Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — H1 2024 Earnings Presentation
18 slides from Mirrabooka Investments's earnings presentation, February 2024
Slide 1: Half Year Results
Half Year Results February 2024
Slide 2: Disclaimer
Disclaimer Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), 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, n
Slide 3: Investment Objectives
Investment Objectives Half Year Results / February 2024 3
Slide 4: About Mirrabooka
About Mirrabooka Half Year Results / February 2024 4
Slide 5: Results in Summary
Results in Summary Half Year Results / February 2024 5
Slide 6: Half Year in Summary
Half Year in Summary * Assumes an investor can take full advantage of the franking credits. Half Year Results / February 2024 6
Slide 7: Financial Year in Summary
Financial Year in Summary History of fully franked special dividends over 10 years – 46.5 cents per share in total Half Year Results / February 2024 7
Slide 8: Share Price Relative to NTA
Share Price Relative to NTA 31 December 2023 NTA: $3.06 Share price: $2.95 Half Year Results / February 2024 8
Slide 9: Markets and the Portfolio
Markets and the Portfolio Half Year Results / February 2024 9
Slide 10: Portfolio Performance – Returns to December 2023
Portfolio Performance – Returns to 31 December 2023 Per annum returns other than for six months. Assumes an investor can take full advantage of the franking credits. Mirrabooka’s performance numbers are after costs. Past performance is not indicative of future performance. Half Year Results / Februa
Slide 11: Portfolio performance – longer term perspective
Portfolio performance – longer term perspective Assumes an investor can take full advantage of the franking credits. Past performance not indicative of future performance. Half Year Results / February 2024 11
Slide 12: Factors contributing to 2023 outperformance: Recently bought winners
Factors contributing to 2023 outperformance: Recently bought winners IPD Group distributes leading global products Gentrack produces software for the to the Australian electrical industry, with a focus electricity, gas and water utilities industries on power distribution, power monitoring, and large
Slide 13: Factors contributing to 2023 outperformance: Strong rebound in core holdings
Factors contributing to 2023 outperformance: Strong rebound in core holdings CY22 CY23 ‐52% +114% ‐57% +89% ‐50% +43% ‐15% +116% ‐38% +81% CY22 Average Return ‐55% +175% CY23 Average Return ‐47% +60% ‐41% +51% ‐13% +55% ‐15% +40% ‐33% +66% Half Year Results / February 2024 13
Slide 14: Portfolio Outlook – How are we currently investing?
Portfolio Outlook – How are we currently investing? Valuation of the highest quality, highest growth companies is looking stretched again. We’ve continued to seek the best relative long-term value in companies that meet our quality threshold. We have recently found these in new portfolio opportu
Slide 15: Mirrabooka Top Holdings – December 2023
Mirrabooka Top 20 Holdings – 31 December 2023 % of % of Company Portfolio Ownership Period Company Portfolio Ownership Period 1 5.3% 6.5 yrs 11 2.7% 2 yrs 2 3.8% 8 yrs 12 2.5% 12.5 yrs 3* 3.8% 13 yrs 13 Equity Trustees 2.3% 18 yrs 4* 3.6% 7 yrs 14* 2.2% 8.5 yrs 5 3.1% 1.5 yr 15* 2.1% 17 yrs 6 2.9% 6
Slide 16: Outlook
Outlook Half Year Results / February 2024 16
Slide 17: Outlook
Outlook Recent market gains have been fuelled by a general view that global inflation is abating, and interest rates have peaked. Key risks to current market pricing include inflation lingering above central bank targets or a decline in economic activity and corporate earnings. Mirrabooka take
Slide 18: Slide 18
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