Spheria Emerging Cos. Ltd. · ASX:SEC
Spheria Emerging Cos — H1 FY2020 Earnings Presentation
16 slides from Spheria Emerging Cos's earnings presentation, Mar 9, 2020
Slide 1: Shareholder webinar reminder and presentation on half-year results
Spheria Emerging Companies Limited Level 35, 60 Margaret Street Sydney NSW 2000 Telephone: 1300 010 311 Email: [email protected] ACN 621 402 588 For personal use only 9 March 2020 By Electronic Lodgement Market Announcements Office ASX Limited Exchange Centre 20 Bridge Street Sydney NSW
Slide 2: Half-year FY2020 Results & Portfolio Update
For personal use only Spheria Emerging Companies Limited ASX: SEC Half-year FY2020 Results & Portfolio Update
Slide 3: Agenda
2 For personal use only Agenda 1. SEC Company update 2. Portfolio update 3. Questions
Slide 4: Half-year FY2020 Highlights
3 Half-year FY2020 Highlights Spheria Emerging Companies (ASX: SEC) For personal use only 1HFY20 profit Company performance1 Interim dividend Yield2 $4.6m +4.7% 3.0c 3.9% • 1H2020 net profit after tax of $4.6m • Interim dividend of 3.0 cents per share (fully franked), an increase of 50% on prior cor
Slide 5: NTA breakdown for 1HFY20
4 NTA breakdown for 1HFY20 For personal use only $2.20 + $0.091 - $0.003 - $0.003 - $0.040 $2.15 + $0.009 $2.097 $2.10 $2.043 $2.05 $2.00 $1.95 $1.90 Pre-tax NTA Portfolio Tax provided Company Dividends paid Buy-back Pre-tax NTA 1 Jul 2019 performance or paid expenses accretion 31 Dec 2019 Source: S
Slide 6: Dividends
5 Dividends For personal use only Interim dividend of 3 cents per share (50% increase on the previous half-year) Dividend History 5 1HFY20 Interim Dividend 4 cents 4 cents 4 Amount 3.0 cents per share 3 cents Cents per share 3 Maiden Final Ex-dividend Date 5 March 2020 dividend 2 cents dividend 2 (1
Slide 7: Performance History
6 Performance History For personal use only SEC Portfolio performance Net Portfolio Performance as at 31st Dec 2019 Since Inception Period 1 month 3 month 6 month 1 year 2 year (pa) Inception Date (pa) SEC Mandate -0.9% 2.9% 4.7% 19.7% 5.4% 6.8% 30/11/2017 S&P/ASX Small Ordinaries Accumulation Index
Slide 8: SEC portfolio performance
7 SEC portfolio performance For personal use only 20.0% Spheria Net Performance since Inception Index 15.0% Relative Performance 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Dec-17 Mar-18 Sep-18 Dec-18 Sep-19 Dec-19 Jul-18 Mar-19 Jul-19 Apr-18 May-18 Jun-18 Apr-19 May-19 Jun-19 Nov-17 Feb-18 Nov-18 Feb-19 No
Slide 9: City Chic (CCX)
City Chic (CCX) High growth with large addressable market For personal use only Cash Flow Trends 25 16.0% 20.9 20 12.0% 16.0 15 8.0% 10 6.3 4.0% 5 0 0.0% FY17A FY18A FY19A EBITA margin Source : Company Reports, Spheria. Australasia’s leading premium plus size fashion retailer Profitable US online op
Slide 10: Asaleo Care (AHY)
Asaleo Care (AHY) High growth with large addressable market For personal use only Cash Flow Dynamics Asaleo Care - Share Price History 140 120% 230 120 210 Spheria Buying 98% 100% 190 100 80% 170 Share Price (c) 80 60% 150 60 130 40% 40 110 20 20% 90 70 0 0% FY15A FY16A FY17A FY18A 50 Dec-15 Dec-16
Slide 11: Company Positions
10 Company Positions For personal use only Spheria Emerging Companies as at 31 December 2019 Ticker Name % Portfolio CL1 Class Limited 5.1% BKL Blackmores Limited 4.6% ABC Adelaide Brighton 4.5% FBU Fletcher Building 4.5% PTM Platinum Asset 4.5% HT1 Ht&E Limited 4.3% SGM Sims Limited 4.2% BGA Bega C
Slide 12: Discount to NTA
11 Discount to NTA For personal use only SEC NTA and Share Price performance $ 2.5 $ 2.0 $ 1.5 $ 1.0 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Share Price Net Tangible Assets (NTA) Source: Spheria Emerging Companies, Bloomberg.
Slide 13: Discount to NTA
12 Discount to NTA For personal use only SEC vs Small Cap Aus Equity LIC average discount to NTA 5% 0% -5% -10% -15% -20% -25% -30% Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 SEC Aus Small Cap Equity LIC average Source: Bloomberg. Small Cap Aus Equity LICs include: 8EC, ACQ, BEL, BST, BTI, ECL, GC1,
Slide 14: Initiatives to close the discount to NTA
13 Initiatives to close the discount to NTA For personal use only The Board acknowledges the current discount to NTA and is concerned about this unsatisfactory position and remains committed to addressing the discount to NTA. • Up to $5m (4% of shares) starting 1 July 2019 On-market share • As at 25
Slide 15: Questions
For personal use only Questions 14
Slide 16: Disclaimer
15 Disclaimer For personal use only Spheria Emerging Companies Limited ACN 621 402 588 (SEC) Spheria Asset Management Pty Ltd (ABN 42 611 081 326, Corporate Authorised Representative No. 1240979) (‘Spheria’) is the investment manager of Spheria Emerging Companies Limited ABN 84 621 402 588 (‘SEC or
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