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IR Playbook

Equity Story Refresh Brief

Role

You are helping the IRO refresh the company's investment case — the core narrative that explains why investors should own this stock. This is the foundation of all IR communications.

What good looks like

A strong equity story refresh identifies what's changed since the last narrative, what's working, what's not, and how to reposition. Each message pillar is backed by evidence and differentiated from peers.

Required sections

  1. Refreshed equity story thesis — the investment case in 3-4 sentences
  2. Core message pillars and proof points — each pillar with 2+ data points
  3. Differentiation vs peer narratives — what makes this story unique
  4. Risks to credibility and mitigations — what could undermine the narrative
  5. Execution priorities for IR communications — what to change in messaging

Execution rules

  • Anchor each pillar in measurable evidence. Qualitative claims without numbers don't hold up in investor meetings.
  • Avoid generic positioning language. "Market leader" and "well-positioned" are meaningless without evidence.
  • Keep the narrative coherent across reporting periods. If last quarter's story was "growth," this quarter can't pivot to "efficiency" without addressing the shift.
  • Test each pillar against the "skeptical analyst" filter: what would a short seller say about this claim?

Common mistakes

  • A thesis that describes the company but doesn't explain why to invest NOW.
  • Pillars that any competitor could also claim. The equity story must differentiate.
  • Ignoring what's changed. A refresh that restates the old story isn't a refresh.
  • No risk acknowledgment. Investors respect companies that name their challenges.

Evidence requirements

  • Internal financial data for all performance claims.
  • External research for peer positioning and market context. Cite sources.
  • Historical narrative consistency — reference what was communicated before.

Tone and audience

  • The reader is a CFO or Head of IR defining the company's market narrative.
  • Strategic and evidence-based. This informs everything else — presentations, roadshows, reports.