NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — Q3 FY25 Earnings Presentation
46 slides from NAOS Ex-50 Opportunities's earnings presentation, Apr 30, 2025
Slide 1: Q3 FY25 Investor Update and Q&A - Presentation Materials
NAOS Ex-50 OPPORTUNITIES COMPANY LIMITED (ASX: NAC) ABN 49 169 448 837 30 April 2025 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 Q3 FY25 Investor Update and Q&A - Presentation Materials For personal use only Please find attached the presentation materials for the Q3 FY25 Inv
Slide 2: Q3 FY25 Investor Update and Q&A
Click Here to Register Now For personal use only Q3 FY25 Investor Update and Q&A Wednesday 30th April 2025 | 10:00am (AEST)
Slide 3: Important Information
Important Information This material has been prepared by NAOS Asset Management Limited (ABN 23 107 624 126, AFSL 273529) (NAOS) for general information purposes only and must not be construed as investment advice. It does not constitute an offer to purchase any security or financial product or servi
Slide 4: Acknowledgement of Country
Acknowledgement of Country For personal use only We acknowledge the Traditional Owners of Country throughout Australia and recognise their continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present. CON
Slide 5: Portfolio Composition – Emerging Companies
Portfolio Composition – Emerging Companies The NAOS LICs have exposure to emerging companies with unique moats, often benefiting from structural industry changes. For personal use only Industry Exposure Market Capitalisation Buckets Investment type Financial Services Building Materials Commercial Se
Slide 6: Get to Know NAOS
Get to Know NAOS For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 5
Slide 7: How We Invest & Why We Are Different
How We Invest & Why We Are Different For personal use only *Portfolio Weighted Average Calculations as at 31 March 2025 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 6
Slide 8: Investment Portfolio Performance Summary
Investment Portfolio Performance Summary For personal use only 1 Year 3 Year 5 Year Inception Q3 FY25 Performance Performance Performance (p.a.) Performance (p.a.) Performance (p.a.) NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NAOS LIC Benchmark^ NCC Investment Po
Slide 9: Q3 FY25 – Overview
Q3 FY25 –Overview Macro Events & Uncertainty Drive Equities Lower For personal use only ASX-200 fell -4.00% for Q3 which marked the 2nd worst quarterly performance since June 2020. The S&P-500 down 6% and on track for its worst quarterly decline since September 2022. ‘Magnificent-7 down ~-20%
Slide 10: Q3 FY25 – Domestic Equity Markets
Q3 FY25 –Domestic Equity Markets Major themes from the reporting season included: For personal use only Smaller companies continue to feel the brunt of poor economic activity levels. Management teams are more constructive on their respective earnings outlooks but unwilling to provide quantitativ
Slide 11: Q3 FY25 – Negative Surprises
Q3 FY25 –Negative Surprises Plenty of negative earnings surprises which were accompanied by even more significant share price movements to the downside. For personal use only Notable Stock Moves - Negative Surprises Share Price & Key Metric Change (%) ADH FLT GYG IDX IEL JLG KLS LAU MGH NXL OCL PNV
Slide 12: Q3 FY25 – The State of Australian Businesses
Q3 FY25 – The State of Australian Businesses Below is a selection of notable quotes made by CEOs of ASX entities, which we believe provide detailed insight into what many businesses are experiencing. For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited
Slide 13: Q3 FY25 – Positive Surprises
Q3 FY25 –Positive Surprises Positive surprises accompanied with strong share price movements were few and far between unless corporate activity was involved i.e. DHG and PGH. For personal use only Notable Stock Moves - Positive Surprises 70% 60% Share Price & Key Metric Change (%) 50% 40% 30% 20% 10
Slide 14: Q3 FY25 – Selling of High-Growth Businesses
Q3 FY25 –Selling of High-Growth Businesses In our view, the most notable event to occur through Q3 FY25 is the continued rotation we have seen within the ASX as investors continue to sell high-growth (profitable or otherwise) businesses. For personal use only In our view this is a function that
Slide 15: Q3 FY25 – Performance Weakness in High-Growth Stocks
Q3 FY25 –Performance Weakness in High-Growth Stocks Quarterly Performance - High Growth Stocks 30% For personal use only 20% 10% Total Shareholder Return 0% -10% -20% -30% -40% -50% January 2025 February 2025 March 2025 ZIP 360 PME MAQ CTT JLG PNV KLS HMC WTC Source – Koyfin CONVICTION. LONG TERM. A
Slide 16: Q3 FY25 – Low P/E Stocks Drive Value Gains
Q3 FY25 –Low P/E Stocks Drive Value Gains Low PE Stocks - Quarterly Total Shareholder Return 40% For personal use only 35% 30% 25% Total Shareholder Return 20% 15% 10% 5% 0% -5% -10% January-2025 February-2025 March-2025 APZ APE CKF FBU EVT HVN Source – Koyfin CONVICTION. LONG TERM. ALIGNED | Copyri
Slide 17: Julia Raue and Lachie Johnstone
Julia Raue For personal use only Independent Chair Lachie Johnstone Independent Director CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 16
Slide 18: Our Business
Our Business Move is one of the largest domestic freight, warehousing and logistics solutions providers in New Zealand SOUND BUSINESS FUNDAMENTALS For personal use only FREIGHT WAREHOUSING Multi-modal, end to end supply chain solutions FUELS SPECIALIST Nationwide network and specialised expertise Cu
Slide 19: Market Drivers
Market Drivers NEW ZEALAND FREIGHT SECTOR: Approx. 70% of MOVE’s top 20 clients are in the Retail sector. Economic growth will fuel demand across key segments • Estimated total value $32b For personal use only • Highly productive and efficient Retail Fuel Retail Sales 1700 Seasonally adjusted volume
Slide 20: Responding to Market & Business Challenges
RESPONDING TO MARKET & BUSINESS CHALLENGES Accelerated change plan in place from 1 July 2024 For personal use only Investment made Cost of doing business Priority to adjust Moving at pace. Priority into growth too high; clear step strategy, rightsize - cashflow generation strategy ahead of change ne
Slide 21: The Accelerate Transformation Programme
The Accelerate Transformation Programme Launched July 2024 PROFITABLE REVENUE RECALIBRATE THE BUSINESS BALANCE SHEET RESILIENCE For personal use only GROWTH Costs Down Increased Revenue Stronger Balance Sheet Productivity Up Better Margins Improved Cashflow • Control and reduce costs • Strengthen ex
Slide 22: Positive progress
Positive progress Momentum being made in a challenging market, clear forward action plan For personal use only • Paul Millward appointed interim CEO in August 24, to lead the transformation plan. Appointment permanent CEO in February 2025. • Clear transformation plan (Accelerate) well embedded • Str
Slide 23: Outlook
Outlook ON TRACK TO ACHIEVE Growth industry, positive long term FINANCIAL GOALS: macro trends For personal use only • Market outlook still soft, improvement not expected until at least mid-2025 FY25: • Lift in market activity and customer demand, • Positive adjusted net operating combined with impro
Slide 24: Disclaimer
Disclaimer This presentation has been prepared by MOVE Logistics Group Limited (“MOV”). The information in this presentation is of a general nature only. It is not a complete description of MOV. For personal use only This presentation is not a recommendation or offer of financial products for subscr
Slide 25: Update on Select Core NAOS Investments - Q3 FY25
For personal use only Update on Select Core NAOS Investments - Q3 FY25 CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 24
Slide 26: Update on Investment - BSA Limited
Update on Investment - BSA Limited (ASX: BSA) BSA is a contracting business with most of its services associated with telecommunications and utility For personal use only BSA - EBITDA & Share Price customers. $25 $1.2 $1.0 $20 NAOS formed part of a recapitalisation effort in early $0.8 EBITDA ($
Slide 27: Update on Investment - BSA Limited
Update on Investment - BSA Limited (ASX: BSA) In February, BSA’s largest customer, NBN Co. of >10 years notified BSA it would not be successful in its tender for a replacement contract, and work is expected to cease earlier than the end of contract date. For personal use only Work provided by NB
Slide 28: NAOS Investee Companies - Key Events Q3 FY25
NAOS Investee Companies - Key Events Q3 FY25 HOLDING INDUSTRY Q3 UPDATE For personal use only Board renewal announced. Resignation of 3 non-executive directors (inc. the Chair) with John Dwyer and Tony Robinson joining as non-executive directors (the latter as the new Chair). Cameron McCullagh mov
Slide 29: NAOS Investee Companies - Key Events Q3 FY25
NAOS Investee Companies - Key Events Q3 FY25 HOLDING INDUSTRY Q3 UPDATE For personal use only Strong 1H FY25 revenue result; however, margins lower vs. PCP given. Outlook statement called out further project delays, impacting full year earnings (EBITDA range of $14-16m). Delays appear to be cons
Slide 30: NAOS Investee Companies - Key Events Q3 FY25
NAOS Investee Companies - Key Events Q3 FY25 HOLDING INDUSTRY Q3 UPDATE Proposal to acquire 100% of related party ASX: HCF for scrip. Prospectus issued; deal For personal use only should be completed (subject to various approvals) in late April. The acquisition should simplify HNG’s operations,
Slide 31: We Remain Highly Optimistic on The Long-Term Outlook
We Remain Highly Optimistic on The Long-Term Outlook NCC and NAC significantly outperformed for Q3 against respective benchmarks and now on a 1-year rolling basis. For personal use only NSC has experienced a significant drawdown due to BSA, but the other investments have outperformed more recent
Slide 32: Update on Near Term Stock Specific Catalysts
Update on Near Term Stock Specific Catalysts AMA • Sale of ACM Parts with the subsequent proceeds moving AMA close to a net cash balance sheet position. For personal use only COG • Potential sale of non-core assets (EPY, CAF, asset management) and simplification of its business structure. • Board ov
Slide 33: Dividends
Dividends NCC Dividend History NAC Dividend History 8.0 7.50 7.0 7.50 7.50 For personal use only 7.00 7.25 7.25 7.25 7.0 6.75 5.90 6.00 6.00 6.25 6.0 5.75 5.75 5.75 5.25 5.25 5.25 Cents per Share 6.0 5.00 4.50 3.75 5.0 4.75 5.0 4.0 3.75 4.0 1.50 3.0 2.50 3.0 2.0 3.75 2.00 2.0 1.0 2.00 3.00 0.0 1.0 2
Slide 34: NAOS Asset Management 1% Pledge
NAOS Asset Management 1% Pledge For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 33
Slide 35: Questions & Answers
Questions & Answers For personal use only Thank you for your ongoing support
Slide 36: Appendix
For personal use only 35 Appendix
Slide 37: Why Invest via a Listed Investment Company?
Why Invest via a Listed Investment Company? We strongly believe LICs are a highly effective structure to give investors the highest quality exposure to specific asset classes, which in the case of NAOS is emerging businesses. For personal use only A Listed Investment Company structure: Allows the
Slide 38: NAOS Directors and Team
NAOS Directors and Team OUR DIRECTORS For personal use only OUR TEAM CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 37
Slide 39: Shareholder Alignment: LIC Directors & Investment Manager
Shareholder Alignment: LIC Directors & Investment Manager Inception Directors Shareholding 31 March 2025 Directors Shareholding For personal use only 10,000,000 9,122,583 9,000,000 8,000,000 7,000,000 NUMBER OF SHARES 6,000,000 5,000,000 4,521,857 4,000,000 3,045,035 3,000,000 2,026,836 2,000,000 83
Slide 40: Capital Management Initiatives
Capital Management Initiatives Performance • Maintain a focus on long term performance without deviating from the NAOS investment philosophy. For personal use only • Continue to focus on a growing stream of dividends, franked to the maximum extent possible, whilst maintaining Dividends an adequate r
Slide 41: NAOS ESG Framework
NAOS ESG Framework For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 40
Slide 42: Proactive Portfolio Management
Proactive Portfolio Management The NAOS Investment Team conducted 835 meetings during FY24, highlighting our commitment to thorough research and informed decision-making. For personal use only Existing Position Other Competitor to Existing Position Bench NPOF New/Existing Idea Sector/Industry Unlist
Slide 43: What Qualitative Information Sources Does NAOS Use?
What Qualitative Information Sources Does NAOS Use? The NAOS Investment Team undertakes fundamental analysis on potential and current investments. Some examples of our key focus areas include: For personal use only CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 42
Slide 44: Reasons Why We Seek Board Representation
Reasons Why We Seek Board Representation From time to time, we will seek Board representation where we believe some skillsets could be enhanced. For personal use only These individuals will generally have: Significant experience outside funds management including operational and M&A roles. A sou
Slide 45: Reasons Not to Invest with NAOS
Reasons Not to Invest with NAOS Our LICs are not for everyone. Some reasons why you may not choose to invest with NAOS include: For personal use only Concentrated portfolios (0-15 investments & shareholdings often >20%) Long-term investment philosophy (5+ years) Focus on emerging companies ($2
Slide 46: Investor Awareness and Communication
Investor Awareness and Communication For personal use only FOLLOW NAOS Subscribe Now: www.naos.com.au/subscribe CONVICTION. LONG TERM. ALIGNED | Copyright 2025 NAOS Asset Management Limited 45
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