Quick-fire Q&A with IR professionals
Thomas Fischler is head of IR at Drägerwerk, which won the grand prix for best overall IR by a small cap at the IR Magazine Awards – Europe 2014.
1. How long have you worked in investor relations?
I’ve been in investor relations for the last six years. The first three years were purely debt IR for a bank. Then I joined Drägerwerk [the medical equipment and safety systems company] and started doing equity IR.
2. What did you do before your current role?I started my career as a strategy consultant. After working at an internet start-up for some time, I joined a listed company in the finance function. After that I was a banker for some years before joining the IR team.
3. What are your qualifications?
I studied business at the European Business School in Germany, France and the US. My time abroad really made me want to pursue a career where I have a lot of international exposure.
4. How is your team set up?
The organizational set-up of the IR function at Dräger is pretty much a one-man show, but of course there is a very close collaboration with the other finance functions and colleagues in media.
5. Do you receive support from any external IR firms?
I use an external database for my targeting activities. And we receive support for our shareholder ID and annual report.
6. How many roadshows and investor conferences do you take part in every year?
We spend about 20 days on the road for non-deal roadshows and conferences. We also often have investors come for on-site visits at our headquarters.
7. Do you hold investor days?
Once a year we have an analyst/investor meeting in Frankfurt with the board. Aside from that, I invite investors to our most important fairs, where they can meet with Dräger’s managers as well as see our product launches.
8. Do you use social media?
Yes and no. As a company we have accounts with Facebook, Twitter, YouTube and so on, but so far I do not use them for IR-specific messages. I just do not have the capacity to manage replies and posts in these channels.
9. What is the most popular question from investors now?
As we have just released new mid-term guidance, questions are all about the assumptions and measures [needed] to reach our guided top-line growth and higher profitability.
10. What’s been your biggest challenge over the last year?
Explaining why we are investing in growth markets, even if it means lowering short-term profitability targets.
11. What’s your favorite part of investor relations?
In IR you need to know the big picture as well as the nitty-gritty details. It can be a real challenge to stay ahead of developments. Plus, you must understand the internal and external views of the company. Mastering all this is fun!
12. And what’s your least favorite part?
When it becomes obvious in a meeting that I am just being used to validate an investment idea about a competitor. Fortunately that happens quite rarely.
13. What do you enjoy doing outside of work?
Spending time with my family. On weekends that normally means going to my children’s sporting events.
14. How is the IR role changing?
Conducting your own investor targeting is becoming more common. Investor databases are powerful tools that mean we do not have to rely on brokers alone for market access.
15. If you could pass on one lesson, what would it be?
I think consistency and honesty build trust. Nobody wants to speak to IR and have the feeling that every critical topic is put in an overly positive light.