OneVue Holdings Limited (OVH) - 2018 AGM Strongly leveraged to superannuation sector and poised for growth
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OneVue Holdings Limited (OVH)
2018 AGM
Strongly leveraged to superannuation sector and poised for growth
29 November 2018
Strength in numbers
Consistent execution against strategy drives record results
REVENUE EBITDA* EBITDA MARGIN
$49.1m 20% $7.5m 67% 15.4% 434 bps
NPAT EPS OPERATING CASHFLOW#
$7.1m $6.9m 2.70 cents 2.62 cents $6.6m 34%
* EBITDA excludes non recurring costs and share based payments
# Operating cashflow excludes non recurring costs of acquisitions
Note: The numbers in this presentation have been rounded to $’m. Change variances are calculated based on the underlying whole numbers and then rounded.
Page 1 Strength in numbersFUNDS MANAGEMENT ADMINISTRATION
COMMENTARY
Number of funds
Transactions Market leader
1,200
957
110,000
805 1,000 Consistent track record of execution and growth
727 758 800
90,000 589 610 631 Contracted growth of $5m p.a. to transition
482 533 600
70,000 440 459
400 Growing market with increasing move to
50,000 200 outsourcing
30,000 0
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Scale and operating leverage driving margin
Number of funds Unit Registry transactions expansion
SUPER MEMBER ADMINISTRATION COMMENTARY
Members FUA (‘m)
4,752
Now number 4 in the market
4,372
150,000 5,000
2,279
KPMG Super Admin acquisition adds capabilities
2,056 2,130 4,000
100,000
3,000
and scale
50,000
2,000 Large and growing outsourced market
1,000
0 0 Significant scope for growth
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18
FUA Members
Page 2 Strength in numbersClear growth runways
REVENUE, EBITDA AND MARGIN GROWTH PROFILE
BENEFITTING FROM SECTORAL GROWTH AND STRUCTURAL
$m Margin %
CHANGE 58 20%
+23%
Legislated superannuation growth 48 15%
38 10%
Continuing move to external service providers 28
49.1
5%
Shift to independent platforms and advisers 18 26.6
40.9 0%
4.5 7.5
Well positioned for Royal Commission outputs 8 -1.2 -5%
-2 -10%
FY 2016 FY 2017 FY 2018
EXECUTING GROWTH STRATEGIES
Revenue EBITDA Margin EBITDA Margin CAGR
Sharpened focus on core growth areas
Strong track record of successful strategy execution
FUND SERVICES FASTEST GROWING AND LARGEST DRIVER OF MARGIN
Capital deployed effectively EXPANSION
HIGH QUALITY BUSINESS MODEL $m 13.9 Margin %
14 30%
10.7 11.4
92% of revenues recurring, half of revenues not market
8.5 20%
sensitive 9 7.1
Experienced management team 3.5
4.6 10%
3.0
High quality client base, with Top 10 representing 4
0.7 0.8
1.9 2.1 0%
38% of revenues -0.3 0.0
(1) -10%
Track record of cash and profit generation H2 FY15 H1 FY16 H2 FY16 H1 FY17 H2 FY17 H1 FY18 H2 FY18
Revenue EBITDA Margin
Page 3CUSTODIANS
FUND MANAGERS
OTHER CLIENTS
Page 4 Strength in numbersFY 2018 Revenue profile KEY GROWTH DRIVERS
Number/Type of items processed
SERVICES
FUND
Value added services
Number of funds, fund managers, and investors
Number of members
37%
PLATFORM
SERVICES
FUA bps
50% Processing fees (fixed $ per activity)
13%
Trustee fees on bps
SERVICES
TRUSTEE
Additional revenue from added value services
Number of funds
# Funds Under Administration at 30 September 2018
^ Funds Under Trusteeship at 30 September 2018
Page 5 Strength in numbersFUA
$b COMMENTARY
4.7 4.4 4.6
4.8 4.2 4.1 Exited SMSF admin
4.4 business and IM business
4.0
3.6 (April 2018 - $567m FUA)
Independent wholesale model well positioned
3.2 +7%
2.8
2.4 Retail FUA
with institutional clients co-funding capex
2.0
1.6
1.2 Growth Structured growth from superannuation sector
0.8
0.4
0.0 Royal Commission and regulatory environment
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18
creates positive opportunities
FUA: Funds under administration
Page 6 Strength in numbersFirst quarter growth momentum continues to deliver record results
FUA#/FUT^ KEY MEASURES
$491.6b Items processed in the quarter were up 15% on previous quarter
SERVICES
and up 63% on pcp
FUND
Fund Management Admin
Nine new funds added in the quarter. Total funds now 950, up
$4.8b 24% on pcp
Super Member Admin Nos of members up 2% on previous quarter and 64% on pcp
PLATFORM
SERVICES
FUA up 4% on previous quarter and 7% on pcp
$4.6b
Gross quarterly inflows of $312m, up 3.6% on previous quarter and
taking inflows to over $1.4b for the last 12 months
SERVICES
TRUSTEE
$12.1b FUT up 5% on previous quarter and 25% on pcp
FUT growth of $2.4b on pcp
# Funds Under Administration/Trusteeship at 30 September 2018 Page 7 Strength in numbers1 We simplified the business
4 The KPMG acquisition propelled us to 4th in the
superannuation administration market
2 We won the most new Platform
developments award 5 We drove internal efficiencies
3 Fund Services became the fastest
growing business 6 We focussed more on the retention and
wellbeing of our people
Page 8 Strength in numbersONEVUE GROUP
CONSISTENT All businesses with enhanced growth opportunities
EXECUTION OF
STRATEGY Accelerated growth in core areas follows FY 2018 strategic capital redeployment
DRIVING GROWTH
Building towards target 20% EBITDA margin exit run rate in FY20
FUND SERVICES
Executing on contracted revenue growth in managed fund administration
KPMG acquisition integration on track as planned
A STRATEGY Scale and operating leverage driving margin expansion
APPROPRIATE FOR
THE TIMES
PLATFORM SERVICES
Record pipeline of new business opportunities
Acceleration of adoption of capital-lite wholesale model
WELL PLACED
STRATEGICALLY TRUSTEE SERVICES
AND
STRUCTURALLY TO Growth from managed accounts sector growth and new clients
DRIVE ORGANIC
Market opportunities for independent trustees
GROWTH
Page 9 Strength in numbersOneVue Holdings Limited ACN 108 221 870 (OneVue).
The information in the presentation does not take into account the investment objectives, financial situation and particular needs of investors. Before making an
investment in OneVue an investor should consider whether such an investment is appropriate to their particular investment objectives, financial situation and
particular needs and consult a financial adviser if necessary.
This presentation is not, and nothing in it should be construed as an offer, invitation or recommendation in respect of securities, or an offer, invitation or
recommendation to sell, or a solicitation to buy, securities in any jurisdiction. A recipient must not act on the basis of any matter contained in the presentation but
must make their own assessment of OneVue and conduct their own investigations and analysis. Neither this document nor anything in it shall form the basis of any
contract or commitment.
Certain information in this document has been derived from third parties and although OneVue has no reason to believe that it is not accurate, reliable or complete,
it has not been independently audited or verified.
Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many
of which are outside the control of and may be unknown to OneVue. In particular, they speak only as of the date of this document, they assume the success of
OneVue’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary
materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document are
cautioned to not place undue reliance on such forward-looking statements.
This presentation has not been subject to auditor review.
Page 10 Strength in numbersThank you
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