Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — H1 FY2023 Earnings Presentation
16 slides from Whitefield Industrials's earnings presentation, Nov 21, 2022
Slide 1: Update: Half Year Sep 2022
For personal use only UPDATE Half Year Sep 2022 Released Nov 2022
Slide 2: Structured Industrials
. Structured Industrials = Experience -- Data -- approach -- focus iz Proven ___ We've been creating value for our harehol i 1923. = results. shareholders since 3 It's how we do it that makes us distinct. Our focus on data quality, a quantitative process and high diversification allows us to deliver
Slide 3: HY Sep 2022: Earnings
_HY Sep 2022: Earnings For personal use only Angus Gluskie Chairman Earnings Per Share [cents] _EPS 7.4 cents • Dividend increases across >50% of the portfolio 10 7.9 • Origin Energy, Aristocrat, Orica, Wisetech, JB Hi Fi, Computershare, Atlas Arteria, 7 Treasury Wines and Transurban stronger exampl
Slide 4: Dividends
_HY Sep 2022: Dividends For personal use only Angus Gluskie Chairman Dividends Per ORD Share _Half-Year Dividend 10.25 10.25 10.25 10.25 10.00 • WHF Ordinary : 10.25 cents • WHFPB: 131.25 cents • All fully franked at 30% 9.75 10.25 10.25 10.25 10.25 • Payable Dec 2022 FY19 FY20 FY21 FY22 FY23 *Inclu
Slide 5: Dividend consistency maintained
_HY Sep 2022: Dividend consistency maintained For personal use only Angus Gluskie Chairman _Whitefield expects to maintain Long Term Earnings & Dividends Per Share its WHF ordinary dividend at the 10.25 cent per half year level across 2023* • Underlying earnings are expected to EPS recover progressi
Slide 6: Asset Backing
_HY Sep 2022: Asset Backing For personal use only Angus Gluskie Chairman _Trading range 2-8% premium • Suggesting demand is particularly firm at the present time 6
Slide 7: Investment Performance
_HY Sep 2022: Investment Performance For personal use only Will Seddon Director 10% _The half-year to Sept ‘22 saw the impact of 5% rising interest rates on valuations outweigh solid company earnings 0% • Despite a strong economy the Australian equity market fell sharply, along with others around th
Slide 8: Investment Performance
_HY Sep 2022: Investment Performance For personal use only Will Seddon Director _Returns ahead of benchmark over 6m, 1yr, 3yr and 10yrs • Strong returns from ALX, AMC, BXB, TWE, CSL, RMD, IPH and NHF. • The WHF portfolio also benefitted relative to its benchmark from underweight exposure to poorer p
Slide 9: Exposures & Transactions
_HY Sep 2022: Exposures & Transactions For personal use only Will Seddon Director WHF Exp v Benchmark, 30 Sep '22 _Exposures at half-year end Cash • Overweights: Chemicals; Consumer Staples; mature/quality Chemicals Industrials, Banks and Healthcare. Cons Staple Industrials • Underweights: Diversifi
Slide 10: Market Themes: High inflation, soft growth may persist until supply/demand realigned
_Market Themes: High inflation, soft growth may persist until supply/demand realigned For personal use only Will Seddon Director • Many sectors of the economy now Driver of supply/demand misalignment Category Energy Food Comm Tech Goods Services Housing face supply shortages. Under-investment in com
Slide 11: Market Themes: What happened in the 1970's?
_Market Themes: What happened in the 1970’s? For personal use only Will Seddon Director 1973-74: First oil shock, following years of persistent inflation – Fed starts raising rates; equity market falls 1970-80’s Inflation Shock (USA) sharply; unemployment starts to rise. 1975: Fed Chairman Burns cut
Slide 12: Market Themes: Is this time going to be different?
_Market Themes: Is this time going to be different? For personal use only Will Seddon Director Backdrop: Unlike the 1970’s, central banks have been fighting deflation. This masked early 2022 Inflation Shock (USA) inflationary signs. Supply Shock: While this time the oil price has risen by a much sma
Slide 13: Market Themes: Combination of hope and uncertainty creates opportunities and risks
_Market Themes: Combination of hope and uncertainty creates opportunities and risks For personal use only Will Seddon Director _Whitefield’s systematic approach seeks to correctly identify and respond to emerging change efficiently Preferences Asset Plays Consumer Financials Industry across a wide b
Slide 14: FY2023: Lessons from Years of WHF Operations
_FY2023: Lessons from 100 Years of WHF Operations For personal use only Angus Gluskie Chairman It is better to generate and compound steady increments of sound return than to chase unsustainably high and risky returns At the heart of • Unsustainably high and risky = Inefficient over the long term Wh
Slide 15: Thank you for your attendance
Thank you for your attendance. For personal use only 15
Slide 16: Important Information
_Important Information For personal use only General, Limited Commentary: This document contains information about Whitefield and the markets in which it operates. The document is limited in scope and accordingly may not contain all the information necessary for an investor to make an investment dec
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