Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — Whitefield — Investor Presentation (June 2012)
19 slides from Whitefield Industrials's investor presentation, Jun 22, 2012
Slide 1: Whitefield Limited Update June 2012
For personal use only UPDATE WHITEFIELD LIMITED JUNE 2012 0
Slide 2: Important Information
IMPORTANT INFORMATION For personal use only The commentary within this presentation is general investment information only and is limited in scope. It should not be considered to provide a full outline of all information an investor should consider prior to making an investment. The presentation doe
Slide 3: An Investment Provides
WHITEFIELD AN INVESTMENT PROVIDES: For personal use only Exposure to a diversified Whitefield holds a diversified portfolio of listed Australian shares and equities. The portfolio portfolio of listed contains around 60 holdings, predominantly top 100 stocks. Whitefield's investment universe Australi
Slide 4: Investing for the Long Term Has Created Value
WHITEFIELD INVESTING FOR THE LONG TERM HAS For personal use only CREATED VALUE 89 YEARS OF INVESTMENT Whitefield has produced returns for shareholders since its foundation and listing in 1923. An investment of $1,000 in Whitefield in 1970 would at 31 March 1 2012 be worth $101,087. 1 [After the paym
Slide 5: Core Values and Strategy
WHITEFIELD CORE VALUES AND STRATEGY For personal use only A portfolio that aims to deliver Whitefield seeks to hold investments which are capable of providing a robust long term earnings growth rate of investment return through the generation of earnings and earnings growth over multiple future year
Slide 6: Investment Process
WHITEFIELD INVESTMENT PROCESS For personal use only MONITOR, INVESTIGATE & MODEL & ANALYSE RESEARCH Model, forecast and analyse Economic, Industry, Company & earnings, risks and sensitivities Divisional Data Code Name Market Whitefield Value % NWSLV News Corporation 5,624,966 2.42% SEV Seven Network
Slide 7: An Efficient Structure
WHITEFIELD AN EFFICIENT STRUCTURE For personal use only INVESTMENT RETURNS AND COSTS: WHAT MAKES A DIFFERENCE Small differences in investment return or cost have a limited impact on outcomes even over many consecutive years. Consistently large differences in cost or return do have a material impact
Slide 8: Recent Outcomes: 2012 Investment Return
RECENT OUTCOMES 2012 INVESTMENT RETURN For personal use only Whitefield’s portfolio return of (2.25%) for 2012 was slightly behind the return of the ASX200 Industrials Accumulation at 1.48% and ahead of the ASX200 Accumulation at (6.06%). Best performing holdings in Whitefield’s portfolio for 2012 i
Slide 9: Recent Outcomes: Investment Returns
RECENT OUTCOMES INVESTMENT RETURNS For personal use only The Whitefield portfolio, with an emphasis on the value of future earnings and earnings growth, has shown best performance relative to its benchmark the ASX200 Industrials over periods when the earnings outlook for the market has been improvin
Slide 10: Recent Outcomes: Earnings & Earnings Growth
RECENT OUTCOMES EARNINGS & EARNINGS GROWTH For personal use only 2012 Underlying Operating Profit after Tax grew by 28% following the merger of listed investment company Sylvastate into Whitefield. Underlying EPS grew by 5.9% to 14.6 cents per share, slightly higher than the 20 year compound average
Slide 11: Recent Outcomes: Dividends
RECENT OUTCOMES DIVIDENDS For personal use only Dividends per ordinary share remained at 17 cps (8.5 cps per half year). Whitefield has maintained its dividend at pre-crisis levels to provide consistency of income to shareholders. Whitefield expects to maintain the ordinary share dividend at this ra
Slide 12: Consumer Conditions: Low Confidence Masking Some Emerging Positives
CONSUMER CONDITIONS: LOW CONFIDENCE MASKING SOME EMERGING POSITIVES For personal use only HOUSEHOLD SECTOR: MAJOR DRIVERS OF CONSUMER SPENDING • Supportive rate EMPLOYMENT: Positive but inconsistent across the country HOUSE PRICE IMPACT: Remains a negative influence environment, moderate employment
Slide 13: Business Conditions: Poor But Underlying Drivers Turning
BUSINESS CONDITIONS: CONDITIONS POOR BUT UNDERLYING DRIVERS TURNING For personal use only • The high AUD has weighed heavily on domestic activity • As growth in USA recovers from extreme lows, this trend is likely to reverse • Strength in total construction is likely to remain, with an easing in eng
Slide 14: International Conditions: Underlying Drivers Also Turning
INTERNATIONAL CONDITIONS: UNDERLYING DRIVERS ALSO TURNING For personal use only GLOBAL CONDITIONS: • Activity in the US US PMI Showing surprising strength US UNEMPLOYMENT A steadily improving trend has positive momentum US PMI (MANUFACTURING) US UNEMPLOYMENT (%) primarily supported 62 Expanding 11 b
Slide 15: Risks and Opportunities
RISKS AND OPPORTUNITIES For personal use only RISKS ARE LARGE IN THE PUBLIC MIND But less extreme, more sensible solutions are the more likely outcomes • Having made inroads into the control of public debt, policymakers are increasingly likely to adopt growth oriented policies over 2012 and into 201
Slide 16: Portfolio Top Holdings
PORTFOLIO For personal use only TOP 20 HOLDINGS 15
Slide 17: Portfolio May 2012
PORTFOLIO 31 MAY 2012 For personal use only Emphasis relative to market currently being given to: • Non-bank financials • Infrastructure • General Insurance • Industrials • Gaming & Leisure • Transport 16
Slide 18: Price and NTA
PRICE AND NTA For personal use only Whitefield NTA (May) Net Assets Invested [Pre-tax asset backing] $3.21 Net Assets after all tax liabilities and assets $3.31 17
Slide 19: Conclusion
CONCLUSION For personal use only • In the very near term Euro risks will remain at the forefront of investors’ minds • Governments around the world, including the Eurozone, are likely to espouse growth policies while keeping an eye on fiscal control as we move through 2012 and into 13 • Some underly