Michael Macfarlane Associates closes valuation gaps for listed companies, with investor relations advice, a clearer equity story and the right investors on the share register.
Investor relations advisers for listed companies trading below their worth: equity stories, capital markets days, share register analysis and perception studies.
When Perception, Not Performance, Sets The Price
When a listed company trades at a discount to its peers, the cause is often perception rather than performance: a story that is hard to follow, a share register misaligned to the strategy, or disclosure that leaves investors guessing.
Michael Macfarlane Associates finds the cause and fixes it. Members of the team doubled Solvay’s US share register, narrowed a FTSE 100 company’s valuation discount and helped Fintel’s share price rise 30%.
AI Now Sits Between You And Your Investors
Analysts and portfolio managers now screen, summarise and compare companies with AI before they read a filing or take a meeting. If AI misreads the equity story, the valuation follows.
Capital Outcomes measures how the world’s major AI systems describe the company with Reputation Intelligence, closes the gaps in accuracy, sources and narrative, and keeps the equity story consistent wherever investors and their tools look.
Read more about Reputation Intelligence.
Closing A Valuation Gap
Valuation is rebuilt from the investor’s point of view, one cause at a time.
An Equity Story New Investors Can Repeat
For Solvay, then a CAC 40 industrial seen as too specialised for generalist US investors, a simplified investment case and US targeting doubled the US share register.
Capital Markets Days That Change Minds
A capital markets day is a company’s set piece with investors and analysts: the strategy, the targets and the management team, presented in depth. It works when the story is simple, the targets are credible and the right investors are in the room. For BIC, a new equity story culminated in a successful capital markets day that won over a sceptical investor base.
Authority That Markets Trust
Markets reward companies they regard as an authority in their field. For American Express, members of the team led the UK B2B programme and helped deliver international thought leadership, including the B2B Spend Survey, launched from New York and drawing on more than 3,600 businesses across six markets. In Hong Kong, a leading US brokerage platform built confidence among Asian retail investors through financial media and executive profiling, including a Bloomberg TV interview, more than 30 articles a month and a leading share of voice.
The Disciplines Behind Valuation
Share Register Analysis
Who owns the shares, who should, and the gap between them.
Investor Targeting
Direct institutional marketing to the investors the strategy needs.
Perception Studies
What investors actually think, as for Glenveagh, where a perception study fixed the disclosure and investors reassessed the company.
IR Audits
A review of the investor relations function, its materials and its reach.
Volatility
Targeted institutional marketing that turns a trading story into a long-term holding, as at BIC.
Investor Visibility In Artificial Intelligence
What analysts and investors read when they research the company through artificial intelligence.
Valuation Outcomes Delivered
Listed companies where reputation work changed their valuation, share register or investor support.
| Client | Mandate | Outcome |
|---|---|---|
| Solvay | US targeting and a simplified investment case | US share register doubled |
| BIC | Register analysis, new equity story and capital markets day | Register realigned, volatility reduced |
| FTSE 100 company | Direct institutional marketing | Index status protected, discount narrowed |
| Fintel | Equity story refresh | 30% share price rise |
| Glenveagh | Perception study and disclosure fix | Discount to nearest peer narrowed |
| RHI Magnesita | Institutional targeting | Shareholder register broadened |
| OMV Petrom | IR audit and investor profiling | International investor profile raised |
| American Express | UK B2B programme and the international B2B Spend Survey | Recognised authority on business spending and confidence |
| One of Japan’s largest financial groups | Equity stories for Asian portfolio companies, including a US$4.4bn investment in India | Portfolio investment narratives strengthened |
| Leading European banking and asset management group | Investor relations and market entry narrative in Asia | Institutional support for new India businesses |
| Leading Singapore-headquartered banking group | Leadership positioning for a new India C-suite | India income up 25% in 2024 |
| Leading European financial advisory group | India market proposition around US$5bn+ of advisory work | Differentiated India positioning established |
| Leading US brokerage platform | Financial media and executive profiling for Asian retail investors | Bloomberg TV, 30+ articles a month, leading share of voice |
| EY | Story mining with senior partners for B2B media in Asia | Half the annual media target in three months |
Capital outcomes delivered by members of the Michael Macfarlane Associates team. Some identifying information has been amended to protect confidentiality.
Why Reputation Is The New Capital
Michael Macfarlane, Principal Partner, on why reputation has become a form of capital in a world of omnipresent artificial intelligence.
Senior Judgement, Platform Native Talent
Senior reputation advisers who have worked at the highest levels of capital, communications, journalism and diplomacy, led by Mark Walter, Partner and Head of Capital Outcomes.
Mark Walter
Michael Macfarlane
Joe Wallen
Farah PashaQuestions
What is an equity story?
The investment case for a company: why it will create value, how and over what period, told simply enough that investors can repeat it.
What is a capital markets day and how do you make it work?
A set piece event where management presents strategy and targets to investors and analysts in depth. It works when the story is simple, the targets credible and the right investors attend.
How can a listed company close a valuation discount?
By finding its cause, usually perception rather than performance, and fixing it: a clearer equity story, better disclosure and the right investors on the register.
What is share register analysis?
An analysis of who owns a company’s shares, how they invest and how that compares with the investors its strategy should attract.
Should a company use an investor relations adviser as well as an in-house IR team?
Often, yes. An adviser brings an outside view, perception research, targeting reach and support at moments such as capital markets days or a change of strategy.
How quickly can a share register change?
Meaningful change usually takes several reporting cycles, though targeted institutional marketing can shift the register around a capital markets day or a change in strategy.
Explore Capital Outcomes
Capital Outcomes
Reputation advisers for listings, transactions and fundraising, across the world’s major power centres.
Explore02Secondary Listings And IPOs
For Asia-listed companies preparing a London or US listing, and companies preparing an IPO: investor familiarity built early, so the listing delivers valuation, demand and aftermarket support.
Explore03M&A And Transactions
For sales, mergers, privatisations, private raises and proxy votes: conviction built before the process opens, so the deal completes on the right terms.
Explore04Private Capital, Funds And Sovereign Wealth
For VC and private equity firms raising funds and building portfolio value, companies seeking family office or sovereign capital, and sovereign funds themselves.
ExploreSpeak To Us In Confidence
Capital Outcomes clients retain Michael Macfarlane Associates privately, ahead of a listing or transaction, through the process and its aftermath, or as a standing adviser to the board. Every relationship begins with a confidential conversation with Mark Walter or a partner.