Growth, Generalist III

Call On Performance Metrics: More Of The Same In our quarterly channel check on performance metrics, investor expectations remain consistent

with last quarter’s findings, specifically:

Most investors believe organic growth and EPS growth will continue to worsen

Views on FCF growth remain upbeat

“There are some companies out there that will continue to grow but I would say, in

terms of organic growth, it will definitely slow.” – Core Growth, Generalist III

“It depends on whether people use their cash to buy back stock because EPS is not

coming organically.” – Deep Value, Generalist II

“Believe it or not, FCF growth will probably improve.” – Deep Value, Generalist I

Improving Staying the Same Worsening

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52%

21% 21%

42% 42%

71%

29% 24%

29%

6%

57% 50%

43%

29%

0%

Dividends Buybacks Reinvestment M&A Debt Reduction

Free Cash Flow Preferences - Quarterly Trend

3Q12

4Q12

Current

Cash Payouts Remain Top Preference But Share Buybacks Making A Comeback

Dividends remain investors’ top pick for uses of free cash flow though euphoria over cash

payouts has waned somewhat, receding to 57% from 71% last quarter, likely reflecting concerns

about potential tax law changes in 2013.

With the spate of special dividends announced prior to year-end, Corbin Perception sought to

gain insight into investor views on the topic:

81% | Do not have an impact on investment decisions with investors universally noting such

an event would not make them more inclined to purchase a stock

56% | A good signal for companies who can

22% | Prefer sustainable, consistent dividends

“I like companies that see that there are times when they have too much cash and if

there aren’t attractive acquisition opportunities then special dividends are a

perfectly fine and smart thing to do.” – Core Value, Industrials

Meanwhile, interest surges in buybacks and reinvestment as best uses of excess capital. M&A

remains a preference for 29% of the group, generally in line with last quarter’s findings. No

contributor mentions debt reduction as a best use this quarter potentially signaling that investors

feel increasingly more comfortable about companies’ financial shape.

“Assuming there is no M&A opportunity, my preferences are 1) boost the dividend,

2) share repurchases and 3) special dividend.” – Hedge Fund, Energy

“Companies should give it back to shareholders. We do not have a preference

between buybacks or dividend; we like both options. We definitely want cash

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returned to shareholders but how it is returned depends on the valuation of the

stock.” – Deep Value, Generalist I

“Ideally, we like companies that allocate capital towards projects that have a higher

return than their weighted average cost of capital and ideally toward the highest

return on investment projects. That may be an acquisition, greenfield expansion or

CAPEX. If they don’t have good opportunities available to them, then we would

prefer that they return it to us because we can find investments where we can earn a

return on capital above cost of capital.” – Growth, Industrials

“Depending on the company, if there are M&A opportunities and you can improve

your return on capital that is accretive, that is the number one route to go. If you

are not repurchasing at least 3% plus of your stock annually then you are better off

returning that to shareholders in the form of a dividend. If you are not buying back

enough of your stock, you are not doing much in terms of EPS. A 1% or 2%

dividend has a much greater impact to an investor than improving the EPS by 1% or

2 %.” – Core Growth, Retail

And Speaking Of Cash…

When asked their thoughts about companies with cash overseas, 67% assert the government must

“fix the tax policy”, with several adding that they are not in favor of a repatriation holiday. The

remainder encourages corporations to “make acquisitions in emerging or overseas markets”.

“I am fatigued by companies acting like they can’t physically return cash because

they would have to pay taxes on it; if there were investments to be had then they

could. It’s not as if something is preventing them. It’s as if they have an allergy to

taxes, which I understand from the standpoint of preserving the value of the

franchise. I am not in favor of the repatriation holiday for companies to buy back

stock. Until our tax code is fixed, there will be companies who feel it is their life’s

work to avoid taxes. It would be nice if the U.S. fixed their tax code. I do think it is

an issue because there is too much cash stored overseas and they can’t use it to do

things here. To be fair, it is not that they physically can’t, they just don’t want to pay

taxes.” – Core Value, Industrials

“I wish our government would fix its tax policy and allow the money to be brought

back here. It is absurd that they are not. I would encourage companies to hold their

cash overseas because chances are that’s where they will invest it, especially with

what’s going on here. It would be irrational for them to repatriate cash and pay a

huge tax to invest it here or to pay shareholders. I hope they don’t do that. I hope

the government fixes that but I’m not sure that it will. It is frustrating.” – Growth,

Technology

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Outside of Fundamentals, Investors Turn To Qualitative Factors

In our ongoing effort to assist companies in effectively positioning their investment thesis to the

financial community, we asked buy side contributors what key qualitative factors they focus on

when evaluating a company as an investment.

95% | Management quality, strength

53% | Sustainable competitive advantages

26% | Market position, share

26% | Strategy

21% | Underlying industry trends/business characteristics

“I consider management, the strategy and competitive advantages. What is their

moat? It’s not just about numbers. Are they competitive and can they sustain it?

For our process, that factor has a 30% to 40% weighting.” – Core Growth,

Technology/Industrials

“We spend a lot of time looking at the industry and company dynamics and thinking

about why companies earn excess returns and how they will be able to maintain

those in the future. That gets down to things like how easy it is for competitors to

come in, the level of industry rivalry in the market, the business model that is

employed and why that creates a defensible margin structure or not.” – Growth,

Technology

“Other things I consider are management, if the company is a leader or laggard and

if the company is best in breed. Another consideration is if a company that has

under-performed for some time has now started to show signs of improving its

business.” – Core Growth, Retail

Interestingly, 54% of surveyed investors report they have a system in place that rates

management quality. While largely a qualitative assessment, factors include:

Consistent execution, long-term value creation

– Focus on return metrics

Honesty, integrity and trustworthiness

Straightforward, transparent communication

Moral and ethical standards (i.e., social responsibility measures)9

9 67% comprise European institutions

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“I evaluate management through listening to the conference calls, understanding the

language in which they speak, how they measure performance internally, how they

reward people compensation-wise and how they discuss their business with

investors, i.e., their strategy, how they execute it and how they plan it out. There is

no science or formula to it; you just have to listen to management on conference

calls and in meetings and ask them questions about their business in order to form

an assessment on quality.” – GARP, Healthcare/Industrials/Telecom

“We have soft criteria. We look for management teams that understand returns on

invested capital, how to allocate capital and how value is created over time.”

– Growth, Industrials

“We look at how managements have generated return on the assets employed and

return on the equity employed over time.” – Growth, Technology

“Very simply, we just want people who we can trust and whom we feel aligned with

as passive minority institutional shareholders. We want them to be talented at what

they do. Honesty and integrity are critical to us.” – Core Value, Generalist I

Meanwhile, 94% of the study group reports that management quality is important to critical to

their investment decisions.

IR Best Practice: Investor Presentations

Best-in-class presentations tell a clear story as to why an investor should own the stock. They do

not just present information about the company; rather; they telegraph the investment thesis

through clearly outlining the strategy, highlighting core competencies and demonstrating

management’s track record of creating value.

Indeed, surveyed financial professionals report they frequently refer to investor presentations as

a leading source of information. As such, the content should be robust enough so that an

investor or analyst, who does not have the benefit of speaker notes, can follow the storyline

without having to hear the pitch.

Select best practices include:

Ensure your slide deck is professional-looking and crisp; consistent formatting and alignment

with brand guidelines is recommended

Develop a theme and storyline (e.g., “stability plus growth”), as well as critical messages;

reiterate throughout the presentation

Communicate a balanced message that addresses both challenges, as well as highlights

strengths

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Be sure to clearly outline sustainable competitive advantages and company differentiators

(i.e., what makes your company unique)

Be careful about focusing too much on valuation and communicating how an investor should

evaluate your company; rather, clearly identify how your strategy is going to lead to long-

term shareholder value creation, provide longer-term financial objectives or goals and

demonstrate a consistent execution track record

Incorporate lead-ins and takeaways, as they are an effective tool to sum up a complex slide

and reiterate key points

Use acronyms sparingly; while long-time followers and sector-specific analysts may be used

to it, excessive jargon often serves to complicate the story

When developing an effective investor presentation, the following elements are critical:

– Company overview

– Financial highlights

– Market overview, including competitive landscape and positioning (current

challenges, solutions)

– Strategy, including progress updates

– Business model/financials

– Business segment deep dives, including market, strategy and competitive

differentiators

– Key product/service overviews

– High level growth initiatives, platforms

– Capital allocation plans, including M&A strategy

– Guidance/long-term financial objectives

Recently, investors have been acutely focused on operational excellence; when

communicating efficiency measures, tie back to financial metrics (e.g., improvement in

working capital turns, higher free cash flow generation)

When appropriate, address industry and macro trends; assist investors with understanding

impact on business by walking them through “what if” scenario analyses

“I am interested in sustainable, competitive advantages and understanding what they

are. What makes a company special? A company should articulate what is special

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about itself, what it really does well, what it excels at and what creates and sustains

a competitive advantage.” – Core Value, Generalist I

“What I really like to hear is what the company thinks about the business. I like to

see a clear delineation of the strategy. I like to see how the company looks at the

market and segments the market, and I want to know how much the company thinks

the markets are growing. I like to hear an honest discussion of where it thinks it can

improve and not just highlights of where it thinks it is strong. I like to see a clear

discussion of financial strategy. I like to hear an honest and clear discussion of the

tactical approach for whatever time period the company is discussing.” – Core

Growth, Generalist III

Corbin Perception specializes in developing industry-leading investor presentations. For more

information, contact Sarah Putnam at [email protected].

Proven Methodology, Proven Results

Corbin Perception is an IR research and advisory firm

assisting public companies with unlocking their full

market potential. We recognize the positive impact

best-in-class investor relations has on valuation and

partner with our clients to develop strategies that

positively influence investor perception. Our

comprehensive approach to research-driven counsel

enables our clients to capture investor mindshare and

differentiate their company as an investment. We have

deep functional and industry expertise as well as a

strong and consistent execution track record of value

creation.

Our core Advisory Services include:

Perception Studies

Investor Presentation Development

Strategy Development, Communication

Investor Day Strategy and Execution

IR Diagnostic Reviews

IR Strategy

inside the buy-side® 1q13

Documents

line growth

growth expectations

eps growth metrics

cash flow growth

investor sentiment

fiscal cliff fears

current year guidance

debt ceiling