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European Capital Markets Panel 2017: Free Roadshows under pressure, 13.07.2017

 
Wiesbaden, 13th July 2017 – cometis AG, one of the leading investor-relations agencies in Germany, published its results from the European Capital Markets Panel today. The survey, which intends to reflect the current sentiment on the European capital markets, was carried out together with the European network partners. Equity capital market experts from the DACH region (Germany, Austria, Switzerland), France, Benelux (Belgium and the Netherlands) and Great Britain who operate in investment banking or as IPO-consultants were surveyed.

The key findings on the European IPO-markets and the changing regulatory environment at a glance:

Expected IPOs: Within the regions DACH (100%), as well as France and Benelux (79%) participants almost entirely expect 1-10 IPOs (until mid-2018) on their respective home markets. Expectations in Great Britain are more positive. Despite political insecurities, all participants in the UK expect more than 20 IPOs for the British capital markets.

Issue volume: 46% of respondents from the DACH region, as well as 36% of respondents from France and Benelux expect an issue volume within 1 to 2 billion Euro on their home markets. 50% of all participants from Great Britain expect, in line with the higher number of expected IPOs, an issue volume above 6 billion Euros for their national market.

Up-and-coming sectors: Regarding upcoming IPOs on their home markets (until mid-2018) the study participants from the DACH region (28%) and Great Britain (15%) consider the technology sector as up-and-coming. Leading sectors for the regions France and Benelux are technology as well as healthcare (each 22%).

International bank syndicates: The equity capital market experts were asked under which circumstances they would participate in an IPO that raises funds outside the domestic market. From the regions DACH (62%), France and Benelux (64%) as well as Great Britain (100%) the experts consider relevant expertise and access to investors as crucial factors to participate in such an IPO.

Free roadshows: In Great Britain, the opinion about whether roadshows can be offered for free in the future is evenly distributed among the respondents. In the DACH-region (38%) as well as France and Benelux (43%) the question faces rejection. Striking is the fact that 32% of the participants have not formed an opinion about this topic yet.

Future of broker services: The respondents were asked how likely it is that investors will practice cherry-picking in the future. This means buying research from one broker, but going on a roadshow with another. In the regions DACH (62%) as well as France and Benelux (64%) experts believe that cherry-picking on their national markets will be likely in the future. However, no clear picture emerged from the responses from the UK.

Conclusion:

The opinions of the equity capital market experts show that European capital markets will continue to grow together in the future.

The full evaluation of the European capital market panel is available here as download.
 
About cometis:
Since the year 2000, cometis AG serves as a consulting firm for strategic and operational financial communication. Our team of more than 25 employees consists of business administration graduates, economists, journalists, commercial law experts and designers. Our predominantly medium-sized clients profit from our profound experience of more than 500 completed capital market projects. In the recent years, we have lead 25 initial public offerings to success. Furthermore, we controlled our clients’ communication in numerous corporate finance and M&A transactions, as well as in exceptional situations. Our services range from the development of investor relations- and communication strategies, on to preparing annual reports, presentations, announcements and websites as well as management coachings in preparation for talks with investors, journalists and analysts. Through our membership in the “Public Relations Global Network” (PRGN), which unites over 50 owner-managed PR- & IR-consultancies, we also offer our services at a global level.

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