Ryder Capital Ltd. · ASX:RYD
Ryder Capital — Shareholder Meeting (October 2024)
32 slides from Ryder Capital's shareholder meeting presentation, Oct 22, 2024
Slide 1: 2024 Annual General Meeting – Chairman's Address
RYDER CAPITAL LIMITED 22 October 2024 Market Announcements Platform Australia Securities Exchange 20 Bridge Street SYDNEY NSW 2000 For personal use only 2024 Annual General Meeting – Chairman’s Address Please find attached the Chairman’s address for Ryder Capital Limited’s Annual General Meeting hel
Slide 2: 2024 Annual General Meeting – Chairman's Address
RYDER CAPITAL LIMITED 2024 Annual General Meeting – Chairman’s Address On behalf of the Board, I would like to welcome all Ryder Capital Limited (Ryder or Company) shareholders and other visitors present here today to our Annual General Meeting. As we have a quorum, I now declare the Annual General
Slide 3: FY24 Financial Performance
RYDER CAPITAL LIMITED FY24 Financial Performance During FY24 several long-term Portfolio investments were sold on valuation and risk management grounds realising net gains of $238k before the payment of $6.9m in dividends, which is reflected in the Company’s capital profits reserve decreasing 5% to
Slide 4: Dividends, Share Price and NTA Discount, Strategic Review
RYDER CAPITAL LIMITED Dividends In FY24 total dividends declared were 9.0 cents per share fully franked (up 24% from 7.25 cents per share fully franked in FY23). With recent strong gains complementing our already solid distributable and franking credit balances, Ryder remains in a strong position to
Slide 5: Chairman's outlook and closing
RYDER CAPITAL LIMITED Our view, for what’s it is worth is that markets will likely ebb and flow through periods of volatility in a positive direction with small and mid-caps continuing to make up for lost ground by outperforming large-cap indices as the outlook for interest rates improves. However,
Slide 6: A value focused, high-conviction equities manager – 2024 Annual General Meeting
For personal use only RYder CAPITAl A value focused, high-conviction equities manager ASX:RYD – 2024 Annual General Meeting 22 October 2024 1
Slide 7: 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 8: FY24 Overview
Ryder CAPITAL Limited FY24 Overview For personal use only Fully Franked Share Price Share Price Return Dividends Declared $1.125 25.13% 9 cents per share (up from $0.965) (up from 7.25 cps) NTA Per Share Discount to NTA Return $1.3875 Pre-Tax NTA 25.15% (up from $1.1865) 19% FY2024 AGM Presentation
Slide 9: Contributors to FY24 Performance
Ryder CAPITAL Limited Contributors to FY24 Performance For personal use only Contribution to Gain in Loss in Detraction to Investment Portfolio Return Investment Value ($) Value ($) Portfolio Return (%) (%) $8,000,842 8.58% -$2,708,297 -3.56% $7,582,270 8.51% -$760,279 -0.97% $4,930,730 5.55% -$679,
Slide 10: FY24 Activity
Ryder CAPITAL Limited FY24 Activity For personal use only New Purchases Additions Reductions Exits FY2024 AGM Presentation CONFIDENTIAL 5
Slide 11: Relative NTA Performance Since Ryder ASX Listing
Ryder CAPITAL Limited Relative NTA Performance Since Ryder ASX Listing For personal use only Annualised returns since Ryder Inception (September 2015 to June 2024) 14th in 2023 to 6th in 2024 11% 9% Annualised NTA Return (%p.a.) 7% 5% 3% 1% -1% -3% NCC NSC NAC GC1 CDM CAM WAA QVE SNC PIA CIN IBC ALI
Slide 12: Dividends
Ryder CAPITAL Limited Dividends For personal use only Policy to pay steady to increasing fully franked dividends over time Dividends Declared (cents per share) 10 9 9 Dividend Declared (Cents per Share) 8 7 7.25 7 7 6 5 5 5 4 4.25 4 4 4 4 3 3 3 3 3 3 3 2 2 2 1 1 1 0 1H18 2H18 FY18 1H19 2H19 FY19 1H2
Slide 13: Strategic Review
RYder CAPITAL LImited Strategic Review For personal use only • Problem: LIC’s generally trading at large and persistent discounts to NTA • RYD is no outlier, trading at a consistent discount with low liquidity • Desired Outcome: Shareholders being able to realise their investment in RYD at or close
Slide 14: Key Details as at September 2024
Ryder CAPITAL Limited Key Details as at 30 September 2024 For personal use only Share Price Discount to Dividend Yield $1.24 Pre-Tax NTA 7.26% FF (from $1.125 + 5 cps at 30 June) 18% Distributable NTA Return Profits Gross Assets Q1 - 12.66% $0.32 w/ $0.18 per $123.72m 1 Yr – 39.28% share fully frank
Slide 15: 1-Year Relative NTA Performance to September 30th
Ryder CAPITAL Limited 1- Year Relative NTA Performance to September 30th For personal use only 1-Year NTA Return 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% 1. Returns are calculated using pre tax NTA values including dividends (excluding franking) and adjusted for the dilutionary impact of options
Slide 16: Contributors to September 2024 Quarterly Performance
Ryder CAPITAL Limited Contributors to September 2024 Quarterly Performance For personal use only Gain in Contribution to Loss in Detraction from Investment Investment Value ($) Portfolio Return (%) Value ($) Portfolio Return (%) $4,494,837 3.93% -$1,111,024 -1.06% $4,102,565 3.73% -$600,011 -0.55% $
Slide 17: Small Cap Underperformance
Ryder CAPITAL Limited Small Cap Underperformance For personal use only Rolling 3 Year Performance – All Ords (Acc) vs Small Industrials (Acc) Higher = Smalls Outperforming, Lower = Smalls Underperforming 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% Data Source: Bloomberg FY2024 AGM Presentation CONFI
Slide 18: Relative NTA Performance Since Inception
Ryder CAPITAL Limited Relative NTA Performance Since Inception For personal use only Annualised returns since inception (September 2015 to September 2024) 14.00% 6th in June to 5th in Sep 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% NAC NSC NCC CIE CDM GC1 CAM QVE WAA PMC PIA CIN IBC AL
Slide 19: RYD Performance
Ryder CAPITAL Limited RYD Performance For personal use only Investment Performance of $100,000 Since Inception to 30 September 2024 $290,000 $265,000 $256,445 $240,000 $215,000 $207,026 $190,000 $169,248 $165,000 $140,000 $115,000 $90,000 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-1
Slide 20: Discount to NTA
Ryder CAPITAL Limited Discount to NTA For personal use only Ryder Share Price Premium / Discount to NTA Since Inception 10.00% $1.90 5.00% $1.70 0.00% -5.00% $1.50 -10.00% $1.30 -15.00% $1.10 -20.00% $0.90 -25.00% Mar-20 Sep-15 Nov-20 Mar-21 Nov-21 Mar-22 Nov-22 Mar-23 Nov-23 Mar-24 Jul-16 Sep-16 Ju
Slide 21: Top Holdings at September
Ryder CAPITAL Limited Top 10 Holdings at 30 September For personal use only Ticker Name 30 Sep 2024 Weight Portfolio Asset Allocation BCI BCI Minerals Ltd 13.79% - Cash MAH Macmahon Holdings Ltd 12.34% 5.74% SRG SRG Global Ltd 12.02% - Equities FWD Fleetwood Ltd 8.54% 94.26% ANG Austin Engineering L
Slide 22: Case Studies: Top Holdings
For personal use only Ryder CAPITAL Limited Case Studies: Top 3 Holdings FY2024 AGM Presentation 17
Slide 23: BCI Minerals
Ryder CAPITAL Limited BCI Minerals (ASX: BCI) For personal use only BCI Minerals Limited (BCI) is the 100% owner and developer of the Mardie project, a globally significant Tier 1 solar evaporation salt and sulphate of potash (SOP) project located 80km south of Karratha in the Pilbara region of WA.
Slide 24: BCI Minerals
Ryder CAPITAL Limited BCI Minerals (ASX: BCI) For personal use only • All $980m of debt has been secured from NAIF, EFA, EDC and commercial banks. BCI have BCI Share Price Performance & Developments also announced a binding offtake with Chandra Asri for ~15% of salt production and we anticipate offt
Slide 25: Macmahon Holdings
Ryder CAPITAL Limited Macmahon Holdings (ASX:MAH) For personal use only Macmahon Holdings Limited (MAH) is a Perth headquartered diversified contractor operating predominantly in Australia and Southeast Asia across surface and underground mining, additionally offering civil (with a focus on renewabl
Slide 26: Macmahon Holdings
Ryder CAPITAL Limited Macmahon Holdings (ASX:MAH) For personal use only Thesis MAH Share Price Performance • MAH has undergone a period of meaningful capital investment to support contract wins and business growth resulting in weak free cash flow (post investment capex) in FY21-23 and $0.40 share pr
Slide 27: SRG Global
Ryder CAPITAL Limited SRG Global (ASX:SRG) For personal use only SRG Global Limited (SRG) is a Perth headquartered engineering-led specialist construction, maintenance and industrial services group servicing the entire asset lifecycle, and focused on the Australian and New Zealand markets Asset Serv
Slide 28: SRG Global
Ryder CAPITAL Limited SRG Global (ASX:SRG) For personal use only Thesis SRG Share Price Performance • SRG have delivered strong organic growth over the past 4 years $1.20 transforming the business from 70% construction/project earnings to now $1.10 only 20% with the majority of earnings now coming f
Slide 29: Portfolio outlook
RYder CAPITAL LImited Portfolio outlook For personal use only • Despite recent strong performance, many core holdings remain undervalued, including: • BCI, MAH, CUP, ANG and JAN • ~ 43% of Portfolio • Unlisted holdings (~3% Portfolio) in Updater and Vitrafy Life Sciences (Vitrafy) are making progres
Slide 30: Outlook
For personal use only Ryder CAPITAL Limited • We see many market volatility events (e.g. Middle East Wars, China economic policy, domestic inflation, US election and rate of monetary easing). • Most powerful and immediate factor that will influence market direction is economic growth outlook in Aust
Slide 31: 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 32: Ryder Capital contact information
For personal use only RYder CAPITAl For more information about Ryder Capital Limited see: www.rydercapital.com.au 27