Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (September 2007)
14 slides from Mirrabooka Investments's shareholder meeting presentation, Sep 24, 2007
Slide 1: 2007 Annual General Meeting Chairman's Presentation
For personal use only 24 September 2007 Company Announcements Office Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2007 Annual General Meeting Chairman’s Presentation Dear Sir or Madam, Mirrabooka Investmen
Slide 2: Dividend increases and higher trading income led to improved operating profit
Annual General For personal use only Meeting 24 September 2007 Presentation Dividend increases and higher trading income led to improved operating profit $9.9m Major Contributors to 10 Increased Profit 9 + $2.2m in dividends 8 $7.3m + $1.5m in trading & $ million options income 7 6 5 4 2006 2007 Ope
Slide 3: AIFRS Reported Profit and Earnings and Dividends Per Share
AIFRS Reported Profit – this includes profits on For personal use only shares sold from the investment portfolio Major Contributors to 26 $24.5m Increased Profit 22 $20.4m + $1.5m in net realised gains 18 + $2.6m in Operating Profit $ million 14 10 $9.9m 6 $7.3m 2 2006 2007 AIFRS AIFRS Profit Profit
Slide 4: Small and mid caps indices continued to outperform large cap stocks
Small and mid caps indices continued to outperform large For personal use only cap stocks – this trend has changed in the last few weeks 55.0% 45.0% 35.0% 25.0% 15.0% 5.0% -5.0% Se N Ja M M Se Ju Ju ov ar ay n- p- p- l-0 l-0 -0 -0 -0 07 06 07 6 7 7 6 7 Small Cap Mid Cap Fifty Leaders Relative return
Slide 5: Small and mid caps continue to trade at premium to large caps
Small and mid caps continue to trade at For personal use only premium to large cap stocks 19 18 17 Prospective P/E of 17.4x 16 15 14 Prospective P/E of 14.4x 13 12 N 4 Fe 4 N 5 Fe 5 N 6 Fe 6 07 M 5 M 6 M 7 Au 5 6 Au 7 0 -0 0 -0 0 -0 0 0 0 -0 -0 -0 g- g- g- g- b- b- b- ov ov ov ay ay ay Au Au 50 LEAD
Slide 6: Top Contributors to the Portfolio Performance
Top 5 Contributors to the Portfolio Performance For personal use only for year to 30 June 2007 $m % COMPANY change change INCITEC PIVOT 10.3 260.89% TASSAL GROUP 4.6 194.94% ASG GROUP 4.1 115.71% NUFARM 3.4 39.51% CABCHARGE AUSTRALIA 3.4 97.26% Mirrabooka’s Share Price Return up 32.6% Annualised to
Slide 7: Share Price Performance since listing
Share Price Performance since listing For personal use only $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 value of $10,000 invested $5,000 D D D D D D Ju Ju Ju Ju Ju Ju Ju ec ec ec ec ec ec n- n- n- n- n- n- n- -0 -0 -0 -0 -0 -0 01 02 03 04 05 06 07 1 2 3 4 5 6 Mirrabooka share price growth plus d
Slide 8: Largest Acquisitions and Disposals
For personal use only Largest 5 Acquisitions - (1/7/06-30/6/07) COMPANY $m Transpacific Industries (takeover of Baxter Group) 8.3 APN News & Media (conversion of APN Notes) 7.1 Asciano Group (spin off from Toll Holdings) 3.9 Energy Developments 3.6 Fletcher Building 2.9 Largest 5 Disposals - (1/7/06
Slide 9: Level of Cash and Top 20 Investments
Level of Cash - the Company is close to fully For personal use only invested $m 25 20 15 10 5 0 5 05 6 06 7 un0 ec n0 ec n0 J D Ju D Ju Top 20 Investments - 31 August 2007 1 Nufarm 12.0 2 Incitec Pivot 11.5 3 ConnectEast Group 8.2 4 Healthscope 7.8 5 * Transurban Group 7.3 6 * Computershare 7.2 7 Or
Slide 10: Top Investments and Major Purchases Since 30 June 2007
Top 20 Investments - 31 August 2007 con’t For personal use only 11 Australian Infrastructure Fund 6.7 12 APN News & Media 6.6 13 ASG Group 6.5 14 Programmed Maintenance Services 6.5 15 Bradken 6.0 16 Campbell Brothers 5.7 17 Toll Holdings 5.4 18 Asciano Group 5.1 19 Regional Express Holdings 5.0 20
Slide 11: Major Purchases Since June 2007 continued
Major Purchases Since 30 June 2007 For personal use only con’t. Existing Stocks: Oaks Hotels & Resorts – Manager of a portfolio of capital city apartment and regional resorts Becton Property Group – Diversified property group Coca-Cola Amatil Manufactures, sells and distributes Coca Cola products In
Slide 12: Service Stream and Major Sales Since 30 June 2007
Service Stream For personal use only National service provider to the telecommunications and utilities sectors. Services include line installation and maintenance, technology infrastructure design and deployment and call centre management for customers including Telstra, Optus and Vodafone. Recent c
Slide 13: Outlook
Outlook For personal use only Positives Recent profit results generally favourable Corporate balance sheets remain in good shape Employment remains strong Australia is benefiting from the continuing demand from China and India Outlook (continued) Concerns Impact of sub prime difficulties in the US h
Slide 14: Going Forward
Going Forward For personal use only It is a time for consolidation rather than rapid growth: focus on companies with quality cash flows heightened risk concerns may disproportionately impact small cap stocks liquidity important focus on quality mid cap stocks Close to fully invested Finally, this is
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