How to Use Sentieo Plotter to Visualize Both Financial and Non-Financial Metrics To Gain Insights Quickly

Plotter is one of the main modules of the Sentieo integrated research platform. Here are some of Plotter’s benefits:

  • Customizable visualization of financials and non-financial data (such as web traffic, sentiment, document search counts, FRED macro series)
  • Statistical overlays — such as means, moving averages, standard deviations and correlations — in 3 or less clicks
  • Relationship creation between series, such as market-cap weighted P/Es
  • The ability to upload one’s own datasets, as well as download any dataset
  • The ability to save and share one’s work using a public viewer link, internal messaging, and email
  • The ability to add charts to a note or to a formatted thesis write-up

Below, we will demonstrate a few uses for this very versatile tool.

Here is a simple combination of financial, valuation and non-financial data. As you probably know, Sentieo has NLP-based sentiment analysis for quarterly transcripts as a standard feature. This sentiment analysis can be accessed not just inside the transcripts themselves, but also in our Plotter and in our Screener.

Below we have plotted management sentiment from the Stamps.com quarterly calls, against the stock price and a rolling next twelve months price-to-earnings ratio (NTM PE). We can see that the sentiment decline preceded the drop in the stock price and the contraction in valuation. Interactive chart: http://snt.io/A8F2E6Hqk

In this chart, we have created a custom web traffic “market share” for Align Technologies (parent of the Invisalign orthodontic product). We combined the web traffic data for the three players in the industry, and calculated the share for ALGN. We also added the ALGN stock price. In order to align the traffic to the stock price, we did a one-quarter offset, and we can see that the two charts align (no pun intended) fairly well. Since getting braces is a large ticket purchase with a lot of research involved, web traffic has been a good proxy for this stock’s price moves. Interactive chart: http://snt.io/99F2E7WY1

Sentieo Plotter’s integration of several alternative data sources make it possible to follow social media and search trends for any topic. This is particularly useful for single-brand companies or entertainment titles. On this popular chart, we have plotted Twitter mentions of Game of Thrones, along with search trends for the topic, AND search trends for HBO. We can easily observe two things: interest in the series has been steadily increasing over the years, with the current season being extremely strong. We can also see that search trends for the “parent” HBO (in fuchsia) are very closely aligned with those of the show. Interactive chart: http://snt.io/KqF2E7oe4

Plotter can also be used to visualize the relationships between macro trends and an individual firm’s performance. In this chart, we show three very different datasets to move from “the macro” to “the micro.” The red line represents the U3 unemployment rate from our FRED Macro integration. The green bars depict monthly counts of restaurant transcripts that mention wage inflation (with synonyms)— just  a one-click export from our Document Search. Finally, we overlaid a four-quarter moving average of The Cheesecake Factory (CAKE) LTM EBIT margin (blue dotted line). We can immediately connect the dots: labor expenses ramp up very quickly once the unemployment rate hits about 5.5%, and the margin declines follow very quickly.   

Interactive chart: http://snt.io/5HF2E7xpH

Here we have used the built-in calculations capability twice. You can see all the hidden data sets by clicking on and off the eye icon or the legend at the bottom. First, we pulled in the NTM P/Es and market caps for CVS and Walgreens Boots (WBA), along with the NTM PE for the S&P 500 index. We then constructed a market-cap weighted NTM PE average for our two-member drugstore index. We then divided the S&P 500 NTM PE by that index PE to see how the industry valuation has moved against the overall market. Finally, we added the 10-year mean and 3-standard deviation bands (both with a single check box). We observe that our custom sector’s valuation has really contracted against the overall market. Is this an opportunity?

Interactive chart: http://snt.io/7JF2E8fBk

Sentieo’s Mosaic alternative data composite index can also be used in Plotter. We can see major and relentless deceleration in the alternative data composite index (the dashed line, 91-day MA) well before the APRN IPO, and the disappointing revenue (green) and stock price performance (red) since. Interactive chart: http://snt.io/3GF2E9Vgb

Finally, Sentieo Plotter can be used for visualizing data extracted from tables in SEC filings with our unique, ML-based Table Explorer tool. Below we have chained the reported income statement for CAKE in one click from 8-K filings. Note both the mini-Plotter preview for any line item, as well as the export to Plotter button in the upper right.

The Table Explorer chains not just tables with financials: it can be used for chaining any tables, such as ones with reported KPIs. For example, below we have pulled Chipotle’s comparable restaurant sales from the earnings 8-K to Table Explorer in one click, and then exported them to Plotter in two clicks (row selection and export), where we can combine them with many other metrics.

 

The export to Plotter looks like this. This dataset can then be saved for future use (such as for comparisons with another company’s KPIs or statistical operations). Interactive chart: http://snt.io/DGF2GH3eQ

Plotter is just one of the modules in Sentieo’s integrated platform. To learn more, please get in touch or watch our webinar!

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Slack’s S-1: Our Read-Through and Analysis

Sentieo was an early adopter of Slack. As a global company with 170 employees across several offices and time zones, we immediately saw the value of Slack “channels,” or topic-centric communication venues that are a place for instant internal discussions, updates, file-sharing, and even new employee onboarding (see our current openings).

Naturally, we were very intrigued by the Slack S-1 filing (see here). Below are the Sentieo-powered annotations we made as we read through the document.

The company explains what it does in two areas: Slack is where “work happens,” but it also replaces work email.

We also noted the tried-and-true “freemium” business model; the company has both free and paid plans. Slack has over 600,000 customers, 88,000 of which pay for the software. The typical user spends nine hours connected to Slack and over 90 minutes being active on the platform:

We completely agree with the benefits they list below, because we’ve seen the results in our own organization: increased engagement, valuable integration, better communication, and a running archive.

We are not alone in our Slack fandom: 87% of surveyed users agreed with us.

As for market positioning, while Slack lists several factors that help the business, we think that the focus, early lead, network effects, and switching costs (in our words) are key.

Slack’s growth strategy seems like “Business 101” — more customers, more business from existing customers, and more integrations (which make the product stickier).

Just like us, Slack is investing heavily in AI/machine learning, search, and other advanced technologies to improve workflows.

Revenue and revenue growth are absolutely spectacular. Slack went from an already sizable base of $105 mm in FYE Jan 2017 to over $400 mm in FYE Jan 2019. While the revenue quadrupling in two years is impressive, we also see gross profit going up 4x, and losses at the EBIT level flatlined over this time period. This indicates that Slack is scaling very well (in contrast to other recent S-1 filers and IPOs where losses have been growing with revenues).

Slack’s operating metrics are also going in the correct direction: paid users growing, large paid users growing, and net dollar retention comfortably over 100% (meaning that Slack is growing its revenue from retained accounts).

Related to this, the company provides a great annual cohort graphic.

The quarterly metrics reveal absolutely no seasonality in revenues. It’s growth, growth, growth!

Slack S-1
Slack S-1

Slack does both custom and standard third-party integrations with other tools. This, in our view and experience, is critical to Slack’s “centrality” within a business.

Slack S-1

Slack lists personnel as a Risk Factor:

Slack S-1

Slack’s corporate governance disclosures show a structure similar to other recent tech IPOs: supervoting stock, staggered board, and others.

Slack S-1

Analysts doing the work on the offering need to consider the disclosure that the offering would have been an equity award trigger event (page 90) and the subsequent events on page F-37. (Yes, we did read the whole filing).

Slack S-1
Slack S-1

Since the company is doing a direct listing (like Google did) vs. a traditional underwritten IPO, AND there has been a secondary private market in the shares for years, we appreciate that the company included pricing and volume data.

Slack S-1

The company has over $600 mn in cash/bonds, and went as far as a Series H-1 in funding, raising almost $1.4 bn.

Slack S-1
Slack S-1

Current shareholders table:

Slack S-1

One final interesting tidbit: due to Board affiliation, payment processor Square Inc. is considered a Related Party. Square is paying Slack $230,400 for the current year.

Searching Square’s 10-K Business Description section (for Sentieo users: in:10k:BSN employees), we see that Square has 3,349 employees but also uses contractors. To ball-park the number, this indicates a price of $69/employee/year (about 50% off from the $150/year/employee for the more expensive Plus plan listed on the Slack website currently).

If you are interested in learning how Sentieo can make you more productive, please get in touch with us.

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5 Big Takeaways Regarding Autonomous Vehicles from LYFT and UBER’s IPO Filings

With the Lyft IPO already behind us and the Uber IPO coming up, we took at look at what both companies are saying regarding autonomous vehicles (AV) in their filings with the SEC. While the AV space is undeniably exciting, we like reading the actual filings since the statements there are heavily reviewed. We read through UBER’s most recent S-1/A and LYFT’s post-IPO 424.

Here are our five main takeaways, in the companies’ own words:

1) Autonomous vehicles are just a few years away, and both companies are investing heavily:

 

“We believe that autonomous vehicles will be an important part of our offerings over the long term, and in 2018, we incurred $457 million of research and development expenses for our ATG and Other Technology Programs initiatives.”

ATG was established in 2015 in Pittsburgh with 40 researchers from Carnegie Robotics and Carnegie Mellon University. ATG has primary engineering offices in Pittsburgh, San Francisco, and Toronto with over 1,000 employees. ATG has built over 250 self-driving vehicles, collected data from millions of autonomous vehicle testing miles, and completed tens of thousands of passenger trips.”

“ATG focuses on developing autonomous vehicle technologies, which we believe have the long-term potential to provide safer and more efficient rides and deliveries to consumers, as well as lower prices.”  (Uber S-1/A)

 

We are investing in autonomous vehicle technology, which we believe will be a critical part of the future of transportation. Our strategy is always to be at the forefront of transportation innovation, and we believe these investments will continue to position us as a leader in TaaS.”

“We will also continue to make significant investments in autonomous vehicle technology, such as our Open Platform and Level 5 Engineering Center, to achieve our vision of integrating autonomous vehicle technology into our platform to complement drivers on our platform and increase availability.”

“We are investing in autonomous technology and employ a two-pronged strategy to bring autonomous vehicles to market. Our Open Platform provides market-leading developers of autonomous vehicle technology access to our network to enable their vehicles to fulfill rides on our platform. Simultaneously, we are building our own world-class autonomous vehicle system at our Level 5 Engineering Center, with the goal of ensuring access to affordable and reliable autonomous technology. We believe that the strength of our brand, our trusted relationships with riders and our expertise in operating a ridesharing network at scale, as well as our two-pronged strategy to bring autonomous vehicles to market, will be competitive advantages that will enable us to capture value in the emerging autonomous vehicle ecosystem.”

“Within 10 years, our goal is to have deployed a low-cost, scaled autonomous vehicle network that is capable of delivering a majority of the rides on the Lyft platform.” (Lyft post-IPO 424.)

 

2) The autonomous vehicle “winners” are unclear (UBER/LYFT vs. legacy car makers vs. new entrants).

Interestingly, UBER does not mention LYFT as an AV competitor but LYFT does mention UBER.

 

We also compete with OEMs and other technology companies in the development of autonomous vehicle technologies and the deployment of autonomous vehicles, including Waymo, Cruise Automation, Tesla, Apple, Zoox, Aptiv, May Mobility, Pronto.ai, Aurora, and Nuro, whose offerings may prove more effective than our autonomous vehicle technologies. Waymo has already introduced a commercialized ridehailing fleet of autonomous vehicles, and it is possible that our other competitors could introduce autonomous vehicle offerings earlier than we will.” (Uber S-1/A)

 

“There are also a number of companies developing autonomous vehicle technology that may compete with us in the future, including Alphabet (Waymo), Apple, Baidu, Uber and Zoox as well as many other technology companies and automobile manufacturers and suppliers.” (Lyft post-IPO 424.)

 

3) There won’t be an autonomous vehicles “cliff.” Humans and AVs will coexist on the road (a “hybrid autonomy”), but the transition might not be smooth:

 

Along the way to a potential future autonomous vehicle world, we believe that there will be a long period of hybrid autonomy, in which autonomous vehicles will be deployed gradually against specific use cases while Drivers continue to serve most consumer demand. As we solve specific autonomous use cases, we will deploy autonomous vehicles against them. Such situations may include trips along a standard, well-mapped route in a predictable environment in good weather. In other situations, such as those that involve substantial traffic, complex routes, or unusual weather conditions, we will continue to rely on Drivers. Moreover, high-demand events, such as concerts or sporting events, will likely exceed the capacity of a highly utilized, fully autonomous vehicle fleet and require the dynamic addition of Drivers to the network in real time”

“Further, we are investing in our autonomous vehicle strategy, which may add to Driver dissatisfaction over time, as it may reduce the need for Drivers.” (Uber S-1/A)

 

Our ridesharing network is positioned to facilitate the gradual introduction of autonomous vehicles on select, defined routes to complement human drivers. We have set ambitious goals for Lyft to broadly deploy autonomous vehicle technology. In the next five years, our goal is to deploy an autonomous vehicle network that is capable of delivering a portion of rides on the Lyft platform. Within 10 years, our goal is to have deployed a low-cost, scaled autonomous vehicle network that is capable of delivering a majority of the rides on the Lyft platform. And, within 15 years, we aim to deploy autonomous vehicles that are purpose-built for a broad range of ridesharing and transportation scenarios, including short- and long-haul travel, shared commute and other transportation services.” (Lyft post-IPO 424.)

 

4) The legal framework around autonomous vehicles is unclear:

 

We expect that governments will develop regulations that are specifically designed to apply to autonomous vehicles. These regulations could include requirements that significantly delay or narrowly limit the commercialization of autonomous vehicles, limit the number of autonomous vehicles that we can manufacture or use on our platform, or impose significant liabilities on manufacturers or operators of autonomous vehicles or developers of autonomous vehicle technologies.”

“Failures of our autonomous vehicle technologies or additional crashes involving autonomous vehicles using our technology would generate substantial liability for us, create additional negative publicity about us, or result in regulatory scrutiny, all of which would have an adverse effect on our reputation, brand, business, prospects, and operating results.” (Uber S-1/A)

 

There are a number of existing laws, regulations and standards that may apply to autonomous vehicle technology, including vehicle standards that were not originally intended to apply to vehicles that may not have a human driver. Such regulations continue to rapidly evolve, which may increase the likelihood of complex, conflicting or otherwise inconsistent regulations, which may delay our ability to bring autonomous vehicle technology to market or significantly increase the compliance costs associated with this business strategy.” (Lyft post-IPO 424.)

 

5) Publicity risks around AVs are real and they produce real setbacks.

 

“Autonomous vehicle technologies involve significant risks and liabilities. We have conducted real-world testing of our autonomous vehicles, involving a trained driver in the driver’s seat monitoring operations while the vehicle is in autonomous mode. In March 2018, one of these test vehicles struck and killed a pedestrian in Tempe, Arizona. Following that incident, we voluntarily suspended real-world testing of our autonomous vehicles for several months in all markets where we were conducting real-world testing, which was a setback for our autonomous vehicle technology efforts.” (Uber S-1/A)

 

“Accidents, defects or other negative incidents involving autonomous vehicles on our platform.”

Public perception regarding the safety of autonomous vehicles for drivers, riders, pedestrians and other vehicles on the road.” (Lyft post-IPO 424.)

 

Sentieo Document Search

We collected the information above using Sentieo’s synonym/acronym search capability, after which we used Sentieo’s highlighting and tagging function to send our notes directly into our integrated Notebook for review.

To see for yourself how Sentieo can make you more productive, please get in touch.

 

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The Sentieo Dashboard: A Customizable Home For Your Research

Modern investment processes require the consumption of vast amounts of information from disparate datasets, including news, documents, financials, and your own data. Since these datasets are often living in different places, you might be incurring an accumulation of switching costs that is losing you hours of productivity per week.

Sentieo’s new Dashboard aggregates relevant information across datasets so that you don’t miss key information or lose efficiency from switching contexts to find information. This new interface is comprised of widgets that you can customize to fit your workflow. Whether you are using Sentieo for documents, note-taking, financials, or alternative data, you will want to utilize your Dashboard.

Prices, Financials, Thesis and Alternative Data

The Price Monitor helps you prioritize your portfolio down to your most important companies or tickers. In addition to providing prices and financials, the Price Monitor integrates your alternative data and custom thesis data for a truly cutting-edge process.

For the first time, you can figure out which of your watchlist companies have upside to your own price target, which are trading cheap relative to historical multiples, and which show sentiment at all time highs!

Documents, Saved Searches, Notes, and News

With so much information disseminated across documents, broker research, news, and tweets, it’s really easy to miss pieces of information that could impact your decision making. The Dashboard integrates all of these content sources so that you’re getting the best insights.

A New Way to Work

Gain productivity by accessing the data (from multiple sources) that is most relevant to your entire portfolio. In addition to surfacing the new insights you find from accessing a broader range of data, you will also get back hours of time savings. Try out Sentieo today.

Watch our Webinar all about Dashboard!

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We’ve Added 650+ News and Industry Sources To Sentieo’s Document Search

Sentieo’s industry-leading Document Search welcomes a major new addition: over 650 sources from a leading news provider, inclusive of mainstream publications and industry journals going back 2+ years. This new feature will be available to all current clients as a 30-day trial: please contact your account executive or customer success manager for details, or just contact general support.

We’ve expanded Sentieo’s existing searchable document database that already includes global corporate filings, transcripts, presentations, broker research, and any internally generated documents or notes that you’ve uploaded, such as private deal documents and thesis write-ups.  

These news sources are now an integral part of the Document Search function, with the same full set of advanced functionalities that our clients praise. The integration also means that you get a fuller, global news source coverage for the companies you follow, all in one convenient location.

Full AI-Driven Search: These news sources are (1) fully indexed and searchable with our full suite of synonyms, proximity, Boolean, and other specifications, as well as our improved Relevance scoring, and (2) they go back two years. Users also have granular control over which sources they want included, just as they already do with different filing types or with broker research.

 

Document Ticker Tagging: The articles are auto-tagged with the tickers you are researching, and they work with your existing Watchlists, saving you hours that you may have previously spent organizing.

 

Integration With Sentieo’s Notebook: just like with any other corporate document, the news and industry journals’ text is highlightable, already tagged with the primary ticker, and ready for your additional tagging/annotation, and sharing. Your highlight will then be fully searchable by ticker and tags, just like a highlight from a filing or a transcript.

 

Saved Search Alerts: Sentieo’s saved search alerts already solve a major pain point for knowledge workers by automating and pushing relevant information as it becomes available. Alerts from the newly added sources work just like all other saved search alerts on the platform.

Here are the industries that our partnership covers:

  • Consumer Discretionary
  • Consumer Staples
  • Energy and Utilities
  • Financial & Real Estate
  • Health Care
  • Industrials
  • Macroeconomic
  • Materials
  • Technology & Telecom

Plus:

  • Regulatory Sources
  • Press Releases

 

You can download the full source list hereAgain, please contact your account executive or customer success manager for details, or just contact general support. 

We’ll be having a webinar on April 10th (sign up here) that will cover everything you need to know about searching through these additional sources in Sentieo.

And don’t miss our Table Explorer webinar this Friday!

 

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Introducing Table Explorer: Enhanced Table Extraction and Analysis Across Time

At Sentieo, we are always striving to give fundamental managers the tools to make better decisions faster. Table Explorer (TableX), the next iteration of our suite of table analysis tools, was developed with this vision in mind.  

Model-building is an essential part of the investment process of fundamental managers. Models afford them the ability to develop a deep and differentiated understanding of the machinery of a business, via the interplay between revenues, expenses, and capital accounts. Models also allow for a parameterized flex of assumptions for establishing a differentiated view on a company’s earnings prospects and — by extension — the value of the business overall.

While modeling is critical to the process, the investment world is increasingly driven by algorithm-enabled trading and the large data science departments of multi-billion-dollar hedge funds. Therefore, managers are obligated to pay close attention to the areas where modeling and data visualization can happen faster, and more accurately.

At Sentieo, we believe in an augmented investing approach that uses machine learning and data science to add value to a human-driven investing process.

We’ve rebuilt our table suite from the ground up using a machine learning driven approach validated by trained financial analysts. The new TableX enables Excel-style visualization directly from company filings in a dual-pane window, showing both the Excel data and the source document side by side, enabling an immediate audit of every number.

We’ve added the ability to quickly plot discrete line items in the same window, enabling simple thesis exploration either as a complement or antecedent to further model work. We’ve also added inline calculations to impute fourth-quarter numbers from 10K data, common size analysis, and YoY or QoQ percentage changes. And we show a table of contents of all tables in a document to speed up navigation through company filings.

table explorer table extraction

Then, we integrated TableX with our Plotter app, to further facilitate regression analysis of fundamental metrics like revenue with other metrics like exogenous macroeconomic data or website traffic.

We also integrated TableX with our Notebook app to facilitate thesis sharing among a team or when reporting to a portfolio manager. These workflow tools help money managers develop ideas faster and stay more organized with their ideas.

Lastly, we facilitate export to Excel so that the audited financial data can be used as a backing database for your own models.  We include links back to the document in the export, and in future releases, we will enable “one-click” refreshing of base data sheets in models.

The end goal of Table Explorer is to give fundamental money managers the tools to observe-orient-decide-act faster, in order to win in a high velocity investing landscape. Get a free trial of Sentieo here, or tell us what you think of the new TableX!

4-Minute Videos on How to Use Table Explorer:

Navigating Table Explorer:

Common Size Analysis in Table Explorer:

Get a free trial of Sentieo here, or tell us what you think of the new TableX!

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Introducing Sentieo Relevance Search

Sentieo’s overarching mission is to augment human decision-making through the application of the latest technologies. We are proud to demonstrate this with our most recent improvement to the platform:

Sentieo Continues to Lead In Search Tech with Relevance Search

Clients already love our smart Document Search, which offers:

  • tens of millions of documents, searchable across many dimensions
  • 1000+ synonyms/acronyms
  • extended Boolean operators and proximity
  • in-section/in-table/in-footnote searches
  • saved search alerts
  • extensive document tagging including sell-side report classifications
  • search statistics for quantifying trends
  • seamless integration into notes, and much more.

The newly released Relevance scoring algorithm, custom-built by our global team of data scientists, will surface documents most likely to be relevant to your search based on multiple factors derived from the statistical properties of the documents and the queries. For example, some of the factors considered are density within the document (inclusive of synonym matches), clustering, and recency. Relevance scoring is based on true machine learning and will only improve as Sentieo DocSearch “learns” over time. It gives you, the user, more time to focus on analysis where you add value, rather than on tedious searches.

But we didn’t stop there. Another new sorting option is Sorting by Hits — because we know that sometimes you need the most recent documents at the top, sometimes you need the document with the most hits (mentions), and sometimes you need the one that is the most relevant. You can now toggle between these sorting options in one click, which allows you to compare the results before you dive in. You can also sort by document size and by ticker for your multi/all ticker searches. You are in control of the format that fits your needs.

Users will find relevance searches suitable for broad initial overviews of topics: your search might pick up sector primer reports from the sell side, or a very topical deck from a corporate. Users more familiar with a topic might still prefer the reverse-chronological order of documents for the latest on the topic. And, for people getting specifically into details, we have the specialized searches, such as in-transcript, said-by-the-CEO, or in-table searches that let you find the numbers around your topic within seconds.

relevance

And there is still a lot more to come. The 2019 Document Search product pipeline is better than ever, and you will see additional applications of AI/ML coming soon!

 

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[WHITEPAPER] Outsmart The Competition: 7 Best Practices For Becoming A Competitive Intel Ninja

Globalization and the information age have fundamentally changed corporate competitive intelligence.

Not only do you have more information to process than ever before, but you also have to actively monitor developments outside of your field.

So how do you stay on top of everything that is happening with your clients, suppliers and competitors? How can you surface relevant, meaningful information faster? CI professionals should be leveraging existing IP inside your organization, answering ad-hoc questions in a timely and valid manner, and minimizing time spent on rote tasks to focus on more important projects.

We’re here to help! Becoming a CI ninja might seem daunting, which is why we put together this guide to mastering your craft.

Below is a sneak preview of our best practices ebook:

For the rest of our 7 best practices, download the full whitepaper here!?

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New eBook: How To Get The Most Out Of Conference Season 2019

Once earnings season winds down, equity analysts start thinking about investment bank conferences and upcoming meetings with management. While the largest concentration of conferences happens in July and September, conference season happens year-round, so we thought now would be a good time to share our guide.

As conference season begins, you’ve got a lot on your mind. You and your team are getting ready to catch a flight, prepping for multiple days of back-to-back meetings. You want to be as prepared as possible, to ensure that you get the most out of your time away.

But as former analysts, we’ve been in your shoes, so we put together a quick guide to help you out.

Get Mobile

When you’re on the road, your mobile device is your best friend. Don’t miss anything while you’re gone; use a mobile cloud software that allows you to review documents and financials while traveling — anywhere, anytime.

  • Reference financial data and prior conference transcripts on your tablet and phone during meetings with management, so your questions are sharp and you get the most out of your meetings.

 

  • With mobile access, you won’t fall behind if you’re away from an onsite data terminal. (And try not to forget your phone charger at home).

 

Listen Carefully and Read Management’s Body Language

Management presentations will typically seem optimistic, but look for clues and ask tough questions to get to key nuggets of information. Try to scope out and take notes on indicators such as:

  • Management speaker confidence
  • Openness about risks (generally thought of as a sign of genuine enthusiasm)
  • Covering one’s neck (i.e. subconsciously seeking to protect a vulnerable part of their body) is a sign of discomfort, as is adjusting a tie, loosening a collar, or rubbing the forehead.
  • Executives who are uncomfortable with what they are saying often use “distancing language,” changing pronouns from “I” and “we” to “the company.”

 

Some other things to look out for in management presentations:

  • Comments on liquidity: trends in cash flow (or lack there-of) on balance sheet
  • Use of credit lines (are they too dependent on these?)
  • Press activity (press releases, PR firm hiring, poaching talented executives, new product announcements, focus on research and development, or R&D)

 

Prep Your Questions 

 

  1. Prepare and store your questions for conference meetings within a system that you can access while you’re in the meeting room, ideally from your mobile device.
  2. As the meetings occur, keep organized and also take notes within your mobile app. Tag them by ticker, topic, or your own keywords for easy retrieval after the trip.

For the rest of our tips, please download the whole eBook here!

 

Investment Bank Conferences in 2019

We compiled a list of websites with the dates for investment bank conferences, below for your reference. There are a few large banks (Goldman Sachs, Morgan Stanley) and smaller firms that do not have lists, but this should help you make sure you don’t miss any upcoming conferences.

 

JP Morgan

 

Credit Suisse

 

Deutsche Bank

 

UBS

 

Barclays

 

Citi Equities

 

Jefferies

 

Baird

 

Raymond James

 

For the rest of our tips, please download the whole eBook here.

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Word On The Street: The Most Popular Transcript Keywords Of 2018, By Sector (An Annual Report By Sentieo)

Every year, thousands of pages of earnings call transcripts are generated and analyzed by equity analysts for signals about how individual companies — and the market — will perform. Our 2018 Word On The Street report demonstrates how Sentieo’s Document Search and Transcript Sentiment tools make that data more accessible to researchers.

How It Works

We used Sentieo’s natural language processing technology to scrape all the earnings transcripts published in the last year. We then processed and cleaned the data to distinguish the keywords in the text. We highlighted the words in each transcript that occurred on the greatest weighted average basis. We also eliminated filler words (like “or”, “and”, etc.) and conducted analytics on the cleaned data, like part-of-speech tagging (picking out nouns and verbs for semantic analysis) and sentiment analysis (quantifying the tone of the text).

Natural language processing powers the Sentieo platform’s document search and transcript sentiment functionality, putting its users at the forefront of financial research technology.

The Most Popular Transcript Keywords Of 2018, By Sector

Our 2018 report spans all sectors – from consumer discretionary to utilities. Here’s a sample page of our report on the Consumer Staples sector. For the full, free report, please download it here.

We want to hear your thoughts on this report, or any of our other whitepapers! Your feedback is welcome at hello@sentieo.com. For a free trial of Sentieo or to learn more, get in touch here.

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