Plato Income Maximiser Ltd. · ASX:PL8
Plato Income Maximiser — FY2019 Earnings Presentation
20 slides from Plato Income Maximiser's earnings presentation, 2019
Slide 1: Company Annual Results
COMPANY ANNUAL 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 02 PL8 investment strategy Entitlement offer and performance 03 04 Market update Questions 3
Slide 4: PL8 investment strategy and performance
PL8 investment strategy and performance 4
Slide 5: PL8 investment portfolio performance
PL8 investment portfolio performance PERFORMANCE TO 30 JUNE 2019 AFTER FEES AND COSTS* Since FY2019 Inception p.a. Including Franking (28/4/2017) Portfolio 15.0% 11.6% S&P/ASX200 Tax 13.4% 11.6% Exempt Active +1.6% 0.0% 5 *Inclusive of the net impact of GST and Reduced Input Tax Credits. Past perfor
Slide 6: Longer term performance
Longer term performance PLATO AUSTRALIAN SHARES INCOME FUND PERFORMANCE AFTER FEES Plato Aust. Shares Income Fund v S&P/ ASX200 Accumulation Series 2.80 (incl. Franking Credits) 2.60 2.40 2.20 2.00 1.80 1.60 1.40 1.20 1.00 0.80 Sep-2011 Sep-2012 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2018
Slide 7: PL8 delivering high ordinary income
PL8 delivering high ordinary income 12 MONTH REALISED YIELD* 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% RBA Cash RBA Cash Rate Rate S&P/ASX 200 S&P/ASX200 Fund PL8 CASH 1.5 4.3 5.8 FRANKING 0.0 1.7 2.5 7 Source: Plato. *to 30 June 2019, excluding the 3c special dividend in May 2019
Slide 8: PL8 delivering high income – including special
PL8 delivering high income – including special 12 MONTH REALISED YIELD* 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% RBA Cash RBA Cash Rate Rate S&P/ASX 200 S&P/ASX200 Fund PL8 CASH 1.5 4.3 8.6 FRANKING 0.0 1.7 3.7 8 Source: Plato. *to 30 June 2019
Slide 9: Delivering consistent monthly income
Delivering consistent monthly income PLUS 3 CENT SPECIAL DIVIDEND PAID MAY 2019 MONTHLY DIVIDENDS PAID 0.6c 0.5c 0.4c 0.3c 0.2c 0.1c 0.0c Only Australian LIC paying monthly fully franked dividends 9 Source: Plato. The declaration of dividends by the company is at the full discretion of the board (un
Slide 10: PL8 NTA performance breakdown for FY19
PL8 NTA performance breakdown for FY19 PRE-TAX NTA PER PL8 SHARE* $1.25 + $0.099 - $0.002 -$0.090 $1.20 $1.15 $1.106 $1.099 $1.10 $1.05 Pre-tax NTA Portfolio performance Company and other Dividends paid Pre-tax NTA 1 Jul 2018 expenses 30 Jun 2019 10 Source: Plato. *Excludes franking credits.
Slide 11: Price has closely tracked NTA
Price has closely tracked NTA PL8 PRICE VERSUS NTA SINCE LISTING $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Share Price Net Tangible Assets (NTA) APL franking policy impacted trading March 2018 to May 2019 11 Source: Plato, IRESS
Slide 12: Entitlement Offer
Entitlement Offer 12
Slide 13: Entitlement Offer
Entitlement Offer DETAILS OF THE OFFER Existing shareholders New shareholders Offer price: $1.10 • Can apply for new shares in the • Entitlement offer of 1 new share for every 1.6 existing shares shortfall offer Offer size: $205m • Size of the offer is determined • Ability to apply for more shares a
Slide 14: Highlights of the Entitlement Offer
Highlights of the Entitlement Offer ENTITLEMENT OFFER Investors in the Greater size means Entitlement and enhanced liquidity on Shortfall offer will be the ASX and a eligible for the reduction in total September dividend costs to investors (0.5c) All of the Offer costs Access the limited are paid fo
Slide 15: Market Update
Market Update 15
Slide 16: Finding income just got harder
Finding income just got harder OFFICIAL RBA CASH RATE EXPECTATIONS Impacts income from cash, bonds, term deposits and bank bill linked investments (e.g. hybrids) 16 Source: Bloomberg, Macquarie Macro Strategy June 2019
Slide 17: Australian dividends have been remarkably stable
20% 10% 25% 15% 0% 5% Dec-80 Jul-81 Feb-82 Sep-82 Apr-83 Nov-83 Jun-84 Jan-85 Aug-85 Mar-86 Oct-86 May-87 Dec-87 Jul-88 Feb-89 Sep-89 Apr-90 Nov-90 Jun-91 Jan-92 Bank Bills Aug-92 17 Source: Plato, RBA, S&P, invest $100k at the start of the year Mar-93 Oct-93 May-94 Dec-94 Jul-95 Feb-96 Sep-96 Apr-9
Slide 18: Large income stocks have been doing it tough
Large income stocks have been doing it tough PRICE PERFORMANCE 1.10 1.00 0.90 0.80 0.70 0.60 PL8 Telstra Big 4 Banks A diversified portfolio of income stocks can still perform when some income stocks are underperforming 18 Source: Bloomberg, Macquarie Macro Strategy June 2019
Slide 19: FY2019: A dividend bonanza in Australia
FY2019: A dividend bonanza in Australia BUT NOT IN THE USUAL PLACES! • Banks and Telstra have maintained or cut dividends • Resources have been massive dividend payers: • Buy-backs and specials significant • Strong increases from Alumina (+65%) Fortescue (+177%), RIO (+158%) in March quarter • Some
Slide 20: Questions
Questions THANK YOU 20
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