Plato Income Maximiser Ltd. · ASX:PL8
Plato Income Maximiser — H1 FY2025 Earnings Presentation
24 slides from Plato Income Maximiser's earnings presentation, March 2025
Slide 1: Company Half-Year 1HFY25 Results
COMPANY HALF-YEAR 1HFY25 RESULTS PLATO INCOME MAXIMISER LIMITED ASX: PL8 1
Slide 2: Disclaimer
Disclaimer Note: Past performance is not a reliable indicator of future performance. This communication has been prepared by Plato Income Maximiser Limited ABN 63 616 746 215 (PL8). Nothing contained in this communication constitutes investment, legal, business, taxation or other advice. This commun
Slide 3: Agenda
Agenda 01 PL8 Company Update 02 Market update 03 Questions 3
Slide 4: PL8 Company Update
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Slide 5: 1HFY25 results highlights
1HFY25 results highlights CONTINUING TO DELIVER ON COMPANY OBJECTIVES • 1HFY25 operating profit after tax of $39.7 million (+$0.1 million to 1HFY24) • Total dividends of $0.033 per share, equivalent to annualised distributed yield of 7.6%1,4 • Distributed income of 3.8% for the half-year, +1.4% comp
Slide 6: PL8 NTA performance breakdown for 1HFY25
PL8 NTA performance breakdown for 1HFY25 PRE-TAX NTA PER PL8 SHARE* Source: Plato. *Excludes franking credits. Portfolio performance is net of management fees. 6
Slide 7: PL8 investment portfolio performance
PL8 investment portfolio performance PERFORMANCE TO 31 JANUARY 2025 AFTER FEES AND COSTS PORTFOLIO PERFORMANCE1 3 MTHS 1 YR P.A. INCEPT. P.A. Total return2 5.2% 15.6% 10.4% Income3 1.9% 7.7% 7.6% Benchmark total return2 5.3% 16.5% 10.5% Excess total return2 -0.1% -0.9% -0.1% Excess income3 1.2% 3.0%
Slide 8: PL8 delivering high income
PL8 delivering high income 12 month realised yield* 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% S&P/ASX 200 PL8 CASH 3.6 5.4 FRANKING FRANKING 1.2 2.3 *to 31 January 2025, Plato, Bloomberg 8
Slide 9: PL8 portfolio outperforming the Benchmark over full investment cycle
PL8 portfolio outperforming the Benchmark over full investment cycle Plato Aust. Shares Income Fund v S&P/ ASX200 Accumulation Series (incl. Franking Credits) $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17
Slide 10: Delivering consistent monthly income
Delivering consistent monthly income MONTHLY DIVIDENDS STEADY AT HIGHER LEVEL OF $0.0055 PER SHARE Only Australian LIC paying monthly fully franked dividends Source: Plato. While monthly income has been consistent since October 2017, this may change in the future. The declaration of dividends by the
Slide 11: Share price at a premium to NTA
Share price at a premium to NTA PL8 PRICE VS PRE-TAX NTA SINCE LISTING Source: Plato, IRESS. Past performance is illustrative only and not indicative of future performance. 11
Slide 12: Market Update
Market Update 12
Slide 13: Retirees are different
Retirees are different • Retirees are different to accumulators • They need to live off the income from their investments: • Investment income replaces regular salary • They are taxed differently: • The first $1.9m in pension phase superannuation is tax free whereas accumulation superannuation is ta
Slide 14: Pension phase super tax rates are different
Pension phase super tax rates are different (what about that super cap?) $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $- Pension/Tax Exempt (0%) Super (15%) Super (30%) Individual (39%)# Top Individual (47%)* Fully Franked Dividend Long Term Capital Gain Short Term Capital Gain Unfranked Income T
Slide 15: Results season February 2025 - Dividends
Results season February 2025 - Dividends DIVIDENDS FALLING IN RESOURCES BUT POSITIVE ELSEWHERE • Over $33bn in dividends have been declared. FEB 2025 CHANGE IN DIVIDENDS PCP • New dividends from Qantas, A2 Milk and Iress. Average Median $ Value • Strong dividend increases: 20.2% – Suncorp (21%), QBE
Slide 16: Reporting Season Analysis: CBA
Reporting Season Analysis CBA • Decent result, 1H FY25 Cash NPAT of $5,132m, up 2% from PCP. • Interim Dividend 225c vs 215c last year, up 4.7%. • Equates to 4.2% annual gross yield after recent strong performance. Only completed $300m of $1bn buyback announced in August 2023. • Bad debts of 7bps (f
Slide 17: Reporting Season Analysis: CBA
Reporting Season Analysis CBA Source: Plato 17
Slide 18: Reporting Season Analysis: JB Hi-Fi
Reporting Season Analysis JB HI-FI • 1H FY25 sales up 9.8%, EPS up 8.0% and 3% above expectations. • Final Dividend 170c vs 158c last year (up 7.6%). • January sales grew strongly as consumer was strong in certain categories: – JB Aust : up 7.4% vs 1H FY24. – JB NZ : up 20.4% vs 1H FY24. – The Good
Slide 19: Reporting Season Analysis: Insurers
Reporting Season Analysis INSURERS • 1H FY25 Cash earnings* of $845m, up 73%, 10% above • Adj. Net Profit of $1,729m, up 27% on last year on improved claims expectations due to benign period for natural hazards. ratio. • Final dividend 41c up 20.6% vs 34c in pcp. Equates to 6.0% annual • Final divid
Slide 20: Reporting Season Analysis: Iron Ore Miners
Reporting Season Analysis IRON ORE MINERS # Underlying NPAT down 23%, 22% drop in Underlying NPAT down 33%, small Underlying earnings down 8%. realised prices miss on costs Divd US$0.50 vs US$0.72 pcp (down Divd $3.55 vs $3.93 pcp (down 10%), Divd $0.50 vs $1.08 pcp (down 54%), 31%), 50% payout. 60%
Slide 21: Top Dividend Traps
TOP DIVIDEND TRAPS BE CAREFUL LOOKING AT HISTORICAL YIELD HIST. ANNUAL YIELD % DIVIDEND CUT STOCK (31 DEC 2024) • Dividend Cuts: – Viva Energy 45% 7.5% 45% – Santos 39% – Woolworths 17% 6.9% 39% 6.7% 17% Source: Plato, Bloomberg 21
Slide 22: Dividend outlook within normal range
Dividend outlook within normal range AVERAGE % CHANCE OF DIVIDEND CUTS FOR AUSTRALIAN MARKET Div Cut Probability - Australia Dec 2001 - Feb 2025 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 12/01 06/03 12/04 06/06 12/07 06/09 12/10 06/12 12/13 06/15 12/16 06/18 12/19 06/21 12/22 06/24 Source: Plato, ba
Slide 23: The income summary – Cautiously Optimistic
The income summary – Cautiously Optimistic Caution: Interest rates rose rapidly but have started falling, providing some relief Optimism: Dividends have fallen but are still strong Active fund management critical in delivering income, total return & avoiding dividend traps 23
Slide 24: Questions
Questions THANK YOU 24
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