AMCIL Limited · ASX:AMH
AMCIL — Investor Presentation (March 2016)
20 slides from AMCIL's investor presentation, Mar 9, 2016
Slide 1: Information Meetings Presentation cover letter
9 March 2016 For personal use only The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement AMCIL Limited Information Meetings Presentation Dear Sir / Madam Please find attached the presentation to be given at t
Slide 2: Shareholder Meeting March 2016
For personal use only SHAREHOLDER MEETING MARCH 2016
Slide 3: Disclaimer
For personal use only DISCLAIMER AMCIL Limited, Australian Investment Company Services Limited (AFSL 303209) and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express o
Slide 4: AMCIL's Investment Strategy
For personal use only AMCIL’S INVESTMENT STRATEGY • Focused portfolio. • High conviction. • Both large and small companies can contribute noticeably to performance. ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 5: What Does This Mean for the Portfolio?
For personal use only WHAT DOES THIS MEAN FOR THE PORTFOLIO? With many large companies facing headwinds, including disruptive technology, we are looking for businesses with competitive advantage: – large companies with unique positioning in their respective sectors i.e. Brambles, CSL and Transurban
Slide 6: Current Profile of the Portfolio as of February
For personal use only CURRENT PROFILE OF THE PORTFOLIO AS OF FEBRUARY 2016 ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 7: Smaller Companies Have Done Well Over the Last Years
For personal use only SMALLER COMPANIES HAVE DONE WELL OVER THE LAST 5 YEARS Source: FactSet. ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 8: Portfolio Returns – Per Annum to February 2016
For personal use only PORTFOLIO RETURNS – PER ANNUM TO 29 FEBRUARY 2016 INCLUDING THE BENEFIT OF FRANKING CREDITS After tax and expenses. ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 9: Major Contributors by Value YTD to February 2016
For personal use only MAJOR CONTRIBUTORS BY VALUE YTD – TO 29 FEBRUARY 2016 + Treasury Wine Group – BHP Billiton + Brambles – QBE Insurance + iProperty – National Australia Bank + CSL – Santos + Transurban – Incitec Pivot ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 10: New Additions to the Portfolio
For personal use only NEW ADDITIONS TO THE PORTFOLIO (as advised to shareholders in half year review) • Mainfreight • OzForex • Wellcom Group • Vocus Communications • Ardent Leisure • Seek • Paragon Care ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 11: A New Addition to the Portfolio This Half
For personal use only A NEW ADDITION TO THE PORTFOLIO THIS HALF Navitas is a leading global education provider that delivers an extensive range of educational services to over 80,000 students through more than 120 institutions in 31 countries. Recent share price history What we like: - significant g
Slide 12: Recent Sales
For personal use only RECENT SALES • iProperty (takeover) • Veda Group (takeover) • Oil Search (partial) • Commonwealth Bank Australia (partial) ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 13: Top Ten Holdings at February 2016 Represent 36% of Portfolio
For personal use only TOP TEN HOLDINGS AT 29 FEBRUARY 2016 REPRESENT 36% OF THE PORTFOLIO (EXCLUDING CASH) * Indicates that options were outstanding against part or all of the holding. ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 14: The Next Ten Holdings at February 2016
For personal use only THE NEXT TEN HOLDINGS AT 29 FEBRUARY 2016 REPRESENT 24% OF THE PORTFOLIO (EXCLUDING CASH) * Indicates that options were outstanding against part or all of the holding. ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 15: Share Purchase Plan
For personal use only SHARE PURCHASE PLAN • $7.2 million raised. • Issue price of 83 cents per share – entitled to the final dividend. • 26% of shareholders participated. • Provides flexibility with AMCIL currently having a cash position of $11 million. ANNUAL GENERAL SHAREHOLDER MEETING MEETING MAR
Slide 16: Share Price Is Presently Trading Close to NTA
For personal use only SHARE PRICE IS PRESENTLY TRADING CLOSE TO NTA *Based on net operating result ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 17: Share Price – Per Annum Returns to February
For personal use only SHARE PRICE – PER ANNUM RETURNS TO 29 FEBRUARY 2016 ANNUAL GENERAL SHAREHOLDER MEETING MEETING MARCH 2014 2016
Slide 18: Current Thinking
For personal use only CURRENT THINKING • Believe the portfolio is well positioned following transition over the past 12 months. • Markets to remain volatile: – equity valuations relative to growth – US interest rates – Commodity prices – Government debt levels hard to control • In this environment o
Slide 19: For personal use only
For personal use only
Slide 20: Key Financial Metrics of the Portfolio
For personal use only KEY FINANCIAL METRICS OF THE PORTFOLIO AMH Benchmark Price to Earnings (times)* 18.4 15.0 Earnings Per Share Growth^ 10.2% 3.4% PEG Ratio 1.8 4.3 Dividend Yield* 3.0% 5.0% * 12 month forward. ^ Two year EPS CAGR. Source: FactSet and AMCIL. ANNUAL GENERAL SHAREHOLDER MEETING MEE