Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Investor Presentation (March 2016)
24 slides from Mirrabooka Investments's investor presentation, Mar 11, 2016
Slide 1: Information Meetings – Presentation (ASX cover letter)
11 March 2016 For personal use only The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Announcement Mirrabooka Investments Limited Information Meetings – Presentation Dear Sir / Madam Please find attached the presen
Slide 2: Shareholder Meeting March 2016
For personal use only SHAREHOLDER MEETING MARCH 2016
Slide 3: Disclaimer
For personal use only DISCLAIMER Mirrabooka Investments Limited, 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 wa
Slide 4: Overview of Mirrabooka
For personal use only OVERVIEW OF MIRRABOOKA SHAREHOLDER MEETING MARCH 2016
Slide 5: Mirrabooka's Investment Approach
For personal use only MIRRABOOKA’S INVESTMENT APPROACH • Small and Mid Cap listed companies in Australia and New Zealand. • Seek companies with strong industry positions, quality balance sheets and good management – often with some ‘skin in the game’. • Typically do not invest in resources and more
Slide 6: How Risk Is Managed Within the Portfolio
For personal use only HOW RISK IS MANAGED WITHIN THE PORTFOLIO • Limit financial risk by focusing on balance sheet strength. • Invest in some companies with high ownership by those running the business. • Take small starting positions and add in any weakness. • Sell when there is an adverse change f
Slide 7: This Approach Produces a Very Different Profile to the Large Cap Sector
THIS APPROACH PRODUCES A VERY DIFFERENT PROFILE For personal use only TO THE LARGE CAP SECTOR – THIS CAN BE DIFFICULT FOR RETAIL SHAREHOLDERS TO REPLICATE Selected Industry Exposures SHAREHOLDER MEETING MARCH 2016
Slide 8: Mirrabooka's Portfolio – Per Annum Returns to February 2016
MIRRABOOKA’S PORTFOLIO – PER ANNUM RETURNS For personal use only TO 29 FEBRUARY 2016 INCLUDING FRANKING CREDITS After tax and expenses. Ignores benefits of LIC tax credits. SHAREHOLDER MEETING MARCH 2016
Slide 9: Mirrabooka's Share Price – Per Annum Returns to February 2016
MIRRABOOKA’S SHARE PRICE – PER ANNUM RETURNS For personal use only TO 29 FEBRUARY 2016 After tax and expenses. Ignores benefits of franking and LIC tax credits. SHAREHOLDER MEETING MARCH 2016
Slide 10: Half-Year Financial Summary
For personal use only HALF-YEAR FINANCIAL SUMMARY SHAREHOLDER MEETING MARCH 2016
Slide 11: The Portfolio
For personal use only THE PORTFOLIO SHAREHOLDER MEETING MARCH 2016
Slide 12: Portfolio at February 2016
For personal use only PORTFOLIO AT 29 FEBRUARY 2016 Diversification of the Portfolio Top 10 Holdings – 84 holdings in total Rank Company % of Portfolio 1 Treasury Wine Estates 4.1% 2 Qube Holding 3.4% 3 Vocus Communications 3.0% 4 Lifestyle Communities 2.7% 5 IRESS 2.7% 6 ResMed* 2.5% 7 Healthscope
Slide 13: Portfolio at February 2016 continued
For personal use only PORTFOLIO AT 29 FEBRUARY 2016 continued Diversification of the Portfolio Next 10 Holdings – 84 holdings in total Rank Company % of Portfolio 11 Freedom Foods Group 2.1% 12 Alumina 2.1% 13 Event Hospitality & Entertainment 2.1% 14 TPG Telecom 1.9% 15 Wellcom Group 1.9% 16 ARB Co
Slide 14: Some Recent New Additions
SOME RECENT NEW ADDITIONS For personal use only • Develops and sells oral devices for the • Owns and operates leisure assets across treatment of obstructive sleep apnoea Australia, New Zealand and the US. (OSA). • ‘Main Event’ entertainment centre • Oral devices are growing share in in the US a majo
Slide 15: Selected Areas in the Portfolio
For personal use only SELECTED AREAS IN THE PORTFOLIO Elderly care Affordable housing Healthcare SHAREHOLDER MEETING MARCH 2016
Slide 16: Selected Areas in the Portfolio continued
For personal use only SELECTED AREAS IN THE PORTFOLIO continued Growing demand from consumers Education SHAREHOLDER MEETING MARCH 2016
Slide 17: Alignment of Interests Is a Positive Feature of Investing in Small Caps
ALIGNMENT OF INTERESTS IS A POSITIVE FEATURE For personal use only OF INVESTING IN SMALL CAPS Some of Australia’s best performing companies over the medium to long term have this profile: More recent examples of success in the portfolio include: SHAREHOLDER MEETING MARCH 2016
Slide 18: Recent Sales as a Result of Takeovers
For personal use only RECENT SALES AS A RESULT OF TAKEOVERS • iProperty Group (takeover by REA Group) • Veda Group (takeover by Equifax) SHAREHOLDER MEETING MARCH 2016
Slide 19: Outlook
For personal use only OUTLOOK SHAREHOLDER MEETING MARCH 2016
Slide 20: Small and Mid Cap Industrials Have Performed Very Well Relative to Larger Companies
SMALL AND MID CAP INDUSTRIAL COMPANIES HAVE For personal use only PERFORMED VERY WELL RELATIVE TO LARGER COMPANIES IN THE MARKET Source: FactSet. SHAREHOLDER MEETING MARCH 2016
Slide 21: Small Industrial Company Price Earnings Ratio
SMALL INDUSTRIAL COMPANY PRICE EARNINGS RATIO – For personal use only EXPENSIVE STOCKS ARE ABOVE AVERAGE AND CHEAP STOCKS ARE BELOW AVERAGE Source: Macquarie. SHAREHOLDER MEETING MARCH 2016
Slide 22: Outlook
For personal use only OUTLOOK • Small and mid cap sector is providing opportunities for investment into growing areas of the economy. • Market volatility is providing opportunities for ongoing portfolio adjustments. • Cautious about valuations in some sectors of the market • Share Purchase Plan very
Slide 23: Mirrabooka Investments Limited
x ¢- MIRRABOOKA * Investments Limited
Slide 24: Share Price Is at a Premium to the NTA
For personal use only SHARE PRICE IS AT A PREMIUM TO THE NTA SHAREHOLDER MEETING MARCH 2016
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