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HOW TO MAKE AN EFFECTIVE
POWERPOINT PRESENTATION
In preparation for CFA Institute Research Challenge competition By: Tran Thu Lan
OUTLINE
• The requirements • Questions: Who, What, Why, Where, How • Have a Structure • PowerPoint Techniques • Script Writing and Practice • Time Management
• Body language and Speech • Overcoming nervous and interactions • Backup plan
• Analyze past presentations
UNDERSTAND THE REQUIREMENTS
• Extract from “Official rules 2013” (http://researchchallenge.org)
Each Team may make a Presentation of its findings to a panel of Judges
Teams may utilize their Industry Mentor or Faculty Advisor as resources, but may not enlist the help of any other professionals in preparing
or evaluating the presentation
UNDERSTAND THE REQUIREMENTS
The Presentation can include the use of
Powerpoint or other presentation software
Teams may not use props in their Presentation.
A prop is defined as an object used by students
to enhance or illustrate an aspect of the team
presentation.
Only Team Members may participate in the Presentation.
UNDERSTAND THE REQUIREMENTS
The Presentation must be in English
The Presentation is limited to 10 minutes,
however, an additional 10 minutes will be
provided to answer questions posed by the Judges
Only Judges are permitted to pose questions to a Team during a Presentation
UNDERSTAND THE REQUIREMENTS
Each Presentation will be timed and the time-keeper will provide a one minute warning and an announcement when time has expired. When the timekeeper announces that time has expired, Teams must immediately conclude the Presentation
Teams may not listen to other Presentations
prior to their own Presentation. A separate room should be reserved for Teams to wait before their allotted Presentation time
WHO IS THE AUDIENCE?
• Judges should view the presentations as a sell-side presentation either to the buy side or to a director of research listening to and critiquing a member of his/her team
“WHAT’S IN IT FOR ME?”
• All Judges must be investment professionals with experience in writing and reviewing research reports. Judges should be CFA charter holders. There is a minimum of three Judges per panel
• Act as though your audience is not familiar with your topic, don't assume they know everything
EXAMPLES OF CFA CHARTER HOLDERS
WHAT TO PRESENT (content)
• An investment recommendation (Buy/Sell/Hold) on the Subject Company from the perspective of an independent research analyst.
• Teams may use only publicly available information. Publicly available information includes: Information in company financial statements, press releases, and Information in the media about the company and its competitors Information from data aggregators (e.g., Bloomberg, CapIQ,
FactSet, etc.)
• All analysis should be their own; they may not copy
analysis (i.e., plagiarize) from another source
WHY TO PRESENT (purpose)
• To convince the Judge of given investment
recommendation with strong supporting
analysis and illustration
• Demonstrate advanced skills of financial
analysis and evaluation of subject company as a
professional investment analyst
WHERE TO PRESENT (place)
• The CFA Institute Research Challenge competition is at three levels: Local, Regional, and Global.
WHICH REGION FOR VIETNAM
HOW TO PRESENT
• The Presentation can include the use of
Powerpoint or other presentation software
• The outline or structure of presentation
• PowerPoint Techniques
• Notes and Handouts
• Time Management
• Body language and Speech
CREATE YOUR STORY
Tell them what you will tell them (introduction), tell them (development), tell them what you told them (conclusion)
INTRODUCTION What the presentation will be about: the aims and
objectives (i.e. an investment recommendation)
BODY WITH MAIN POINTS AND ANALYSIS Two or three main points with some main headings
CONCLUSIONS Briefly summarise your main points. The end should be on
a strong or positive note
GETTING STARTED
• Greeting the audience & introducing yourselves
Phrases that can be used:
▫ Good morning, ladies and gentlemen
▫ It’s our great honour to be here today…
▫ Before we start, let me say just a few words about our team. We come from…
• Introducing the agenda/outline
▫ We would like to talk about…
▫ These are the issues we would like to cover…
MAKE AN EFFECTIVE OPENING
• Give them a problem to think about (eg. recent
crises)
• Give them some amazing facts
• Give them a story
• Make a funny remark (but be careful with
humour, not all jokes work well)
• Record a music piece perhaps
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ENDING THE PRESENTATION
23
Wrapping up, summarising facts, giving recommendations, proposals…
Phrases that can be used: o Let me just run over the key points again…
o To sum up briefly…
o To conclude …
o As we’ve seen…
o So, our recommendation is ….
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OPENING & ENDING- HOW LONG?
24
Rule of thumb: set 20% to 30% of the total time to these two parts in total
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LOOK AT SOME EXAMPLES
25
IRC champion presentation
Presentation on Finance
Presentation on Law cases
Presentation on Marketing Strategy
Politecnico Student Research Global Investment Research Challenge 2011
PIAGGIO S.p.A. Automobiles & Parts
Questions Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
Questions
International Business Law
Ms. Hồ Thúy Ngọc
Intellectual Property
WTO
Đức
Tráng
Sơn
Hà
Thủy
Phương
Thanh
M.Hạnh
H.Hạnh
Case 3: Denied Patents
-US
-Brazil violated article 64 in TRIPS agreement
Brazil won
Thank you for your attention.
Let’s Q&A
Pham Thi
Lan
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POWERPOINT TECHNIQUES
39
Choosing themes, templates, fonts
Slide transitions
Animations
Use visual aids: sounds, pictures, flip chart,
graph, hyperlink slides from other
presentations
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THEMES AND FONTS
Use a sans serif for body text. Sans serifs like
Arial, Helvetica, Georgia or Calibri tend to be
easiest to read on screens.
Avoid Fancy Fonts
Put dark text on a light background
Align text left or right
Be consistence and avoid clutter
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OUTLINE & TRANSITIONING
41
Provide outline Close each section with a transition easier for
listeners to follow your story Transitional phrases:
o Now I’ll hand it over to Jake…
o I’m going to give the stage to Marry…
o Let’s move to the next part, financial highlights… o So far, we’ve seen -------------. In the next slide, I’ll
show you the solution for ------------------
IRC champion presentation slide is a great example
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
Company Overview
Financial Analysis
Valuation Risk Analysis
Data and Charts
Why invest in Piaggio
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
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FOR THE BODY- DIGGING DEEP
46
Deep analysis with different aspects (upside/downside) (operational/financial/legal) to support the conclusions. Put these in a logical sequence with an interesting title
Selection of convincing evidence • Fact • Example, real life or hypothetical • Authority, experts • Statistics • Data aggregators (Bloomberg/Reuters..) • Company reports/announcements/releases
Use graphics and anecdotes to add variety
Provide vivid descriptions (methods, flow of charts, calculation..)
1. Launch of new products in India
2. Expansion in South-Eastern Asia
3. Consolidation in Europe
Why invest in Piaggio
Company Overview
Financial Analysis
Valuation Risk Analysis
Data and Charts
Why invest in Piaggio
Pro
ba
bl
Po
ssib
le
•Instable Vietnam
•Labour market
•Supply Chain
risk
•Tighter regulations
•Credit risk
•Increase in interest
rates
Un
lik
el •Strikes •Intellectual Property
•Liquidity risk •De-premiumisation
Ra
re
•Machinary failure •Vehicles defects
Marginal Minor Intermediate Major
Risk analysis: Risk matrix
Impact
Lik
elih
oo
d
Source: Politecnico
Estimates
• Unsuccessful
product launches
• Stronger competition
• Exchange rate risk
• Increase in
energy,
raw materials and components costs
• GDP growth rates
Risk analysis: Risks from
Asia
• Stronger competition
• Exchange rate risk
• Unsuccessful product launches
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
• Exchange rate risk
• Stronger competition
• Unsuccessful product launches
• Exchange rate risk
• Stronger competition
• Unsuccessful product launches
Source: Politecnico
Estimates
Risk analysis: Risk matrix Risk analysis: Risks from
Asia
Source: Pacific Exchange Rate
Service
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
• Increase in energy,
raw materials and
components costs
• GDP growth rates
• Increase in energy,
raw materials and
component costs
• GDP growth rates
-4
-2
0
2
4
6
8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Real GDP growth rates
World Major advanced economies (G7) ASEAN-5
Source: International Monetary Fund, World Economic Outlook
Database
Risk analysis: Risk matrix Risk analysis: Global risks
Source: Company data
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
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Making the presentation memorable
51
Too many bullets can machine gun your
audience to sleep.
Try not to use more than 5 bullets per slide. The average PowerPoint slide contains 40
words
Use pictures rather than bullet points and lengthy text
“Less is more”
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Impact of Presentation Helpers
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ANIMATIONS EFFECTS
It makes a presentation visually rich, powerful and engaging
Avoid excessive use of slide transitions and animations as it would distract audience
Keep animations consistent in the transitions of slides
Let’s look at how it be made and how it works
54
• Wide brand portfolio • Wide brand portfolio • Premiumisation strategy
Company Overview
Young
• Largest European producer of 2w and LCVs by revenues
Company Overview
Financial Analysis
Valuation Risk Analysis
Data and Charts
Why invest in Piaggio
Why invest in Piaggio: Expansion in Asia
Vietnam
Malaysia Indonesia
Thailand Taiwan
Potential Market: 3M
vehicles Potential
Market: 11M vehicles
Company Overview
Financial Analysis
Valuation Risk Analysis
Data and Charts
Why invest in Piaggio
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Presenting numerical data
Numbers are more effective if there is another value to compare or presented by table, chart or graph
Design of table/chart/graph • Title must be included
• Source of information
• Criteria and unit of data
Poor example
Source: FPT’s earning release
FPT REVENUE BREAKDOWN
Segments %
Telecom 11.63%
Online Services 7.57%
Software development 8.53%
IS 8.21%
IT services 2.65%
Education 2.40%
Trading and Retailing 59.00%
Consolidated FPT 100.00%
Better example
CONTRAST EXAMPLES
12%
8%
8%
8%
3% 2%
59%
FPT Revenue breakdown 10M-2012
Telecom
Online Services
Software development
IS
IT services
Education
Trading and Retailing
€1485M €1615M €1745M €1850M
7.6% Revenue CAGR 10-13 Balance Sheet
Income Statement
Cash Flow Statement
+ 160bps EBITDA margin
€0.11 €0.14 €0.18 €0.22
8.8% OCF CAGR 10-13
14.8% From EMs 11.9% EBITDA CAGR 10-13
Lower D&A and Financial Charges CAGR
24.3% EPS CAGR 10-13
~ €65M
~ €140M
OCF Capex
∆NW
C
∆NFP Div. &
Buy Back
3.3% From DMs
Financial Analysis
2010 2013
Higher than Revenue CAGR
Source: Politecnico Estimates
2010 E 2011 E 2012 E 2013 E
€197M €218M €249M €276M
€153M €155M €181M €197M
2010 2011 E 2012 E 2013 E
NFP €350M €342M €318M €288M
Debt €528M €500M €470M €440M
Cash&other €155M €148M €147M €147M
Equity €443M €467M €499M €537M
Ability to meet short and long term obligations
~ €15M
~ €310M
~€530M Deleveraging while Improving ROE
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
Company Overview • Latest results
Company Overview
Financial Analysis
Valuation Risk Analysis
Data and Charts
Europe India Vietnam
335,000
2Ws
220,000
LCVs 60,00
0
2Ws
360,000
2Ws 197,0
00
LCVs 48,00
0
2Ws -
7.5%
+11.7% +25%
Unit Sold Vs Management Guidelines:
European Revenues (€’000)
Revenues Breakdown
Source: Company Data, Politecnico Estimates Source: Company Data
Actual Guidelines Delta
Revenues €1,485M €1,500M -1% 1
Ebitda Margin 13.3% 13.3% 0%
EPS €0.115 €0.118 -2.5%
From Revenues to Earnings:
Why invest in Piaggio
Company Overview • Our Rating
Company Overview
Financial Analysis
Valuation Risk Analysis
Data and Charts
BUY
HOLD
Price (03/31/11): €2.41 12 M Target Price: €2.8 Upside: 16.2% Rating: BUY
Why invest in Piaggio
Indian sales report 2010 financial results
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SHOWING CALCULATIONS
62
In which parts should calculations be shown?
Or just the results are needed?
How detailed should those calculations be
shown given the time limit
Visual aids: o Chalk board? not provided
o Excel and other ideas? advantages &
disadvantages
o Powerpoint skills & patience needed (see next
slides for a demonstration)
• Sum-of-the-part approach
Two-Stage model
Three-Stage model
Analytical Period +
Perpetuity Analytical Period + Convergence Stage +
Perpetuity
Valuation: Discounted Cash Flow
Source: Politecnico Estimates
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
€963M
2.5%
9.75%
30%
€33M
7.63%
Sales 2010 Sales CAGR 10-15 EBITDA margin 2010 Tax Rate FCFF 2010 WACC
Valuation: Discounted Cash Flow
€389M
12.9%
19.5%
42%
€13M
9.31%
€133M
13.5%
20.5%
7.5%
€10M
10.72%
Source: Politecnico Estimates
€963M
2.5%
9.75%
30%
€33M
7.63%
€133M
13.5%
20.5%
7.5%
€10M
10.72%
€2.90
€0.95
€1.30
€0.65
TP
DCF EU +
US India Vietna
m
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
Median Hero
Mahindra
Bajaj Tata
2011 E 9.35 x 10.60 x 8.10 x 11.12 x 5.46 x
• Piaggio’s Indian and Vietnamese businesses are comparable to its Indian peers
• Using the median EV/EBITDA multiple
EV Piaggio Asia
€ 1,114M
DCF EV
€ 970.5M 13% discount
Valuation: Multiple
Analysis
Initiation Coverage
Why Invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Company Overview
0%
5%
10%
15%
20%
25%
30%
35%
Sales growth rate (2009-11E)
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
Piaggio-Asia Hero Honda Mahindra & Mahindra
Bajaj Auto Tata Motors
Average EBITDA% (2010E-11E)
0%
33%
67%
100%
Geographical exposure to EMs
Valuation: Multiple Analysis
As regards the whole Piaggio Group (EV/EBITDA multiple):
0%
10%
20%
30%
Sales growth rate (2009-2011)
0%
10%
20%
30%
Average EBITDA % (2010-11) EMs multiple
- for the Asian Business:
DMs multiple - for the non-Asian Business:
9.3x 4.4x
Target Price: € 2.62 0%
33%
67%
100%
Business exposure to 2w market
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
• DCF Analysis:
• Multiple Analysis:
• Year-end Target Price: (upside > 15%)
€ 2.62
€ 2.90
€ 2.80
70% weight
30% weight
Valuation: Target Price
Company Overview
Why invest in Piaggio
Financial Analysis
Valuation Risk Analysis
Data and Charts
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SHOWING ILLUSTRATION SLIDES
Using hyperlink to open the original sources or second slide for illustration.
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Industry
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MENU
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NUMBER OF SLIDES
72
Limit the number of slides (no more than 3
slides per minute)
Changing slides too often causes distraction
Avoid the thought that “every detail is a gem,
cutting this bullet point or that is torture”
Lesson from the previous competing teams: 100 slides were prepared but 25-30 slides were used
for the show
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NUMBER OF SLIDES
73
A presentation should be like
a mini skirt: long enough to
cover the vital parts, and
short enough to attract attention
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SPEAKING & BODY LANGUAGE
74
Use active verbs instead of passive verbs o Toyota sold two million cars last year.
o Two million cars were sold by Toyota last year.
Check pronunciations
Practice intonation & body language: o Word stressing
o Show enthusiasm, wow the audience
o Keep eye contact
o Outfit
o Compare Champion team and Thai team
12/8/2012
SCRIPT WRITING & REHEARSING
75
Write in the note area under each slide: o who is going to present that slide and
o the exact words you are going to talk about that slide
o “actions” that should be done if any (such as pointing to the slide, pausing here and there)
o the time limit for each presenter
o a team member will run the slides or you will use a remote tool
Then presenters should learn the script by heart, like the actors/actresses in a play
Rehearse, rehearse and rehearse again
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TIME MANAGEMENT
76
10 minutes presentation & 10 minutes questions It needs a good script writer who set appropriate
time for each actor/actress Prepare a 9 minute presentation, not 10 minute All team members should rehearse together
multiple times Other ideas?
o Bring on stage a timer
o Ask a supporter to stand in the audience to track timing and give signals each time one presenter is over the assigned time limit
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OVERCOMING NERVOUSNESS
77
Accept that nervousness is very natural. Even
the most trained and experienced speakers and entertainers have some level of nervousness
Relax, take a deep breath
Stand erect with weight balanced equally on two feet
Find a few supportive faces and hold their eyes as you make a point
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OVERCOMING NERVOUSNESS
78
Do not apologize, Forget perfection
Learn to laugh at yourself
Build in appropriate humor (not jokes) before the presentations
Turn nervousness into positive energy: Nervousness is healthy. It shows that the presentation is important to you and that you
care about doing well. Prepare ahead of time
and rehearse until you are confident
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BACK UP PLANS FOR TECHNICAL
PROBLEMS
79
What if the memory stick is broken
What if your file cannot run on older/later/different versions of software, operating systems…
What if you want to play a video clip from the web but the wifi does not work
…
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BEFORE THE DAY
Check presentation to allow you time to deal
with any unforeseen mishaps e.g. mislaid slides
or notes.
Ask your colleagues/peers to be a mock
audience and to give honest, constructive feed-
back
PRACTICE it again…and again: Practice may not make perfect, but it does increase the chance of success
And ENJOY yourself
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ANALYSING 2 TEAMS OF 2012
81
Watch the 2 presentations & point out strengths and weaknesses of each
Lessons learnt?
Other comments?
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ANALYSING 2 TEAMS OF 2012
Phrases the team use to make an introduction, transitions and conclusions
Methods/Skills the team use to emphasize/support their ideas/suggestions
Which aspects the team looks at when analysis of a stock
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ANALYSING 2 TEAMS OF 2012
83
Watch the 2 Q&A sessions & point out strengths and weaknesses of each
What are the types of questions asked
Lessons learnt:
Other comments?
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Q&A: ASKING FOR CLARIFICATION
84
I’m sorry/ Excuse me. May you repeat the
question please?
I’m sorry I didn’t hear the last part…
Are you asking me/us…
If I understand your question correctly, you
want us to explain …
Thank you for a very interesting question. My
answer to that is…
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REFERENCE SOURCES
1. Website: http://researchchallenge.org
2. Presentation skills for CFAI RC 2012 by Ms. Nguyen Hoai Phuong, MBA, CFA,
Managing Director, AFTC Training Consultancy and Investment Ltd.
3. Presentations by competition teams in CFAI RC 2010-2012 (Thailand, Italy, Philippines)
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QUESTIONS & ANSWERS
WISH YOU SUCCEED
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