Pengana Private Equity Trust · ASX:PE1
Pengana Private Equity Trust — School Camps Real Estate Fund I — Investor Presentation (September 2023)
66 slides from Pengana Private Equity Trust's investor presentation, September 2023
Slide 1: Investor Presentation: School Camps Real Estate Fund I
Investor Presentation School Camps Real Estate Fund I Strictly confidential for clients of FinCap/Pengana Capital Markets September 2023
Slide 2: Important Information
Important Information FinCap/Pengana School Camps Real Estate Fund I – Private & Confidential 2
Slide 3: Contents
Contents fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 3
Slide 4: FinCap Company Profile
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 4
Slide 5: Investment Opportunity - GABC
Investment Opportunity - GABC FinCap School Camps Real Estate Fund I – Private & Confidential Executive Summary 5
Slide 6: Investment overview
Investment overview FinCap FinCap School Camps Real Estate Fund I – Key Information School Camps Real Estate Fund I • • fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCapExecutive CompanySummary Profile 6
Slide 7: Business and Investment Snapshot
Business and Investment Snapshot Booked Revenue Recurring Revenue • • FY23 EBITDA EBITDA margin • FinCap School Camps Real Estate Fund I – Private & Confidential Executive Summary 7
Slide 8: Investment Thesis
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 8
Slide 9: Why we like it
Why we like it • • • • • • • • • • • • • • • fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Investment Profile Thesis 9
Slide 10: FinCap Star Rating System
FinCap 5 Star Rating System Criteria Rating Commentary FinCap Star Investment Rating FinCap School Camps Real Estate Fund I – Private & Confidential Investment Thesis 10
Slide 11: Business Overview
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 11
Slide 12: GABC is the dominant school camp provider in the NSW market
GABC is the dominant school camp provider in the NSW market FY23 EBITDA Land FY24 Student Numbers Key Metrics Accommodation FinCap School Camps Real Estate Fund I – Private & Confidential Business Overview 12
Slide 13: GABC has an unrivalled activity offering for every student
GABC has an unrivalled activity offering for every student • • • • • • • • • • • • • • • • • • Night Activities for Students FinCap School Camps Real Estate Fund I – Private & Confidential Business Overview 13
Slide 14: Camp locations
Camp locations The Great Aussie Bush Camp – NSW Locations TEA GARDENS LAKE MACQUARIE KINCUMBER FinCap School Camps Real Estate Fund I – Private & Confidential Business Overview 14
Slide 15: GABC attracts schools from all over NSW
GABC attracts schools from all over NSW Sydney FinCap School Camps Real Estate Fund I – Private & Confidential Business Overview 15
Slide 16: GABC chronology
GABC chronology FinCap School Camps Real Estate Fund I – Private & Confidential Business Overview 16
Slide 17: Properties
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 17
Slide 18: Tea Gardens
Tea Gardens FinCap School Camps Real Estate Fund I – Private & Confidential Properties 18
Slide 19: Accommodation: Tea Gardens
Accommodation: Tea Gardens Tea Gardens Cabin Accommodation Cabin Tents Regular Cabins • • • • • • • • • • • • • • • • • • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Properties 19
Slide 20: Tea Gardens properties
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Properties Profile 20
Slide 21: Kincumber
Kincumber FinCap School Camps Real Estate Fund I – Private & Confidential Properties 21
Slide 22: Accommodation: Kincumber
Accommodation: Kincumber Kincumber Accommodation Bunkhouses Cabins Ensuite Rooms Junior Block Teacher Quarters • • • • • • • • • • • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Properties 22
Slide 23: Kincumber facilities
SNOW CONE SHED fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Properties Profile 23
Slide 24: Lake Macquarie
Lake Macquarie FinCap School Camps Real Estate Fund I – Private & Confidential Properties 24
Slide 25: Accommodation: Lake Macquarie
Accommodation: Lake Macquarie Lake Macquarie Accommodation Bunkhouses Dormitories Dormitories Dormitories Teacher Quarters • • • • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Properties 25
Slide 26: Lake Macquarie facilities
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Properties Profile 26
Slide 27: People
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 27
Slide 28: Staff drive GABC’s success
Staff drive GABC’s success GABC’s instructors are the heartbeat of the business Staff noted as the best element of the GABC experience FinCap School Camps Real Estate Fund I – Private & Confidential People 28
Slide 29: Current Management Structure
Current Management Structure Strategy / Oversight Camp operations management team Brad Love Brad Higgins Scott Wooley Laurence Head Sam Woodard-Knight Logan Turner Director Director Operations General Site Manager – Lake Site Manager – Program & Marketing Manager Macquarie Kincumber Director FinCap
Slide 30: Management Post Completion
Management Post Completion Management TBA CEO Scott Wooley Operations General Manager GABC Board Logan Turner Program & Marketing Director Ben Curry Advisory (GABC Founders) Site Manager Tea Gardens FinCap Bernard O'Sullivan Brad Love Camp Operations Christian Ryan Brad Higgins Tia Hodgkinson Site M
Slide 31: Market Insights
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 31
Slide 32: Total addressable market in NSW
Total addressable market in NSW GABC Snapshot Outdoor Education in NSW GABC Schools GABC Students 2 million 115+ sites 20,000+ Addressable Market $3 billion 2,112 $94.80 Schools* Total Students^ FinCap School Camps Real Estate Fund I – Private & Confidential Market Insights 32
Slide 33: Government owned camps are GABC’s only competitor
Government owned camps are GABC’s only competitor NSW Sports and Recreation Camps Camp Locations Tea Gardens 2 5 Lake Macquarie 3 Kincumber 1 4 Rural Camp Locations Direct Competitors FinCap School Camps Real Estate Fund I – Private & Confidential Market Insights 33
Slide 34: GABC dominates Government school market
GABC dominates Government school market GABC Market Share of All NSW Schools GABC Market Share of NSW Government Schools FinCap School Camps Real Estate Fund I – Private & Confidential Market Insights 34
Slide 35: Product and pricing comparison
Product and pricing comparison Sports and Recreation Camps Competitive Pricing FinCap School Camps Real Estate Fund I – Private & Confidential Market Insights 35
Slide 36: Industry tailwinds & market dynamics
Industry tailwinds & market dynamics Outdoor education has become an essential tool for schools Targeted Government support driving demand A key component of the Australian Curriculum Immersive learning experiences FinCap School Camps Real Estate Fund I – Private & Confidential Market Insights 36
Slide 37: Financial Performance & Outlook
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 37
Slide 38: Consolidated financial performance
Consolidated financial performance FY23 performance COVID impact FinCap School Camps Real Estate Fund I – Private & Confidential Financial Performance & Outlook 38
Slide 39: GABC has increased pricing to meet rising demand
GABC has increased pricing to meet rising demand 2023 Pricing Structure FinCap School Camps Real Estate Fund I – Private & Confidential Financial Performance & Outlook 39
Slide 40: Forecast - Conservative Case
Forecast - Conservative Case Key Assumptions • • • FinCap School Camps Real Estate Fund I – Private & Confidential Financial Performance & Outlook 40
Slide 41: Forecast - Base Case
Forecast - Base Case Key Assumptions • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Financial Performance & Outlook 41
Slide 42: Portfolio Growth
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 42
Slide 43: Our vision for growth of The Great Aussie Bush Camp brand
Our vision for growth of The Great Aussie Bush Camp brand The Vision for GABC aims to This will be achieved through strategic leverage its existing capacity expansion of the current assets reputation in the school camp and the acquisition of additional properties sector to create a portfolio of in t
Slide 44: Growth strategy for GABC
Growth strategy for GABC STAGE 1 STAGE 2 STAGE 3 • • • • • • • • • • • • • • • • • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Portfolio Growth 44
Slide 45: Pathway to combined $20m+ EBITDA platform
Pathway to combined $20m+ EBITDA platform FinCap School Camps Real Estate Fund I – Private & Confidential Portfolio Growth 45
Slide 46: Stage 1: Lake Macquarie
Stage 1: Lake Macquarie Lake Macquarie roll-out • • • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Portfolio Growth 46
Slide 47: Stage 1: Kincumber approved expansion plans
Stage 1: Kincumber approved expansion plans Expansion of Kincumber Site Upside Revenue FinCap School Camps Real Estate Fund I – Private & Confidential Portfolio Growth 47
Slide 48: Stage 1: Further expansion of Kincumber
Stage 1: Further expansion of Kincumber Further expansion of Kincumber • o o o o o o Upside Revenue FinCap School Camps Real Estate Fund I – Private & Confidential Portfolio Growth 48
Slide 49: Stages 2&3: VIC & QLD Expansion
Stages 2&3: VIC & QLD Expansion Live Example - Camp Located Northeast of Melbourne Prospects – Portfolio of Camps by Private Sale • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Portfolio Growth 49
Slide 50: Holiday Utilisation
Holiday Utilisation Family groups Corporate use There is opportunity to use under-utilised times of school holidays with the existing assets to provide group accommodation and activities for: Sporting clubs School holiday camps FinCap School Camps Real Estate Fund I – Private & Confidential Portfoli
Slide 51: Investment Summary & Risks
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 51
Slide 52: GABC Preliminary Acquisition Structure
GABC Preliminary Acquisition Structure FinCap School Camps Real Estate Fund I – Private & Confidential Investment Summary & Risks 52
Slide 53: Key Terms & Use of Funds
Key Terms & Use of Funds FinCap School Camps Real Estate Fund I – Key Information Use of Funds* Key Dates Annual & Performance Fees FinCap School Camps Real Estate Fund I – Private & Confidential Investment Summary & Risks 53
Slide 54: Key Risks
Key Risks FinCap School Camps Real Estate Fund I – Private & Confidential Investment Summary & Risks 54
Slide 55: About FinCap
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 55
Slide 56: Investment mandate and portfolio holdings
Investment mandate and portfolio holdings FinCap is one of Australia’s only SME private equity specialists. Current portfolio companies Exited assets FinCap School Camps Real Estate Fund I – Private & Confidential About 56
Slide 57: FinCap Deal Team for GABC
FinCap Deal Team for GABC Bernard O’Sullivan Christian Ryan Adam Sharplin Director Chairman Chief Operating Officer • • • • • • • • • • • • • • • • • fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile About 57
Slide 58: Pengana Deal Team for GABC
Pengana Deal Team for GABC Philip Schofield Katrina Glendinning Emmanuel Hart Managing Director Chief Financial Officer Investment Associate • • • • • • • • • fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile About 58
Slide 59: Appendix
fincap.com.au FinCap School Camps Real Estate Fund I – Private & Confidential FinCap Company Profile 59
Slide 60: There are very few successful large camp operators
There are very few successful large camp operators Competitive Landscape Australia’s Fragmented Camp Market 5 sites WA 5 Sites QLD 10 Sites NSW 7 VIC sites 2 sites SA 1 NSW sites 2 VIC sites 1 QLD site FinCap School Camps Real Estate Fund I – Private & Confidential Appendix 60
Slide 61: Governments are providing targeted funding post COVID
Governments are providing targeted funding post COVID New Federal Government Positive Start Program Kickstarter Grant School Camp Assistance FinCap School Camps Real Estate Fund I – Private & Confidential Appendix 61
Slide 62: Education funding for schools is increasing
Education funding for schools is increasing FinCap School Camps Real Estate Fund I – Private & Confidential Appendix 62
Slide 63: Schools camps address key Australian curriculum
Schools camps address key Australian curriculum School camps also address focus areas of the Health and Physical education curriculum: • • • • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Appendix 63
Slide 64: Outdoor experiences are great for education and wellbeing
Outdoor experiences are great for education and wellbeing Personal relationship Personal and Sustainability and Mental and Competence with nature social growth contemporary living physical Health and safety FinCap School Camps Real Estate Fund I – Private & Confidential Appendix 64
Slide 65: School camps crucial tool during youth mental health epidemic
School camps crucial tool during youth mental health epidemic GABC Snapshot • • • • FinCap School Camps Real Estate Fund I – Private & Confidential Appendix 65
Slide 66: THANK YOU
For further information contact For further information contact Christian Ryan 0422 645 114 cryancfncap.com.au < CAPITAL MARKETS Philip Schofield 0437 057 377 php. Bernard O'Sullivan 0412 367 985 osu vanctinc: n F if N Cc A P FinCap Australia Pty Ltd fa PENGANA Pengana Capital Group Pty Ltd
School Camps Real Estate Fund I — Investor Presentation (September 2023) on 6ix