Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Investor Presentation (March 2013)
21 slides from Mirrabooka Investments's investor presentation, Mar 25, 2013
Slide 1: Shareholder Information Meetings – Presentation
For personal use only 25 March 2013 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited Shareholder Information Meetings – Presentation Dear Sir / Madam Please find attached t
Slide 2: Half-Year Meeting 2013
For personal use only Half-Year Meeting 2013
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: Market has been strong although small and mid cap sectors have underperformed large cap
Market has been strong although small and mid cap sectors have underperformed large cap For personal use only Half-Year Meeting 2013
Slide 5: Clear divergence between industrials and resources in small/mid cap sectors
However there has been clear divergence between industrials and resources in small/mid cap sectors For personal use only Half-Year Meeting 2013
Slide 6: Portfolio outperformance over the short and long term
Portfolio outperformance over the short and long term Annualised returns to 28 February 2013. For personal use only Half-Year Meeting 2013
Slide 7: This performance is reflected in the share price returns
This performance is reflected in the share price returns Annualised returns to 28 February 2013. For personal use only Half-Year Meeting 2013
Slide 8: Share price is trading at a premium in a market attracted to yield
Share price is trading at a premium in a market attracted to yield For personal use only Half-Year Meeting 2013
Slide 9: Half-year in summary
Half-year in summary For personal use only Half-Year Meeting 2013
Slide 10: Funding the dividend from realised gains is a feature of Mirrabooka's portfolio approach
Funding the dividend from realised gains is a feature of Mirrabooka’s portfolio approach For personal use only Half-Year Meeting 2013
Slide 11: Investment activities
Investment activities For personal use only • Takeovers – Hastings Diversified Utilities Fund, Little World Beverages, Acer Energy. • Largest holding Australian Infrastructure Fund under offer from Future Fund. • Reduced exposure where extremely high share prices represent inappropriate risk. • Exit
Slide 12: New companies added to the portfolio in the six month period
New companies added to the portfolio in the six month period For personal use only Half-Year Meeting 2013
Slide 13: Bega Cheese
Bega Cheese For personal use only • Agriculture processing assets have strategic value. • Well placed to benefit from growing Asian dairy demand. • Average purchase price $1.96. Half-Year Meeting 2013
Slide 14: Brickworks
Brickworks For personal use only • Underappreciated value in land holdings and building products business. • Indirect investments in a number of well run companies. • Average purchase price $11.57. Half-Year Meeting 2013
Slide 15: Seek
Seek For personal use only • Dominant internet based Australian employment classifieds business. • Long term potential through leading employment websites in emerging economies. • Average purchase price $7.15. Half-Year Meeting 2013
Slide 16: Top holdings at February 2013 represent 63.9% of the portfolio
Top 20 holdings at 28 February 2013 represent 63.9% of the portfolio For personal use only Rank Company $ million % of portfolio 1 ALS 15.8 5.5% 2 Australian Infrastructure Fund 15.7 5.4% 3 Tox Free Solutions 14.6 5.0% 4 *Oil Search 11.7 4.0% 5 James Hardie Industries 11.1 3.8% 6 Invocare 10.9 3.8%
Slide 17: Top holdings at February 2013 represent 63.9% of the portfolio – con't
Top 20 holdings at 28 February 2013 represent 63.9% of the portfolio – con’t For personal use only Rank Company $ million % of portfolio 11 Coca-Cola Amatil 8.5 2.9% 12 Ramsay Health Care* 7.6 2.6% 13 Bradken 7.2 2.5% 14 Mermaid Marine Australia 7.0 2.4% 15 Equity Trustees 6.6 2.3% 16 Alumina 6.3 2.
Slide 18: Recent reporting season feedback
Recent reporting season feedback For personal use only • Domestic economy is patchy. • Companies have taken action to reduce costs. • Revenue growth a challenge. • Earnings outlook is cautious. Half-Year Meeting 2013
Slide 19: Mirrabooka has a strong cash position ($m)
Mirrabooka has a strong cash position ($m) For personal use only Half-Year Meeting 2013
Slide 20: Outlook
Outlook For personal use only • Growth outlook remains subdued in Australia. • Consumers remain cautious. • Small/mid cap market has lagged the remainder of the market. • Cash position provides flexibility. Half-Year Meeting 2013
Slide 21: Mirrabooka Investments Limited
x ¢- MIRRABOOKA * Investments Limited
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