AMCIL Limited · ASX:AMH
AMCIL — Shareholder Meeting (October 2024)
25 slides from AMCIL's shareholder meeting presentation, Oct 8, 2024
Slide 1: AMCIL Limited 2024 Annual General Meeting Presentation
8 October 2024 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 For personal use only Electronic Lodgement AMCIL Limited 2024 Annual General Meeting Presentation Dear Sir / Madam The following presentation will be delivered
Slide 2: Annual General Meeting Presentation October 2024
Full Year Results For personal use only Month 2023 Annual General Meeting - Presentation October 2024
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: Agenda
Agenda For personal use only Our Purpose and Approach Mark Freeman Financial Year in Summary Andrew Porter Equity Market Conditions Mark Freeman Portfolio Performance and Activity Mark Freeman, Jaye Guy and Gilbert Battistella Features of the AMCIL Portfolio Mark Freeman Outlook Mark Freeman 3
Slide 5: Our Purpose and Approach
For personal use only Our Purpose and Approach
Slide 6: The Key Unique Benefits of an Investment in AMCIL
The Key Unique Benefits of an Investment in AMCIL For personal use only The key unique benefits of AMCIL are the combination of: Focused portfolio invested in quality companies where holding size is not determined by the index weighting Alignment of interests Comparatively low management cost No
Slide 7: A Closer Look at AMCIL's Investment Approach
A Closer Look at AMCIL’s Investment Approach For personal use only Attributes of a high-quality company that we seek: Why this matters: • Unique assets that are hard to replicate or have an • The presence of these factors drives a Industry leadership position (or developing one) competitive advantag
Slide 8: Financial Year in Summary
For personal use only Financial Year in Summary Annual General Meeting / October 2024
Slide 9: Financial Year in Summary
Financial Year in Summary For personal use only *Assumes an investor can take full advantage of the franking credits. ^Includes 1 cent interim dividend. Annual General Meeting / October 2024 8
Slide 10: Share Price Relative to Net Tangible Assets (NTA)
Share Price Relative to Net Tangible Assets (NTA) For personal use only 30 September 2024 NTA: $1.32 Share price: $1.15 Annual General Meeting / October 2024 9
Slide 11: Equity Market Conditions
For personal use only Equity Market Conditions Annual General Meeting / October 2024
Slide 12: Market Conditions
Market Conditions For personal use only Economic growth has been solid, reducing the risk of a recession, however there are now signs of softness in the broader economies. Consumer spending is slowing. Employment conditions remain reasonable. Central Banks shifting towards more neutral / easing bias
Slide 13: Equity Market Valuations (Australia) – A Long Term Perspective
Equity Market Valuations (Australia) – A Long Term Perspective For personal use only S&P/ASX 200 S&P/ASX 200 Price / Sales Price / Book Source: FactSet Annual General Meeting / October 2024 12
Slide 14: Equity Market Valuations (United States) – A Long Term Perspective
Equity Market Valuations (United States) – A Long Term Perspective For personal use only S&P 500 S&P 500 Price / Sales Price / Book Source: FactSet Annual General Meeting / October 2024 13
Slide 15: Portfolio Performance and Activity
For personal use only Portfolio Performance and Activity Annual General Meeting / October 2024
Slide 16: Portfolio Performance – Per Annum Returns to September 24
Portfolio Performance – Per Annum Returns to 30 September 2024 For personal use only Annual General Meeting / October 2024 15
Slide 17: Recent Portfolio Activity
Recent Portfolio Activity* For personal use only Exited Trimmed Added New * Financial year to date. Transactions greater than $500,000. Annual General Meeting / October 2024 16
Slide 18: Our Investment Philosophy in Practice
Our Investment Philosophy in Practice Continue to invest in companies with Income and Quality Stalwart characteristics: For personal use only New holding Added to existing holding in Portfolio of high-quality discounted capital raise neighbourhood and regional Difficult to replace infrastruc
Slide 19: Our Investment Philosophy in Practice
Our Investment Philosophy in Practice Initiated small positions in companies with long-term growth potential and owner-driver characteristics: For personal use only a Significant and growing global Potential merger with (founder user base led) Chemist Warehouse could be Substantial monetisatio
Slide 20: Our Investment Philosophy in Practice
Our Investment Philosophy in Practice For personal use only Trimmed (Wesfarmers) and exited (Commonwealth Bank) positions where we saw excessive valuation: Price/Earnings Ratio (x) Price/Earnings Ratio (x) Source: FactSet Annual General Meeting / October 2024 19
Slide 21: Features of the AMCIL Portfolio
For personal use only Features of the AMCIL Portfolio Annual General Meeting / October 2024
Slide 22: AMCIL Top Holdings
AMCIL Top 20 Holdings % of % of For personal use only Company Portfolio Ownership Period Company Portfolio Ownership Period 1 8.2% 13 yrs 11* 3.0% 13 yrs 2 6.0% 7 yrs 12* 2.9% 5 yrs 3 5.1% 21 yrs 13* 2.8% 3 yrs 4 4.1% 7 yrs 14* 2.6% 3 yrs 5* 4.7% 5 yrs 15* 2.5% 7 yrs 6 4.1% 7 yrs 16 2.2% 7 yrs 7* 4.
Slide 23: Portfolio Well Positioned For The Future
Portfolio Well Positioned For The Future AMCIL’s portfolio is well placed to navigate a wide range of economic outcomes: For personal use only Growth Stalwart Income Annual General Meeting / October 2024 22
Slide 24: Outlook
Outlook For personal use only Earnings growth becoming more challenging. The ASX200 index trading at all time highs. Valuations appear full (against long term metrics). Shift in Central Bank policy settings (more neutral/easing) as inflationary pressures soften. The portfolio is well positioned to w
Slide 25: For personal use only
For personal use only