Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Investor Presentation (March 2014)
20 slides from Mirrabooka Investments's investor presentation, Mar 18, 2014
Slide 1: Shareholder Information Meetings – Presentation (ASX cover letter)
For personal use only 18 March 2014 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Announcement Mirrabooka Investments Limited Shareholder Information Meetings – Presentation Dear Sir / Madam Please find attache
Slide 2: Shareholder Meeting March 2014
For personal use only SHAREHOLDER MEETING MARCH 2014
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
Slide 4: Half Year in Summary
HALF YEAR IN SUMMARY For personal use only Dec 2013 Reported profit ($m) 4.4* Down 29.8% Net operating result ($m) 4.4 Up 3.1% Dividend per share (cents) 3.5 Unchanged Total portfolio ($m) 339.1 Last year 282.6 MER (%) 0.65 Last year 0.76 *Last years figure included $2.0 million of after tax gains i
Slide 5: Earnings per Share vs Dividends per Share
EARNINGS PER SHARE VS DIVIDENDS PER SHARE For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 6: Share Price Has Continued to Trade at a Premium to Net Asset Backing
SHARE PRICE HAS CONTIUNED TO TRADE AT A PREMIUM TO NET ASSET BACKING For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 7: Share Price Performance Reflects Move to a Higher Premium
SHARE PRICE PERFORMANCE REFLECTS MOVE TO A HIGHER PREMIUM – PER ANNUM RETURNS TO 28 FEBRUARY 2014 For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 8: Large Cap Stocks Have Continued to Outperform Small and Mid Cap Sectors
LARGE CAP STOCKS HAVE CONTINUED TO OUTPERFORM THE SMALL AND MID CAP SECTORS For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 9: Clear Divergence Between Small/Mid Cap Industrial and Resources
HOWEVER CLEAR DIVERGENCE BETWEEN SMALL / MID CAP INDUSTRIAL AND RESOURCES For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 10: Strong Portfolio Performance Has Continued – Per Annum Returns
STRONG PORTFOLIO PERFORMANCE HAS CONTINUED – PER ANNUM RETURNS TO 28 FEBRUARY 2014 For personal use only After tax and expenses. Ignores benefits of franking and LIC tax credits. SHAREHOLDER MEETING MARCH 2014
Slide 11: Franking Credits Also Add Significantly to Returns
FRANKING CREDITS ALSO ADD SIGNIFICANTLY TO RETURNS* – PER ANNUM RETURNS TO 28 FEBRUARY 2014 For personal use only *Assumes an investor can take full advantage of the franking credits. SHAREHOLDER MEETING MARCH 2014
Slide 12: Small and Mid Cap Sector Constantly Producing Opportunities to Adjust Portfolio
THE SMALL AND MID CAP SECTOR IS CONSTANTLY PRODUCING OPPORTUNITIES TO ADJUST THE PORTFOLIO For personal use only REA (Group) sale: Purchase of: Source: FactSet SHAREHOLDER MEETING MARCH 2014
Slide 13: Other Recent Adjustments – Partial Sales
OTHER RECENT ADJUSTMENTS – PARTIAL SALES For personal use only Source: FactSet SHAREHOLDER MEETING MARCH 2014
Slide 14: Qube Logistics – Entered Top Holdings
QUBE LOGISTICS – ENTERED TOP 20 HOLDINGS For personal use only Ports & Bulk (port services) Ports & Bulk (bulk haulage) Logistics (containers) Strategic Assets (Moorebank) SHAREHOLDER MEETING MARCH 2014
Slide 15: James Hardie Is Now the Largest Holding in the Portfolio
JAMES HARDIE IS NOW THE LARGEST HOLDING IN THE PORTFOLIO – POSITIVE TREND IN US HOUSING RECOVERY For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 16: Top Holdings at February 2014 Represent 53.2% of the Portfolio
TOP 20 HOLDINGS AT 28 FEBRUARY 2014 REPRESENT 53.2% OF THE PORTFOLIO For personal use only Rank Company $ million % of portfolio 1 James Hardie Industries 16.4 5.1% 2 Oil Search 13.1 4.1% 3 ALS 10.2 3.2% 4 Tassal Group 10.2 3.2% 5 Equity Trustees 10.0 3.1% 6 Ansell 9.5 3.0% 7 InvoCare 9.2 2.9% 8 Tox
Slide 17: Top Holdings at February 2014 – Continued
TOP 20 HOLDINGS AT 28 FEBRUARY 2014 REPRESENT 53.2% OF THE PORTFOLIO – CONTINUED For personal use only Rank Company $ million % of portfolio 11 iProperty 7.6 2.4% 12 Ramsay Health Care 7.2 2.3% 13 Seek 7.1 2.2% 14 Alumina 6.8 2.1% 15 Coca-Cola Amatil 6.7 2.1% 16 Fletcher Building 6.6 2.0% 17 Qube Ho
Slide 18: Outlook
OUTLOOK For personal use only • Australian economy faces a challenging period • Green shoots showing in consumer spending and housing • Cautious about current valuations in many stocks • However seeing some opportunities in smaller companies • Mirrabooka has cash available to invest SHAREHOLDER MEET
Slide 19: For personal use only
For personal use only SHAREHOLDER MEETING MARCH 2014
Slide 20: Mirrabooka Investments Limited
* ¢- MIRRABOOKA * Investments Limited
Mirrabooka Investments — Investor Presentation (March 2014) on 6ix