Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Investor Presentation (March 2015)
24 slides from Mirrabooka Investments's investor presentation, Mar 17, 2015
Slide 1: Shareholder Information Meetings – Presentation (ASX cover letter)
For personal use only 17 March 2015 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Announcement Mirrabooka Investments Limited Shareholder Information Meetings – Presentation Dear Sir / Madam Please find attache
Slide 2: Shareholder Meeting March 2015
For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 3: Disclaimer
DISCLAIMER For personal use only Mirrabooka Investments Limited, its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as t
Slide 4: Half-Year Financial Summary
HALF-YEAR FINANCIAL SUMMARY For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 5: Recent strong uplift in the market with mid cap stocks leading the way
RECENT STRONG UPLIFT IN THE MARKET WITH MID CAP STOCKS LEADING THE WAY For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 6: Price earnings ratios remain high – Mid Cap Index
PRICE EARNINGS RATIOS REMAIN HIGH – MID CAP INDEX For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 7: Price earnings ratios remain high – Small Cap Index
PRICE EARNINGS RATIOS REMAIN HIGH – SMALL CAP INDEX For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 8: What we have been doing with the portfolio
WHAT WE HAVE BEEN DOING WITH THE PORTFOLIO For personal use only • Continue to lighten off holdings in ‘top 50 companies’ • Reduced exposure to some stocks: - risk in high valuation levels - diminished conviction • Purchases: selective IPO’s, small additions to quality holdings • Cash levels have in
Slide 9: Top holdings at February 2015 represent 29.9% of the portfolio
TOP 10 HOLDINGS AT 28 FEBRUARY 2015 REPRESENT 29.9% OF THE PORTFOLIO (EXCLUDING CASH) For personal use only * Indicates that options were outstanding against part the holding. SHAREHOLDER MEETING MARCH 2015
Slide 10: Next holdings at February 2015 represent 20.7% of the portfolio
NEXT 10 HOLDINGS AT 28 FEBRUARY 2015 REPRESENT 20.7% OF THE PORTFOLIO (EXCLUDING CASH) For personal use only * Indicates that options were outstanding against part the holding. SHAREHOLDER MEETING MARCH 2015
Slide 11: Featured top holding
FEATURED TOP 20 HOLDING For personal use only • 40% stake in AWAC, the largest alumina business in the world operating in the bottom quartile on the cost curve. • Recent industry issues due to excess supply from higher cost Chinese producers. Long-term alumina demand thesis intact. • Debt is now lar
Slide 12: Featured top holding
FEATURED TOP 20 HOLDING For personal use only • Provider of integrated telecommunications services across Australia and New Zealand (fibre, internet, data centres, voice services). • Recently announced a proposed scrip based acquisition of Amcom (AMM) which would significantly build its national fib
Slide 13: Featured top holding
FEATURED TOP 20 HOLDING For personal use only Explosives Fertilisers • Dyno Nobel Americas • Incitec Pivot Fertilisers • Dyno Nobel Asia Pacific • Industrial Chemicals • Dyno Nobel International • Quantum Fertilisers • Leading domestic fertiliser producer and second largest global explosives produce
Slide 14: Recent purchases
RECENT PURCHASES For personal use only The world’s largest listed metals and electronics recycler Provider of software and services to the global financial services industry Provider of the full suite of telecommunications services, power and gas products and services SHAREHOLDER MEETING MARCH 2015
Slide 15: Recent sales
RECENT SALES • Toll Holdings (under takeover) For personal use only • RungePincockMinarco (complete disposal) • Ansell • IPH (complete disposal) SHAREHOLDER MEETING MARCH 2015
Slide 16: Mirrabooka's portfolio – per annum returns to February 15
MIRRABOOKA’S PORTFOLIO – PER ANNUM RETURNS TO 28 FEBRUARY 2015 For personal use only After tax and expenses. Ignores benefits of franking and LIC tax credits. SHAREHOLDER MEETING MARCH 2015
Slide 17: Top contributors YTD to portfolio performance
TOP 5 CONTRIBUTORS YTD TO PORTFOLIO PERFORMANCE BY VALUE – TO 28 FEBRUARY 2015 For personal use only • Toll Holdings • Qube Holdings • ResMed • Lifestyle Communities • Alumina SHAREHOLDER MEETING MARCH 2015
Slide 18: Cumulative portfolio returns including franking credits
CUMULATIVE PORTFOLIO RETURNS INCLUDING FRANKING CREDITS* – TO 28 FEBRUARY 2015 For personal use only * Assumes the reinvestment of dividends. This chart calculates the benefit of franking credits at the time dividends are paid for both Mirrabooka and the index. In practice there is a timing differen
Slide 19: Cash position
CASH POSITION Cash $m As a % For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 20: Share price premium reduced following dividend payment and DRP
SHARE PRICE PREMIUM REDUCED FOLLOWING DIVIDEND PAYMENT AND DRP For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 21: Recent share price performance impacted by reduced premium
RECENT SHARE PRICE PERFORMANCE HAS BEEN IMPACTED BY REDUCED PREMIUM – LONGER TERM PERFORMANCE REFLECTING PORTFOLIO RETURNS (TO 28 FEBRUARY 2105) For personal use only SHAREHOLDER MEETING MARCH 2015
Slide 22: Share price performance including franking from dividends paid
SHARE PRICE PERFORMANCE INCLUDING FRANKING FROM DIVIDENDS PAID* – TO 28 FEBRUARY 2105 For personal use only * Assumes a shareholder can take full advantage of the franking credits. SHAREHOLDER MEETING MARCH 2015
Slide 23: Outlook
OUTLOOK • Quality companies in the small and mid cap sectors trading For personal use only at high prices • Market providing opportunities for ongoing portfolio adjustments • New opportunities can arise even in this market – investment team undertaking numerous company meetings • Cash position provi
Slide 24: Mirrabooka Investments Limited
x MIRRABOOKA * Investments Limited
Mirrabooka Investments — Investor Presentation (March 2015) on 6ix