Half Year 2025 Wam Alternative Assets Ltd Earnings Call Transcript
Key Points
- WAM Alternative Assets Ltd (ASX:WMA) is trading nearly 20% below the value of its assets, presenting a potential buying opportunity for investors.
- The portfolio has shown solid performance, with an 8% increase over the last 12 months and a 9.3% increase since management took over.
- The volatility of WMA's portfolio is significantly lower than the market, at 3.4% compared to the ASX's 14%, offering a more stable investment.
- The company has over three years of dividend reserves, ensuring consistent dividend payouts even without immediate profit growth.
- WMA offers a strong yield, over 5%, and nearly 8% on a pre-tax basis, making it an attractive option for income-focused investors.
- WMA is currently trading at a significant discount to its net tangible assets (NTA), which may reflect market concerns or uncertainties.
- The upcoming shareholder vote on whether the company should continue adds a layer of uncertainty that may deter potential investors.
- The portfolio still contains legacy assets from Blue Sky, which may take time to exit and could impact performance.
- Transaction activity in private markets has been muted, potentially limiting immediate opportunities for portfolio growth.
- The share price has remained flat over the past four years, and NTA growth has been limited, raising questions about long-term capital appreciation.
Good afternoon and welcome everyone to the WAM Alternative Assets, or we'll call it WMA interim webinar. You'll all be aware we have this regularly. It's our opportunity to engage with you and thank you. And we've had a really good response in terms of shareholders that have sent questions in, but also people that have -- that are signed up and are currently in on the webinar.
We want to take you through the last 6 and 12 months of WMA and really, again, talk about the future of WMA because of all the listed investment companies that come under the WAM brand, WMA is the best value, currently, in terms of trading about nearly 20% below the value of the assets.
So anyone who's heard me talk before, what we try to do is we try to buy, as investors, you want to buy assets cheaply. And with listed investment companies, you're really looking to buy them at NTA or if not, at a discount to NTA, because then you're getting a partial free kick.
In terms of -- but just let's
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