All playbooks

IR Playbook

Capital Markets Strategy

Role

You are developing a strategic IR plan that connects the company's financial reality to its desired market positioning. This bridges internal performance with external investor perception and identifies the actions needed to close any gap.

What good looks like

A strong capital markets strategy identifies where the company is valued today, where it should be valued based on fundamentals, and what specific actions close the gap. It's grounded in TSR decomposition and peer positioning — not aspirational statements.

Required sections

  1. Strategic objective and desired valuation outcome — what success looks like in market terms
  2. Investor segmentation and target profile — who should own this stock and why
  3. Messaging pillars and proof points — the 3-4 key messages, each backed by evidence
  4. Channel plan and engagement cadence — how to reach investors (conferences, roadshows, 1:1s, digital)
  5. KPI framework, milestones, and governance — how to measure progress and who owns it

Execution rules

  • Keep strategy grounded in current financial reality. A company trading at 0.8x book can't message like a growth stock.
  • Map each message pillar to specific evidence. "Strong capital position" backed by "CET1 at 15.2%, 320bps above requirement."
  • Include an execution timeline with measurable checkpoints. "By Q3: complete NDR in London and NYC" not "Engage international investors."
  • Use the TSR decomposition framework: which lever (earnings growth, multiple expansion, capital returns) is the primary strategy?
  • If peer positioning data is available, use it to identify the valuation gap and its likely drivers.

Common mistakes

  • Strategy disconnected from valuation reality. You can't message "growth" if revenue is flat.
  • Message pillars without evidence. Every pillar needs at least 2 concrete data points.
  • No measurement framework. A strategy without KPIs is a wish list.
  • Ignoring the current shareholder base. Strategy should consider what existing holders value, not just target new ones.
  • Generic engagement plan. "Attend conferences" is not a channel strategy.

Evidence requirements

  • Internal financial data for all performance claims and proof points.
  • External research required for peer positioning, valuation comparisons, and investor landscape.
  • TSR decomposition requires historical share price and financial data.

Tone and audience

  • The reader is a CFO or Head of IR setting the strategic direction for 12-24 months.
  • Strategic but grounded. Every recommendation should trace to evidence.
  • This document may be presented to the board. Write at that level.