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(1)

Guidance Practices & Trends

FTSE 100

Research Report by

EventVestor & IR Society

October 2012

(2)

FTSE 100 Guidance Practices and Trends - Highlights

Less than 10% of FTSE 100 companies provide quantitative EPS

guidance .

– However, over 40% of the companies provide guidance on operational metrics other

than revenue profit and EPS

than revenue, profit, and EPS.

Overall, 65% of the FTSE 100 companies provide some narrative

directional guidance on EPS, revenue, profit, or other operational metrics.

Among the companies that provide guidance, about 85% provide only

annual or long term guidance ranging from 2 to 4 years.

Among the companies that provide guidance, about 40% have guided

higher compared to about 12% of the companies that guided lower, since

J

2011

January 2011.

This report is based on the analysis of FTSE 100 companies guidance practices by EventVestor, the most

comprehensive event-driven investment research and business analysis platform. The study includes all guidance

announcements by FTSE 100 companies in 2011 and 2012 YTD to the end of September. Guidance announcements

y

p

p

were sourced from company press releases and other reports.

(3)

FTSE 100 Guidance Practices and Trends – Guidance Frequency

86% 80% 90% 100%

FTSE

 

100

Number

 

of

 

Companies

 

Providing

 

Guidance

234

171 200

250

FTSE

 

100

Number

 

of

 

Companies

 

Providing

 

Guidance

8% 6% 0% 10% 20% 30% 40% 50% 60% 70% 65 58 0 50 100 150

• 65% of the FTSE 100 companies have announced guidance about 234 times in 2011

0%

6 Months Guidance 3 Months Guidance Annual Guidance

EventVestor

0

#Companies #Guidance Events 2011 2012 YTD EventVestor

65% of the FTSE 100 companies have announced guidance about 234 times in 2011.

• 58% of the FTSE 100 companies have announced guidance about 171 times in 2012, to September.

• Time horizon of over 85% of the guidance announcements was annual compared to 8% of the guidance

t f

6

th

d 5% f th

t f

3

th

i d

announcements for 6 months and 5% of the announcements for 3 months period.

• About 7% of the guidance announcements were long term ranging from 2 to 4 years.

(4)

FTSE 100 Guidance Practices and Trends – Guidance Type

46% 33% 43% 37% 40% 50%

FTSE

 

100

Percent

 

of

 

Companies

 

Providing

  

Guidance

 

by

 

Type

12% 9% 14% 5% 0% 10% 20% 30%

• 45% of the companies that provide guidance have guided higher in 2011 compared to about 12% of the

Higher Lower Mixed Reaffirms

2011 2012 YTD EventVestor

companies that have guided lower.

• 43% of the companies that provide guidance have guided higher in 2012 to September compared to about

14% of the companies that have guided lower during the same period.

• 33% of the companies have reaffirmed their earlier guidance in 2011 compared to about 37% of the

companies that have reaffirmed their guidance in 2012 to September.

• 9% of the companies in 2011 and 5% of the companies in 2012 have announced mixed (some metrics

higher and some lower) guidance.

(5)

FTSE 100 Guidance Practices and Trends – Guidance Content

34% 30% 35% 40%

FTSE

 

100

Percent

 

of

 

Companies

 

by

 

Guidance

 

Content

43% 40%

45% 50%

FTSE

 

100

Percet

 

of

 

Companies

 

Providing

 

Quantitative

 

Guidance

 

25% 17% 5% 10% 15% 20% 25% 30% 15% 6% 9% 10% 15% 20% 25% 30% 35% 40%

• Most companies provide directional and long term guidance and usually guide on operational metrics like CapEx and

0% 5%

Revenue Guidance Profit Guidance EPS Guidance

EventVestor

0% 5%

Revenue Range Profit Range EPS Range Other Metrics

EventVestor

Most companies provide directional and long term guidance and usually guide on operational metrics like CapEx and

margins.

• About 15% of the companies provide quantitative revenue range guidance while another 19% of the companies

provide directional or qualitative revenue guidance.

• About 6% of the companies provide quantitative profit range guidance while another 19% of the companies provide

directional or qualitative profit guidance.

• Among the companies that provide guidance, only about 17% of the companies provide EPS related guidance (9%

of the companies provide quantitative EPS range guidance while the remaining 8% provide directional or qualitative

of the companies provide quantitative EPS range guidance while the remaining 8% provide directional or qualitative

EPS guidance.

(6)

EventVestor’s Powerful Data and Analytics Help IR Professionals Gain Valuable,

Timely Insight into Key Issues Driving Valuation & Trading Activity

Use of

Executive

P

d

I d

Guidance

Use of

Capital

Executive

Change

Product

Development

Index

Changes

ƒ Detailed 5-year history of

guidance trends covering 60K+ announcements by US UK and Canadian

ƒ Granular detail on stock

buybacks, dividends and M&A activities

ƒ Better synthesize how

ƒ Capture investment

community reaction to senior management and Board appointments and

ƒ Track trading trends from

product development to commercialization

ƒ From new product launches to

ƒ Understand historical

trading volume and price trends in advance of annual or periodic US, UK and Canadian

companies

ƒ Analyze specific peers,

industries or cross-industry

ƒ Discover trends and

anticipate market reaction related to changes in guidance

ƒ Better synthesize how

peers allocate capital

ƒ Anticipate market reaction

to changes in dividend policy or buyback activity

ƒ Insight into key M&A

milestones that will drive trading activity

Board appointments and departures

ƒ Qualitative attributes

highlight rationale for executive changes – from succession planning and restructuring-driven change to acrimonious

ƒ From new product launches to

bio-pharma clinical trial milestones including regulatory approvals

ƒ Gain insight into IP milestones

that drive valuation

ƒ Commercialization milestones

include new customer wins and

annual or periodic

rebalancing of major equity indices

For more details, please contact us at:

IntelliBusiness, Inc.

guidance trading activity

change to acrimonious board disputes

include new customer wins and contracts

EventVestor IR Solutions Coverage:

™ Web-based analytic platform covering 80+ event types and 4,000+ companies

™ Custom event studies analyzing specific

100 Overlook Center, 2nd Floor

Princeton, NJ 08540

Phone: 609-945-4973

email: anju@intellibusiness.com

www.EventVestor.com

™ Custom event studies analyzing specific peers and industries

™ Interactive charts for board-level presentations

™ Event library as a reference tool for drafting event announcements

™ Event-driven email alerts

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