NAOS Emerging Opportunities Co. Ltd. · ASX:NCC
NAOS Emerging Opportunities — Q2 2015 Earnings Presentation
22 slides from NAOS Emerging Opportunities's earnings presentation, Jan 20, 2015
Slide 1: Q2 FY15 Investor Briefing
For personal use only PRESENTATION Q2 FY15 INVESTOR BRIEFING NAOS Emerging Opportunities Company Ltd
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 22nd January 2. Time 11.00am AEDST 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to Anneke Senden (asenden@naos.com.au) prior to the allotted call time Conviction Long Short Investing | Copyright 2
Slide 3: Agenda
AGENDA For personal use only 1. NCC REVIEW • Information about the Company • Capital Structure • Option Pricing Information • Dividend Policy/Schedule • Dividend, Share Price an Option Price History • Total Shareholder Return Analysis • Quarterly Performance & Attribution Analysis • Portfolio Positi
Slide 4: 1. NCC Review
For personal use only 1. NCC Review Conviction Long Short Investing | Copyright 2015 NAOS Absolute Opportunities Company 4
Slide 5: Information About the Company
INFORMATION ABOUT THE COMPANY For personal use only NCC • Listed Investment Company (LIC), which seeks to provide investors with exposure to emerging companies through a concentrated long/short portfolio of ASX listed equities. • Primary aim of NCC is to provide investors with long term capital appr
Slide 6: Capital Structure
CAPITAL STRUCTURE For personal use only SHARES ON ISSUE OPTIONS ON ISSUE CURRENT DIVIDEND YIELD 37,502,835 NCCO 6.37% Fully Franked NTA Analysis Expiry: 1st February 2015 9.10% Gross Pre Tax - $1.18 ($1.14)* Price Exercisable: $1.00 *Includes guided First Half CY15 Dividend of 3.25cps Fully Franked
Slide 7: Option Pricing (Indicative)
OPTION PRICING (INDICATIVE) For personal use only Option Pricing Information Option Price $0.02 Exercise Price $1.00 Price Per Share $1.02 NTA Per Share* Not Diluted Diluted for NCCO ** Diluted for NCCO*** Pre Tax NTA $1.18 $1.17 $1.165 Margin Per Share Pre Tax NTA $0.16 $0.15 $0.145 * NTA as at 31
Slide 8: Dividend Policy/Schedule
DIVIDEND POLICY/SCHEDULE For personal use only DIVIDEND POLICY The board is committed to paying a progressive stream of fully franked dividends to shareholders on a six-monthly basis provided the Company has sufficient franking credits and it is prudent to do so. The Dividend Reinvestment Plan is in
Slide 9: Dividend, Share Price & Option Price Performance
DIVIDEND, SHARE PRICE & OPTION PRICE PERFORMANCE AS AT 31 ST DECEMBER 2014 For personal use only NCCO NCCOA NCC $0.25 $1.40 $1.20 $0.20 $1.00 $0.15 $0.80 $0.60 $0.10 Dividend - 3.00cps Fully Franked $0.40 $0.05 Dividend - 2.5cps Fully Franked Dividend - 2.75cps Fully Franked $0.20 $0.00 $0.00 Feb-13
Slide 10: Total Shareholder Return Analysis Since IPO
TOTAL SHAREHOLDER RETURN ANALYSIS SINCE IPO AS AT 31 ST DECEMBER 2014 For personal use only NCC Shareprice, NCCO Option Price, Reinvested Dividends (Excluding Franking Credits) Small Ordinaries Accumulation Index (XSOAI) $140,000 $130,000 $115,657.65 $120,000 $110,000 $100,000 $90,822.91 $90,000 $80
Slide 11: Performance Summary
PERFORMANCE SUMMARY PRE FEES & FRANKING, NET OF OPERATING EXPENSES AS AT 31 ST DECEMBER 2014 For personal use only 1 Month 3 Months 6 Months 1 Year Inception Inception% (%) (%) (%) (%) (% p.a.) (Nom.) NCC +0.46 -1.37 +2.94 +16.20 +24.55 +49.85 S&P/ASX Small Ordinaries +0.47 -3.89 -2.45 -3.81 -4.60 -
Slide 12: Performance Attribution: Top Contributors to Portfolio Returns by Stock
PERFORMANCE ATTRIBUTION: TOP CONTRIBUTORS TO PORTFOLIO RETURNS BY STOCK 1ST MARCH 2013 TO 31 ST DECEMBER 2014 For personal use only Contribution to Return Contribution to Return Investment Investment (% NAV) (% NAV) Calliden Group 13.01% Investment D 4.46% Capitol Health 10.14% Gage Road Breweries 4
Slide 13: Portfolio Structure: Historical Net Equity and Cash Weightings
PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 31 ST DECEMBER 2014 For personal use only 120% Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure 100% 80% 60% 40% 20% 0% -20% -40% Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Ja
Slide 14: Portfolio Structure: Allocation by Industry/Sector
PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR AS AT 31 ST DECEMBER 2014 For personal use only 3.10% 0.04% Cash & Cash Equivalents 14.77% 4.01% Commercial Services & Supplies 6.00% Media Transportation 10.02% Diversified Financials 21.25% Healthcare Conusmer Durables & Apparel 11.64% Consumer Ser
Slide 15: Company Meetings
COMPANY MEETINGS For personal use only The NAOS investment philosophy is based around the belief that for a company to succeed and generate strong returns for shareholders it must be led by a motivated, proven and experienced management team. NAOS’ Investment Team has direct contact with many listed
Slide 16: 2. Market Outlook/Commentary
For personal use only 2. Market Outlook/Commentary Conviction Long Short Investing | Copyright 2015 NAOS Absolute Opportunities Company 16
Slide 17: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only December • The S&P ASX200 Accumulation Index finished the year with a total return of +5.7% or just +1.1% in capital Australian Equity growth when dividends are removed. The local bond market on the other hand produced its best gain since Market Review
Slide 18: Market Outlook/Commentary: Global Themes
MARKET OUTLOOK/COMMENTARY For personal use only Global Themes • There were a number of notable events and key themes that shaped both global and domestic equity market movements over the period, the most prominent of which was the continued strength of the US economy, which has seen the best growth
Slide 19: Market Outlook/Commentary: Global Themes Cont.
MARKET OUTLOOK/COMMENTARY For personal use only Global Themes • We have seen a strengthening of the USD against the AUD (the AUD fell by over 21% in CY2014) and Cont. many other major currencies. We have also seen a significant fall in commodity prices, both in bulks and metals alike. Since June the
Slide 20: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Source: Philo Capital Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 20
Slide 21: Keeping Up to Date – Shareholder Communication
KEEPING UP TO DATE – SHAREHOLDER COMMUNICATION For personal use only WEBSITE • Shareholders can stay up to date with NAOS news and views, subscription lists and latest share prices via the company website: www.naos.com.au FORMS • Notice of exercise form for NCCO options will be distributed by Boardr
Slide 22: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Emerging Opportunities Company Ltd (ACN 161 106 510). The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the p
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