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M I R A B A U D – E Q U I T I E S S P A I N
October 2016
2
1819 FOUNDATION
OF THE GROUP
CHF 32.8 bn
AUM
14OFFICES
WORLDWIDE
28FUNDS
110FTE
CHF 8.5 bn
AUM
MIRABAUD
ASSET MANAGEMENT
CHF 184.1 mio
DE FONDS PROPRES
MIRABAUD GROUP
12PORTFOLIO MANAGEMENT
TEAMS
3
A pure player with a boutique, focused approach
Active management only, conviction based in sectors where value can be created
Alignment of interest embedded at all levels
Managing specialised portfolios and mandates
Focused approach in terms of products
AUM sweet spot: credible and nimble
4
The Spanish equity market is relatively constricted with approximately 120
listed companies
Using liquidity as a first filter, we are left with 75 companies that constitute
our investment universe
No homogeneous sectors, with the exception of banking
A perfect world for a stock picker
5
+ +
Searching for sustainable long term value
Strong balance
sheet and highly
skilled management
Castle Moat
Resilient business
model with
competitive
advantages that
make it sustainable
Goldmine
High visibility and
steady cash flow
generation
QUANTITAVE
ANALYSISQUALITATIVE
ANALYSIS
Combination of
both
Valuation drives the final decision
Proprietary analysis
Understanding of the
company business
model
Deep knowledge of
company financials
In-house valuation
models
CMG approach
6
External events
Earnings releases and
conference calls
Meetings with
companies
Strategic Plans
presentations
Changes in regulatory
environment
7
Company turnaround: success based on Opex
Sales falling at a double digit…-10% yoy 1H16!!
EBIT margin 5,3% 1H16 vs -1,8% 1H15, efficiency measures behind
(headcounts)
Financials net debt 660mios EUR 3.1x jun-16 thanks to FCF and WC
And order intake +6% 1H16 and accelerating +11% 2Q16 so increasing
top line visibility….
Strong potential based on our target price of 13,4EUR
8
Company with a uncomfortable strategic situation: price taker +
distributors…
… but January markets meltdown drove price to 8EUR per share
Focus on efficiency always valued, Excellence Plan help save 250mios
EUR/year
Strong balance sheet, 1,9x NFD/EBITDA 2016est vs 2.5x Dec-15
In September above11.5EUR per share position was sold
9
Double digit top line growth for the next 5 years, we estimate CAGR
+10.1%
Above sector and sustainable operating margins at 20% thanks to
business model => full price maximization
Extraordinary strategic positioning: flagship stores and online fast rollout
Healthy financials, with a net cash position of 5bn EUR as of 2Q16
Demanding valuation trading at around 30EUR/share…
11
Position Portfolio weight
CIE AUTOMOTIVE 7.9%
DIA 7.3%
BANKINTER 6.9%
INDRA SISTEMAS 6.8%
TECNICAS REUNIDAS 5.6%
BANKIA 4.9%
TUBACEX 4.9%
GAMESA CORPORACION TECNOLOGICA 4.6%
REPSOL 4.5%
TELEFONICA 4.4%
Top 10 57.7%
Total AuM: *400 mio EUR
Cash position: 3.3%
Data as of 30 September 2016
*Fund and Mandates AUMs
Overweight (%) Underweight (%)
Data as of 30.09.2016
9
7
108
5
1413
6
18
21 1
4 5
2
1415
11
29
17
0
10
20
30
40
Materials Cons.
Staples
Energy IT Health
Care
Industrials Cons.
Discr.
Telecom. Financials Utilities
Mirabaud - Equities Spain A EUR IBEX 35 Price / IBEX 35 Net Return
12
YTD 2015 2014 2013 Since inception*
Fund +1.3% +1.4% +3.0% +32.8% +156.7%
Benchmark -5.5% -4.3% +7.6% +26.4% +64.7%
*Share class inception date 18 February 2003
As of 28th of September 2012, the benchmark of the fund is the IBEX 35 with Net Dividends Reinvested. Prior to this date,
the benchmark was the IBEX 35 Price Index.
Data as of
Fund inception date
Indice de référence IBEX 35 Price / IBEX 35 Net Return
18 February 2003
30 September 2016
13
14
900
1'400
1'900
2'400
2'900
3'400
02.0
3
02.0
4
02
.05
02
.06
02
.07
02.0
8
02.0
9
02
.10
02
.11
02.1
2
02.1
3
02
.14
02
.15
02.1
6
Mirabaud - Equities Spain A EUR IBEX 35 Price / IBEX 35 Net Return
Data as of 30.09.2016
15
All Investors LU0787970960 / MIRSPAE LX
Institutionals LU0787971182 / MIRSPIE LX
Domicile Luxembourg
Registration CH / CL / DE / ES / FR / UK / LU / PT
Fund Legal Type SICAV
Mgmt. Fee (All Investors) 1.5%
Mgmt. Fee (Institutionals) 0.75%
Quotation Daily
Subscription / Redemption Daily / Daily
Dividends distribution policy Capitalised
Custodian Pictet & Cie (Europe) SA
Auditor Ernst & Young Luxembourg
Mirabaud - Equities Spain
16
17
Investment restrictions are monitored daily on a pre-trade basis by the Fund Central
Administration, under the supervision of the Management Company and in close collaboration
with the investment manager.
In addition, the Management Company in close collaboration with the support of the Risk Officer
and under the supervision of the CIO of all Equity products, monitors the portfolio on bi-monthly
basis through the APT software, paying particular attention to:
Liquidity Risk
Performance relative to the benchmark and performance attribution
Risk parameters: tracking error (systematic and specific), beta, volatility, VaR
Portfolio structures and risk concentration
18
Gemma Hurtado San Leandro, CFAGemma Hurtado San Leandro, Portfolio Manager / Analyst in the European equity research and portfolio
management team within Mirabaud Asset Management, manages the Mirabaud - Equities Spain fund and has
experience in the portfolio management industry since 2001.
Professor of Portfolio Management at the University of Barcelona since 2013.
Prior to joining Mirabaud in 2002, Ms Hurtado San Leandro worked at Invercaixa where she started her career.
Ms Hurtado San Leandro Bachelor degree in Mathematics from the Autonomous University of Barcelona, master’s
degree in Mathematics and is CFA charterholder.
Emilio Barberá PegueróEmilio Barberá Pegueró, Portfolio Manager / Analyst in the European equity research and portfolio management
team within Mirabaud Asset Management, co-manages the Mirabaud - Equities Spain fund and has experience in
the portfolio management industry since 1998.
Prior to joining Mirabaud Asset Management in 2015, Mr Barberá worked as Portfolio Manager / Analyst at
InverSeguros Gestión, which he joined in 2000. Prior to that, he worked as Accountant at Bancaja, where he started
his career in 1998.
Mr Barberá graduated in 1998 from the Universidad de Valencia with a Bachelors degree in Business Administration
and Management.
MIRABAUD ASSET MANAGEMENT
(Espaňa) SGIIC, S:A
C/ Fortuny, 6, 2a planta
28010 Madrid
Spain
www.mirabaud-am.com
RAIMUNDO MARTIN MAYORALDirector General
Asset Management Iberia & Latam
Direct Line +34 91 793 78 47
ANTONIO RODRIGUEZ GARCIAInstitutional Relationship Manager
Asset Management Iberia
Direct Line +34 91 793 78 48
19
This document contains information concerning collective investment schemes (hereinafter "funds") which are only available for distribution in the countries where they have been registered. This document is for the exclusive use of the
individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use
of the information contained herein would be subject to any restrictions or limitations. The contents of this document are for information purposes only and shall not be construed as an offer or a recommendation to subscribe fund units or
shares. Before investing in any fund mentioned in this document, the investor should consult the latest versions of the legal documents pertaining to such funds and in particular the prospectus, which describes the risks related to the funds.
Moreover potential investors are recommended to seek professional legal and tax advice. The sources of the information contained in this document are deemed reliable. However, the accuracy or completeness of the information contained in
this document cannot be guaranteed, and some figures are only estimates. Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees and costs. Fund
values can rise as well as fall, and investor may loose the amount the amount of their original investment.
