23 slides from Epe Capital Partners Ltd. Class A's earnings presentation, Mar 11, 2024
Slide 1: Ethos Capital Results Presentation
Ethos Capital Results Presentation 11 March 2024 1
Slide 2: Important Information
Important Information This presentation is intended only for the person to whom it has been delivered to and is for informational purposes only. This presentation does not constitute an offer to sell, is not an offer or a solicitation of an offer in respect of securities and should not be construed
Slide 3: Important Information
Important Information No liability, howsoever arising, is or will be accepted by TRG or any member of its respective groups or its directors, officers, employees, agents or advisers for the fairness, accuracy or completeness of the information (including all estimates, valuations, forecasts, assumpt
Slide 4: Executive Summary
Executive Summary 4 CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Slide 5: Executive Summary: Net Asset Value Highlights
Ethos Capital Results Executive Summary Net Asset Value Highlights – Group NAVPS decreased by 14.6% from R8.56 to R7.31 in the past six months due to decreases in the listed share prices, with the unlisted portfolio slightly down (-3%) – The decreases in Brait and MTN Zakhele Futhi share prices cont
Slide 6: Performance Update
THE ROHATYN GROUP Performance Update
Slide 7: The Ethos Capital Journey
Ethos Capital Results The Ethos Capital Journey NAV performance (per annum; gross IRR pre-expenses) Return capital to Commitment shareholders Phase 1 Year 3 Year 5 Year 2 Investment Cycle Funds & Co-investments 3.0% 14.8% 6.2% Investment Capital phase & asset Brait (37.6%) (16.0%) (26.4%) allocation
Slide 8: Performance Overview
Ethos Capital Results Performance Overview – 15% decrease in NAVPS for the six months to 31 December 2023 from R8.56 to R7.31 (based on Brait share price) • -3% return on the unlisted portfolio largely driven by positive returns delivered by Synerlytic, Crossfin, Gammatek and TymeBank, including a s
Slide 9: Ethos Capital NAV Analysis
Ethos Capital Strategic Update Ethos Capital NAV Analysis Breakdown of December 2023 NAV 17% Double discount reflected in 3,000 14 assets Ethos Capital share price 23% Top 5 assets 2,500 R9.49/sh 16 174 2,411 2,411 R7.88/sh 235 2,237 (570) 60% 2,000 R7.31/sh 2,002 2,002 R1.61/sh 535 1,857 1,857 1,50
Slide 10: NAV Analysis
Ethos Capital Results Ethos Capital NAV Analysis Unaudited Unaudited Audited Changes H1 2024 (Brait at share price) (Brait at diluted NAVPS) 30 June 31 December 31 December Reval Invested Realised 2023 2023 2023 INVESTMENT PORTFOLIO 2,688 99.3% (253) - (24) 2,411 99.4% 3,064 99.5% Brait (NAV adjustm
Slide 11: LTM Revenue and EBITDA growth and Valuation multiples
Ethos Capital Results LTM Revenue and EBITDA growth and Valuation multiples Revenue growth % range EBITDA growth % range 6 5 3 1,207 1,034 5 3 571 4 1 3 294 280 166 56 66 < 0% 0% to <12.5% 12.5% to < 15% 15% and greater <0% 0% to < 12.5% 12.5% to < 50% 50% and greater Values Numbers Values Numbers E
Slide 12: Investment overview
Ethos Capital Results Investment overview % of Total Asset Value Listed investments Method of valuation 19% Brait Exchangeable Bonds have a % of Total Asset Value maturity date of Dec 2024 MTN Zakhele Futhi converts into MTN shares by Sept 2024 Listed, 25% of the portfolio is 19% valued based on lis
Slide 13: Portfolio Overview – Funds & Co-Investments
Portfolio Overview – Funds & Co-Investments 13 CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Slide 14: Optasia
Ethos Capital Results Optasia 31% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R750m 2.9x 16.6% -9% 6-mnth return vs. 3.1x in June 2023 (Ethos consortium) Optasia is a global fintech company that partners with MNOs, mobile wallet operators and financial Financial performance in US$
Slide 15: Synerlytic
Ethos Capital Results Synerlytic 9% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R230m 2.2x 94.0% +13% 6-mnth return vs. 2.0x in June 2023 (EMMF I) Synerlytic owns two independent business units: The Particle Group (“TPG”) and WearCheck Financial performance Through AMIS (South Afri
Slide 16: Crossfin
Ethos Capital Results Crossfin 7% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R172m 1.2x 31.0% +9% 6-mnth return vs. 1.1x in June 2023 (EMMF I & TRG AAiF I) Crossfin invests in high growth, established, cash generative Fintech solutions to enable growth for Financial performance co
Slide 17: Vertice
Ethos Capital Results Vertice 7% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R167m 1.3x 84.0% -1% 6-mnth return vs. 1.3x in June 2023 (EF VI, TRG AAiF I & EHP) Vertice is a South African based medical technology company with a continent-wide footprint that provides Financial perfor
Slide 18: Gammatek
Ethos Capital Results Gammatek 6% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R148m 1.7x 64.0% +8% 6-mnth return vs. 1.6x in June 2023 (EMMF I & EF VII) Gammatek is a leading distributor of mobile accessories and low-technology products with 50% market Financial performance share i
Slide 19: Overview of Other Unlisted Portfolio Companies
Ethos Capital Results Overview of Other Unlisted Portfolio Companies % of Total Assets – Echo is a corporate Internet Service Provider (“ISP”), providing information and communications technology services through an aggregation of third- party networks. 5% – The SA business grew LTM Revenue 14% with
Slide 20: Portfolio Overview – Brait
Portfolio Overview – Brait 20 CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY
Slide 21: Brait overview
Ethos Capital Results Brait overview Strong operating recovery in Virgin Active has continued with Premier performing strongly – Continued recovery in the operating performance has continued across all key territories YTD with average yields up across the portfolio – Amend and extend of the VASA and
Slide 22: Premier
Ethos Capital Results Premier 2% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R59m n/a 12.8% -47% 6-mnths return (share price basis) (TRG AF VII, EDI & LC) Premier is a leading South African FMCG manufacturer offering branded and private label solutions 6 months ended 30 September 2
Slide 23: Virgin Active
Ethos Capital Results Virgin Active 7% Ethos Capital Value: MOIC: Ethos ownership: % of Total Assets R159m n/a 12.8% -42% 6-mnths return (share price basis) (EF VII, EDI & LC) Virgin Active is one of the leading international health club operators providing customers with a combination of outstandin