Meitav Dash Investments LTD Investors Presentation Q2 2019
I.D. Meitav Dash Total Bond Shareholders Assets Under Rating Equity Management 134 134 848 848 A1 Shares BRM, NIS Million NIS Billion held by 29.01% the public, 39.98% As at 30/6/19 As at 30/6/19 Zvi Stepak, 28.07% In the Market Dividend TA-125 Index Value Distribution Policy 125 125 50 50% As at 30/6/19 869 869 At least NIS Million of net profit As at 30/6/19 2
Range of Products and Services Asset Management Activities 22.5 22.5 54.7 54.7 19.3 19.3 35.5 35.5 Portfolio Provident, Study Mutual ETFs and Pension Funds Management Funds AUM as at 30/6/19 in NIS Billion Additional activities • • Meitav Dash Trade Insurance Agencies • Meitav Dash Loans • Meitav Dash Brokerage • Alternative Investments • Meitav Dash Global Markets • Peninsula - SME Credit 3
AUM UM Other Portfolio 2.0 Management 19.3 Provident Funds, 134 Study Funds and Pension Funds 54.7 Mutual Funds 35.5 NIS Billion ETFs 22.5 As at 30/6/19 Other = Mutual funds under hosting and distribution arrangements 4
Selected Financial Data Q2 2019 Revenues Normalized EBITDA SME Credit- Other SME Credit - Other Peninsula 16% Peninsula 9% 14% 9% Trade & 79 233 Brokerage 11% Trade & Brokerage 9% Long Term Long Term Savings NIS Savings NIS (LTS) (LTS) 34% Million 25% Million Short Term Savings (STS) 37% Short Term Savings (STS) 36% Other = Insurance Agencies, Global Markets, Meitav Dash Loans, Alternative Investments, Nostro and other activities 5
Selected Financial Data Q2 Q1 Q2 2018 2019 2019 2018 Revenues* 233 246 222 887 Expenses 173 181 169 688 EBITDA 78 80 60 235 Normalized EBITDA 61 79 80 235 Profit for the period 15 23 32 77 Profit attributed to the shareholders 19 29 13 67 EBITDA Q2 2019 Profit before tax 35 Depreciation and amortization 26 Financing expenses, net 17 EBITDA 78 *Including Nostro. In NIS Million Effective January 2019, the Company applies the provisions of IFRS 16, which sets guidelines for the accounting treatment of leases, and records amortization and financing expenses in lieu of rent and car leasing expenses. After neutralizing the implementation of the Standard, the normalized EBITDA in Q2 2019 amounts to NIS 73 million 6
Dividend Distributions 45 45 49 45 NIS NIS NIS NIS Million Million Million Million 16 15 15 15 15 15 Q1 14 14 Q2 12 Q3 10 10 10 10 10 10 10 10 10 10 10 10 Q4 10 8 6 4 2 0 NIS Million 7
Long Term Vision Decreasing Dependence on the Financial Markets 14% 23% 26% 40% 2020- 2015 2018 2017 2022 60% 77% 74% 86% Revenue from Asset Management activities Revenue from Credit, Insurance, Trade, Brokerage, Alternative Investments and others 8
Revolution Meitav Dash Pension Funds Thousands of new employers Annual deposits of over AUM over NIS 10.6 Billion joined the fund in 2017-19 NIS 2 Billion First place in the Ministry of Finance International einsurers Over 300K customers Index of Service and Recommendation by Pension Customers in 2018 as at 14/8/19 9
Peninsula - SME Credit provides credit to small and medium sized companies in Israel 38.8 Revenue Net Profit 27.5 26.6 22 16.4 15.4 9.7 8.6 5.9 3.6 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019
Alternative Investments Liquidity Capital Fund which specializes in the acquisition of future revenues of growing technology companies with recurring revenues Pagaya Fund which specializes in retail credit in the US Real Estate Fund Fund which engaged in the acquisition and management of real estate in the US, in cooperation with Harbor Group
Segment Analysis 12
Long-Term Savings (LTS) Market Share AUM 8.7% 8.7 22.1 22.1 54.7 54.7 Study Funds Provident Funds 22.0 22.0 NIS Billion 10.6 10.6 As at 30/6/19 Pension Funds • One of the selected pension funds in MOF Q2 2019 Q1 2019 Q2 2018 2018 tender for the second time 53.5 • The largest pension fund among investment AUM in NIS Billion 54.7 51.2 50.9 houses, with assets of over NIS 10.6 billion and 79 Revenue in NIS Million 79 80 320 annual deposits of over NIS 2 billion 0.6 0 % Annualized Management Fees 0.58% 0.63% 0.62% Operating Profit 10 17 11 42 in NIS Million 13
Short-Term savings (STS) AUM AUM AUM Portfolio Mutual Funds ETFs Management 19.3 19.3 35.5 35.5 22.5 22.5 NIS Billion NIS Billion NIS Billion • Wide range of products Including tracking funds with Q2 2019 Q1 2019 Q2 2018 2018 annual revenues of over NIS 12 million • Commencing the second quarter of 2019, the AUM in NIS Billion 77.3 75.7 73.9 72.4 merger of Meitav Dash Mutual Funds and Tachlit Revenue in NIS Million 86 86 85 336 Indices has been completed, From now on it is presented together with portfolio management in the Operating Profit 30 31 32 117 short-term savings segment in NIS Million • Meitav Dash Manager - Digital Portfolio Management from NIS 25,000 14
Trade & Brokerage Of the trading Customer Assets 14.0 14.0 8.0 8.0% turnover in shares and bonds on the Tel Aviv Stock Exchange NIS Billion • The leading non-bank TASE member Q2 2019 Q1 2019 Q2 2018 2018 • Constant growth in recruiting new customers Revenue in NIS Million 25 31 26 105 • New trading system and mobile app for opening a digital account enabling a quick and efficient Operating Profit 8 11 9 33 onboarding process as well as advanced trading tools 15
Financial Statements 16
Balance Sheet (In NIS Million) As at As at As at As at 30/6/19 31/12/18 30/6/19 31/12/18 Credit from banks and others 697 573 Cash and short-term investments 479 460 Other current assets 998 973 Liabilities for short sale of securities 40 10 Total current assets 1,477 1,433 Trade and other payables 281 389 Total current liabilities 1,018 972 Long term investments 232 200 Loans from banks 92 97 Fixed assets and intangible assets 1,360 1,211 Debentures 633 669 Deferred taxes 16 20 Other long term liabilities 325 176 Total assets 3,085 2,864 Equity 848 825 Non-controlling interests 169 125 Total liabilities and equity 3,085 2,864 Net debt Net Debt to EBITDA excluding excluding Peninsula Peninsula 1.1 297 17 Amounts in respect of ETNs
Profit and Loss Q2 201 9 Q1 201 9 Q2 2018 2018 209 217 207 Revenue from management fees, commissions and other 829 21 18 14 Revenue from Peninsula 61 230 235 221 Total revenue 890 General and administrative expenses, marketing, sales, and financing expenses from non bank 173 181 169 688 credit 57 54 52 Operating income 202 Profit (loss ( from securities held for investment purposes in nostro portfolio 3 1 11 (3) ) 17 ( ) 14 ( Financing expenses, net (5) (36) ) 10 ( ) 9 ( Other expenses, net (12) (33) 2 - Company's share in earnings in equity accounted investees 1 3 35 49 30 Profit before taxes on income 133 12 17 15 Taxes on income 56 23 32 15 Profit for the period 77 19 29 13 Profit attributed to the shareholders 67 18
Disclaimer • This presentation was prepared by Meitav Dash Investments Ltd )hereinafter: the “Company” or “Meitav Dash”( and is intended f or institutional investors only. This presentation does not comprise an opinion, suggestion, recommendation, or advice / marketing for purchase and / or holding and /or sale of securities and / or financial assets (including securities of the Company and / or financial assets issued by Companies in the Meitav Dash Group). The presentation is not a substitute for advice / investment marketing or counseling / pension marketing that takes into consideration the special needs of each person. • This presentation is intended only for delivery and presentation of information provided and its presentation does not replace the need to review reports published by the Company to the public. That shown is the opinion of the authors alone and reflects their understanding at the date of the presentation. The data, information, and analysis set forth, including the views expressed, in this presentation, may change without notice. • Certain matters discussed in this presentation, including projections, objectives, assumptions, estimates and other information relating to future events and / or future matters whose occurrence is uncertain and is not controlled by the Company. Information in connection with a forecast of revenues and profitability, are all forward-looking statements as defined in the Securities Law, 1968 , that is based on the subjective assessments of the Company’s management based on data and information held by the Company at the date of preparation of the presentation. Realization or non-realization of forward-looking statements will be affected by, among other things, risk factors characterizing the activity of the Company and, developments in the general environment and external factors affecting the activity of the Company, which cannot be estimated in advance and are not under the control of the Company. The Company’s operating results may differ materially from estimated or implicit results stated in the presentat ion. 19
THANK Y THANK YOU OU MEITAV DASH INVESTMENTS LTD www.meitavdash.co.il Champion Tower, 30 Sheshet Hayamim, Bnei Brak Phone: 972-3-7903000 Fax: 972-3-7778001
Recommend
More recommend
