ANNUAL MEETING OF SHAREHOLDERS 20 August 2020 Board of Directors - - PowerPoint PPT Presentation
Kingfish Limited ANNUAL MEETING OF SHAREHOLDERS 20 August 2020 Board of Directors Carol Campbell Andy Coupe Alistair Ryan Carmel Fisher Kingfish Team Sam Dickie Matt Peek Wayne Burns Snr Portfolio Manager Investment Analyst Corporate
20 August 2020
Alistair Ryan Carmel Fisher Andy Coupe Carol Campbell Sam Dickie
Snr Portfolio Manager
Matt Peek
Investment Analyst
Wayne Burns
Corporate Manager
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Achieve a high real rate of return, comprising both income and capital growth within acceptable risk parameters Access to a diversified portfolio of New Zealand quality, growth stocks through a single tax-efficient vehicle
Net profit Dividend NAV per share Share price
(2019: $47.1m)
(2019: 11.76cps)
(2019: $1.57)
(2019: $1.35) Total shareholder return* Dividend return Adjusted NAV return* Share price discount to NAV^
(2019: 13.5%)
(2019: +9.0%)
(2019: 17.6%)
(2019: 13.1%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is available on the Kingfish website. ^Share price discount to NAV (including warrant price on a pro-rated basis).
For the year ended 31 March 12 months 3 years (annualised) 5 years (annualised) Adjusted NAV return*
(2019: +17.6%)
Gross performance *
(2019: +21.2%)
Benchmark Index^
(2019: +18.3%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is available on the Kingfish website. ^ The S&P/NZX50G Index
Earnings per Share 2020 2019 2018 2017 2016
Basic Earnings per Share (cents) 0.75 24.24 19.62 14.50 16.71 Diluted Earnings per Share (cents) 0.75 23.81 19.51 14.13 16.43
Total shareholder return*
Adjusted NAV return*
NAV per share 31 July 2020
Share price 31 July 2020
Net profit
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is available on the Kingfish website.
Unprecedented Stimulus
30 March 2019 30 June 2019 30 September 2019 31 December 2019 31 March 2020 30 June 2020
Note: S&P/NZX50G index; Source: Bloomberg
FY2020 financial year
2
Global Pandemic
1
Solid global growth
0% 5% 10% 15% 20% 25% 30% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 April 2020
US Ecommerce % of Retail Sales
Source: Bank of America
+2.9%
+2% +3% Kingfish gross performance return S&P/NZX50G index
Fiscal year to 31 March 2020
Late COVID-19 Impact on performance
+33.1% +19.1%
+15% +20% +25% +30% +35% Kingfish gross performance return S&P/NZX50G index
Fiscal year FY2021 to date as at 31 July 2020
0% 20% 40% 60% 80% 100% Vista Auckland Airport Freightways Summerset Delegat Ryman Healthcare Mainfreight Infratil Meridian Energy Pushpay Holdings Port Of Tauranga A2 Milk F&P Healthcare Portfolio company return (year to 31 March 2020*)
Note: *Only shows positions held at 31 March 2020. Source: Bloomberg
more important than ever
Bucket 1 Beneficiaries Bucket 2 Bucket 3 Bucket 4 Defensives Cyclicals Eye of the storm
Also (outside our portfolio):
12.1% 19.1% 33.1% 5.1% 1.9%
+10% +15% +20% +25% +30% +35% F&P Healthcare contribution a2 Milk contribution Everything else contribution S&P/NZX50G index Kingfish Gross return
Performance 31 March 2019 to 31 July 2020
Decreases (-7.5%) Increases (+14.5%) Exits (-3.0%) Entries (+0%)
Larger Smaller
Note: 31 March 2019 until present, logos show target weight changes of 1% or larger only
0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 2015A 2016A 2017A 2018A 2019A 2020A 2021F
Source: Company data and estimates
Hospital Hardware Units Sales Annual Growth
% of Customers Giving via App
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% January 2016 April 2016 July 2016 October 2016 January 2017 April 2017 July 2017 October 2017 January 2018 April 2018 July 2018 October 2018 January 2019 April 2019 July 2019 October 2019 January 2020 April 2020 Monthly 6 Month Average
A2M Share of Online Bestsellers
Source: Chart on left - Company Data and estimates. Chart on Right – UBS New Zealand
0% 10% 20% 30% 40% 50% 60% 70% 80% Pre-COVID-19 During COVID-19
200,000 400,000 600,000 800,000 1,000,000 1,200,000 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020
Source: Chart on left - BoxOfficeMojo.com. Data on right – Company data
US Monthly Box Office
$0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000 $1,400,000,000 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020
Monthly International Passengers
being nimble (honed during COVID) and thinking long term
important than ever
Source: Bloomberg (in NZD), total return of FPH NZ EQUITY 31 March 2010 to 30 June 2020
Total Shareholder Return since March 2010
150% 350% 550% 750% 950% March 2010 March 2011 March 2012 March 2013 March 2014 March 2015 March 2016 March 2017 March 2018 March 2019 March 2020
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