2.5x Share Price Increase over 12 months post Capital Markets Day

Our client, a leading global IT Hardware and Service company, was undervalued due to the market’s excessive focus on low-margin project delivery in one division and failure to comprehend the immense value generated through after-sales servicing. Misunderstandings about the business model, erroneous linking of value to raw material price movements, and concerns about execution further muddled the picture. The company’s success story ignored its core drivers, and its clients’ capex agendas were also overlooked.

A perception study underpinned our work. We dissected every aspect of the business to highlight the distinct stages of projects, their associated costs and revenues, and the potential for operational excellence and margin expansion. This multi-pronged approach allowed us to dispel misconceptions in a fresh articulation of the company’s complex equity story. The new story transparently signposted execution and performance phasing to manage market expectations.

Led by Severine Camp and Devina Artley, our team collaborated dynamically with the management team for five months. We embedded and managed a proven process to ensure swift iterations, efficient feedback loops and timely advisory, empowering the management team to confidently present the reworked investment case. The Capital Markets Day was a triumph, thanks to our hand-to-hand advisory approach. Our work established a blueprint for future communications, anchoring valuation crystallisation around the Capital Markets Day.