CFAI ResearchChallenge Presentation Skill 08Dec2012

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

http://researchchallenge.org/


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.


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


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


Financial Analysis


Data and Charts

Company Overview


Financial Analysis


Data and Charts

Company Overview

Financial Analysis


Data and Charts


Company Overview


Financial 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


Company Overview

Financial Analysis


Data and Charts


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



• Unsuccessful product launches

Company Overview


Financial Analysis


Data and Charts







Source: Politecnico

Estimates

Risk analysis: Risk matrix Risk analysis: Risks from

Asia

Source: Pacific Exchange Rate

Service

Company Overview


Financial Analysis


Data and Charts

• Increase in energy,

raw materials and

components costs


• Increase in energy,

raw materials and

component costs


-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


Financial 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


Data and Charts


Why invest in Piaggio: Expansion in Asia

Vietnam

Malaysia Indonesia

Thailand Taiwan

Potential Market: 3M

vehicles Potential

Market: 11M vehicles

Company Overview

Financial Analysis


Data and Charts


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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


Financial Analysis


Data and Charts

Company Overview • Latest results

Company Overview

Financial 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:


Company Overview • Our Rating

Company Overview

Financial Analysis


Data and Charts

BUY

HOLD

Price (03/31/11): €2.41 12 M Target Price: €2.8 Upside: 16.2% Rating: BUY


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


Company Overview


Financial 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%


€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


Financial 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


Company Overview

0%

5%

10%

15%

20%

25%

30%

35%

Sales growth rate (2009-11E)

Company Overview


Financial 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


Financial 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


Financial 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

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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

12/8/2012

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

12/8/2012

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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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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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?

12/8/2012

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…

12/8/2012

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)

http://researchchallenge.org/

12/8/2012

QUESTIONS & ANSWERS

WISH YOU SUCCEED

87

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CFAI ResearchChallenge Presentation Skill 08Dec2012

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