Alpha Trust Andromeda Investment Trust Sa · ATHEX:ANDRO
Alpha Trust Andromeda Investment Trust Sa — Investor Presentation (September 2022)
24 slides from Alpha Trust Andromeda Investment Trust Sa's investor presentation, September 2022
Slide 1: Analyst’s Presentation
Company Presentation September 2022 Analyst’s Presentation Analyst’s Presentation June 21st 2022 ALPHA TRUST-ANDROMEDA Investment Trust S.A. L. 3371/2005 Company, License: Hellenic Capital Market Commission Decision 5/192/6.6.2000, G.C.R: 003882701000 7 T. Kavalieratou Street, 14564, Tel: +30 210 62
Slide 2: Disclaimer
DISCLAIMER: This presentation (the “Presentation”) contains general background information about the ALPHATRUST-ANDROMEDA Investment Trust SA (the “Company”) and are provided solely for use in the context of the Presentation. The information included in the Presentation (the “Materials”) is summariz
Slide 3: At a glance: Key Facts
at a glance Key Facts (12/09/2022) The only closed-end fund listed on the Athens Stock Exchange € 23.99 mn NAV € 6.79 (12.31 mn raised funds SCI 8.2022) Nav Per Share Seeks to invest in fundamentally sound assets in the domestic equity € 21.21 mn € 6.00 and fixed income markets with a Market Cap Sha
Slide 4: Board of Directors
Board of Directors Chairman, Nikolaos K. Kyriazis Non Executive Member Vice Chairman, Phaedon – Theodore Tamvakakis Non Executive Member Managing Director, Vasileios Kletsas Executive Member Margarita Vlachochristou Independent, Eleni Linardou Non Executive Members Alexios Soultogiannis Note: The Bo
Slide 5: Portfolio Characteristics
Portfolio Characteristics 5
Slide 6: Emphasis on mid and small capitalization companies
Emphasis on mid and small capitalization companies Breakdown by market capitalization Athens Stock Exchange ALPHA TRUST-ANDROMEDA 100% weaker inefficient 74.51% equity 75% investment research universe 52.70% coverage 50% 22.99% 25% 17.63% 18.65% greater 7.87% lower opportunity to liquidity generate
Slide 7: Fund Facts
Fund Facts Asset Allocation Portfolio Breakdown by Industry Top 10 Holdings % of Financial 11.77% portfolio FixedIncome QUEST HOLDINGS SA 6.67% 1.18% Consumer, Cyclical 11.56% MOTOR OIL HELLAS 3.23% Technology 10.75% TITAN CEMENT INTERN ATH 3.07% Industrial 6.20% OPAP SA 2.94% MYTILINEOS HOLDINGS SA
Slide 8: Portfolio Metrics
Portfolio Metrics Valuation metrics Risk facts ATHEX Standard Correlation ALPHA TRUST- Composite Deviation to Andromeda ANDROMEDA Index ALPHA TRUST- P/E 8.4 9.0 21.8% ANDROMEDA (CR) ATHEX Total Return 22.0% 34.0% P/E 2022 8.5 8.3 Index ATHEX Select Index 21.5% 29.9% P/SALES 0.55 0.55 ATHEX Select Pl
Slide 9: Ownership
Ownership Institutional investors 71.28% Retail investors 27.10% Own shares 1.62% ALPHA TRUST owns directly 0.99% Source: ALPHA TRUST-ANDROMEDA Data: 31/08/2022 9
Slide 10: ALPHA TRUST-ANDROMEDA’s unique proposition
ALPHA TRUST-ANDROMEDA’s unique proposition Consistently outperforming the ASE Composite Index Commitment to high dividend payout Deep and unjustifiable stock discount Investment management team is together for years Focus on high conviction trades 10
Slide 11: Comparative performance
Comparative performance Month YTD 1 year 3 years 5 years 10 years ALPHA TRUST-ANDROMEDA 1.24% -16.45% -17.26% 14.89% 37.98% 116.86% Investment Trust S.A. Ranking 13 / 43 42 / 42 39 / 39 8 / 38 7 / 27 5 / 20 ATHEX COMPOSITE TOTAL 0.69% -1.96% -4.67% 6.31% 17.93% 62.91% RETURN INDEX ATHEX COMPOSITE SH
Slide 12: Consistent outperformance since inception (cont.)
Consistent outperformance since inception (cont.) Since inception the fund has delivered an excess return of 7.06% (p.a.) NAV Per Share Athex Composite Total Return Index 200% 150% 100% 97.38% 50% 0% -50% -58.18% -100% 07/2000 12/2004 05/2009 10/2013 03/2018 08/2022 Notes:1. Excess return above Athe
Slide 13: Consistent outperformance since inception (2)
Consistent outperformance since inception (2) NAV Per Share Athex Composite Total Return Index 200% 155.99% 116.86% 97.38% 100% 62.91% 53.96% 45.19% 37.98% 14.89% 17.93% 6.31% 8.16% 0% -1.96% -4.67% -16.45% -17.26% -58.18% -100% YTD 1 year 3 years 5 years 10 years since capital since investment sinc
Slide 14: Stronger returns vs. peers
Stronger returns vs. peers NAV Per Share Peer Group LYXOR MSCI GREECE UCITS ETF GLOBAL X MSCI GREECE ETF Rank 8/38 7/27 5/20 200% 116.86% 100% 78.61% 37.98% 14.89% 6.40% 18.67% 0% -0.89%-9.00% -1.32% -4.08% -14.41% -24.11% -100% 3 years 5 years 10 years Note: 1. Performance is calculated with divide
Slide 15: Commitment to high dividend payout
Commitment to high dividend payout Notes: 1. Dividends and capital returns are included 2. Adjusted for the split (4:1) on 27/10/2021. Source: ALPHA TRUST-ANDROMEDA Data: 31/08/2022 15
Slide 16: Dividend yield Comparison
Dividend yield Comparison ALPHA TRUST-ANDROMEDA(CR) ATHEX COMPOSITE SHARE PRICE INDEX 7.39% 6.00% 4.62% 3.38% 3.24% 3.08% 2.79% 2.52% 1.92% 2.09% 2.05% 1.79% 0.96% 0.00% 0.00% 0.00% 2014 2015 2016 2017 2018 2019 2020 2021 Note: Dividends and capital returns are included Source: Bloomberg, Athens Sto
Slide 17: Deep and unjustifiable stock discount
Deep and unjustifiable stock discount ANDROMEDA Discount ANDROMEDA Average Discount per year Current Average discount of EU Closed End Funds & Trusts 10% 0% -9.37% -10% -9.38% -14.79% -20% -30% -40% -50% 04/13 03/15 01/17 11/18 10/20 08/22 Source: Refinitiv, ALPHA TRUST Data: 31/08/2022 17
Slide 18: Management’s Commitments
Management’s Commitments Improve stock liquidity Reduce discount Aim at a high dividend payout Focus on portfolio ESG issues Achieve a superior risk adjusted return 18
Slide 19: Appendix
19 alphatrust andromeda
Slide 20: Portfolio Fundamentals (cont.)
Portfolio Fundamentals (cont.) Net Debt/ Price EBITDA Net Profits EV/EBITDA Assets/ Company Market Cap Sales LTM P/E LTM P/E 22e P/S LTM P/BV EBITDA DY 31/08/22 LTM LTM LTM Equity LTM 1 QUEST HOLDINGS 477 4.45 968,140 67,059 42,157 6.9 11.3 10.6 0.5 2.2 -0.2 2.6 12.7% 2 MOTOR OIL 2,087 18.84 14,010,
Slide 21: Portfolio Fundamentals (2)
Portfolio Fundamentals (2) Price Discount/ Premium Market Cap P/B P/E 21 P/E 22e Company Market Cap NAV 31/08/22 to NAV National Bank 2,949 3.22 0.60 6.6 6.0 BriQ Properties 69 90.2 -24% Piraeus 1,310 1.05 0.25 5.6 3.0 Eurobank 3,450 0.93 0.58 8.1 5.9 REDS 140 94.9 48% Alpha 2,169 0.92 0.39 6.6 5.4
Slide 22: ESG Score
ESG Score ESG Combined Score Environmental Social Governance (Controversies included) Pillar Pillar Pillar 70.39 66.78 70.95 66.98 MOTOR OIL HELLAS 66.47 88.49 70.44 27.09 TITAN CEMENT INTERNATIONAL ATH 68.91 65.40 75.90 65.14 OPAP SA 84.86 63.66 95.72 87.67 MYTILINEOS HOLDINGS SA 78.78 87.94 65.02
Slide 23: Shareholders Service Unit – Corporate Announcements Unit
Share Codes ISIN: GRS433003019 OASIS (ASE): ANDRO BLOOMBERG: ANDRO GA REUTERS RIC: ANDRr.AT Communication with Shareholders and Investors Ms. Maria Marina Printsiou Corporate Secretary & Investor Relations Shareholders Service Unit – Corporate Announcements Unit ALPHA TRUST-ANDROMEDA Investment Trus
Slide 24: Analyst’s Presentation
Company Presentation September 2022 Analyst’s Presentation Analyst’s Presentation June 21st 2022 ALPHA TRUST-ANDROMEDA Investment Trust S.A. L. 3371/2005 Company, License: Hellenic Capital Market Commission Decision 5/192/6.6.2000, G.C.R: 003882701000 7 T. Kavalieratou Street, 14564, Tel: +30 210 62
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