Mirrabooka Investments Ltd · ASX:MIR

Mirrabooka Investments — Shareholder Meeting (October 2015)

26 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 5, 2015

  1. Slide 1: 2015 Annual General Meeting Presentation

    5 October 2015 For personal use only The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2015 Annual General Meeting Presentation Dear Sir / Madam The following presentation w

  2. Slide 2: Annual General Meeting 2015

    For personal use only ANNUAL GENERAL MEETING 2015

  3. Slide 3: Disclaimer

    DISCLAIMER For personal use only Mirrabooka Investments Limited, its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as t

  4. Slide 4: Overview of Mirrabooka

    For personal use only OVERVIEW OF MIRRABOOKA ANNUAL GENERAL MEETING 2015

  5. Slide 5: Mirrabooka has a different profile from the large cap sector

    MIRRABOOKA HAS A DIFFERENT PROFILE FROM THE LARGE CAP SECTOR – THIS CAN BE DIFFICULT FOR RETAIL SHAREHOLDERS TO REPLICATE For personal use only Selected Industry Exposures ANNUAL GENERAL MEETING 2015

  6. Slide 6: How risk is managed within the portfolio

    HOW RISK IS MANAGED WITHIN THE PORTFOLIO • Limit financial risk by focusing on balance sheet strength. For personal use only • Invest in some companies with high ownership by those running the business. • Take small starting positions and add in any weakness. • Sell when there is an adverse change f

  7. Slide 7: Mirrabooka's portfolio per annum returns to August 2015

    MIRRABOOKA’S PORTFOLIO – PER ANNUM RETURNS TO 31 AUGUST 2015 INCLUDING FRANKING CREDITS For personal use only After tax and expenses. Ignores benefits of LIC tax credits. ANNUAL GENERAL MEETING 2015

  8. Slide 8: Cumulative portfolio growth including franking credits

    CUMMULATIVE PORTFOLIO GROWTH INCLUDING FRANKING CREDITS* SHOWS THE BENEFIT OF COMPOUND RETURNS - 10 YEARS TO 31 AUGUST 2015 For personal use only * Assumes the reinvestment of dividends. This chart calculates the benefit of franking credits at the time dividends are paid for both Mirrabooka and the

  9. Slide 9: Full Year Financial Summary

    FULL YEAR FINANCIAL SUMMARY For personal use only ANNUAL GENERAL MEETING 2015

  10. Slide 10: Earnings per share and dividends per share

    EARNINGS PER SHARE AND DIVIDENDS PER SHARE For personal use only ANNUAL GENERAL MEETING 2015

  11. Slide 11: The Portfolio

    For personal use only THE PORTFOLIO ANNUAL GENERAL MEETING 2015

  12. Slide 12: Portfolio at August 2015

    PORTFOLIO AT 31 AUGUST 2015 Diversification of the Portfolio Top 10 Holdings For personal use only – 87 holdings in total Rank Company % of Portfolio 1 Qube Holdings 3.1% 2 Tassal Group 3.1% 3 Ansell* 2.9% 4 Lifestyle Communities 2.8% 5 IRESS 2.5% 6 ResMed* 2.5% Treasury Wine 7 2.4% Estates 8 Equity

  13. Slide 13: Portfolio at August 2015 continued

    PORTFOLIO AT 31 AUGUST 2015 CONTINUED Diversification of the Portfolio Next 10 Holdings For personal use only – 87 holdings in total Rank Company % of Portfolio 11 Alumina 2.2% 12 Amalgamated 2.2% Holdings 13 iProperty Group 2.1% 14 Nufarm 2.1% 15 Wellcom Group 2.0% 16 Perpetual* 2.0% 17 Vocus 2.0%

  14. Slide 14: Key financial metrics of the portfolio

    KEY FINANCIAL METRICS OF THE PORTFOLIO For personal use only MIR Benchmark ASX 200 Price to Earnings (times)* 17.2 14.0 14.5 Earnings Per Share Growth^ 16.9% 14.6% 7.6% Dividend Yield (%)* 3.3 4.2 5.3 Net debt as a % of market cap 8% 18% N/A * 12 month forward ^ 2 year EPS CAGR. Source: FactSet. and

  15. Slide 15: Investing into emerging areas of growth – ageing population

    INVESTING INTO EMERGING AREAS OF GROWTH – AGEING POPULATION For personal use only Elderly Care Affordable Housing Managing Wealth ANNUAL GENERAL MEETING 2015

  16. Slide 16: Investing into emerging areas of growth – software and IT services

    INVESTING INTO EMERGING AREAS OF GROWTH – SOFTWARE AND IT SERVICES For personal use only Wealth Management Services to Government and Corporate ANNUAL GENERAL MEETING 2015

  17. Slide 17: Investing into emerging areas of growth – industry consolidations

    INVESTING INTO EMERGING AREAS OF GROWTH – INDUSTRY CONSOLIDATIONS For personal use only Smash Insurance Automotive Repairs Broking Dealerships ANNUAL GENERAL MEETING 2015

  18. Slide 18: Alignment of interests is a positive feature of investing in small caps

    ALIGNMENT OF INTERESTS IS A POSITIVE FEATURE OF INVESTING IN SMALL CAPS For personal use only Profile of Mirrabooka Portfolio The benchmark has 11% in stocks where the Board controls over 20%. ANNUAL GENERAL MEETING 2015

  19. Slide 19: Examples of companies where we are investing alongside business owners

    EXAMPLES OF COMPANIES WHERE WE ARE INVESTING ALONGSIDE THE BUSINESS OWNERS For personal use only Some of Australia’s best performing companies over the medium to long term have this profile: More recent examples of success in the portfolio include: ANNUAL GENERAL MEETING 2015

  20. Slide 20: Outlook

    For personal use only OUTLOOK ANNUAL GENERAL MEETING 2015

  21. Slide 21: Small and mid cap universe outperformed larger companies during volatility

    MIRRABOOKA’S INVESTMENT UNIVERSE IN SMALL AND MID CAP 50 HAVE OUTPERFORMED LARGER COMPANIES DURING RECENT VOLATILITY IN THE MARKET For personal use only Source: FactSet. ANNUAL GENERAL MEETING 2015

  22. Slide 22: Valuations more attractive – PE of Mid Cap Index

    ALTHOUGH VALUATIONS HAVE BECOME MORE ATTRACTIVE – PE OF MID CAP INDEX For personal use only Source: FactSet. ANNUAL GENERAL MEETING 2015

  23. Slide 23: Valuations more attractive – PE of Small Ordinaries Index

    ALTHOUGH VALUATIONS HAVE BECOME MORE ATTRACTIVE – PE OF SMALL ORDINARIES INDEX For personal use only Source: FactSet. ANNUAL GENERAL MEETING 2015

  24. Slide 24: Outlook

    OUTLOOK • Domestic economy is expected to produce low growth. For personal use only • There are inevitably small and mid sized companies with growth prospects greater than the broader economy. • Market volatility is providing opportunities for ongoing portfolio adjustments. • Cash position has been

  25. Slide 25: Share Purchase Plan

    SHARE PURCHASE PLAN • Board has initiated a share purchase plan For personal use only • Maximum of $15,000 per shareholder • Open to shareholders on the register at 2 October • Offer opens 13 October, closes 11 November • Priced at a discount of 10.0% on the VWAP over the 5 trading days up to, and i

  26. Slide 26: Mirrabooka Investments Limited

    * ¢- MIRRABOOKA * Investments Limited

Mirrabooka Investments — Shareholder Meeting (October 2015) on 6ix