Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2013)
21 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 7, 2013
Slide 1: 2013 Annual General Meeting - Presentation
For personal use only 7 October 2013 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2013 Annual General Meeting - Presentation Dear Sir / Madam The following presentation
Slide 2: Annual General Meeting 2013
For personal use only ANNUAL GENERAL MEETING 2013
Slide 3: Disclaimer
DISCLAIMER For personal use only Mirrabooka Investments Limited, its 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 t
Slide 4: Year in Summary
YEAR IN SUMMARY For personal use only June 2013 Reported profit ($m) 10.3 -19.7% Net operating result ($m) 8.3 -0.8% Dividend per share (cents) 15.0 +5 cent special Total portfolio ($m) 297.0 Last year 254.8 MER (%) 0.70 Last year 0.79 Number of holdings 70 Up 8 ANNUAL GENERAL MEETING 2013
Slide 5: Strong realised gains produced a special dividend
STRONG REALISED GAINS PRODUCED A SPECIAL DIVIDEND For personal use only ANNUAL GENERAL MEETING 2013
Slide 6: Mirrabooka's share price performance has been strong
MIRRABOOKA’S SHARE PRICE PERFORMANCE HAS BEEN STRONG – PER ANNUM RETURNS TO 30 SEPTEMBER 2013 For personal use only ANNUAL GENERAL MEETING 2013
Slide 7: Share price is trading at a premium to net asset backing
SHARE PRICE IS TRADING AT A PREMIUM TO NET ASSET BACKING For personal use only ANNUAL GENERAL MEETING 2013
Slide 8: Large cap stocks significantly outperformed over the year
LARGE CAP STOCKS SIGNIFICANTLY OUTPERFORMED OVER THE YEAR For personal use only ANNUAL GENERAL MEETING 2013
Slide 9: Within this small resources substantially underperformed
WITHIN THIS SMALL RESOURCES SUBSTANTIALLY UNDERPERFORMED For personal use only ANNUAL GENERAL MEETING 2013
Slide 10: Many companies with strong business models have reached all time highs
HOWEVER MANY COMPANIES WITH STRONG BUSINESS MODELS AND GROWTH HAVE REACHED ALL TIME HIGHS For personal use only P/E 17.5 times P/E 36.7 times Source: FactSet ANNUAL GENERAL MEETING 2013
Slide 11: Mirrabooka's investment approach has delivered strong performance
MIRRABOOKA’S INVESTMENT APPROACH HAS DELIVERED STRONG PERFORMANCE – PER ANNUM RETURNS TO 30 SEPTEMBER 2013 For personal use only After tax and expenses. Ignores benefits of franking and LIC tax credits. ANNUAL GENERAL MEETING 2013
Slide 12: Franking credits also add significantly to returns
FRANKING CREDITS ALSO ADD SIGNIFICANTLY TO RETURNS* – PER ANNUM RETURNS TO 30 SEPTEMBER 2013 For personal use only * Assumes an investor can take full advantage of the franking credits. ANNUAL GENERAL MEETING 2013
Slide 13: Summary Portfolio Activity
SUMMARY PORTFOLIO ACTIVITY For personal use only • Sale of Hastings Diversified Utilities Fund and Australian Infrastructure Fund • Reduced some exposure to stocks that have had strong share price appreciation • Redeployed funds, including a number of new holdings • Over 100 company meetings over pa
Slide 14: Top holdings at September 2013 represent 55.9% of the portfolio
TOP 20 HOLDINGS AT 30 SEPTEMBER 2013 REPRESENT 55.9% OF THE PORTFOLIO For personal use only Rank Company $ million % of portfolio 1 ALS ( formerly Campbell Brothers) 14.2 4.6% 2 Oil Search 13.0 4.2% 3 Tox Free Solutions 12.5 4.1% 4 James Hardie Industries 12.1 3.9% 5 Austbrokers Holdings 11.2 3.6% 6
Slide 15: Top holdings at September 2013 - continued
TOP 20 HOLDINGS AT 30 SEPTEMBER 2013 REPRESENT 55.9% OF THE PORTFOLIO – CONTINUED For personal use only Rank Company $ million % of portfolio 11 Equity Trustees 7.4 2.4% 12 Coca-Cola Amatil 7.2 2.3% 13 Bega Cheese 6.3 2.1% 14 Senex Energy 6.2 2.0% 15 Fletcher Building 6.2 2.0% 16 Toll Holdings 6.1 2
Slide 16: Major purchases April 2013 to September 2013
MAJOR PURCHASES 1 APRIL 2013 TO 30 SEPTEMBER 2013 For personal use only new to portfolio new to portfolio new to portfolio ANNUAL GENERAL MEETING 2013
Slide 17: Washington H Soul Pattinson
WASHINGTON H SOUL PATTINSON For personal use only • Strong track record of performance • Interests in a range of companies: – New Hope Coal, coal producer in Queensland with very low operating costs – Brickworks, low cost brick producer – TPG telecommunications, low cost telecommunications provider
Slide 18: Ingenia Communities
INGENIA COMMUNITIES For personal use only • Owner, operator and developer of a portfolio of senior housing communities across Australia • Attractive growth expected given ageing demographic • Strong focus on cash flow yield • Attractive development pipeline ANNUAL GENERAL MEETING 2013
Slide 19: Positions exited April 2013 to September 2013
POSITIONS EXITED 1 APRIL 2013 TO 30 SEPTEMBER 2013 For personal use only Australian Infrastructure Fund iSelect Lycopodium assets acquired by the Future Fund Premier Fleetwood Investments Corporation ANNUAL GENERAL MEETING 2013
Slide 20: Outlook
OUTLOOK For personal use only • Improved consumer and business confidence will benefit growth in Australia • Interest rates likely to remain low for an extended period • Small companies are trading at a large discount to large cap sector • Portfolio well positioned with cash to invest ANNUAL GENERAL
Slide 21: Mirrabooka Investments Limited
* ¢- MIRRABOOKA * Investments Limited
Mirrabooka Investments — Shareholder Meeting (October 2013) on 6ix