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The State of the Deal and Deloitte Queensland Index

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The State of the Deal and Deloitte Queensland Index The State of the Deal and Deloitte Queensland Index March 2021 – Queensland Index Exceeds $100 billion THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Contents Executive Summary 1 Then & Now – Investment Landscape 3 Then & Now – Deloitte Queensland Index 4 Queensland Economic Update 7 The Deloitte Queensland Index Q1 2021 8 Contacts 11 Sources 12 ii THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Executive Summary Following the significant rebound in the second half of 2020, companies in the Deloitte Queensland Index exceeded $100 billion at 31 March 2021, the highest month end market capitalisation on record for the State. Deloitte Queensland Index S&P/ASX All Ordinaries Companies in the Deloitte return in Q1 2021 return in Q1 2021 Queensland Index 3.5% 2.4% 169 at 31 March 2021 10.6% in Q4 2020 14.0% in Q4 2020 173 at 31 December 2020 90 companies increased Market capitalisation as at Mar-21 market capitalisation (53%) 66 companies decreased market $101.6b capitalisation (39%) 12 no movement (7%) $97.2b as at Dec-20 $18.5b as at Sep-02 5 delistings 1 listing (1%) Announced QLD M&A Disclosed value of announced transactions in Q1 2021 QLD M&A transactions in Q1 2021 64 $1.9b 92 in Q4 2020 $3.3b in Q4 2020 1 THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion The Deloitte Queensland Index increased by 3.5% in Q1 2021 Queensland M&A more broadly remains strong with with total market capitalisation increasing to $101.6b at 64 transactions announced in Q1 2021 including: Mar-21, the highest month end value on record for the State. The increase in Q1 2021 was largely supported by: • the acquisition of an interest in Culture Kings (a privately owned, Queensland based streetwear retailer) by US based • reduced levels of loan deferrals and positive performance a.k.a brands (terms undisclosed) announcements in the Financials sector • the acquisition of Neto E-commerce Solutions Pty Ltd (a • positive investor sentiment regarding demand for lithium Queensland based eCommerce platform provider offering based products B2B clients an integrated solution to point-of-sale, inventory • continued recovery in travel and entertainment as domestic management and order management) by Maropost Inc. travel restrictions and customer limits ease. for $60m • the acquisition of GlobalX Information Services Pty Ltd (a M&A transactions for Queensland listed companies also Queensland based technology company specialising in the contributed to the significant increase, including Bank of provision of support services for law firms, financial institutions Queensland's acquisition of Members Equity Bank for $1.3b. and government bodies) by Dye & Durham Limited for $170m Bank of Queensland announced that it expected the transaction • the acquisition of RedHill Education Limited (a private tertiary to deliver material scale, nearly doubling the size of the retail education provider focused on attracting international bank and providing geographical diversification. students seeking student-travel opportunities in Australia) by Queensland based iCollege Limited for $73m. 2 THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Then & Now – Investment Landscape Queensland: the place to be. With the State attracting greater population growth compared to the national average, Queensland is accounting for a larger portion of Australia's output and is attracting increased investment interest with more listed companies setting up in Queensland. Population growth (from 2002 to 2020) Cash rate target Business lending Consumer Price Index* growth (from 2002 to 2020) 41.0% 31.4% 2002 2002 QLD Australia 4.75% 1.00 (to 5.2m) (to 25.7m) 166.1% 2020 to $990.6b 2020 0.10% 1.56 Queensland retail Queensland as a share turnover growth** Unemployment rate of Australian output from 2002 to 2020 2002 2002 7.50% 17.20% 89.0% 2020 2020 to $70.1b 7.10% 18.70% Source: Wages 1. ABS for the Population growth, Consumer Price Index 2. RBA for the Cash rate target, Business lending 3. Deloitte Access Economics Business Outlook, March Quarter 2021 Average Weekly Earnings $ Wage Price Index for the retail turnover, Queensland as a share of Australian output, unemployment rate, average weekly earnings, wage price index 2002 2020 2002 2020 652 1252 77 134 * (All Groups Australia) (Dec 2001 =1) ** (Constant price ($m)) 3 Deloitte Queensland Index versus Major Indices outbreak. GFC COVID-19 the and storm of the weathered and indices Sep-02, outperformed global in has most major inception since Index, The Deloitte Queensland Then &Now–DeloitteQueenslandIndex 5 4 4 3 3 2 2 1 1 0 0 . 0 5 0 5 0 5 0 5 0 5 0 B Sep-02 a s e = D Mar-03 1 o a w s J Sep-03 a o t n 30 e s Mar-04 S I A e p Sep-04 200 Mar-05 2 Sep-05 N Mar-06 i k k e i Sep-06 22 5 Mar-07 Sep-07 Mar-08 THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Sep-08 F GFC T S E Mar-09 10 0 Sep-09 Mar-10 Sep-10 Mar-11 H a n g Sep-11 S e n Mar-12 g Sep-12 Mar-13 Sep-13 S & Mar-14 P / A S Sep-14 X A ll O Mar-15 r d i n a Sep-15 r i e s Mar-16 Sep-16 Mar-17 Sep-17 D e l o Mar-18 i t t e Q Sep-18 u e e n Mar-19 s l a n COVID d Sep-19 I n d e Mar-20 x Sep-20 4 Mar-21 THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Market capitalisation of the Deloitte Queensland Index exceeded $100b at Mar-21, more than 5 times that at inception in Sep-02. Significant growth across TMT, Energy & Resources and Industrials sectors, largely from new listings, has seen the Index composition shift away from the Consumer and Financial sectors. Companies with more than $100m market Companies in Deloitte Queensland Index capitalisation in Deloitte Queensland Index Sep-02 Mar-21 Sep-02 Mar-21 122 169 companies 25 73 companies $18.5b $101.6b market cap $16.2b $97.8b market cap Market capitalisation ($b) Listed companies (#) Deloitte Queensland Index Sector Composition (%) Sep-02 Mar-21 Change Sep-02 Mar-21 Change Major contributors: Financials 6.8 22.4 15.6 11 10 (1) NEXTDC, Technology One, Industrials 1.6 17.7 16.1 12 27 15 Megaport, Data#3. 1.9 4.9 Mar 2021 Consumer 6.3 29.7 23.4 25 23 (2) 11.3 2.2 Health 0.3 1.9 1.6 9 16 7 1.9 29.2 3.6 Technology, Media, and 2.9 Consumer 0.5 11.4 10.9 15 19 4 9.7 Telecom 34.0 Financials Real estate 0.7 4.9 4.3 14 8 (6) Industrials 13.2 8.8 Sept 2002 Energy & Resources 1.8 13.4 11.6 34 63 29 Energy & Resources Utilities 0.4 0.1 (0.3) 2 3 1 Technology, Media, and Telecom Real estate 37.0 Health Utilities 17 additional listed 17.4 22.1 companies including Aurizon Holdings, Cleanaway, Dalrymple Bay Infrastructure and Alliance Aviation. 5 Deloitte Queensland Index –Major Companies that joined the Index post Sep-02 region. the in companies major 19 of listing the attributed to ($49.0b) Sep-02 with increase the 60% of since $83.1b increased has capitalisation Market Note: all dates reflect month of listing with the exception of EML Payments Limited, which listed 2006in and changed its principal place of business to Queensland 2013. in Corporate Travel Management Limited NEXTDC Limited HoldingsLimited Aurizon G8 Education Limited OrocobreLimited Pinnacle Investment Management Group Limited Cleanaway Waste Management Limited Domino's Pizza Enterprises Limited Limited Retail Group Super Limited Corporation Hope New Company Name Company Market capitalisation $b 1 1 0 2 2 4 6 8 0 0 0 0 0 0 $18 billion $18 0 Oct-02 Feb-03 Jun-03 New Hope Corporation Limited Oct-03 Feb-04 Jun-04 Super Retail Group Limited Oct-04 Feb-05 Domino's Pizza Enterprises Limited Code DMP CWY GEM NHC ORE CTD NXT SUL Cleanaway Waste Management Limited PNI AZJ Jun-05 Oct-05 $50 billion Join Date Join Feb-06 May-05 May-05 Sep-03 Nov-10 Dec-07 Dec-07 Dec-10 Dec-10 Index Jun-07 Jul-04 Jun-06 Oct-06 Feb-07 $89 billion Upon Joining Index Pinnacle Investment Management Jun-07 THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Group Limited Market CapitalisationMarket $m Oct-07 Orocobre Limited Feb-08 G8 Education Limited Jun-08 GFC 6,832 Oct-08 306 481 277 140 130 120 610 32 14 Feb-09 Jun-09 Mar-21 D Oct-09 e l o 1,640 2,658 Feb-10 8,328 2,675 4,527 4,750 1,638 1,182 1,182 7,179 7,179 i 877 Jun-10 tte Oct-10 Q Change Aurizon Holdings Limited u Feb-11 NEXTDC Limited $m ee 2,556 2,381 1,333 1,333 1,625 3,917 3,917 4,610 8,198 Corporate Travel 845 347 701 Jun-11 The Star Entertainment Management Limited n Oct-11 Group Limited sl Collins Foods Limited Alliance Aviation a Feb-12 nd Limited Group Entertainment Star The Dalrymple Bay Infrastructure Ltd Limited Novonix Megaport Limited PWR Holdings Limited REIT Storage National EML Payments Limited Limited Alliance Aviation Services Collins Foods Limited Company Name Company Services Limited Jun-12 I Oct-12 nd Feb-13 ex EML Payments Limited Jun-13 Oct-13 National Storage REIT Feb-14 Jun-14 Oct-14 Feb-15 Code PWH MP1 EML NVX AQZ SGR NSR CKF DBI Jun-15 Oct-15 PWR Holdings Limited Join Date Join Feb-16 Megaport Limited May-13 Nov-15 Dec-20 Aug-11 Index Dec-13 Dec-15 Dec-15 Dec-11 Novonix Limited Jun-11 Jun-16 Oct-16 Feb-17 Upon Joining Index Jun-17 Market CapitalisationMarket $m Oct-17 Feb-18 Jun-18 1,046 2,821 Oct-18 252 267 149 195 193 22 41 Feb-19 Jun-19 Mar-21 COVID Oct-19 3,587 Feb-20 2,041 1,734 1,773 1,214 1,101 856 631 574 Jun-20 $100 billion Oct-20 Change Dalrymple Bay Infrastructure Ltd Feb-21 $m 1,539 1,020 1,788 1,732 834 482 307 766 55 6 THE STATE OF THE DEAL | March 2021 – Queensland Index Exceeds $100 billion Queensland Economic Update The Queensland economy is well and truly into its recovery phase following the onset of the COVID 19 pandemic – and there’s cause for cautious optimism.
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