Ma Financial Group Limited · ASX:MAF
Ma Financial — Investor Day (May 2021)
95 slides from Ma Financial's investor day presentation, May 14, 2021
Slide 1: ASX Announcement: Investor Day Presentation and Operational Update
14 May 2021 ASX ANNOUNCEMENT Moelis Australia Investor Day Presentation and Operational Update Moelis Australia Ltd (Moelis Australia or Group; ASX:MOE) is today hosting an investor day meeting in Sydney to provide a strategic business update. Senior management will also outline the separation of th
Slide 2: For further information, please contact
For further information, please contact: Investors: Media: Michael Leonard Bryce Corbett +61 2 8288 5578 +61 410 711 999 michael.leonard@moelisaustralia.com bryce@domestiqueconsulting.com.au Authorised for release by Joint CEOs Moelis Australia, Christopher Wyke and Julian Biggins. Moelis Australia
Slide 3: Investor Day 2021
INVESTOR DAY 2021 1 4 TH M A Y 2 0 2 1 Page 0
Slide 4: Agenda
Agenda Operational update & introduction to MA Financial Group I. 11:00 – 11:45 Julian Biggins & Chris Wyke – Joint Chief Executive Officers Introducing our Lending division II. 11:45 – 12:20 Frank Danieli – Managing Director, Credit & Lending Lunch break III. 12:20 – 1:10 Panel discussion Asset Man
Slide 5: Introduction to MA Financial Group
INTRODUCTION TO MA FINANCIAL GROUP J U L I A N B I G G I N S & C H R I S W Y K E J O I N T C H I E F E X E C U T I V E O F F I C E R S Page 2
Slide 6: Contents
Contents I. Operational update 6 Who are we? II. 9 Introducing MA Financial Group III. Segmental Overview and Financials 19 IV. Consolidated Financials 33 V. Our approach to growth 35 Page 3
Slide 7: Explanation of underlying measures in this presentation
Explanation of underlying measures in this presentation Moelis Australia Ltd (ACN 142 008 428) (Moelis Australia or the Company) The Underlying financial information is not prepared in accordance with and its subsidiaries (Group) utilises non-IFRS “Underlying” financial Australian Accounting Standar
Slide 8: Moelis Australia at a glance
Moelis Australia at a glance An Australian headquartered financial services firm with activities in Asset $5.8b Assets 1 Under Mgt 1 Management, Lending, Corporate Advisory and Equities $840m Market Capitalisation 1 2 Established in 2009 and listed on the ASX in 2017 $237m FY20 Net Assets 3 A growth
Slide 9: Operational Update
OPERATIONAL UPDATE MOELIS AUSTRALIA LIMITED Page 6
Slide 10: Operational update – a strong start to FY21
Operational update – a strong start to FY21 Significant activity across the group and strong inflows drive AUM growth Strong net $340 million net inflows to 30 April YTD, significant increase on $115 million in the prior corresponding period fund inflows AUM up 7% on FY20 to $5.8 billion at 30 April
Slide 11: FY21 outlook
FY21 outlook Positive business momentum provides confidence in upper end of guidance range FY21 Underlying EPS expected to increase between 10% and 20% on FY20 We are becoming increasingly confident in the upper end of the FY21 guidance range given a number of factors: • A strong start to FY21, with
Slide 12: Who are we? Introducing MA Financial Group
WHO ARE WE? Introducing MA Financial Group MOELIS AUSTRALIA LIMITED Page 9
Slide 13: We aspire to be the next great financial group born out of Australia
We aspire to be the next great financial group born out of Australia, admired for its great people and its adaptability Page 10
Slide 14: Moelis Australia history
Moelis Australia history Twelve years of growth with a focus on delivering results and investing in growth • Built strong and scalable businesses by leveraging our people, capital and platform • Focus on building specialised expertise and capabilities in deep addressable markets • Continued and prof
Slide 15: Slide 15
Slide 16: MA Financial Group
NEN MA Financial Group
Slide 17: Why are we changing?
Why are we changing? MA Financial Group Limited will better reflect the activities of the Group as a diversified financial services company, across financial disciplines and geographies Growth A reflection of our growth and expected future growth The business has broadened from its Corporate Advisor
Slide 18: A new name and brand – MA Financial Group Limited
A new name and brand – MA Financial Group Limited MA Financial Group Limited reflects the growth and evolution of the business ASX: MAF www.mafinancial.com Subject to shareholder vote (28 May 2021) Asset Management Corporate Advisory & Equities Lending Transitioning to the asset Ability for continue
Slide 19: People
People Attracting, developing and retaining a highly motivated and talented team is a priority Cultural alignment Talent development Financial alignment • Core values embedded • Introduction of MA Academy • Staff own 36% of Moelis Australia shares − Growth • Investment in targeted mentoring • Compre
Slide 20: Two complementary business units that have delivered significant growth
Two complementary business units that have delivered significant growth Asset Management growth has delivered a significant earnings transition over last 5 years • Assets under management of $5.8b1 EBITDA contribution by business division (ex. corporate) • Diversified distribution with specialised c
Slide 21: Assets Under Management
Assets Under Management We manage assets of $5.8 billion with a core focus on Real Estate, Hospitality and Credit $5.8b $5.4b 0.9 0.8 $4.9b 0.6 1.3 1.1 0.9 $3.7b 0.4 1.3 1.4 1.2 0.6 $2.8b 1.2 2.2 2.2 2.2 $1.1b 1.5 $0.9b $0.4b FY14 FY15 FY16 FY17 FY18 FY19 FY20 Apr-21 Real Estate Hospitality Credit E
Slide 22: Segmental Overview and Financials
SEGMENTAL OVERVIEW AND FINANCIALS Page 19
Slide 23: Introducing our Lending division
Introducing our Lending division ASX: MAF www.mafinancial.com Subject to shareholder vote (28 May 2021) Asset Management Corporate Advisory & Equities Lending MAHM A strategic alliance partner of Development of other consumer facing brands Moelis & Company Page 20
Slide 24: Lending business emerges from Asset Management
Lending business emerges from Asset Management Our lending activities have reached a scale and ambition that has led to the creation of a new operating division Lending business Asset management – Credit investing 1. Comprises principal platform operations and loan portfolio funding 1. Investment ca
Slide 25: Lending overview
Lending overview Significant expertise in credit advisory and investment has been leveraged to build our Lending business • Regulatory dynamic & bank strategic refocusing creates a significant opportunity in certain lending segments • Built bespoke niche technology and platforms to become the larges
Slide 26: Lending Financials and Key Performance Metrics
Lending Financials and Key Performance Metrics Underlying Profit & Loss FY20 Lending (net interest income) Pro Forma Revenue (A$m) Interest income 15.3 Loan Average Interest Book Total Revenue 15.3 NIM % Income Size Operating Expenses (A$m) Total Expenses 6.2 Q1-21 Dec-20 Mar-21 Annualised Earnings
Slide 27: Asset Management focus
Asset Management focus ASX: MAF www.mafinancial.com Subject to shareholder vote (28 May 2021) Asset Management Corporate Advisory & Equities Lending MAHM A strategic alliance partner of Development of other consumer facing brands Moelis & Company Page 24
Slide 28: Asset Management platform: Core Segments
Asset Management platform Specialised focus on three core segments supported by an operational core and an enterprise platform that identifies, builds and nurtures growth opportunities Segment Est. Assets Operational Platform • Overview – manage $2.2b of diversified real estate assets Real Estate 20
Slide 29: Matching capital with investment opportunity
Matching capital with investment opportunity Specialised expertise in deep markets with differentiated access to capital across an increasingly diversified portfolio of institutional, domestic & foreign HNW and retail investors Asset under Management Management by channel Asset under Management by s
Slide 30: Asset Management revenue profile
Asset Management revenue profile Base and performance fees increasing as AUM grows and diversifies Asset management revenue composition Recurring revenue $m Affected by $8m of Base fees + Principal investment income COVID-19 related impacts 100 90 80 0 Transaction-based revenue 70 Performance fees +
Slide 31: Asset Management Financials and Key Performance Metrics
Asset Management Financials and Key Performance Metrics Underlying Profit & Loss FY19 FY20 Key Performance Metrics Revenue (A$m) Base Management Fees 52.2 54.0 Average Base fee Base Recurring Principal Investments Income 9.8 5.4 AUM % Mgt fees Performance, Transaction & other fees 21.2 26.9 MTM on i
Slide 32: Corporate Advisory & Equities focus
Corporate Advisory & Equities focus ASX: MAF www.mafinancial.com Subject to shareholder vote (28 May 2021) Asset Management Corporate Advisory & Equities Lending MAHM A strategic alliance partner of Development of other consumer facing brands Moelis & Company Page 29
Slide 33: Corporate Advisory & Equities
Corporate Advisory & Equities Our Corporate advisory & equities team has built a strong reputation for strategically assisting companies in complex situations. We are part of Moelis & Company’s corporate advisory network operating across 18 locations. London Frankfurt Chicago Paris
Slide 34: Corporate Advisory – consistency across the cycle
Corporate Advisory – consistency across the cycle Corporate Advisory has a consistent overall revenue productivity performance • Key performance metric for our Corporate Advisory & Equities business is ‘revenue productivity’ • Corporate Advisory revenue per head has been relatively consistent around
Slide 35: Corporate Advisory & Equities Financials and Key Performance Metrics
Corporate Advisory & Equities Financials and Key Performance Metrics Underlying Profit & Loss FY19 FY20 Key Performance Metrics Revenue (A$m) Corporate Advisory fees 52.8 44.2 Average Number of revenue Total Equities commissions 8.9 9.2 executives per Revenue executive Total Revenue 61.7 53.4 Expens
Slide 36: Consolidated Financials
CONSOLIDATED FINANCIALS Page 33
Slide 37: Group Financials
Group Financials Underlying Profit & Loss1 FY19 FY20 Group Operating Balance Sheet 31 Dec 2020 Revenue (A$m) Assets (A$m) Asset Management 85.6 91.4 Cash and equivalents 112.2 Corporate Advisory and Equities 61.7 53.4 Group Investments (A$m) Lending 11.0 15.3 • Lending 68.0 Total Revenue 158.3 160.1
Slide 38: Our Approach to Growth
OUR APPROACH TO GROWTH MOELIS AUSTRALIA LIMITED Page 35
Slide 39: Our growth strategy
Our growth strategy Growth for us is not only about scaling our existing strengths but also about identifying, developing and scaling new opportunities which align with our investment philosophy Medium to Scale Invest in new long-term existing opportunities value strengths creation Our Investment Ph
Slide 40: The creation and scaling of MA Hotel Management
The creation and scaling of MA Hotel Management MAHM manages over $1.4 billion of hotels across 3 funds including 2 significant redevelopment opportunities 2014 (Innovation) • Identified the Hotel / Pub segment as offering attractive cash yields with the value proposition underpinned by real estate
Slide 41: Track record of identifying and scaling new opportunities
Track record of identifying and scaling new opportunities Core segments of our business have been built up from new investment initiatives to scale opportunities Real Estate Hospitality Credit Investing Lending (AUM) (AUM) (AUM) (Loan Book) 2.5 $2.2b 2.0 1.5 $1.4b $1.2b 1.0 75% 73% 95% 191% CAGR CAG
Slide 42: Strong track record of growth
Strong track record of growth Scaling our existing strengths and investing in new opportunities has led to considerable growth and diversification Underlying Revenue ($Am) Underlying EBITDA ($Am) before corporate costs 180 80 140 60 27% CAGR 31% CAGR 100 40 60 20 20 0 -20 FY14 FY15 FY16 FY17 FY18 FY
Slide 43: Well positioned for growth
Well positioned for growth Focus on building sustainable earnings growth 01. 02. 03. Builder of valuable Scalable asset Diversified capital sources businesses in large management business and client investor base addressable markets powered by unique distribution 04. 05. 06. Strong balance sheet to
Slide 44: We will continue to invest in our people and scale our strengths
We will continue to invest in our people, scale our existing strengths and pursue growth opportunities for the benefit of long-term value creation Page 41
Slide 45: Questions
QUESTIONS MOELIS AUSTRALIA LIMITED Page 42
Slide 46: Lending
LENDING F R A N K D A N I E L L I M A N A G I N G D I R E C T O R C R E D I T & L E N D I N G Page 43
Slide 47: Introducing Lending
Introducing Lending Our Lending business is an operator of differentiated lending platforms and a funder of high quality loan portfolios Platforms Loan Portfolio Funding Operating businesses that lend to borrowers Providing asset-backed funding for loan portfolios Lending in sectors where we have a
Slide 48: Why are we in Lending?
Why are we in Lending? We entered Lending for two reasons. This is a large market with tailwinds in which we have a genuine edge Large addressable market MA Financial Group with growing non-bank Lending strategic skill sets penetration & proprietary capabilities Page 45
Slide 49: The market opportunity
The market opportunity Non-banks have been growing share in Australia’s lending market. We believe this is a long term structural shift A large and growing market… … with increasing share to non-banks $229 billion $3.0 trillion (7.5% share) Australian Lending Lending by +23.5% Market +66.8% (10.8% C
Slide 50: Our strategic advantage in Lending
Our strategic advantage in Lending We believe in focusing our resources on areas where we have a real strategic advantage. We have this in Lending Differentiated access Data analytics & Risk management MA platform insights to capital technology expertise culture Ability to source capital to fund Pow
Slide 51: The Lending business model
The Lending business model Lending’s economics are primarily driven by Loan Book size & NIM. Healthy & resilient returns on capital are achieved by sourcing third party capital at appropriate rates, carefully managing portfolio risk & operating efficiently Loan Book Funding Composition Lending Econo
Slide 52: Risk management culture
Risk management culture A disciplined approach to risk management is embedded in our Lending frameworks, decision making & culture Commercial Assessment & Structuring Quantitative Analytics Robust evaluation of risk characteristics of loans, supporting Rigorous modelling & analysis to assess service
Slide 53: Unpacking our Lending businesses
Unpacking our Lending businesses The Platforms component of our Lending division are operating businesses that lend to borrowers Platforms Loan Portfolio Funding Operating businesses that lend to borrowers Providing asset-backed funding for loan portfolios Lending in sectors where we have a real com
Slide 54: Our approach to Lending Platforms
Our approach to Lending Platforms We look for five features in Lending Platforms, supported by talent depth & robust economics Features of high quality Lending Platforms Product Distribution Credit Operations Technology Funding & Capital Cultures & processes that Technology that embed real rigour in
Slide 55: Our approach to Lending Platforms (continued)
Our approach to Lending Platforms (continued) We have track record in building Lending Platforms as well as the capability to buy & build for growth Platform features Product Distribution Credit Operations Technology Funding & Capital Team & People Platform Economics Platform development options Bui
Slide 56: Disbursement Funding
Disbursement Funding Disbursement funding is a differentiated, non cyclical area of specialty credit with attractive structural features Platform type Overview of Disbursement Funding Specialty Finance • Disbursement Funding is used in ‘consumer’ and personal injury legal cases − Cases typically run
Slide 57: Disbursement Funding (continued)
Disbursement Funding (continued) Our Disbursement Funding platform demonstrates that power of ‘connecting the dots’ across MA Financial Group to build and grow strategically valuable businesses Unique Product Logical Distribution Powerful Technology Compelling product suite. Long term law firm relat
Slide 58: MKM
MKM MKM will become our flagship platform for near-prime and specialist residential mortgage lending Near prime and specialist mortgage lender providing tailored finance solutions for Australian borrowers Over $600 million loans originated since inception in 2004 Strong brand & relationships w
Slide 59: MKM (continued)
MKM (continued) The MKM initiative is designed to capitalise on a generational opportunity in the home lending market Platform type Vision for MKM Residential Mortgage • Grow business into a recognised leader in non-bank residential mortgage lending Lending − Long term initiative for both MKM’s foun
Slide 60: Unpacking our Lending businesses (continued)
Unpacking our Lending businesses (continued) Our Lending business also funds the loan portfolios of other finance companies in segments we know & like Platforms Loan Portfolio Funding Operating businesses that lend to borrowers Providing asset-backed funding for loan portfolios Lending in sectors wh
Slide 61: Our approach to Loan Portfolio Funding
Our approach to Loan Portfolio Funding Success in funding loan portfolios is achieved through the intersection of credit investment nous with careful portfolio management and an uncompromising focus on risk management Rigorous Investment Disciplined Portfolio Robust & Empowered Evaluation Management
Slide 62: Case study: MA Priority Income Fund
Case study: MA Priority Income Fund Unique fund structure with priority return feature to investors & a 10% junior co-investment by MA that earns NIM Loan Portfolio Funding type Overview of the MA Priority Income Fund Lending Funds • Fund invests in diversified portfolio of credit investments Divers
Slide 63: Case study: MA Priority Income Fund (continued)
Case study: MA Priority Income Fund (continued) The Priority Income Fund is a NIM model for funding loan portfolios. If MA manages the portfolio well and achieves investor outcomes while sustaining the fund’s capital buffer, it can earn a healthy return on invested capital Loan portfolio generates a
Slide 64: Case study: MA Priority Income Fund (continued)
Case study: MA Priority Income Fund (continued) We focus on high quality assets that we assess to be well priced relative to limited or controlled levels of risk Credit Quality1 Portfolio Asset Allocation Portfolio Sector Breakdown 80% 19% AA (Cash) 70% 28% 6% 18% 60% 9% 18% A - 50% 7% 5% 16% 40% 6%
Slide 65: Case study: MA Priority Income Fund (continued)
Case study: MA Priority Income Fund (continued) Active portfolio monitoring, hypothesis stress testing and risk management is undertaken across our investments Example monitoring tool Note: Data analytic dashboard content has been redacted for confidentiality and commercial sensitivity. Page 62
Slide 66: Case study: MA Priority Income Fund (continued)
Case study: MA Priority Income Fund (continued) The investment strategy has achieved its target distribution for Class A investors every month since inception and maintained its full 10% capital buffer. This was achieved through rigorous investment & portfolio management by MA 6.0% Annualised Distri
Slide 67: Lending financials
Lending financials Lending is well positioned with attractive economics Underlying Profit & Loss FY20 Lending (net interest income) Pro Forma Revenue (A$m) Interest income 15.3 Loan Average Interest Book Total Revenue 15.3 NIM % Income Size Operating Expenses (A$m) Total Expenses 6.2 Q1-21 Dec-20 Ma
Slide 68: A clear vision
A clear vision Lending is a long term strategic initiative for us. Our vision is to become one of Australia’s leading non-bank lenders Lending A leading lender born out of Australia Platforms Loan Portfolio Funding Experienced & capable teams Operating businesses that lend to borrowers Providing ass
Slide 69: Questions: Lending
QUESTIONS Lending MOELIS AUSTRALIA LIMITED Page 66
Slide 70: MA Asset Management: Distribution Strength & Diversity
MA ASSET MANAGEMENT Distribution Strength & Diversity A N D R E W M A R T I N H E A D O F A S S E T M A N A G E M E N T Page 67
Slide 71: Contents
Contents I. Distribution & Growth Strategy 69 II. Foreign HNW Distribution 73 III. Domestic HNW Distribution 78 IV. Institutional Distribution 80 VI. Retail Distribution 84 VII. Conclusion 86 Page 68
Slide 72: MA Asset Management Distribution & Growth Strategy
MA ASSET MANAGEMENT Distribution & Growth Strategy MOELIS AUSTRALIA LIMITED Page 69
Slide 73: Growth strategy
Growth strategy Deliver sustainable, long term and profitable AUM by building a diversified & scalable Asset Management platform. Build investment & Diversify & scale Ongoing alignment Investor diversification operational capabilities investment products • Focus on core • Diversification • Balance s
Slide 74: Executing on strategy – Assets Under Management
Executing on strategy – Assets Under Management The foundations are in place which are yielding scalable growth $5.8b $5.4b 0.9 0.8 $4.9b 0.6 1.3 1.1 0.9 $3.7b 0.4 1.3 1.4 1.2 0.6 $2.8b 1.2 2.2 2.2 2.2 1.5 $1.1b $0.9b $0.4b FY14 FY15 FY16 FY17 FY18 FY19 FY20 Apr-21 Real Estate Hospitality Credit Equ
Slide 75: Executing on strategy – investor and product diversification
Executing on strategy – investor and product diversification We manage assets for institutional, HNW and retail clients across a range of asset classes1 Real Estate Credit Hospitality Equities & PE/VC • Retail shopping • Real estate credit $1.3b centres Institutional • Diversified real estate • Real
Slide 76: MA Asset Management Foreign High Net Wealth
MA ASSET MANAGEMENT Foreign High Net Wealth MOELIS AUSTRALIA LIMITED Page 73
Slide 77: Significant Investor Visa (SIV) platform
Significant Investor Visa (SIV) platform Leading market access to Foreign High Net Worth Investors • Introduced in 2012 Current SIV investment allocations • Designed to attract business talent and long- term capital Background • Leading global investment migration program • Competitive requirements:
Slide 78: SIV applications by country since inception
SIV applications by country since inception Applications from outside mainland China have grown strongly in recent years China’s large share of SIVs granted has …but demand from the rest of the world is remained steady1 growing strongly1 100% 10.0% 90% 80% 8.0% Rest of 70% World 6.0% 60% HK 50% 4.0%
Slide 79: China HNW market
China HNW market A significant addressable market underserved by Australian investment managers HNWI’s total investable assets (A$tr)1, 2 Billionaires by country: China vs. USA3 13 12 1058 10 819 799 658 609 8 568 696 537 481 626 571 584 4 409 552 478 535 3 395 349 2 2008 2010 2012 2014 2016 2018 20
Slide 80: Australia is one of the leading destinations for Chinese HNWIs
Australia is one of the leading destinations for Chinese HNWIs investing offshore Over 50% of Chinese HNWI had investable assets offshore in 2019. This rises to almost 70% for ultra HNWI. Top 5 overseas investment destinations for Number of HNWI with >A$5m investable assets1 Chinese HNW with oversea
Slide 81: MA Asset Management Domestic High Net Wealth
MA ASSET MANAGEMENT Domestic High Net Wealth MOELIS AUSTRALIA LIMITED Page 78
Slide 82: Domestic HNW distribution
Domestic HNW distribution The rise of independent financial advisers and platforms Growth in IFAs1 • Focus on independent financial advisers (IFAs) 30,000 80% Domestic • Growth in new and repeat relationships HNW AUM • Positive research ratings on product set 60% 20,000 • Increasing platform inclusi
Slide 83: MA Asset Management Institutional distribution
MA ASSET MANAGEMENT Institutional distribution MOELIS AUSTRALIA LIMITED Page 80
Slide 84: Foreign institutional investment in Australia – the opportunity
Foreign institutional investment in Australia – the opportunity Large addressable market of institutions without allocations to Australia North America (US$31.4T1) Western Europe (US$7.5T1) 6,547 APAC Ex-Australia 2,935 (US$5.1T1) 958 2,504 291 No. Active No. with No. Active No. with 287 Investors A
Slide 85: Global pension fund allocation to alternatives
Global pension fund allocation to alternatives – continued momentum Low interest rates likely to increase the pace of allocation to alternatives 20191 20302 20001 40% 95% 5% 25% 60% 75% Equity/Fixed Income Real Assets/Alternatives Note: 1. Brookfield and Willis Towers Watson Global Pension Assets St
Slide 86: Australian institutional opportunity – superannuation market forecast
Australian institutional opportunity – superannuation market forecast to grow to over A$7 trillion by 20341 Likely to be at least nine funds with more than $100 billion in funds under management by 20341 Estimated superannuation assets – including The Future Fund (A$ billion) $7,345bn $7,345b +143%
Slide 87: MA Asset Management Retail distribution
MA ASSET MANAGEMENT Retail distribution MOELIS AUSTRALIA LIMITED Page 84
Slide 88: Retail distribution
Retail distribution Significant addressable market that is forecast to grow from A$626 billion to A$1.8 trillion by 20341 • Existing retail investors in ASX listed Redcape Hotel Group (ADX: RDC) • MA Asset Management granted a retail AFSL2 in April 2021 • First retail product offers are focused on d
Slide 89: MA Asset Management Conclusion
MA ASSET MANAGEMENT Conclusion MOELIS AUSTRALIA LIMITED Page 86
Slide 90: A diversified and scalable platform
A diversified and scalable platform Specialised expertise in deep markets with differentiated access to capital across an increasingly diversified portfolio of institutional, domestic & foreign HNW and retail investors Asset under Management Management by channel Asset under Management by sector VC
Slide 91: Questions: Asset Management
QUESTIONS Asset Management MOELIS AUSTRALIA LIMITED Page 88
Slide 92: Final Wrap-up and Q&A
FINAL WRAP-UP AND Q&A J U L I A N B I G G I N S J O I N T C E O Page 89
Slide 93: Asset Management has become the dominant part of our business
Asset Management has become the dominant part of our business This growth and transition underpins our rebranding initiative EBITDA contribution by business division (ex. corporate) 80.0 90% 70.0 80% 70% 60.0 60% 50.0 50% 40.0 40% 30.0 30% 20.0 20% 10.0 10% 0.0 0% FY15 FY16 FY17 FY18 FY19 FY20 CA&E
Slide 94: Investor Day 2021
INVESTOR DAY 2021 1 4 TH M A Y 2 0 2 1 Page 91
Slide 95: Disclaimer
Disclaimer The material in this presentation has been prepared by Moelis Australia Limited ABN 68 142 008 428 (Moelis Australia) and is general background information about Moelis Australia activities current as at the date of this presentation. This information is given in summary form and does not