DOCSLIB.ORG

Analyst Introduction to Steel Division

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Analyst Introduction to Steel Division Analyst Introduction to Steel Division Paul Zuckerman - Chief Executive Fletcher Building Steel Division Steel Division – March 2009 1 Disclaimer This presentation contains not only a review of operations, but also some forward looking statements about Fletcher Building and the environment in which the company operates. Because these statements are forward looking, Fletcher Building’s actual results could differ materially. Media releases, management commentary and analysts presentations, including those relating to the February 2009 half year results, are all available on the company’s website and contain additional information about matters which could cause Fletcher Building’s performance to differ from any forward looking statements in this presentation. Please read this presentation in the wider context of material previously published by Fletcher Building. Steel Division – March 2009 2 A brief history of steelmaking in New Zealand Pacific Steel Group, Auckland - EAF New Zealand Steel, Glenbrook – Integrated Steelworks • Ingot casting started in 1962. 3 strand ROKOP concaster installed 1979 • Commenced in 1968 processing imported coil on a galvanising line • Wire mill operations also commenced in 1962 as GKN • Pioneering ironsand based steel making facilities • 2nd hand Lamberton cross-country rolling mill installed added in the 1970’s 1962 • Owned by the NZ government in 1980’s • New Krupp 50 tonne EAF installed 1972 • 110MW cogeneration capacity added in 1998 • Price control removed 1985, but briefly continued for NZS • In the 1990’s, BHP takes control of the facility • 42% owned by NZ Steel in 1986, who then supplied some • Now positioned to realise its competitive advantage billet based on its unique process under BSL ownership. • Sims scrap JV commenced December 1992 on adjacent site with the existing Fletcher shredder • New Danieli rod & bar mill installed 1997 Fletcher Steel Engineering Company , Wellington, 1965. View looking west toward airport and city. Quarantine facility is on Somes Island in centre Steel Division – March 2009 3 The Steel Division’s breadth of operations is unique Scrap Collecting Rebar Reinforcing Painted Coil End Use, Coating on Armco Safety Tower Merchant Te Apiti Wind Plate Cutting Wire Mesh Coil Kauri Cliffs Railing at Wednesday Steel Farm, Tararua Peak Long Steel Coated Steel Steel Distribution Business Sims JV Pacific Coilcoaters Fletcher Easysteel Pacific Steel Group Dimond CSP Coating Systems Fletcher Reinforcing Stramit Cyclone Fiji Rolling Operations Scrap collection Paints coiled steel Steel stockist and distributor Bar and wire rod making Rollformed roofing & cladding Galvanising services Reinforcing fabrication Other rolled products Fencing and wire products Mesh Australia and NZ Markets Construction industry Residential building NZ construction & manufacturing Infrastructure Commercial construction Infrastructure Infrastructure Rural and vineyards Steel Division – March 2009 4 Long Steel provides 100% recycled product to the market Scrap. Benchmark is at BilletWire Rod Rebar Bright Drawn Reo placingMesh Sky Tower ~US$480/t cfr Korea Laying Head Wire • 15 year old JV with Sims • Commenced operations in 1962 • Major NZ reinforcing fabricator Group, the world’s leading • Only long steel maker in NZ • Cuts, bends and places steel metals recycling business • 300,000 tonne plant • Makes and sells mesh • NZ’s largest national scrap • Recently upgraded capacity • Eight sites across NZ operation • Wire making and galvanising • Operates NZ’s only shredders • Focussed domestically • Shreds 110,000 cars p.a. • Australian exports • Major customer is Pacific Steel, • Seismic rated product range adjacent to the recycling operation Sims Shredders • Exports ferrous and non- ferrous Pacific Steel Group Fletcher Reinforcing Steel Division – March 2009 5 Long Steel Drivers – a mix of global and local influences NZD:USD FX Rate East Asia Import HMS Scrap ($/t) 100 500 80 400 60 300 40 200 20 100 Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Oct 03 Oct 04 Oct 05 Oct 06 Oct 07 Asia Rebar Price (US$/t) NZ Construction Index 800 160 600 135 400 110 200 85 0 60 Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Note/Source: The NZ Construction Index is an equal weighting of Infometrics real gross fixed capital formation in Residential, Non-residential, and Other Construction. Steel Division – March 2009 6 Coated Steel – Premium construction products & services Painted Steel Coil PCC Coil on Kauri Cliffs Westpac Stadium Long Span Commercial Gold Coast Convention Corrugate House Roof Cladding and Roof Roof and Purlins Centre, QLD • Part of Fletchers since 1988 • Part of Fletchers since 1988 • One of Australia’s leading rollformers • One of two coil painters in NZ from Winstone • Stramit purchased from Amatek in 2005 • Domestically focussed • Operates across NZ • 27 customer centres across Australia • Strong brand recognition • Rollformed roofing and wall • Growing downstream w/ FDHS acquisition cladding products • Roller Door production in Victoria • Commercial & Residential • Rollformed roofing and wall cladding construction focus • Commercial & Residential construction • Light structural sections • Light structural sections “Moving towards wider supply of the metal building package, reducing supply chain complexity” Steel Division – March 2009 7 Coated Steel Drivers – regional construction activity Australian Real Non-res. Work Done (A$b p.a.) Australian Residential Approvals (,000 p.a.) 30 225 25 200 20 175 15 150 10 125 5 100 2000 2001 2002 2003 2004 2005 2006 2007 '08F '09F '10F '11F 2000 2001 2002 2003 2004 2005 2006 2007 '08F '09F '10F '11F Deflated NZ Monthly Non Residential Value Monthly NZ New Residential Consents Cold Rolled Coil Price (US$/t) 400 4000 800 300 3000 600 200 2000 400 100 1000 0 0 200 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Sources: NZ data is Infometrics. Australian data is BIS Shrapnel. Steel Division – March 2009 8 Steel Distribution – servicing our customer’s needs Dipping WireSmall Parts Engineering Rounds Pipes into Rural HC Bar Coil Processing Line Wire Staples • Two sites – AKL and CHCH • Leading stockist/distributor of long and flat steel • Fencing products • Biggest zinc bath in NZ • 13 nationwide locations, servicing 10,000 customers •Staples • Closely tied to customers • New Auckland plate profiling centre – Jan 2008 • Coiled wire • Wide range of steel products • Servicing the rural market Fletcher Easysteel CSP Coating Systems Cyclone Steel Division – March 2009 9 The Australasian steel industry structure is improving Long Steel Coated Steel Steel Distribution Australia OneSteel Smorgon merger BlueScope Steel OneSteel, BlueScope BestBar/Tata - reinforcing Lysaght, Stramit, Metroll, Southern Steel, CMC ATM, Orrcon - pipe/tube/rhs Steeline, Fielders, Stratco, others others New Zealand Pacific Steel BlueScope/New Zealand Steel Fletcher EasySteel Fletcher Reo, S&T, United Ind, Dimond, Pacific Coil Coaters, Steel & Tube (50% OST) others S&T, Metalcraft, SteelPlus others Vulcan Major Imports Asian rod, bar, pipe, beams Coated steels from Asia Focus on major projects Steel Division – March 2009 10 Steel continues to grow and invest for the future Improved geographic coverage, New Plymouth branch. New plate profiling equipment. Acquired Fair Dinkum, Garage World and Eziform. Aligned into Fletcher Easysteel for Significant investment in regional plants, equipment. customer and logistics synergies. New modern, efficient site in Melbourne. New chemical processes. Large investment in new curing ovens and coil cleaning unit. Exited Technology business. New rollforming facility in Christchurch. New Auckland high capacity shredder and processor installed January 2008. Container handling equipment installed. Steel Plant capacity upgrade to 300,000 tonnes Jan 2008. New Sims Pacific Metals Auckland Ferrous Shredder Steel Division – March 2009 11 NZ steel consumption has risen steadily MAIN SEGMENTS 1,200,000 20,000 • Residential Construction 18,000 1,000,000 • Commercial/Industrial 16,000 800,000 • Manufacturing Sector 14,000 • Heavy Buildings 600,000 12,000 (GFCF $m) (GFCF Consumption (tonnes) Consumption • Infrastructure and 10,000 400,000 Engineering 8,000 • Rural and Specialty 200,000 6,000 0 4,000 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 NZ Consumption (tonnes) Total Real Gross Fixed Capital Formation (annual running total $m) Steel Division – March 2009 12 The NZ residential market • Housing activity is currently depressed with modest price declines Other • Pressed and stone coated steel tiles 12% service 1/4 of the roofing market Longrun Steel 39% • Sector revenue is estimated at ~NZ$180m Concrete 24% • Estimated 30,000 steel tonnes • Many rollformers, 3 with national presence Tile Steel 25% • Concrete tiles are a less significant roofing product in New Zealand than in Australia. Steel Division – March 2009 13 A forecast drop in residential activity is becoming reality 35,000 30 Forecast 25 30,000 Consents (LH scale) 20 25,000 15 20,000 New Zealand’s first State House at Miramar in Wellington. Built by the Fletcher Construction 10 Company in 1937. 15,000 5 10,000 0 5,000 Nominal House Price % Change (RH scale) -5 0 -10 F83 F84 F85 F86 F87 F88 F89 F90 F91 F92 F93 F94 F95 F96 F97 F98 F99 F00 F01 F02 F03
Load more

Recommended publications
  • Socially Conscious Australian Equity Holdings
    Socially Conscious Australian Equity Holdings As at 30 June 2021 Country of Company domicile Weight COMMONWEALTH BANK OF AUSTRALIA AUSTRALIA 10.56% CSL LTD AUSTRALIA 8.46% AUST AND NZ BANKING GROUP AUSTRALIA 5.68% NATIONAL AUSTRALIA BANK LTD AUSTRALIA 5.32% WESTPAC BANKING CORP AUSTRALIA 5.08% TELSTRA CORP LTD AUSTRALIA 3.31% WOOLWORTHS GROUP LTD AUSTRALIA 2.93% FORTESCUE METALS GROUP LTD AUSTRALIA 2.80% TRANSURBAN GROUP AUSTRALIA 2.55% GOODMAN GROUP AUSTRALIA 2.34% WESFARMERS LTD AUSTRALIA 2.29% BRAMBLES LTD AUSTRALIA 1.85% COLES GROUP LTD AUSTRALIA 1.80% SUNCORP GROUP LTD AUSTRALIA 1.62% MACQUARIE GROUP LTD AUSTRALIA 1.54% JAMES HARDIE INDUSTRIES IRELAND 1.51% NEWCREST MINING LTD AUSTRALIA 1.45% SONIC HEALTHCARE LTD AUSTRALIA 1.44% MIRVAC GROUP AUSTRALIA 1.43% MAGELLAN FINANCIAL GROUP LTD AUSTRALIA 1.13% STOCKLAND AUSTRALIA 1.11% DEXUS AUSTRALIA 1.11% COMPUTERSHARE LTD AUSTRALIA 1.09% AMCOR PLC AUSTRALIA 1.02% ILUKA RESOURCES LTD AUSTRALIA 1.01% XERO LTD NEW ZEALAND 0.97% WISETECH GLOBAL LTD AUSTRALIA 0.92% SEEK LTD AUSTRALIA 0.88% SYDNEY AIRPORT AUSTRALIA 0.83% NINE ENTERTAINMENT CO HOLDINGS LIMITED AUSTRALIA 0.82% EAGERS AUTOMOTIVE LTD AUSTRALIA 0.82% RELIANCE WORLDWIDE CORP LTD UNITED STATES 0.80% SANDFIRE RESOURCES LTD AUSTRALIA 0.79% AFTERPAY LTD AUSTRALIA 0.79% CHARTER HALL GROUP AUSTRALIA 0.79% SCENTRE GROUP AUSTRALIA 0.79% ORORA LTD AUSTRALIA 0.75% ANSELL LTD AUSTRALIA 0.75% OZ MINERALS LTD AUSTRALIA 0.74% IGO LTD AUSTRALIA 0.71% GPT GROUP AUSTRALIA 0.69% Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340) the trustee of Aware Super (ABN 53 226 460 365).
    [Show full text]
  • ESG Reporting by the ASX200
    Australian Council of Superannuation Investors ESG Reporting by the ASX200 August 2019 ABOUT ACSI Established in 2001, the Australian Council of Superannuation Investors (ACSI) provides a strong, collective voice on environmental, social and governance (ESG) issues on behalf of our members. Our members include 38 Australian and international We undertake a year-round program of research, asset owners and institutional investors. Collectively, they engagement, advocacy and voting advice. These activities manage over $2.2 trillion in assets and own on average 10 provide a solid basis for our members to exercise their per cent of every ASX200 company. ownership rights. Our members believe that ESG risks and opportunities have We also offer additional consulting services a material impact on investment outcomes. As fiduciary including: ESG and related policy development; analysis investors, they have a responsibility to act to enhance the of service providers, fund managers and ESG data; and long-term value of the savings entrusted to them. disclosure advice. Through ACSI, our members collaborate to achieve genuine, measurable and permanent improvements in the ESG practices and performance of the companies they invest in. 6 INTERNATIONAL MEMBERS 32 AUSTRALIAN MEMBERS MANAGING $2.2 TRILLION IN ASSETS 2 ESG REPORTING BY THE ASX200: AUGUST 2019 FOREWORD We are currently operating in a low-trust environment Yet, safety data is material to our members. In 2018, 22 – for organisations generally but especially businesses. people from 13 ASX200 companies died in their workplaces. Transparency and accountability are crucial to rebuilding A majority of these involved contractors, suggesting that this trust deficit. workplace health and safety standards are not uniformly applied.
    [Show full text]
  • 2015.10.31 October Report (Final).Pdf
    Devon FUNDS MANAGEMENT MONTHLY REPORT Keeping you up to date with Devon Funds and the markets October 2015 MARKET COMMENTARY AT A GLANCE Picking Petals at the Fed UNIT PRICES “She loves me, she loves me not” has been the question that has dominated financial DEVON ALPHA FUND markets over recent months. The “she” of course is the Chairman of the Federal Reserve QUARTERY Janet Yellen. And the “love” at issue is whether or not she and the Fed will continue to $1.5215OUTLOOK provide the world with very, very cheap money. There were many in financial markets who DEVON AUSTRALIAN FUND expected the Fed to move rates up in their meeting in September as they had explicitly stated they would continue to be “guided by data” and the data (particularly employment $1.2235 creation in the US) remained strong. However concerns around global markets, which had DEVON DIVIDEND YIELD FUND sold off sharply over August, stayed their hand. Attention has now moved to focus on the December meeting where again market expectations are balanced. $1.6979 Any Federal Reserve utterance on interest rates is always immensely important to finan- DEVON TRANS-TASMAN FUND cial markets because it determines the price of the globe’s reserve currency. But, because of the very sustained period of extremely loose monetary policy that almost all central banks $3.2557 around the world have been engaged in over recent years, the current discussions around GLOBAL THEMES FUND the Federal Funds rate have assumed an even greater degree of importance than usual. The question at stake is whether the monetary policy that has been in place since the Global $2.3593 Financial Crisis has reached its natural conclusion.
    [Show full text]
  • Business Leadership: the Catalyst for Accelerating Change
    BUSINESS LEADERSHIP: THE CATALYST FOR ACCELERATING CHANGE Follow us on twitter @30pctAustralia OUR OBJECTIVE is to achieve 30% of ASX 200 seats held by women by end 2018. Gender balance on boards does achieve better outcomes. GREATER DIVERSITY ON BOARDS IS VITAL TO THE GOOD GOVERNANCE OF AUSTRALIAN BUSINESSES. FROM THE PERSPECTIVE OF PERFORMANCE AS WELL AS EQUITY THE CASE IS CLEAR. AUSTRALIA HAS MORE THAN ENOUGH CAPABLE WOMEN TO EXCEED THE 30% TARGET. IF YOUR BOARD IS NOT INVESTING IN THE CAPABILITY THAT DIVERSITY BRINGS, IT’S NOW A MARKED DEPARTURE FROM THE WHAT THE INVESTOR AND BROADER COMMUNITY EXPECT. Angus Armour FAICD, Managing Director & Chief Executive Officer, Australian Institute of Company Directors BY BRINGING TOGETHER INFLUENTIAL COMPANY CHAIRS, DIRECTORS, INVESTORS, HEAD HUNTERS AND CEOs, WE WANT TO DRIVE A BUSINESS-LED APPROACH TO INCREASING GENDER BALANCE THAT CHANGES THE WAY “COMPANIES APPROACH DIVERSITY ISSUES. Patricia Cross, Australian Chair 30% Club WHO WE ARE LEADERS LEADING BY EXAMPLE We are a group of chairs, directors and business leaders taking action to increase gender diversity on Australian boards. The Australian chapter launched in May 2015 with a goal of achieving 30% women on ASX 200 boards by the end of 2018. AUSTRALIAN 30% CLUB MEMBERS Andrew Forrest Fortescue Metals Douglas McTaggart Spark Group Ltd Infrastructure Trust Samuel Weiss Altium Ltd Kenneth MacKenzie BHP Billiton Ltd John Mulcahy Mirvac Ltd Stephen Johns Brambles Ltd Mark Johnson G8 Education Ltd John Shine CSL Ltd Paul Brasher Incitec Pivot
    [Show full text]
  • Southland Industry Events Calendar
    Southland Industry Events Calendar OCTOBER 2/10/2018 Dr Libby's The Hormone Factor Festival & Lifestyle 1 day Invercargill Ascot Park Hotel 200 Dr Libby Weaver 2-5/10/18 International Dominican Education Conference Conference 4 days Invercargill Ascot Park Hotel 200 International Dominican Education 5/10/2018 Kelvin Cruickshank Community 1 day Invercargill Civic Theatre 300 Invercargill Venue & Events Management Ltd 7/10/18 Southland Stags vs Bay of Plenty - Mitre 10 Cup Sports 1 day Invercargill Rugby Park 2,000 Rugby Southland 10/10/18 Southland Stags vs Auckland - Mitre 10 Cup Sports 1 day Invercargill Rugby Park 2,000 Rugby Southland 12/10/18 The Cat in the Hat Performing Art 1 day Invercargill Civic Theatre 300 Invercargill Venue & Events Management Ltd 13/10/18 Winton Community Market Community 1 day Winton Winton Presbyterian Church 300 Junell Reece 16/10/18 NetHui Southland Conference 1 day Invercargill Ascot Park Hotel 100 NetHui / Venture Southland 17/10/18 Leaning in with Helen Clark Conference 1 day Invercargill Civic Theatre 300 19/10/18 OH WHAT A NIGHT - The Boys are Back!!! Performing Art 1 day Invercargill Civic Theatre 300 Invercargill Venue & Events Management Ltd 20/10/18 The Pink Floyd Project Music & Concerts 1 day Invercargill Civic Theatre 300 Invercargill Venue & Events Management Ltd 22-24/10/18 Targa Rally Sports 3 days Throughout Southland Southland 1000 Targa NZ 26/10/18 Stan Walker 'New Takeover Tour' Performing Art 1 day Invercargill Tillermans 100 Invercargill Venue & Events Management Ltd 27/10/18 Last
    [Show full text]
  • Building Better, Together at Fletcher Building We Stand Together, Work Together, Forge Ahead, Overcome Adversity and Meet New Challenges Together
    Fletcher Building Annual Review 2015 Building Better, Together At Fletcher Building we stand together, work together, forge ahead, overcome adversity and meet new challenges together. Our unique skills and expertise, unmatched resources and vision enable us to keep building better, together. Heavy Building Products Light Building Products WINSTONE AGGREGATES ROOF TILE GROUP We’re Our product almost quality is like family, important, it’s more it’s what we than just stand by. a team. SARAH WIDDUP WHIO MANUEL Whio Sarah Laminates & Panels Distribution LAMINEX PLACEMAKERS We focus We want on being PlaceMakers progressive to be the and easiest innovative place for for our customers customers. to do DAVID MILES business. David Alma ALMA SANTOS Laminates & Panels Construction LAMINEX INFRASTRUCTURE It’s great Be Bold is here and what this it’s getting project is all better and about. This better all is a first in the time. NZ – you GESSE RIPAKI couldn’t do it without being bold. Gesse Glen GLEN KIRK Group financial highlights Net earnings $M 270 Revenue $M 19,000+ 8,661 People working and building Operating earnings $M together. Making and delivering a diverse range of products and 503 projects that enable communities to grow, cities to prosper and Dividend per share cents countries to be more productive. 37.0 Earnings per share cents 39.2 02 Fletcher Building Annual Review 2015 At a glance 2015 Heavy Building Products Light Building Products Laminates & Panels New Zealand residential New Zealand Laminates & Panels consents and building plasterboard business continued to focus activity continued to grow this year saw good on innovation and above long run trends growth.
    [Show full text]
  • 2270 FB Front Section 4Pdf.Qx¡
    2001ANNUAL REPORT the separation is behind us there are many opportunities to enhance returns our prime focus is operational improvement 2 Chairman’s review 4 Chief executive’s review 6 Building Products 8 Concrete 10 Construction 11 Distribution Contents 12 People & safety 13 Environment & community 14 Fletcher Building’s profile 16 Fletcher Building directors 18 Corporate governance 21 Fletcher Building management 22 Financial review 24 Financial statements 56 Audit report 57 Statutory disclosure 59 Shareholder information 61 Investor information www.fletcherbuilding.com Fletcher Building is committed to a high level of customer service. As part of this commitment, we recently launched a significantly upgraded internet site. The new site displays information on Fletcher Building’s operations and highlights our well established, powerful brands. 01 Chairman’s review A new beginning As your Chairman, I am pleased to report, on behalf of the Board of Directors, on the results and progress of our new company – Fletcher Building Limited. On 23 March this year, Fletcher Building Net earnings before unusual items were Limited acquired the operations, assets $22 million in the June period (compared and liabilities previously attributed to to $12 million for the rest of the year), Fletcher Challenge Limited – Building and cash flow from operations was Operations, completed the separation $159 million in the June period ($92 process from the former parent company million in the rest of the year). This and began a new stand-alone corporate strong recent improvement stands the existence. company in good stead as we move into the current year. This resolved an extended period of uncertainty about the future of the business.
    [Show full text]
  • Netball Shooting Stats
    Name: ____________________________ Date: ________________ Netball Shooting Stats LeBron James is an expert shooter from the Miami Heat basketball team. He is coming to Australia and New Zealand to run training camps on shooting technique. There is only funding for two players to attend the training camp. The organisers want to send players who have been inconsistent, so they can improve. Below are the shooting statistics for seven players over the past four seasons in the ANZ Championship. Player Team 2012 2011 2010 2009 Caitlin Bassett West Coast Fever 88.30% 88.80% 85.60% 84.00% Caitlin Thwaites Central Pulse 85.70% 81.30% 83.00% 84.10% Catherine Cox NSW Swifts 63.00% 77.60% 74.80% 81.40% Cathrine Latu Northern Mystics 97.50% 93.20% 91.70% 86.40% Irene van Dyk Waikato/BOP Magic 95.10% 92.00% 93.40% 93.50% Maria Tutaia Northern Mystics 76.10% 78.60% 80.30% 78.50% Paula Griffin Southern Steel 68.30% 79.70% 81.40% 79.70% Statistics retrieved from http://www.anz-championship.com/ Which two players are the most inconsistent and would benefit most from this training camp? Justify your answer. [page break] © NZQA Numeracy activity - Netball Shooting Stats: version 2013/1 Page 1 of 2 Information for tutor/teacher • Learners should be familiar with aspects of this problem, e.g. netball, ANZ Championship. • Refer to the requirements of the Numeracy unit standards if you wish to use evidence generated through this learning activity towards the standards. (The unit standards and their clarifications can be found on the NZQA website.) This problem needs to be part of a broader course of learning, in order for any evidence generated to be considered naturally occurring – and therefore valid for the Numeracy unit standards.
    [Show full text]
  • Single Sector Funds Portfolio Holdings
    ! Mercer Funds Single Sector Funds Portfolio Holdings December 2020 welcome to brighter Mercer Australian Shares Fund Asset Name 4D MEDICAL LTD ECLIPX GROUP LIMITED OOH MEDIA LIMITED A2 MILK COMPANY ELDERS LTD OPTHEA LIMITED ABACUS PROPERTY GROUP ELECTRO OPTIC SYSTEMS HOLDINGS LTD ORICA LTD ACCENT GROUP LTD ELMO SOFTWARE LIMITED ORIGIN ENERGY LTD ADBRI LTD EMECO HOLDINGS LTD OROCOBRE LTD ADORE BEAUTY GROUP LTD EML PAYMENTS LTD ORORA LTD AFTERPAY LTD ESTIA HEALTH LIMITED OZ MINERALS LTD AGL ENERGY LTD EVENT HOSPITALITY AND ENTERTAINMENT PACT GROUP HOLDINGS LTD ALKANE RESOURCES LTD EVOLUTION MINING LTD PARADIGM BIOPHARMACEUTICALS LTD ALS LIMITED FISHER & PAYKEL HEALTHCARE CORP LTD PENDAL GROUP LTD ALTIUM LTD FLETCHER BUILDING LTD PERENTI GLOBAL LTD ALUMINA LTD FLIGHT CENTRE TRAVEL GROUP LTD PERPETUAL LTD AMA GROUP LTD FORTESCUE METALS GROUP LTD PERSEUS MINING LTD AMCOR PLC FREEDOM FOODS GROUP LIMITED PHOSLOCK ENVIRONMENTAL TECHNOLOGIES AMP LTD G8 EDUCATION LTD PILBARA MINERALS LTD AMPOL LTD GALAXY RESOURCES LTD PINNACLE INVESTMENT MANAGEMENT GRP LTD ANSELL LTD GDI PROPERTY GROUP PLATINUM INVESTMENT MANAGEMENT LTD APA GROUP GENWORTH MORTGAGE INSRNC AUSTRALIA LTD POINTSBET HOLDINGS LTD APPEN LIMITED GOLD ROAD RESOURCES LTD POLYNOVO LIMITED ARB CORPORATION GOODMAN GROUP PTY LTD PREMIER INVESTMENTS LTD ARDENT LEISURE GROUP GPT GROUP PRO MEDICUS LTD ARENA REIT GRAINCORP LTD QANTAS AIRWAYS LTD ARISTOCRAT LEISURE LTD GROWTHPOINT PROPERTIES AUSTRALIA LTD QBE INSURANCE GROUP LTD ASALEO CARE LIMITED GUD HOLDINGS LTD QUBE HOLDINGS LIMITED ASX LTD
    [Show full text]
  • Longwave Capital Partners Invests with a Philosophy Informed by the Belief That for Small Caps, Quality Is a Key Driver of Long-Term Investment Outperformance
    // Longwave Capital Partners invests with a philosophy informed by the belief that for small caps, quality is a key driver of long-term investment outperformance. When we assess companies considering Environmental, Social and Governance (ESG) characteristics, we see them as markers of quality. // Historically, we have considered ESG as a component in the The first stage uses systematic fundamental assessments to fundamental assessment that determines the quality of a identify companies that exhibit characteristics which have business – factored into the quality score that we use to drive historically been high probability markers of failure or our valuation. This is calculated by applying a discount rate to underperformance. These are low-quality companies we look to our sustainable, mid-cycle earnings estimate in forecast year ensure are not present in our portfolio. Based upon our current five. We believe the equity risk premium required of higher- criteria across the different models we employ, around 85% of quality companies is lower than average companies, and lower- the small caps we assess have a reasonable probability of failure quality companies require a higher equity risk premium than or long-term underperformance. We construct a systematic average. portfolio of the remaining 15%, built from the ensemble of our While cognisant of the impact ESG factors have on the quality of different quality models. a business (and thereby its value), our previous approach did not It would appear at first glance that using available ESG data and have the same objective level of data capture or comparability testing for performance would be an appropriate measure to as the investment process that we now employ, driven by enhance our existing systematic process.
    [Show full text]
  • Waikato Bay of Plenty Magic 2018 Season Membership Packages on SALE NOW!
    Waikato Bay of Plenty Magic 2018 Season Membership Packages ON SALE NOW! Netball Waikato Bay of Plenty are excited to announce that Magic 2018 Membership Packages go on sale to re-newing members on Wednesday, 22nd November 2017 from 9am and for the general public on Friday, 1st December 2017. The draw for the 2018 ANZ Premiership season see’s the Magic play six home round robin games in Hamilton, Tauranga and Rotorua– starting in Hamilton on Sunday 20 May with a match against Central Pulse and featuring a double header with the Waikato Bay of Plenty Beko Netball League team playing a curtain raiser match Memberships are great value and this year there are more reasons to buy a multi-game package! In 2018 members can arrive early, meet at the pre-match Members Only lounge in all our three venues where you will be met by a guest speaker, enjoy a Q & A session, giveaways and bar facilities. For those who would rather stay local, the On Court Hamilton Membership provides tickets to all four Hamilton games while the On Court Bay packages provides tickets to the Rotorua and Tauranga games – still at discounted prices. Unable to make it to the games? Become a Magic Supporter and keep up to date with what is happening in and around our WBOP Magic team. “As a team we discuss before a game the importance of our supporters and members and we certainly feel the presence of the ‘8th player’ when things get tight” – Casey Kopua (Magic Captain) Seats are available for selection on a first-in basis so grab your membership to a Magic season of netball
    [Show full text]
  • Ellerston Listed Equity Holdings
    Ellerston Listed Equity Holdings Portfolio Holdings, 31 December 2020 The following is a combined listing of all listed equities held by funds managed by Ellerston Capital, including those of Morphic Asset Management (a subsidiary company), as at 31 December 2020. It includes long positions in publicly listed company shares (or equity), other than investments whose disclosure would be against the interests of our investors, for example, small or illiquid companies where disclosure may affect our capacity to manage our investment. Company Name Country of Domicile Aberdeen Standard Physical Platinum USA Adairs Ltd Australia Advantest Corp Japan Afterpay Touch Group Ltd Australia AGL Energy Ltd Australia AIA Group Ltd Hong Kong AJ Lucas Group Ltd Australia Alibaba Group Holding Ltd China ALS Ltd Australia Alstom SA France Alumina Ltd Australia Ampol Ltd Australia Angel Seafood Holdings Ltd Australia Anritsu Corp Japan Ansarada Newco Pty Ltd Australia Ansell Ltd Australia Aphria Inc Canada Aquabounty Technologies Inc USA Ardent Leisure Group Ltd Australia Aristocrat Leisure Ltd Australia Asian Paints Ltd India Assurant Inc USA Astral Poly Technik Ltd India Atlas Arteria Ltd Australia Atomo Diagnostics Ltd Australia Atomos Ltd Australia AUB Group Ltd Australia Aurizon Holding Ltd Australia Auscann Group Holdings Ltd Australia Austal Ltd Australia Australia And New Zealand Banking Australia Australian Careers Network Ltd Australia Australian Finance Group Ltd Australia Auteco Minerals Ltd Australia Autosports Group Ltd Australia Axis Bank Ltd
    [Show full text]