Ryder Capital Ltd. · ASX:RYD
Ryder Capital — Shareholder Meeting (November 2023)
15 slides from Ryder Capital's shareholder meeting presentation, Nov 7, 2023
Slide 1: Ryder Capital 2023 Annual General Meeting
For personal use only RYder CAPITAl A value focused high conviction equities manager ASX:RYD – 2023 Annual General Meeting 7 November 2023 1
Slide 2: Disclaimer
Disclaimer For personal use only Ryder Capital Limited, Ryder Investment Management Pty Limited (“Ryder”) and their 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
Slide 3: RYD Performance
Ryder CAPITAL Limited RYD Performance For personal use only Investment Performance of $100,000 Since Inception to 30 September 2023 $290,000 $270,000 $250,000 $230,000 $210,000 $184,422 $190,000 $170,000 $174,278 $154,579 $150,000 $130,000 $110,000 $90,000 RYD Small Ords Accum Benchmark Calculation
Slide 4: Key Details as at September 2023
Ryder CAPITAL Limited Key Details as at 30 September 2023 For personal use only Discount to Share Price Gross Assets Pre-Tax NTA $1.00 $96.9m 14% Distributable Profits Dividend Yield Portfolio Yield* $0.37 w/ $0.25 per 7.25% 3.10% share fully frankable *Based on 30 Sep 2023 Portfolio market value us
Slide 5: Discount to NTA
Ryder CAPITAL Limited Discount to NTA For personal use only Ryder Share Price Premium / Discount to Diluted NTA Since Inception $2.20 10.00% $2.00 5.00% $1.80 0.00% $1.60 -5.00% $1.40 -10.00% $1.20 -15.00% $1.00 -20.00% $0.80 -25.00% Dec-17 Sep-19 Mar-21 Mar-19 Jun-20 Sep-20 Mar-16 Sep-16 Mar-17 Mar
Slide 6: Distributable Profits Since Inception
Ryder CAPITAL Limited Distributable Profits Since Inception For personal use only RYD Distributable Profits and Dividends Paid Since Inception $0.80 $0.70 $0.60 $0.15 $0.33 $0.50 $0.29 $0.12 $0.19 $0.22 $0.26 $0.40 $0.09 $0.07 $0.30 $0.46 $0.20 $0.04 $0.42 $0.39 $0.36 $0.37 $0.35 $0.33 $0.32 $0.28 $
Slide 7: Small Cap Underperformance
Ryder CAPITAL Limited Small Cap Underperformance For personal use only FY2023 AGM Presentation CONFIDENTIAL 7
Slide 8: What we look for
RYder CAPITAL LImited What we look for For personal use only • Small/micro-cap companies with market caps between $100m - $1bn • Value focused bottom up with a bias to deeper value and unloved situations • Companies with low financial leverage, strong free cash flow or ability to generate near-term
Slide 9: FY23 Portfolio Activity
Ryder CAPITAL Limited Purchases/additions June 2023 Weighting SRG Global (SRG) 15.25% For personal use only Macmahon (MAH) 7.67% Janison Education (JAN) 7.17% Austin Engineering (ANG) 6.91% FY23 Portfolio Aurelia Metals (AMI) 4.87% Activity Sales/reductions June 2023 Weighting 3P Learning (3PL) 3.09
Slide 10: Top Core Holdings
Ryder CAPITAL Limited Top 10 Core Holdings For personal use only Ticker Name 30 Sep 2023 Weight SRG SRG Global Ltd 13.27% MAH Macmahon Holdings Ltd 9.87% BCI BCI Minerals Ltd 8.41% ANG Austin Engineering Ltd 6.83% JAN Janison Education Group Ltd 6.74% CCV Cash Converters International Ltd 5.42% CUP
Slide 11: Defensive Portfolio Positioning
Ryder CAPITAL Limited Defensive Portfolio Positioning For personal use only Portfolio Positioning (as at 30 Sep 2023) Portfolio Hedging (as at 30 Sep 2023) 11% 11% 2% 2% 14% 14% Value Cash Growth Synthetic Short Discount to Replacement Value 53% Index Futures (notional value) Market Hedge Cash 20% F
Slide 12: 1st Quarter 2023 Outperformance
Ryder CAPITAL Limited 1St Quarter 2023 Outperformance For personal use only ASX Emerging Small Ords All Ords ASX 200 RYD Companies Accumulation Index Accumulation Index Accumulation Index Accumulation Index 1st Quarter +1.19% -1.94% -0.66% -0.77% -5.26% Return FY2023 AGM Presentation 12
Slide 13: Portfolio Outlook
For personal use only Ryder CAPITAL Limited • We see a likely longer period of higher interest rates threatening cyclically high company profit margins and equity valuations • Portfolio is conservatively positioned / marked down trading at a large discount to Ryders assessment of intrinsic value • H
Slide 14: Strategic Review
RYder CAPITAL LImited Strategic Review For personal use only • Problem: LIC’s generally are trading at large and persistent discounts to NTA • RYD is no outlier, trading at a consistent and large discount compounded by poor liquidity • Desired Outcome: Shareholders being able to realise their invest
Slide 15: Ryder Capital contact information
For personal use only RYder CAPITAl For more information about Ryder Capital Limited see: www.rydercapital.com.au 15