Annual Meeting of Shareholders 14 November 2017 Agenda - - PowerPoint PPT Presentation
Marlin Global Limited Annual Meeting of Shareholders 14 November 2017 Agenda Preliminary matters (Annual Report, minutes & class financial advice) Chairs Overview Managers Review Q&A Annual Meeting Resolutions
14 November 2017
& class financial advice)
Alistair Ryan Carmel Fisher Andy Coupe Carol Campbell Ashley Gardyne
Snr Portfolio Manager
Chris Waters
Snr Investment Analyst
Achieve a high real rate of return, comprising both income and capital growth within acceptable risk parameters Access to a diversified portfolio of international quality, growth stocks single tax-efficient vehicle
Net profit Dividend NAV per share
(2016: -$6.9m)
(2016: 7.47cps)
(2016: $0.83) Total shareholder return* Dividend return Adjusted NAV return*
(2016: -0.3%)
(2016: +8.6%)
(2016: -6.7%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website.
94 106
+1 +16 +3
70 75 80 85 90 95 100 105 110 115
Opening NAV Net Profits Dividends Paid Dividends Reinvested Buybacks Shares issued for warrants exercised Closing NAV
Year ended 30 June 2017 ($m)
For the year ended 30 June 12 months 3 years (annualised) 5 years (annualised)
Gross Performance Return*
Benchmark Index^
*This metric is a Non-GAAP measure calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website. ^World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD) from 1 October 2015.
30 June – 31 October 2017
Total shareholder return*
Gross performance return*
NAV per share
Blended Index^
Net profit
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website. ^S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
Why Marlin
Why Marlin
20.4%
Marlin Benchmark NZX50
22.4% 19.2% 10.4%
Marlin Benchmark NZX50
FY17
FY16
Benchmark: World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD) from 1 October 2015.
May-16 Aug-16 Nov-16 Feb-17 May-17
May-16 Aug-16 Nov-16 Feb-17 May-17
Why Marlin
(1)
2 3 4 5 6 7 8 9 NZ US Europe China % 2012 2017
Global GDP growth (%) Higher and more synchronised
Exits Additions
minimally-invasive heart repair
earnings
to lower bargaining power
takeover
0% 10% 20% 30% 40% 50% Denmark UK Australia US France Italy Spain Hearing aid penetration
Leader in hearing care… … benefiting from new technology and increasing adoption What does William Demant do?
We like William Demant because:
0% 10% 20% 30% 40% 50% 60%
EBITDA growth for the 12 months ended 30 June 2017
EBITDA Growth (%)
20 30 40 50 60 70 80
Total Shareholder Return (%) Marlin portfolio companies
Why Marlin
Why Marlin
Marlin gross performance vs global markets (%)
22% 19% 10% 13% 15% 19% 12% Marlin Benchmark NZ Australia USA Europe UK
Benchmark: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
For the year ended 30 June 2017
Why Marlin
# of companies
# of countries
EBITDA growth
Marlin portfolio – Sector split
Why Marlin
…and investors need to be more selective
ASX 200 MSCI EM MSCI Europe S&P500 NZX50 20 40 60 80 100 120 140 160 180 200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 PE multiple 19.8x 18.0x 15.1x 16.0x 12.9x
Why Marlin
portfolios
investments
quality growth stocks that will outperform over an economic cycle
Resolution For Against Discretionary Total Abstain Re-elect Andy Coupe 4,375,919 861,502 1,892,403 7,129,824 Fix auditor’s remuneration 5,048,667 233,419 1,767,230 7,049,316 80,508
Proxy votes to date: 7.1 million