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Investment Thesis: An Argument in Support of Investing Decisions
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Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.
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Skylar Clarine is a fact-checker and expert in personal finance with a range of experience including veterinary technology and film studies.
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What Is an Investment Thesis?
An investment thesis is a reasoned argument for a particular investment strategy, backed up by research and analysis. In the financial world, an analyst may prepare a formal document outlining an investment thesis for presentation to potential investors or an investment committee.
Key Takeaways
- An investment thesis is a written document that recommends a new investment, based on research and analysis of its potential for profit.
- Individual investors can use this technique to investigate and select investments that meet their goals.
- Financial professionals use the investment thesis to pitch their ideas.
An investment thesis can help individual investors evaluate investment ideas and select the ones that can best help them meet their investment goals.
As with any thesis, an idea may surface but it is methodical research that takes it from an abstract concept to a recommendation for action. In the world of investments, the thesis serves as a game plan.
Understanding the Investment Thesis
Most investment theses are in written form, and can be used to look back and analyze why a particular decision was made in the first place—and whether it was the right one.
Let's say an investor purchases a stock based on the investment thesis that the stock is undervalued. The thesis further states that the investor plans to hold the stock for three years, during which its price will rise to reflect its true worth. At that point, the stock will be sold at a profit.
A year later, the stock market crashes and the investor's pick crashes with it. The investor recalls the investment thesis, relies on the integrity of its conclusions, and continues to hold the stock.
That is a sound strategy unless some event that is totally unexpected and entirely absent from the investment thesis occurs. Examples of these might include the 2007-2008 global financial crisis or the Brexit vote that forced Great Britain out of the European Union in 2016. These were highly unexpected events, and they might affect someone's investment thesis.
If you think your investment thesis holds up, stick with it through thick and thin.
As markets ever evolve, so do the ideas and strategies investment professionals believe are best suited to take advantage of growth and value creation opportunities.
Documenting an Investment Thesis
An investment thesis is generally formally documented, but there are no universal standards for the contents. Some require fast action and are not elaborate compositions. When a thesis concerns a big trend, such as a global macro perspective, the investment thesis may be well documented and might even include a fair amount of promotional materials for presentation to potential investing partners.
In the last few decades, portfolio management has become a science-based discipline, not unlike engineering or medicine. As in those fields, breakthroughs in basic theory, technology, and market structures continuously translate into improvements in products and in professional practices. The investment thesis has been strengthened with qualitative and quantitative methods that are now widely accepted.
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How to Build a Compelling Investment Thesis for Your Investor Presentation
In a recent blog post, “ Giving Life to Your Investor Presentation ,” David Calusdian suggests a number of valuable ways to improve not only the investor presentation itself but importantly the delivery of the content. One critical element identified by David is the development of a strong investment thesis that ultimately binds the presentation together. What are the secret ingredients that make for a compelling investment thesis? The answer to this question lies with investors and Wall Street analysts – your audience. As a former equity analyst, global sector head and portfolio manager who’s constructed, presented and reviewed hundreds of investment theses, here are several elements worth mentioning:
- First, many investors may not understand wavelength-division multiplexing or chemical vapor deposition. They will, however, understand accounting terminology and a broader financial language, allowing them to standardize and compare companies across diverse industries. Don’t ignore this. Embrace it. Use this financial language including core revenue growth, operating margin leverage and capital returns to reach out, command attention, and explain why investors should take a position in your company.
- Second, though it’s important to highlight your core product or service, it is vital to include an investment thesis point that clearly articulates the top-line growth trajectory of your organization, organically or through acquisitions. International growth, technology adoption or re-invigorating existing markets all will resonate positively within your audience’s financial mindset. New products that penetrate existing markets or open up entirely new markets encourage investors and sell-side analysts to assign a higher valuation multiple to a stock, purchase additional shares and help lift its price.
- Third, revenue growth alone is not acceptable. Though not every investor will be a staunch Graham and Dodd practitioner, most agree that operating leverage is necessary to generate free cash flow that unlocks valuation. Therefore, a second investment thesis point should focus on the company’s ability to drive operating profitability. Either through fixed cost leverage or Lean cost efficiencies, operating leverage can come from a number of sources. Don’t be afraid to highlight these.
- Lastly, we now have built an investment thesis around a company that generates revenue growth and operating leverage. Are we finished? Not quite. It simply isn’t good enough to generate free cash flow. In today’s financial marketplace where you compete for a finite amount of investor dollars just as aggressively as your company competes in the physical marketplace, management must demonstrate that it’s a judicious purveyor of capital. What you do with the capital is just as important as how you generate the cash flow. Balance sheet metrics or returns on capital can be instrumental in providing your current and potential shareholders with a report card on how well you managed their capital.
In conclusion, don’t forget to speak the financial language of your audience when building an investment thesis. Compelling theses offer revenue, operating leverage and returns elements that communicate a story that is best understood and accepted by investors.
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Investor Presentation , Investment Thesis , Strategic Messaging , Presentation Training , Sell-side Coverage , Investor Conference , Investor Relations
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Investor Relations
From a hidden champion in Germany to the leading online broker in Europe
flatexDEGIRO operates the leading and fastest growing online brokerage platform in Europe, executing more than 90 million paperless securities transactions in 2021. More than 2.2 million customers are serviced via the flatex and DEGIRO brands and offered a wide range of independent products at competitive pricing, based on a modern, in-house state-of-the-art technology.
With flatex’s acquisition of DEGIRO in July 2020 flatexDEGIRO became the largest retail online brokers in Europe. In a time of bank consolidation, low interest rates and digitalization, flatexDEGIRO is thus ideally positioned for further growth. Until 2026, we aim to serve 7-8 million customers and execute at least 250-350 million transactions per year - even in a year with only low volatility.
Key Performance Indicators flatexDEGIRO
*based on shares outstanding as of 12/31/2021
Achim Schreck
Head of IR and Corporate Communications Mobile +49 160 92774570 [email protected] Omniturm Große Gallusstraße 16-18 60312 Frankfurt am Main
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Investment thesis
Encompass Health’s ability to adapt to changes, build strategic relationships, and consistently provide high-quality, cost-effective care positions the Company for success in the evolving healthcare industry.
Change agility
Demonstrated ability to adapt across economic cycles and in the face of numerous and significant regulatory and legislative changes
Strategic relationships
Joint ventures with acute-care partners comprise one-third of Encompass Health’s inpatient rehabilitation hospital portfolio.
Formed Post-Acute Innovation Center in collaboration with Cerner Corporation to develop enhanced tools to manage patients across the continuum of care
Partnered with the American Heart Association/American Stroke Association to jointly work to elevate national and local awareness that stroke is treatable and beatable through rehabilitation and community support
Quality of patient outcomes
Outcomes exceed national industry standards.
Cost effectiveness
Treatment of more medically complex patients at lower average costs than other post-acute providers through superior clinical protocols, economies of scale, and technology-enabled business processes.
Encompass Health benefits from favorable demographic trends and the nondiscretionary nature of many conditions treated.
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An investment thesis is a written document that recommends a new investment, based on research and analysis of its potential for profit. · Individual investors
Thesis. Submitted in partial fulfillment of the requirements for the degree of. Master of Science in Public Relations. Syracuse University. August 2015. Page 4
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Achim Schreck · flatexDEGIRO · Company · Responsibility · Investor Relations · Media · Career · Investoren Newsletter.
Investment thesis · Change agility · Strategic relationships · Quality of patient outcomes · Cost effectiveness · Growth · Get the Investor Reference Book · Email
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A Thesis. Presented to. The Faculty of the School of Communication ... knowledge investor relations professionals can use to prevent and/or respond to.