Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Investor Presentation (March 2012)
25 slides from Mirrabooka Investments's investor presentation, Mar 27, 2012
Slide 1: Shareholder Information Meetings – Presentation (ASX cover letter)
For personal use only 27 March 2012 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited Shareholder Information Meetings – Presentation Dear Sir / Madam Please find attached t
Slide 2: Mirrabooka Investments Limited Shareholder Meeting March 2012
For personal use only Mirrabooka Investments Limited Shareholder Meeting March 2012
Slide 3: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited, their related entities 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 or implied) is made as
Slide 4: Profit up as a result of increased dividends and gains in the trading portfolio
Profit up as a result of increased dividends and gains in the trading portfolio For personal use only HY11 HY10 Key factors: $m $m • Dividends/distributions in Dividends and distributions 4.9 5.0 line with last year Trading & Options income 0.0 1.2 • No contribution from the Other Income 0.5 0.5 Tra
Slide 5: EPS up - dividends sourced partially from reserves
EPS up - dividends sourced partially from reserves, including previous realised gains For personal use only
Slide 6: Share price currently trades at a discount to Net Asset Backing
Share Price currently trades at a discount to Net Asset Backing (pre CGT) – February 2012 For personal use only NTA estimate on 21 March 2012 was $1.98
Slide 7: Market returns have been poor with mid cap resources particularly hard hit
Market returns have been poor with mid cap resources particularly hard hit For personal use only
Slide 8: Performance of Mid and Small Cap Resources vs Industrials since Mirrabooka inception
Performance of Mid and Small Cap Resources vs Industrials since Mirrabooka inception For personal use only Small and Mid Cap Resources Small and Mid Cap Industrials
Slide 9: Resources have increased their representation in the small and mid cap index
As a result resources have increased their representation in the small and mid cap index For personal use only
Slide 10: Mirrabooka's portfolio performance has been strong
Mirrabooka’s portfolio performance has been strong in this environment and over the long For personal use only term^ Annualised to 29 February 2012 - % per year ^After tax and expenses. Ignores benefits of franking and LIC tax credits
Slide 11: Franking credits also add significantly to these returns
Franking credits also add significantly to these returns through Mirrabooka’s dividend returns* For personal use only Annualised portfolio performance to 29 February 2012 - % per year Grossing improvement over the index 1.3 1.6 1.4 1.1 * After tax and expenses. Franking gross up assumes an investor
Slide 12: Top contributors to portfolio performance by value
Top 5 contributors to portfolio performance by value – 1 July 2011 to 29 February 2012 For personal use only Company Value Senex Energy $6.6m Hastings Diversified Utility Fund $5.2m Campbell Brothers $4.1m Tox Free Solutions $2.6m James Hardie Industries $1.8m
Slide 13: Reporting Season – Key Themes
Reporting Season – Key Themes For personal use only Profit performance very sector specific Companies servicing the resource sector doing well with strong pipeline of growth Elsewhere impact of strong Australian dollar and cautious consumer sentiment negatively impacting retailing and building
Slide 14: How have we been reacting to recent markets?
How have we been reacting to recent markets? For personal use only Active in adding to the quality of the portfolio: companies that are well positioned in their respective industries strong balance sheets and cash flows Exited some positions where industry structure is providing significant
Slide 15: Cash position remains in a position to take advantage of investment opportunities
Cash position remains in a position to take advantage of investment opportunities For personal use only
Slide 16: Largest buys since January 2012
Largest buys since 1 January 2012 For personal use only Ramsay Health Care Cooper Energy* Cromwell Property Group* ARB Corporation * New companies to the portfolio
Slide 17: Largest sales since January 2012
Largest sales since 1 January 2012 For personal use only MSF Sugar # CFS Retail Property # Australian Agricultural Co ASG Group #Complete disposal
Slide 18: Top Investments - February 2012
Top 20 Investments - 29 February 2012 For personal use only % of $ 000 portfolio 1 Hastings Diversified Utilities Fund 17,064 6.9% 2 Campbell Brothers 16,623 6.7% 3 Tox Free Solutions 12,189 4.9% 4 Australian Infrastructure Fund 10,791 4.3% 5 * Oil Search 10,407 4.2% 6 Senex Energy 9,585 3.9% 7 Flee
Slide 19: Top Investments - February 2012 con't
Top 20 Investments - 29 February 2012 con’t % of For personal use only $ 000 portfolio 11 InvoCare 7,729 3.1% 12 IRESS Market Technology 7,608 3.1% 13 Coca-Cola Amatil 7,070 2.8% 14 Austbrokers Holdings 7,041 2.8% 15 Alumina 5,887 2.4% 16 Iluka Resources 5,762 2.3% 17 REA Group 5,385 2.2% 18 Mermaid
Slide 20: Mermaid Marine
Mermaid Marine For personal use only Service the offshore oil and gas industry with vessels and landside supply bases, predominantly in North West WA Supply bases in Dampier and Broome are strategic assets with strong long term return prospects Majority of vessels under long term contracts, wi
Slide 21: Ramsay Healthcare
Ramsay Healthcare For personal use only Operate over 100 hospitals and surgery facilities in Australia, the UK, France and Indonesia Demonstrated capability of improving the efficiency of hospitals they acquire Excellent track record of consistent earnings and dividend growth with attractive r
Slide 22: James Hardie
James Hardie For personal use only Market leader in fibre cement cladding products with significant operations in the US, Australia and Asia Strong R&D focus drives innovation, superior margins and greater returns on capital Excellent management who have navigated the US housing downturn well
Slide 23: Outlook
Outlook For personal use only Despite recent trends equity market likely to remain volatile in face of global uncertainties Some industries in Australia facing a difficult business environment Mirrabooka’s portfolio in good shape Cash position provides great flexibility
Slide 24: Valuation levels in small cap sector look reasonable but not cheap
Valuation levels in small cap sector look reasonable but not cheap For personal use only
Slide 25: Mirrabooka Investments Limited Shareholder Meeting March 2012
For personal use only Mirrabooka Investments Limited Shareholder Meeting March 2012
Mirrabooka Investments — Investor Presentation (March 2012) on 6ix