Whitefield Industrials Limited · ASX:WHF
Whitefield Industrials — H1 FY2024 Earnings Presentation
18 slides from Whitefield Industrials's earnings presentation, Nov 23, 2023
Slide 1: Update Half Year Sep 2023
For personal use only UPDATE Half Year Sep 2023 Released Nov 2023
Slide 2: 100 years of efficient wealth creation
Experience For 100 years Whitefield has provided Australian investors with an avenue for efficient wealth creation. For personal use only Efficiency Founded in 1923, Whitefield Industrials Ltd is Australia’s longest operating ASX listed investment company Innovation Our longevity is testament to our
Slide 3: HY Sep 2023: Earnings
_HY Sep 2023: Earnings Angus Gluskie Chairman For personal use only Earnings Per Share [cents] _Strong EPS growth • 12.2% increase in underlying EPS to 8.3 cents per share 10 7.9 • Dividend increases across a large majority 8 7 of the portfolio • Notable increases included: 5.5 9.2 9.8 ➢ IAG, Suncor
Slide 4: Dividends
_HY Sep 2023: Dividends Angus Gluskie Chairman Dividends Per ORD Share For personal use only _Half Year Dividend 10.25 10.25 10.25 10.25 10.25 10.00 • WHF Ordinary : 10.25 cents • WHFPB: 131.25 cents • All fully franked at 30% 10.25 10.25 10.25 10.25 10.25 9.75 • Payable Dec 2023 FY19 FY20 FY21 FY22
Slide 5: Dividend consistency
_HY Sep 2023: Dividend consistency Angus Gluskie Chairman _Whitefield expects to maintain For personal use only Earnings [Excluding Realised Gains] its WHF ordinary dividend at the & Dividends Per Share 10.25 cent per half year level across FY2024* Possible EPS Gain on Pref Reset H2 EPS • Underlying
Slide 6: Asset Backing
_HY Sep 2023: Asset Backing Angus Gluskie Chairman For personal use only _Continues to trade tightly to asset backing • Variances over the last 2 years largely represent short term volatility in the underlying portfolio market value relative to a stable WHF share price 6
Slide 7: Investment Performance
_HY Sep 2023: Investment Performance Will Seddon Director 14% For personal use only 12% _Equity markets static in 1st Half 23 10% • Global equity markets have been relatively flat over the half year, influenced both by geopolitical dispute and 8% higher interest rates. 6% • Ultra large stocks outper
Slide 8: Investment Performance
_HY Sep 2023: Investment Performance Will Seddon Director For personal use only _Australian Equity returns have been robust over many past decades • Australian equity returns have been strong over the past 40 years in a variety of economic conditions. • Long term equity returns are in large part a p
Slide 9: Investment Performance
_HY Sep 2023: Investment Performance Will Seddon Director For personal use only Returns to 30 Sep 2023 Half Yr 5 Yr pa 10 Yr pa 40 Yr pa Gross Return (Before Tax, Costs, Leverage and Other Company Level Actions) Whitefield Portfolio 0.91% 4.98% 6.89% 12.11% Benchmark Index 1.16% 5.11% 6.97% 11.18% *
Slide 10: Exposures & Transactions
_HY Sep 2023: Exposures & Transactions Will Seddon Director WHF Exposure v Benchmark For personal use only _Exposures at half-year end ConsumerDiscr • Overweights: Consumer Discretionary; Real Estate; Heavy RealEstate Industry; Consumer Staples; Insurers. HeavyIndustry • Underweights: Finance; Diver
Slide 11: Market Themes: Acute sources of inflation have eased
_Market Themes: Acute sources of inflation have eased, albeit slower than many Will Seddon Director economists and investors hoped For personal use only Extreme rates of inflation have …with notable slowing in goods …and broad-based improvements eased around the world… inflation… excluding insurance
Slide 12: Market Themes: Effects of the policy response
_Market Themes: The effects of the policy response are increasingly visible in economic Will Seddon Director data, and there is more to come For personal use only Economic growth is no longer …households are starting to …and the full effects of running above capacity… exhaust savings buffers… Quanti
Slide 13: Market Themes: Underlying inflationary pressures
_Market Themes: Under the surface there are still inflationary pressures which threaten Will Seddon Director economies and investment markets For personal use only Persistent geopolitical tensions are …with effects already visible in …and risk of a wage-price spiral adding to supply constraints… man
Slide 14: Market Themes: Inflation to drive equity returns
_ Market Themes: The ebb-and-flow of inflation is likely to continue to drive equity returns, and Will Seddon Director we expect it will favour fundamental factors For personal use only Expect falling inflation to support Tight conditions are supportive of Portfolio emphasizing under- equity returns
Slide 15: Listed Investment Companies: A durable and efficient vehicle
_HY 2023: Listed Investment Companies A durable and efficient vehicle for long term investors Angus Gluskie Chairman For personal use only Structural cost efficiencies that stem from a stable capital: • The stable capital of a closed-end LIC creates cost efficiencies for investors Example of the end
Slide 16: Any questions?
For personal use only Any questions? 16
Slide 17: Thank you for your attendance
Thank you for your attendance. For personal use only 17
Slide 18: Important Information
_Important Information General, Limited Commentary: This document contains information about Whitefield and the markets in which it operates. The document is limited in scope and accordingly For personal use only may not contain all the information necessary for an investor to make an investment dec
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