Investments Ltd. Investor Presentation 2017

Transcription

1 Investments Ltd Investor Presentation 2017

2 I.D.

3 I.D. Meitav Dash is a public company with extensive experience and expertise in asset management. Meitav Dash is one of the two leading investment firms in Israel, with total assets under management of NIS 132 billion. Shareholders Bond Rating A1 Shareholders Equity 802 NIS Million As at 31/12/17 Total Assets Under Management 132 NIS Billion As at 31/12/17 BRM 28.18% Zvi Stepak 27.15% In the TA-125 Index 125 Market Value 832 NIS Million As at Dividend Distribution Policy 50% At least of net profit Shares held by the public 38.04% As at 31/12/17 3

4 Range of Products and Services Asset Management Activities Mutual Funds Provident Funds, Study Funds and Pension Funds ETNs Portfolio Management AUM as at 31/12/17 in NIS Billion Other Activities Meitav Dash Trade Meitav Dash Brokerage Meitav Dash Global Markets Meitav Dash Capital Markets College Peninsula - SME Credit Meitav Dash Loans Insurance Agencies 4

5 AUM (in NIS Billion) Other, 5.6 Portfolio Management, 17.7 Mutual Funds, 29.5 Provident Funds, Study Funds and Pension Funds, 50.8 Total AUM 132 NIS Billion ETNs, 28.4 As at 31/12/17 Other = Mutual funds under hosting and distribution arrangements 5

6 Revenue in 2017 Trade & Brokerage, NIS 77 Million, 9% Other, NIS 72 Million, 8% Non-Bank Loans- Peninsula, NIS 56 Million, 6% ETNs, NIS 113 Million, 13% Provident Funds, Study Funds and Pension Funds, NIS 338 Million, 39% Total Revenue 874 NIS Million Mutual Funds & Portfolio Management, NIS 218 Million, 25% Other = Insurance Agencies, College, Global Markets, Meitav Dash Loans and other activities. 6

7 Normalized EBITDA divided into segments 2017 Other 12% Non-Bank Loans- Peninsula 10% Trade & Brokerage 8% ETNs 19% Provident Funds, Study Funds and Pension Funds 22% Normalized EBITDA* 243 NIS Billion Mutual Funds & Portfolio Management Mainly excluding profit from change in Tel Aviv Stock Exchange equity rights 29% Other = Insurance Agencies, College, Global Markets, Meitav Dash Loans and other activities. 7

8 Selected Financial Data NIS million AUM1 Revenue Expenses EBITDA Normalized EBITDA FFO Profit for the period Profit attributed to the shareholders , Q , Q , Q , Q , , EBITDA Profit before tax Depreciation and amortization Financing expenses, net EBITDA FFO Profit for the period Depreciation and amortization Change in TASE equity rights Deferred taxes Revaluation of debentures Other FFO )22( 11 )2( Assets Managements activities: mutual funds, provident funds, study funds and pension funds, ETNs and portfolio management

9 Dividend distribution (in NIS Millions) Q1 Q2 Q3 Q4 annual 9

10 Acquisition of the brokerage activity of the Bank of Jerusalem *9 NIS Millions additional EBITDA *21 NIS Millions additional revenue 100% Acquisition of the activity of retail and institutional clients in securities trading services The data are in representative year terms. The transaction was completed after the balance sheet date 10

11 MEITAV DASH Long Term Vision - Decreasing Dependence on the Capital Markets % 23% 40% 86% 77% 60% Revenue from non bank loans, insurance, trade, brokerage and others Revenue from asset management activities 11

12 Segments Analysis

13 Provident Funds, Study Funds & Pension Funds AUM Provident Funds NIS 20.9 billion Study Funds NIS 22.0 billion Pension Funds NIS 7.9 billion % AUM in NIS Billion Market share More than 1 million customers including 70,000 new savers since elected by the MOF as managers of the default pension fund. The largest pension fund among investment houses, with assets of NIS 7.9 billion and annual deposits of NIS 1.5 billion. Full digital platform for joining the investment provident fund. The merger of Ayalon Pension and Provident Funds was completed on January 1, NIS million 2017 Q Q Q Q AUM Revenue Annualized Management Fees Operating Profit 50, % 48 50, % 14 49, % 12 48, % 12 48, % 10 41, % 44 As at 31/12/17 13

14 ETNs 28.4 AUM in NIS Billion 29.2% Market share Largest ETN management company in Israel in terms of AUM Wide range of products, professionalism and high trading capabilities NIS million 2017 Q Q Q Q AUM Revenue Annualized Management Fees Operating Profit 28, % 46 28, % 10 27, % 6 26, % 16 27, % 14 28, % 59 As at 31/12/17 14

15 Mutual Funds & Portfolio Management AUM Mutual Funds Traditional Funds NIS 21.0 billion Money Market Funds NIS 4.6 billion Tracking Funds NIS 3.9 billion Portfolio Management % 17.7 NIS Billion Market share NIS Billion Alternative product development - Consumer Credit Funds (Pagaya), Real Estate Funds NIS million 2017 Q Q Q Q AUM Mutual Funds AUM Portfolio Management Revenue Annualized Management Fees from Traditional Funds* Annualized Management Fees from Money Market Funds Annualized Management Fees from Portfolio Management Operating Profit *Excluding tracking funds As at 31/12/17 29,492 17, % 0.15% 0.33% 80 29,492 17, % 0.15% 0.34% 20 28,852 17, % 0.15% 0.33% 19 28,185 18, % 0.15% 0.33% 21 27,921 18, % 0.16% 0.32% 20 27,485 18, % 0.17% 0.34% 75 15

16 Trade & Brokerage The leading stock exchange member and the largest among the investment houses in Israel. Continuous and increasing organic growth. Growing through mergers and acquisitions: The A-Broker transaction in 2016 The Bank of Jerusalem transaction was completed in the first quarter of 2018 NIS million 2017 Q Q Q Q Revenue Operating Profit As at 31/12/17 16

17 Financial Statements

18 Balance Sheet (In NIS millions) NIS million As at December 30, 2017 As at December 2016,31 NIS million As at December 30, 2017 As at,31december 2016 Cash and short-term investments Credit from banks and others Current investments to cover ETNs Other current assets Total current assets Long term investments Fixed assets and intangible assets 28, , ,190 28, , ,108 ETNs, liabilities and deposit Current liabilities of special purpose subsidiaries to cover ETNs, liabilities and deposit Liabilities for short sale of securities Trade and other payables 28, , Deferred taxes Total current liabilities 29,599 29,301 Total assets 31,500 30,891 Loans from banks Debentures Debt Debt to EBITDA Debt excluding Peninsula Debt to EBITDA excluding Peninsula Other long term liabilities Equity Non-controlling interests Net Total liabilities and equity 31,500 30,891 As at 31/12/17 Amounts in respect of ETNs 18

19 Profit and Loss (in NIS millions) NIS million 2017 Q Q Q Q Revenue from management fees, commissions, ETN and other Revenue from Peninsula Total Revenue General and administrative expenses, marketing, sales, and financing expenses from Peninsula Operating income Profit (loss) from securities held for investment purposes in nostro portfolio, net Financing expenses, net Other income (expenses), net Company's share in earnings in equity accounted investees )30( )16( )8( )9( )3( )13( )8( )6( )8( )1( )31( )24( 6 Profit before taxes on income Taxes on income Profit for the period Profit attributed to the shareholders

20 This presentation was prepared by Meitav Dash Investments Ltd (hereinafter: the Company or Meitav Dash ) and is intended for 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 forwardlooking 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 presentation. 20

21 Thank you ChampionTower, 30 DerekhSheshetHayamin, Bnei Brak Phone: Fax: