Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — H1 2024 Earnings Presentation
19 slides from Mirrabooka Investments's earnings presentation, Feb 5, 2024
Slide 1: Half Yearly Results Webcast Presentation
5 February 2024 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement For personal use only Mirrabooka Investments Limited Half Yearly Results Webcast Presentation Please find attached the presentation to be
Slide 2: Half Year Results
Half Year Results For personal use only February 2024
Slide 3: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in
Slide 4: Investment Objectives
For personal use only Investment Objectives Half Year Results / February 2024 3
Slide 5: About Mirrabooka
About Mirrabooka For personal use only Half Year Results / February 2024 4
Slide 6: Results in Summary
For personal use only Results in Summary Half Year Results / February 2024 5
Slide 7: Half Year in Summary
Half Year in Summary For personal use only * Assumes an investor can take full advantage of the franking credits. Half Year Results / February 2024 6
Slide 8: Financial Year in Summary
Financial Year in Summary History of fully franked special dividends over 10 years – 46.5 cents per share in total For personal use only Half Year Results / February 2024 7
Slide 9: Share Price Relative to NTA
Share Price Relative to NTA For personal use only 31 December 2023 NTA: $3.06 Share price: $2.95 Half Year Results / February 2024 8
Slide 10: Markets and the Portfolio
For personal use only Markets and the Portfolio Half Year Results / February 2024 9
Slide 11: Portfolio Performance – Returns to December 2023
Portfolio Performance – Returns to 31 December 2023 For personal use only Per annum returns other than for six months. Assumes an investor can take full advantage of the franking credits. Mirrabooka’s performance numbers are after costs. Past performance is not indicative of future performance. Half
Slide 12: Portfolio performance – longer term perspective
Portfolio performance – longer term perspective For personal use only Assumes an investor can take full advantage of the franking credits. Past performance not indicative of future performance. Half Year Results / February 2024 11
Slide 13: Factors contributing to 2023 outperformance: Recently bought winners
Factors contributing to 2023 outperformance: Recently bought winners For personal use only IPD Group distributes leading global products Gentrack produces software for the to the Australian electrical industry, with a focus electricity, gas and water utilities industries on power distribution, power
Slide 14: Factors contributing to 2023 outperformance: Strong rebound in core holdings
Factors contributing to 2023 outperformance: Strong rebound in core holdings For personal use only CY22 CY23 ‐52% +114% ‐57% +89% ‐50% +43% ‐15% +116% ‐38% +81% CY22 Average Return ‐55% +175% CY23 Average Return ‐47% +60% ‐41% +51% ‐13% +55% ‐15% +40% ‐33% +66% Half Year Results / February 2024 13
Slide 15: Portfolio Outlook – How are we currently investing?
Portfolio Outlook – How are we currently investing? Valuation of the highest quality, highest growth companies is looking stretched again. For personal use only We’ve continued to seek the best relative long-term value in companies that meet our quality threshold. We have recently found these in
Slide 16: Mirrabooka Top Holdings – December 2023
Mirrabooka Top 20 Holdings – 31 December 2023 % of % of Company Portfolio Ownership Period Company Portfolio Ownership Period For personal use only 1 5.3% 6.5 yrs 11 2.7% 2 yrs 2 3.8% 8 yrs 12 2.5% 12.5 yrs 3* 3.8% 13 yrs 13 Equity Trustees 2.3% 18 yrs 4* 3.6% 7 yrs 14* 2.2% 8.5 yrs 5 3.1% 1.5 yr 15
Slide 17: Outlook
For personal use only Outlook Half Year Results / February 2024 16
Slide 18: Outlook
Outlook Recent market gains have been fuelled by a general view that global inflation is abating, and interest For personal use only rates have peaked. Key risks to current market pricing include inflation lingering above central bank targets or a decline in economic activity and corporate earni
Slide 19: For personal use only
For personal use only
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