AMCIL Limited · ASX:AMH
AMCIL — Shareholder Meeting (October 2015)
26 slides from AMCIL's shareholder meeting presentation, Oct 7, 2015
Slide 1: 2015 Annual General Meeting Presentation
7 October 2015 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 2015 Annual General Meeting Presentation Dear Sir / Madam Please find attached a presentation that will
Slide 2: Annual General Meeting 2015
ANNUAL GENERAL MEETING 2015 For personal use only
Slide 3: Disclaimer
DISCLAIMER For personal use only AMCIL Limited and 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 (expre
Slide 4: Results
For personal use only RESULTS ANNUAL GENERAL MEETING 2015
Slide 5: Financial Year Summary
FINANCIAL YEAR SUMMARY For personal use only ANNUAL GENERAL MEETING 2015
Slide 6: Dividend reflects the policy of paying out all available franking credits each year
DIVIDEND REFLECTS THE POLICY OF PAYING OUT ALL AVAILABLE FRANKING CREDITS EACH YEAR For personal use only ANNUAL GENERAL MEETING 2015
Slide 7: Share price has moved to a discount
SHARE PRICE HAS MOVED TO A DISCOUNT For personal use only *Based on net operating result ANNUAL GENERAL MEETING 2015
Slide 8: Share price return including dividends and benefit of franking credits
SHARE PRICE RETURN INCLUDING DIVIDENDS AND BENEFIT OF FRANKING CREDITS For personal use only 10 year gross share price accumulation performance *Based on net operating result * Assumes the reinvestment of dividends. This chart calculates the benefit of franking credits at the time dividends are paid
Slide 9: The Market & Portfolio Returns
For personal use only THE MARKET & PORTFOLIO RETURNS ANNUAL GENERAL MEETING 2015
Slide 10: Over last financial year materials and energy underperformed
OVER LAST FINANCIAL YEAR MATERIALS AND ENERGY UNDERPERFORMED For personal use only ANNUAL GENERAL MEETING 2015
Slide 11: In the new financial year this trend continued with only industrials positive
IN THE NEW FINANCIAL YEAR THIS TREND CONTINUED WITH ONLY INDUSTRIALS POSITIVE For personal use only ANNUAL GENERAL MEETING 2015
Slide 12: Portfolio performance including benefit of franking credits – to 30 September 2015
PORTFOLIO PERFORMANCE INCLUDING BENEFIT OF FRANKING CREDITS – TO 30 SEPTEMBER 2015 For personal use only After tax and expenses. Ignores benefits LIC tax credits. ANNUAL GENERAL MEETING 2015
Slide 13: The Portfolio
For personal use only THE PORTFOLIO ANNUAL GENERAL MEETING 2015
Slide 14: We have increased exposure to smaller companies over the past year
WE HAVE INCREASED EXPOSURE TO SMALLER COMPANIES OVER THE PAST YEAR For personal use only Outside of Twenty ASX100 Leaders ASX100 excluding twenty leaders (last year) ANNUAL GENERAL MEETING 2015
Slide 15: AMCIL's sector exposures are also very different to the S&P/ASX 200 Index
AMCIL’S SECTOR EXPOSURES ARE ALSO VERY DIFFERENT TO THE S&P/ASX 200 INDEX For personal use only ANNUAL GENERAL MEETING 2015
Slide 16: Key financial metrics of the portfolio
KEY FINANCIAL METRICS OF THE PORTFOLIO For personal use only AMH Benchmark Price to Earnings (times)* 17.6 14.5 Earnings Per Share Growth^ 14.0% 7.6% PEG Ratio 1.25 1.9 Dividend Yield* 3.7% 5.3% * 12 month forward. ^ Two year EPS CAGR. Source: FactSet. and AMCIL ANNUAL GENERAL MEETING 2015
Slide 17: Top investments as at September 2015 (excludes cash)
TOP 20 INVESTMENTS AS AT 30 SEPTEMBER 2015 (EXCLUDES CASH) For personal use only Rank Company % of Portfolio 1 Oil Search* 5.9% 2 Commonwealth Bank of Australia 5.3% 3 Brambles *Based on net operating result 4.0% 4 Telstra Corporation 3.7% 5 CSL 3.4% 6 TPG Telecom 3.4% 7 QBE Insurance Group* 3.3% 8
Slide 18: Top investments as at September 2015 (excludes cash) continued
TOP 20 INVESTMENTS AS AT 30 SEPTEMBER 2015 (EXCLUDES CASH) continued For personal use only Rank Company % of Portfolio 11 BHP Billiton* 3.1% 12 Transurban Group 2.6% 13 BasedQube * Holdings on net operating result 2.5% 14 The Citadel Group 2.2% 15 Japara Healthcare 2.1% 16 Treasury Wine Estates 2.1%
Slide 19: Alignment of interests is a positive feature of investing in smaller companies
ALIGNMENT OF INTERESTS IS A POSITIVE FEATURE OF INVESTING IN SMALLER COMPANIES For personal use only Profile of AMCIL Portfolio ANNUAL GENERAL MEETING 2015
Slide 20: Investing into emerging areas of growth – ageing population
INVESTING INTO EMERGING AREAS OF GROWTH – AGEING POPULATION For personal use only Health Care Affordable Housing Aged Care ANNUAL GENERAL MEETING 2015
Slide 21: Investing into emerging areas of growth – innovative technology enabled businesses
INVESTING INTO EMERGING AREAS OF GROWTH – INNOVATIVE TECHNOLOGY ENABLED BUSINESSES For personal use only ANNUAL GENERAL MEETING 2015
Slide 22: Recently added new stocks
RECENTLY ADDED NEW STOCKS For personal use only ANNUAL GENERAL MEETING 2015
Slide 23: Stocks in portfolio currently subject to a takeover proposal
STOCKS IN PORTFOLIO CURRENTLY SUBJECT TO A TAKEOVER PROPOSAL For personal use only ANNUAL GENERAL MEETING 2015
Slide 24: Recent major sales
RECENT MAJOR SALES • Westpac For personal use only • Brickworks (complete disposal) • Computershare (complete disposal) • Commonwealth Bank of Australia • Santos ANNUAL GENERAL MEETING 2015
Slide 25: What is on our mind
WHAT IS ON OUR MIND • Global and domestic economic conditions remain very mixed. For personal use only • In general low growth but volatile markets expected. • AMCIL’s move away from larger companies to smaller growth companies likely to continue. • Recent market pull back has opened up some interes
Slide 26: For personal use only
For personal use only