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MLT, MILTON CORPORATION LIMITED
nipper
post Posted: Jul 24 2020, 09:35 AM
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Milton dropped its dividend, to 8.5c ff

The commentary about the FY just past is worth a look. Transformative is the descriptor

QUOTE
The 2020 financial year was active in terms of portfolio changes with $269.8 million added to new and existing equity investments. Investments were increased in Macquarie Group, Transurban, Sydney Airports, BHP, Cleanaway, IOOF, Origin Energy, Sonic Healthcare, Amcor, REA, Charter Hall, Altium and Qube. New investments were made in Pro Medicus, Johns Lyng and Magellan.

$276.2 million of sales were made in 2020 and included the complete disposals of our investments in ANZ Bank, Bank of Queensland, Bendigo & Adelaide Bank, Auswide Bank, Janus Henderson, Flight Centre, Blackmores, New Hope, Regis, Adelaide Brighton, Boral, Dulux and Orica. Investments in Westpac and QBE were also reduced.

Mr ODea said, 2020 was a transformative year for Miltons investment portfolio. We have taken deliberate steps to reduce our investments in retail banks due to concerns regarding long term earnings growth and the impact of technology. Retail banks now represent 17% of Miltons portfolio, reduced from 28% at 30 June 2019.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 19 2019, 10:35 AM
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QUOTE
In 2019, Milton increased investments in infrastructure, resource and technology companies whilst continuing to remain cautious on banks and retail exposed stocks. Milton’s $3.1Bn Australian listed equity portfolio is currently comprised of 85 companies.

Positions in 24 companies and trusts increased by a total of $96.6m over the year. Investments were increased in Macquarie Group, BHP, AGL and Transurban with new investments in Cleanaway and Altium.

Disposals amounted to $43.4m in 2019 and included complete sales of Milton’s holdings in Vicinity Centres, Unibail-Rodamco and Challenger Limited. Valuations in the Australian market are elevated, compared to historical averages, as declining interest rates encourage investors to chase equity yield.
Company earnings growth has been strong in 2019, particularly in the resources sector, due to high commodity prices. Milton forecasts company earnings growth to slow in 2020, providing a more challenging environment for dividend growth in our portfolio. We are particularly cautious about bank earnings and dividends with pressure on margins due to lower rates and higher compliance costs.

Milton’s equity portfolio is not aligned with any stock market index, rather it reflects Milton’s investment philosophy to invest in quality companies that are expected to grow earnings and dividends over the long term.
Milton’s total portfolio return (TPR) for the last 12 months was 8.81% which is net of all operational expenses and tax. TPR for 1 yr: 8.81% ... 5 years: 6.99%pa .... 10 years: 9.62%pa .... 15 years 8.46% pa .. 20 years:9.49%pa Milton’s returns do not include the impact of franking credits which may be of benefit to certain shareholders.

Milton’s annualised MER as at 30 June 2019 was 0.14%
- dividend 10.4c ff





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Mar 25 2019, 09:02 AM
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Announced a Special Dividend out of season. Some 2.5c FF. 👍



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 26 2017, 09:01 AM
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QUOTE
Hardly a day goes by now that we do not hear or read about new technologies, autonomous motor vehicles, artificial intelligence and the effects these will have on our lives and our companies.

We have already seen many companies adopting new technologies to help them operate more efficiently, to analyse data to better tailor solutions for their customers and to become more effective in distribution of products.

Our investment managers have been looking closely at this for some time now with the aim of not only identifying which of our investments will benefit and which will be disrupted but also to seek out new investment opportunities.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 26 2016, 10:42 AM
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MILTON CORP

ASX+MEDIA RELEASE 22 JULY 2016

Milton announces its 2016 full year results to the ASX today. The highlights of the result included:
Fully franked ordinary final dividend maintained at 9.9 cents per share
Fully franked ordinary full year dividend of 18.6 cents per share
Net profit after tax of $127.9 million
Underlying operating profit (excluding special investment revenue) was $126.4 million
Earnings per share (including special investment revenue) of 19.8 cents
Earnings per share (excluding special investment revenue) of 19.5 cents

Overview
In its release to the ASX today Milton Corporation Limited (Milton) reported its net profit after tax for the full year
to 30 June 2016 was $127.9 million.
The underlying operating profit, which excludes special investment revenue of $1.5 million, was in line with the
prior year at $126.4 million.
The fully franked final dividend has been maintained at 9.9 cents per share. When combined with the increased
interim dividend the full year dividend of 18.6 cents per share is 1% higher than the prior year.
The final dividend will be paid on 2 September 2016 and Milton shares will trade “cum” the final dividend up to
and including 10 August 2016.
With the payment of the final dividend on 2 September 2016, Milton will have paid 96% of its underlying operating
profit and 94% of its full year profit.

Full year profit commentary

Investment income, which comprises franked and unfranked dividends as well as trust distributions received from
the portfolio of Australian listed equities, increased by 2% to $125.2 million. The majority of companies in the
portfolio paid increased dividends with some notable increases coming from A.P. Eagers, Bank of Queensland,
Blackmores, Macquarie Group, Perpetual and QBE.

Many companies exposed to the energy and resource sectors unfortunately paid reduced dividends in the second
half of the year and even though Milton is underweight most of these companies they did still have a meaningful
negative effect on investment revenue.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
ericson
post Posted: Aug 25 2010, 11:35 AM
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the recent announcement by milton re the merger with choiseul ( a smaller fund controlled by the same managers) is an absolute disgrace , and an insult to the many loyal milton shareholders,



MLT holds about 11% of Choiseul. no doubt the Millner (chairman) faction holds many CHO shares in their own right.

The relesae details the benefits to CHO shareholders. There ar no benefits to MLT shareholders.

Milton will convert CHO shares to MLT based on the asset backing of the CHO shares. This is greater sum than the current market value, and CHO shareholders will also receive a special dividend

In effect it is a bonus to CHO shareholders resulting from a conversion greater than the current market price .

MLt have the hide to detail this to the MLT shareholders. What an insult. I have written to the company , and suggest to any milton shareholders to consider doing likewise.

 


topic-starter
post Posted: Jun 22 2004, 05:41 PM
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MLT
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