Wam Income Maximiser Limited · ASX:WMX
Wam Income Maximiser — Wilson Asset Management — Investor Presentation (September 2017)
23 slides from Wam Income Maximiser's investor presentation, Sep 6, 2017
Slide 1: Investor conference call
Investor conference call 6 September 2017
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by MAM Pty Ltd and Wilson Asset Management (International) Pty Ltd (Wilson Asset Management) for use in conjunction with a verbal presentation and should be read in that context. This presentation Information for the graphs, charts and quoted indices co
Slide 3: Agenda
Agenda 1. About Wilson Asset Management 2. Our listed investment companies 3. Reporting season and market outlook 4. What did and didn’t work 5. Questions Page 3
Slide 4: Making a difference
Making a difference – Six LICs and more than $2 billion in shareholder capital for 55,000 retail shareholders – Eight investment professionals with combined investment experience of more than 100 years – Proven investment approach that has delivered superior returns for almost 20 years – Committed t
Slide 5: Investment and management team
Investment and management team Geoff Wilson Kate Thorley Chris Stott Matthew Haupt Martin Hickson Oscar Oberg Chairman Chief Executive Officer Chief Investment Officer Portfolio Manager Portfolio Manager Portfolio Manager & Portfolio Manager & Portfolio Manager John Ayoub Tobias Yao Jesse Hamilton J
Slide 6: Investing in undervalued growth companies
Investing in undervalued growth companies Focus on ASX listed small-to-mid-cap industrial Focus on ASX listed small-to-mid-cap industrial companies companies Research-driven process Research and market-driven processes Focus on ASX top 200 listed companies Focus on ASX listed small-to-mid-cap indust
Slide 7: WAM Capital key figures
Gross assets Share price* $1,251.6m $2.48 Pre-tax net tangible assets Fully franked final dividend $1.95 7.5 cents Dividend yield* Performance (p.a. since August 1999) 6.0% 17.6% As at 31 July 2017 Page 7 *As at 5 September 2017
Slide 8: WAM Leaders key figures
Gross assets Share price* $486.9m $1.11 Pre-tax net tangible assets Fully franked final dividend $1.15 2.0 cents Options exercised* Portfolio performance (p.a. since May 2016) 17.8% 9.5% As at 31 July 2017 Page 8 *As at 5 September 2017
Slide 9: Options
Options ASX: WLEO Options exercise price: $1.10 Last date to exercise options to be eligible for fully franked 2.0 cents per share final dividend: 17 November 2017 Option expiry date: 17 November 2017 Page 9
Slide 10: WAM Research key figures
Gross assets Share price* $229.1m $1.595 Pre-tax net tangible assets Fully franked final dividend $1.22 4.5 cents Dividend yield* Performance (p.a. since July 2010) 5.6% 18.5% As at 31 July 2017 Page 10 *As at 5 September 2017
Slide 11: WAM Active key figures
Gross assets Share price* $42.7m $1.12 Pre-tax net tangible assets Fully franked final dividend $1.06 2.75 cents Dividend yield* Performance (p.a. since January 2008) 4.9% 12.7% As at 31 July 2017 Page 11 *As at 5 September 2017
Slide 12: FY2017 fully franked final dividends – key dates
FY2017 fully franked final dividends – key dates WAM Capital – 7.5 cents per share WAM Leaders – 2.0 cents per share Last option exercise date to be entitled to div 17 November 2017 Dividend ex date 17 October 2017 Record date 18 October 2017 Dividend ex date 23 November 2017 Last election date for
Slide 13: Century Australia Investments key figures
Gross assets Share price* Pre-tax net tangible assets $89.2m $0.925 $0.94 - Diversified exposure to a portfolio of listed companies focused on the S&P/ASX 300 Index - Wilson Asset Management was appointed investment manager on 18 April 2017 - Portfolio re-weighted over the last quarter to align with
Slide 14: WAM Microcap key figures
Gross assets Share price* Pre-tax net tangible assets $160.3m $1.245 $1.13 - Listed on 28 June 2017 with investor demand exceeding $154 million limit - 5.9% investment portfolio increase since inception, outperforming the S&P/ASX Small Ordinaries Accumulation Index by 5.6% - 79.6% exposure to equiti
Slide 15: Holding summary
Holding summary* Code Company % Code Company % IDX Integral Diagnostics Limited 3.1% EPD Empired Limited 1.3% RKN Reckon Limited* 2.9% 3PL 3P Learning Limited 1.2% PAC Pacific Current Group Limited 2.5% AVJ AVJennings Limited 1.2% RHL Ruralco Holdings Limited 2.4% CGR CML Group Limited 1.1% PNI Pinn
Slide 16: Equity market outlook
Equity market outlook The equity market is fairly valued All 45 OECD nations are exhibiting positive GDP growth for the first time since the GFC Domestic interest rates are on hold for the short-to-medium term Geopolitical risks are currently elevated Consumer sentiment remains unsteady Australian c
Slide 17: Reporting season
Reporting season Earnings growth was the best in many years Results were slightly below market expectations Outlook statements were benign Resources and mining services sectors were standout performers Small caps have been strong in recent months Page 17
Slide 18: What worked: Research-driven – Noni B Limited
What worked: Research-driven Noni B Limited (ASX: NBL) Women’s fashion retailer Why we invested Why it worked – Strong management team – Execution in a tough retail environment – Cost savings – Cost saving initiatives driving margin – Potential for additional store roll out expansion opportunities a
Slide 19: What worked: Market-driven – BHP Billiton Limited
What worked: Market-driven BHP Billiton Limited (ASX: BHP) Multinational mining, metals and petroleum company Why we invested Why it worked – Visited management across Australia – Strong earnings release – Positive commodity outlook – Reduction in debt, focus on costs, cash – Elliot Management propo
Slide 20: What worked: Market-driven – Seven Group Holdings Limited
What worked: Market-driven Seven Group Holdings Limited (ASX: SVW) Diversified operating and investment group in the media, mining and construction industries Why we invested Why it worked – Exposure to mining recovery – SVW result above market expectations – Increased replacement capital – Strong b
Slide 21: What didn't work: Research-driven – iSelect Limited
What didn’t work: Research-driven iSelect Limited (ASX: ISU) Online insurance comparison website Why we invested Why it didn’t work – Non-health insurance verticals driving – Earnings below market expectations earnings – Sluggish growth in health, life and – Capital management general insurance vert
Slide 22: November 2017 shareholder presentations
November 2017 shareholder presentations Adelaide Perth Toowoomba Brisbane Monday 20 November Tuesday 21 November Thursday 23 November Friday 24 November The Playford Novotel Perth Langley Empire Theatre Brisbane Exhibition & 120 North Terrace 221 Adelaide Terrace 54-56 Neil Street Convention Centre
Slide 23: Join more than 35,000 weekly readers
Join more than 35,000 weekly readers wilsonassetmanagement.com.au Get in touch info@wilsonassetmanagement.com.au Page 23
Wilson Asset Management — Investor Presentation (September 2017) on 6ix