Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Corporate Update (March 2020)
23 slides from Mirrabooka Investments's corporate update, Mar 26, 2020
Slide 1: Shareholder Teleconference Presentation ASX cover letter
26 March 2020 For personal use only The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited (the ‘Company”) Shareholder Teleconference Presentation Please find attached the presen
Slide 2: Shareholder Teleconference March 2020
For personal use only Shareholder Teleconference March 2020
Slide 3: Disclaimer
Disclaimer Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its For personal use only related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in
Slide 4: Our Investment Approach
For personal use only Our Investment Approach Shareholder Teleconference March 2020 3
Slide 5: Mirrabooka – Our Purpose and Approach
Mirrabooka – Our Purpose and Approach To deliver attractive returns from mid and small sized Australian and New Zealand For personal use only companies which exceeds the Mid and Small Cap benchmark over the medium to long term through strong capital growth and the generation of fully franked dividen
Slide 6: Mirrabooka's Investment Approach
Mirrabooka’s Investment Approach Small and Mid Cap listed companies in Australia and New Zealand For personal use only Shareholder Teleconference March 2020 5
Slide 7: Management of the Portfolio
Management of the Portfolio For personal use only Shareholder Teleconference March 2020 6
Slide 8: The Portfolio
For personal use only The Portfolio Shareholder Teleconference March 2020 7
Slide 9: Portfolio Performance – Per annum returns to February
Portfolio Performance – Per annum returns to 29 February 2020 For personal use only Note the small and mid cap indices have fallen by approximately 26% over the month of March to date. Shareholder Teleconference March 2020 8
Slide 10: Latest released NTA estimate
Latest released NTA estimate For personal use only Estimate of NTA before tax at 25 March 2020 was $1.75 cents per share: A fall of 26% from the beginning of March to 25 March The S&P/ASX Mid Cap 50 and Small Ordinaries Accumulation Indices fell 26% over the same period Shareholder Teleconferenc
Slide 11: Rolling year returns of Mirrabooka versus its benchmark
Rolling 10 year returns of Mirrabooka versus its benchmark For personal use only Includes dividends and franking Note the small and mid cap indices have fallen by approximately 26% over the month of March to date. Shareholder Teleconference March 2020 10
Slide 12: The importance of taking a long term view in volatile times
The importance of taking a long term view in volatile times For personal use only Mirrabooka’s portfolio (NTA) return history – including dividends and full benefit of franking Worst and best returns over 1 year: Worst – November 2007 to November 2008: -40.7% Best – February 2009 to February 201
Slide 13: Mirrabooka remains invested in quality companies
Mirrabooka remains invested in quality companies For personal use only In this environment… Quality tends to outperform in difficult economic conditions Balance sheets remain very important – we are re testing the companies we hold The strong tend to get stronger as opportunities arise followi
Slide 14: Portfolio at February 2020 (Excluding Cash)
Portfolio at 29 February 2020 (Excluding Cash) Diversification of the Portfolio Top 10 Holdings For personal use only – 64 Holdings in Total Rank Company % of Portfolio 1 Mainfreight 4.8 2 James Hardie Industries 4.2 3 Seek 3.2 4 ARB Corporation 3.2 5 Objective Corporation 3.2 6 Qube Holdings 3.2 7
Slide 15: Portfolio at February 2020 (Excluding Cash) continued
Portfolio at 29 February 2020 (Excluding Cash) continued Diversification of the Portfolio Top 10 Holdings For personal use only – 64 Holdings in Total Rank Company % of Portfolio 11 EQT Holdings 2.8 12 Carsales.com 2.7 13 Invocare 2.5 14 Atlas Arteria* 2.3 15 AUB Group 2.3 16 NextDC 2.2 17 Oil Searc
Slide 16: Details of Top Holdings
Details of Top 10 Holdings Emerging leader in logistics solutions globally. Unique owner/driver For personal use only culture which enables long term view of investment. Generates attractive Return on Invested Capital. Very strong market position with broadening distribution network and sustainable
Slide 17: Details of Top Holdings continued
Details of Top 10 Holdings continued Founder led, content management software business. Invested heavily For personal use only in R&D over many years, is now generating strong growth in annuity style revenues. Quality portfolio of difficult to replicate assets seeking to reduce freight costs and ben
Slide 18: Details of Top Holdings continued
Details of Top 10 Holdings continued For personal use only Long and successful history of developing premium kitchen appliances. Continuing to build a strong presence in the US market and opening up new opportunities for direct distribution in large European markets and beyond. Strong Balance sheet
Slide 19: Largest purchases and sales – financial year to date
Largest purchases and sales – financial year to date Purchases Sales For personal use only takeover complete sale takeover complete sale Shareholder Teleconference March 2020 18
Slide 20: Moving Forward
For personal use only Moving Forward Shareholder Teleconference March 2020 19
Slide 21: Valuations in small and mid sized industrial companies have fallen
Valuations in small and mid sized industrial companies have fallen significantly but from a very high point For personal use only Small Industrials Mid Cap Industrials – Price Earnings Ratio (15 Years) – Price Earnings Ratio (15 Years) times times Note these charts are using market estimates for ear
Slide 22: Closing Comments
Closing Comments For personal use only These are very testing times – potentially more difficult than the GFC. We are confident in the quality of the portfolio for the long term and the diversified approach we take. However we have already seen some sectors of the market severely impacted. A
Slide 23: For personal use only
* MIRRABOOKA * Investments Limited
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