Sandon Capital Investments Limited · ASX:SNC
Sandon Capital Investments — Shareholder Meeting (November 2024)
21 slides from Sandon Capital Investments's shareholder meeting presentation, Nov 19, 2024
Slide 1: SNC Shareholder Presentation
SNC Shareholder Presentation 19 November 2024
Slide 2: Important Information
Important Information This presentation is prepared by Sandon Capital market conditions and future business decisions, all of Lonsec Research Ratings and Logos: The rating issued Investments Limited (SNC) for general information which are difficult or impossible to predict accurately 10/2024 is publ
Slide 3: Opportunity – sustainable yield at a discount to NTA
Sandon Capital Investments Ltd (ASX:SNC) Opportunity – sustainable yield at a discount to NTA Highlights Portfolio companies ATTRACTIVE DIVIDEND YIELD • SNC shares trade at an attractive yield • The bulk of the portfolio remains of 7.1% (9.5% grossed up for exposed to resilient, performing 7.1%1 fra
Slide 4: Investment Highlights
Sandon Capital Investments Limited Investment Highlights • More than 60cps of dividends and more than 21cps of • Attractive yield, at a discount imputation credits since inception 20.0% Cohort Average Yield 6.3%, SNC 10.0% P/NTA -12.0% Yield 7.1%, Prem. to NTA P/NTA -16.9% 80.0 0.0% 70.0 23.6 -10.0%
Slide 5: Investment highlights 12-mths to Oct 2024
Sandon Capital Investments Limited Investment highlights 12-mths to 31 Oct 2024 • Win/loss ratio ~65% highlights investment selection and portfolio discipline Gains vs Losses Top 5 Bottom 5 (12 months to 31 Oct 2024) 12.0% Name Contribution Name Contribution Nuix Ltd 10.4% Karoon Energy Ltd -2.0% 10
Slide 6: Portfolio Composition
Sandon Capital Investments Limited Portfolio Composition • Selected holdings represent ~54% of the portfolio Selected holdings • These companies provide exposure to: Spectra Systems Inc. (SPSY) 11.8% • SME financial services (COG) Fleetwood Ltd (FWD) 10.6% • Industry rationalisation (COG, CYG) Carbo
Slide 7: Nuix Ltd (NXL)
Sandon Capital Investments Ltd Nuix Ltd (NXL) • NXL develops and sells investigative analytics and intelligence software Financial Summary • NXL listed following a highly sought after IPO (at $5.31) in April Share price $6.20 2020, its shares reaching $11.16 in Jan 2021 Market Capitalisation $2,050m
Slide 8: Spectra Systems, Inc. (SPSY LN)
Sandon Capital Investments Ltd Spectra Systems, Inc. (SPSY LN) • SPSY is a US based technology company listed on the London Stock Exchange Financial Summary • Its core business is the authentication and cleaning of bank notes, Share price (GBP) 245p with central banks as its major customers Market C
Slide 9: Carbon Conscious Investments Ltd Acquisition
Sandon Capital Investments Ltd Carbon Conscious Investments Ltd Acquisition • CCIL manages large scale projects (~17,000 ha) registered with the Clean ACCU Spot Price (A$) Energy Regulator that generate Australian Carbon Credit Units (ACCUs) 45 • CCIL has Carbon Plantation Agreements (CPAs) with Ori
Slide 10: Fleetwood Ltd (FWD)
Sandon Capital Investments Ltd Fleetwood Ltd (FWD) • FWD has three business units: Financial Summary • Building Solutions – Australia’s largest modular builder • Community Solutions – owns and manages accommodation Share price $1.97 facilities Market capitalisation $185.5m Net debt / (cash) ($39.3m)
Slide 11: Coventry Group Ltd (CYG)
Sandon Capital Investments Ltd Coventry Group Ltd (CYG) • CYG operates through two divisions: Financial Summary • Trade Distribution (TD) • Fluid Systems (FS) Share price $1.32 • TD distributes fasteners and other industrial products through Market capitalisation $154.2m Konnect, Artia and Nubco bra
Slide 12: Midway Ltd (MWY)
Sandon Capital Investments Ltd Midway Ltd (MWY) • MWY has undergone significant Board and management changes in recent years and this has resulted in a change in strategic Financial Summary direction Share price $1.19 • Loss making assets have been shut down Market capitalisation $103.9m • Forestry
Slide 13: Karoon Energy Ltd (KAR)
Sandon Capital Investments Ltd Karoon Energy Ltd (KAR) • KAR is an oil and gas producer with offshore operations in USA (Gulf of Mexico) and Brazil (Santos Basin) Financial Summary • In recent years, KAR has evolved from being an explorer to Share price $1.395 producer Market capitalisation (A$m) $1
Slide 14: Magellan Financial Group Ltd (MFG)
Sandon Capital Investments Ltd Magellan Financial Group Ltd (MFG) • MFG is a well-known funds management company with three core strategies: Financial Summary Share price $10.60 • Global Equities • Infrastructure Equities Market capitalisation $1,895m • Australian Equities (Airlie) Net debt / (cash)
Slide 15: About us
SANDON CAPITAL About us
Slide 16: We seek change to create or enhance value
Why Sandon Capital We seek change to create or enhance value Extensive contacts We build coalitions of like-minded investors Pre-eminent and unique track record of Stakeholders include institutional shareholder activism investors, directors, proxy advisers, We have unrivalled investment bankers, jou
Slide 17: We invest in undervalued companies
Investment Opportunities We invest in undervalued companies As value investors, we look for undervalued assets, where: Human nature creates attractive investment opportunities that require shareholders to liberate or Prices are below their intrinsic value create value. We can encourage positive chan
Slide 18: We actively engage with companies to promote positive changes
Our Approach We actively engage with companies to promote positive changes Identify companies that are Transform a company so its Takes time for our approach Use rigorous analysis to build mispriced and where there value is better appreciated by to bear fruit. Capital we shareholder consensus. are o
Slide 19: We unlock value by taking a proactive approach
Our Activism Technique We unlock value by taking a proactive approach We focus We adapt to each on engaging unique situation, to maximise the employing both a certainty of our range of visible value creation and less visible strategies techniques Discount (Asset Value) Intrinsic Value Bilateral Mult
Slide 20: Led by a team with decades of success
Our Team Led by a team with decades of success Gabriel Campbell Derek Radzyminski Morgan Skeen Founder, CIO & Portfolio Manager Portfolio Manager Chief Operating Officer +20 YRS EXPERIENCE +15 YRS EXPERIENCE +25 YRS EXPERIENCE As the founder of Sandon Capital, Gabriel has been Campbell joined Sandon
Slide 21: Contact
C O N T A C T Gabriel Radzyminski CIO & Portfolio Manager T 02 8014 1188 M 0408 936 357 E gabriel@sandoncapital.com.au
Sandon Capital Investments — Shareholder Meeting (November 2024) on 6ix