At the analysts' presentation (combined with BKW), Mr Todd Barlow (from 1307 AEST) highlighted the strong recovery in coal prices and good performance from Round Oak Minerals, plus BKW.
Portfolio ended the year up 12 per cent, a key metric, despite TPG declining by 23 per cent.
FY 20 included a large special dividend from TPG so hard to compare with FY 21.
External borrowings were stable. The convertible bond issue was largely used to repay debt.
Over 20 years, an investment in SOL increased 11 times compared to average in equities of 4.3 times.
SOL remains an active investor. During the last year, A$1.1 billion was changed (i.e. sold or reinvested). Increased allocations to private equity was a feature.
Mr Barlow said TPG's numbers were 'solid', with improved trends including synergy from the Vodafone merger tracking ahead of expectations. TPG has competitive spectrum holdings. The 5G rollout will bring customers back to it. It has a 24 per cent share of NBN customers.
SOL is very attracted to telecommunications as it's an essential service. TPG is a low cost competitor, providing a margin of safety. Driverless cars is one likely good thing for TPG.
SOL Price at posting:
$37.40 Sentiment: Hold Disclosure: Held
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