NGE Capital Ltd · ASX:NGE
NGE Capital — Shareholder Meeting (May 2023)
20 slides from NGE Capital's shareholder meeting presentation, May 24, 2023
Slide 1: NGE Capital Limited AGM Presentation
For personal use only NGE Capital Limited ASX : NGE AGM Presentation 24 May 2023
Slide 2: Disclaimer
Disclaimer The information in this presentation is in summary form Past performance is not a reliable indicator of future This presentation is provided for informational purposes and should not be relied upon as a complete and performance. only and is subject to change without notice. Subject to For
Slide 3: Company snapshot
Company snapshot • NGE Capital Limited (NGE or Company) is a Listed Investment Company (LIC) which offers For personal use only investors exposure to an actively managed, concentrated portfolio of high conviction investments. • Broad investment mandate, not restricted by geography, asset class, or s
Slide 4: Company snapshot (cont.)
Company snapshot (cont.) Summary as at 30 April 2023 Top shareholders1 Board of directors For personal use only Ticker NGE David Lamm 11.11% David Lamm Chief Investment Officer Share price $0.765 Raphael Lamm 8.81% Adam Saunders Portfolio Manager Shares outstanding 36.0m Kuridale Nominees Pty Ltd 5.
Slide 5: Investment philosophy
Investment philosophy 1 Target investments that can generate strong returns with an adequate margin of safety For personal use only • Individual securities can and do significantly deviate away from their fair value. • Potential to generate strong risk-adjusted returns by investing in select securit
Slide 6: Investment process
Investment process For personal use only Idea Proprietary Assessment Investment Monitor & generation research decision exit • Screening • Rigorous • Qualify against • Buy, hold, sell, • Update fundamental investment wait, do nothing assessment for • Identify mispricing analysis philosophy new inform
Slide 7: A top performing LIC
A top performing LIC Growth in NTA per share 2 2023 Since incep tio n Tax efficient investment vehicle Net returns For personal use only 1 2017 2018 2019 2020 2021 2022 Y TD (p .a.) (cum.) • NGE has recognised a ~$2.3m NGE reports its (~$0.064 per share) deferred tax returns after all 26.8% 21.4% 11
Slide 8: Performance
Performance Share price performance since inception1 Since incep tio n For personal use only (p .a.) (cum.) 100 ¢ NGE 11.1% 96.2% ASX 200 Accum. 9.0% 73.3% 90 ¢ MSCI Wo rld Accum. 10.1% 85.1% 80 ¢ 70 ¢ 60 ¢ 50 ¢ 40 ¢ 30 ¢ Nov-16 Sep-17 Nov-17 Sep-18 Nov-18 Sep-19 Nov-19 Sep-20 Nov-20 Sep-21 Nov-21 S
Slide 9: Share buybacks
Share buybacks • NGE has bought back and cancelled ~6.33m NGE buybacks since 2015 For personal use only shares at an average price per share of ~$0.456 since 2015. • This equates to ~14.9% of the shares ~$0.456 ~6.33m ~14.9% Average price Number of of shares outstanding at outstanding since the star
Slide 10: Portfolio composition as at April 2023
Portfolio summary Portfolio composition as at 30 April 2023 For personal use only Company Ticker % NTA Danakali ASX : DNK 22.3% Yellow Cake plc LSE : YCA 13.0% John Wood Group plc LSE : WG. 12.8% Geo Energy Resources SGX : RE4 6.2% OCI N.V. AMS : OCI 5.7% Jupiter Mines ASX : JMS 5.6% Embark Educatio
Slide 11: Danakali
Portfolio holding – Danakali Description Snapshot • Main asset is company’s cash balance, following sale of its For personal use only Ticker ASX : DNK 50% interest in the Colluli Potash Project located in Eritrea to 1 Chinese listed civil engineering and construction company Share p rice (30 Ap r 23
Slide 12: Uranium
Portfolio holding – Uranium Description Valuation Y ello w Cak e SPUT • Yellow Cake plc (LSE:YCA) and Sprott Physical Uranium Trust For personal use only (TSX:U.UN) are listed investment entities whose strategy is to Ticker YCA.LSE U.UN.TSX buy physical uranium in the form of U3O8 and hold long-term
Slide 13: Wood Group
Portfolio holding – Wood Group Description Snapshot • Provider of consulting, engineering, project management and Ticker LSE : WG. For personal use only asset optimisation services in a broad range of industrial EV/EBITDA (FY24E) x 8.3 markets, with a focus on oil and gas. EV/FCF (FY24E) x 15.8 Situ
Slide 14: Geo Energy
Portfolio holding – Geo Energy Description Snapshot • Indonesian thermal coal producer listed on SGX. For personal use only Ticker SGX : RE4 • Key assets comprise two adjacent mines located in SGD USD Kalimantan: PT Tanah Bumbu Resources (TBR) (98.73% FX rate 1 SGD: 1.0000 0.7492 owned) and PT Sunga
Slide 15: OCI N.V.
Portfolio holding – OCI N.V. Description Snapshot • Third largest global producer and distributor of nitrogen Ticker AMS : OCI For personal use only fertilizer and fifth largest producer of methanol. EUR USD • Owns 50% of Fertiglobe plc (ADS:FERTIGLB), the world’s FX rate 1 EUR: 1.0000 1.1026 larges
Slide 16: Jupiter Mines
Portfolio holding – Jupiter Mines Description Snapshot • Manganese ore producer whose sole asset is a 49.9% For personal use only Ticker ASX : JMS interest in the Tshipi Borwa mine in South Africa. Share p rice (30 Ap r 23) A$ 0.250 • Manganese is a critical element in carbon steel production with n
Slide 17: Embark Education
Portfolio holding – Embark Education Description Snapshot • Provider of Early Childhood Education, operating 24 childcare Ticker ASX : EVO For personal use only centres in Australia Share price (30 Apr 23) A$ 0.610 Situation Market cap A$m 97 EV 1 A$m 75 • Completed sale of troublesome NZ operations
Slide 18: Metals X
Portfolio holding – Metals X Description Snapshot • Tin producer with a 50% interest in the Renison Tin For personal use only Ticker ASX : MLX Operation, Tasmania. Share price (30 Apr 23) $ 0.275 Situation Market cap $m 249 • Operational hiccups, a weakening tin price and cost inflation 1 $m 144 EV
Slide 19: Board & management
Board & management For personal use only David Lamm Adam Saunders Ilan Rimer Leslie Smith Executive Chairman & Executive Director & Non-Executive Director Chief Financial Officer & Chief Investment Officer Portfolio Manager Company Secretary • Responsible for the origination of • Responsible for the
Slide 20: Investment proposals
Investment proposals Submit an investment opportunity for us to consider to: investments@ngecapital.com.au For personal use only ACN: 112 618 238 Phone: +61 3 9648 2290 Email: office @ ngecapital.com.au Web: www.ngecapital.com.au