Fondsfinans Fondsfinans

Transcription

Fondsfinans
Company presentation
| October
2014
Company
presentation
Fondsfinans AS
Haakon VII's gate 2
P.O. Box 1782 Vika
N-0122 Oslo
E-mail:
Web:
Tel:
Fax:
[email protected]
www.fondsfinans.no
+47 23 11 30 00
+47 23 11 30 05
INTRODUCTION TO FONDSFINANS
A highly respected investment bank with long traditions
Company facts
Awards and achievements

Tracing our roots back to 1915, Fondsfinans is the oldest
investment bank in Norway


70 employees with offices in Oslo and New York
A highly respected and competent investment bank
 Corporate Finance
 Fondsfinans’ analysts have
earned several awards from
Thomson Reuters, including:
 Equity sales and trading

Top Overall Stock Picker
 Fixed income sales and trading

Best Stock Picker in Financial
Services

Top Overall Earnings Estimator
in the Nordic Region in 2010
 Equity and credit research
FONDSFINANS COMPANY PRESENTATION



2
High quality domestic and international clients
 Three out of six funds are top
rated with five stars by
Morningstar
 Fondsfinans Spar was awarded
best Norwegian Equity fund
last 10 years by Thomson
Reuters’ Lipper Fund Awards
2014
Rated best stock picker in Norway several times
Highly ranked on Norwegian M&A leagues
Key focus areas
Aquaculture & Fisheries
Financial Institutions
Oil service
 Solid track-record and a
respected position within the
aquaculture and fishery
industry
 Leading ECM manager within
unlisted private placements
 Extensive transaction
experience
 Leading M&A advisor for
savings banks
 Broad coverage of all listed
aquaculture companies at Oslo
Børs and with high credibility
among investors
 # 1 broker of equity
certificates
 Dedicated coverage of E&P,
drilling, subsea and supply and
oil services
 Our largest sector with 23%
of total transaction volume
’96-’14
 Our second largest sector with
14% of total transaction
volume ’96-’14
Investment banking since 1915
1915
1950
1972
1981
1987
1996
A/S Fondsfinans
is acquired by
Erik Must and
Kjell Chr.
Ulrichsen
The two central
employees Gunnar
Solvang and Kjell
Borchgrevink, leave
to establish A/S
Fondsfinans.
3
Stockbroking firm
Stephanson &
Nielsen A/S
established in Oslo,
acquired by Rolf
Stenersen in 1932
Establishes market
operations for the
Central Bank of
Norway for
Norwegian
Government bonds.
1997
2000
2005
Fondsfinans
Kapitalforvaltning
ASA is established
as Fondsfinans’
discretionary asset
management arm
Fondsfinans breaks
banks’ regulated
monopoly of bond
placements, with
issue for
Industribanken
Erik Must becomes
sole owner of
Fondsfinans.
Reorganisation as
partnership.
2007
2009
Establishes SEC
and FINRA
regulated US
brokerage in
New York
Fondsfinans
Kapitalforvaltning
ASA establishes its
first mutual fund
Discretionary asset
management sold to
Danske Bank.
Mutual funds
retained.
Establishes
Norne Securities
as JV with
Sparebanken
Vest and other
savings banks
Offices in Oslo and New York – investors mainly in Nordic region
Offices in Oslo and New York
Geographical distribution of registered customers
Europe
18%
US
7%
Nordics
75%
 Extensive network of investors in Scandinavia and internationally
 Focus exclusively on professionals and institutional investors
Fondsfinans AS
4
Haakon VII’s gate 2
P.O. Box 1782, Vika, N-0122 Oslo
Covering Nordics and the rest of
Europe
Fondsfinans Inc.
950 Third Avenue, Suite 1902
New York, NY 10022
Distribution channel towards US
investors
A fully integrated investment bank
Markets
 Sales team covering both
Equities and Fixed Income
 15 equity brokers with
strong coverage of domestic
5
Research
Investment Banking
 11 analysts with extensive
 14 advisors with extensive
 4 Portfolio managers with
industry knowledge and
experience and strong
strong track record and
expertise
relations
extensive experience
 Covering 90-95% of Oslo
 More than NOK 230 billion
and international investor
Stock Exchange Market
worth of transactions over
universe
capitalization (OSEBX)
the past 18 years
 6 fixed income experts with
extensive experience within
debt structuring, trading
and research
Asset management
 Several awards and top
ratings
 Industry expertise in major
sectors
 3 out of 6 funds are top
rated by Morningstar
 NOK 3.0 billion under
management – strong
growth
FONDSFINANS MARKETS
Sales team with high degree of seniority and solid placing power
6
In brief
Products and services
 Sales team of ~20 brokers with extensive experience
 Equity trading
 Serves primarily professional and institutional clients
 Fixed income trading
 Covers Norway, the Nordics, Europe and North America
 Daily morning market updates
 Works closely with the research analysts to gain new insights which
 Idea generation
might not be reflected in the share price
 Emphasizes execution accuracy, consistency of service, discretion and
independent thinking
 News and trade flow
 Insight on investor sentiment
 Value added comments & follow-up
FONDSFINANS MARKETS
Sales team with high degree of seniority and solid placing power
Equity Sales
Fixed Income
The longest standing equity broker in Norway:
Sales and trading within a broad range of fixed income instruments,
including:
 Deep roots in the Norwegian business community
 Covered bonds
 Unique local knowledge
 Senior debt
 Long-standing relationships
 Subordinated debt
 Extensive network of investors in Scandinavia and internationally
 Focus on primary issuance and secondary market trading in the
 Strong placing power
 High degree of seniority on the team
 High market share in targeted stocks
7
 Access to multiple trading platforms where Nordic stocks are traded
 Hosts investor meetings, seminars, and company road shows
Scandinavian fixed income market
 Also covers international issuers with particular focus on energy, oil
services, and shipping
 Daily trade activity summary by issuer and sector
 Daily credit reports
 Capital structure advisory in cooperation with the investment banking
team
FONDSFINANS RESEARCH
Strong analyst track record
8
In brief
Research products
 Experienced research team covering both equities and fixed income
 Credit reports
 Fondsfinans’ analysts have been highly ranked in various reviews of
 Company research reports
analyst performance
 Covers more than 50 companies listed on the Oslo Stock Exchange and
the vast majority of companies represented in the fixed income
markets
 Morning reports
 Sector reports
 Weekly picks/portfolio
 Seminars
FONDSFINANS RESEARCH
Our equity research team
Financial
institutions
9
Energy
Aquaculture
Industry &
Telecom
IT & Technology
Biotech
Geir Kristiansen
Ivar Andreas L. Gjul
(Head of Research)
Petter Narvestad
Bent Rølland
Daniel Johansson
Henriette Trondsen
Hans Petter Bøhn
[email protected]
+23 11 30 11
[email protected]
+23 11 30 24
[email protected]
+23 11 30 40
[email protected]
+23 11 30 27
[email protected]
+23 11 30 61
[email protected]
+23 11 30 45
[email protected]
+23 11 30 41
Sofie Hjorth
Morten E. Lindbæck
Håkon Johansen
Philip M. Scrase
[email protected]
+23 11 30 30
[email protected]
+23 11 30 68
[email protected]
+23 11 30 18
[email protected]
+23 11 30 23
FONDSFINANS INVESTMENT BANKING
A trusted and experienced advisor
10
 Nearly 100 years of experience as a trusted advisor and an unparalleled track record in the Norwegian transaction market
 Highly skilled team of professionals with in-depth industry and transaction knowledge
 Consistent focus on creating long-term value for our clients in all phases of growth and transition
 Close relations to management in most leading companies in Norway, as well as Norwegian government bodies
Three key industry sectors
Aquaculture & Fisheries
11
Financial Institutions
Solid track-record and a respected position
within the aquaculture and fishery industry
Leading ECM manager within unlisted private
placements in the sector
Leading broker of aquaculture and fishery shares
with significant trading volumes
Leading M&A advisor for savings banks; advisor
for two of the three largest mergers since 2009
Broad coverage of all listed aquaculture
companies at Oslo Børs and with high credibility
among investors
In-depth industry knowledge and broad
experience within issuance, buy-back and trading
of Tier 1 and Tier 2 capital
In-depth industry knowledge and broad
experience within M&A and issuance of equity
and bonds
# 1 broker of Norwegian savings banks (equity
certificates)
13 % of total transaction volume ‘96-’14
Selected clients from the sector:
Our largest sector with 23% of total transaction
volume ‘96-’14
Oil service
Covering the entire value chain / lifecycle
Extensive transaction experience within M&A,
equities and bonds for industrial and financial
(private equity) clients
Dedicated coverage of E&P, drilling, subsea and
supply and oil services
Two senior directors with more than 15 years of
investment banking experience each
Our second largest sector with 14% of total
transaction volume ’96-’14
NOK 230 bn in transactions past 20 years*
Oil and gas Industry
6 %Shipping
E&P
and
5 Power
%
11 %
renewables
Consumable
4%
s
Aquaculture
4%
13 %
% of total
transaction value
IT/Media/
Telecom
13 %
Oil
service/Acc.
/Rig/Supply
14 %
Industry, building and construction
2%
Materials
2%
Other
1%
Mining
1%
Real estate
0.4 %
Private equity
0.4 %
Selected former and current clients from various
sectors:
Industry, building and construction
3%
Materials
3%
Shipping
2%
Mining
2%
Real estate
2%
Private equity
2%
Other
1%
Oil
service/Acc.
/Rig/Supply
13 %
Aquaculture
10 %
*1996-2014
12
% of total no. of
transactions
Financial
services
10 %
2%
Financial
services
23 %
Biotech and
Consumables
Oil and gas
healthcare 6 % E&P
9%
6%
Power and
renewables
9%
Industry
10 %
Biotech and healhcare
IT/Media/
Telecom
13 %
Total transaction value (NOKm):
Total number of transactions:
228 263*
311*
Nearly 100 years of transaction experience
Our competitive edge
Full scale service offering
 A unique position in the Norwegian market with nearly 100 years of
 Initial public offerings (IPOs)
transaction experience
13
 An independent advisor with high quality of service and an excellent
reputation
 A competent and experienced team with in-depth industry knowledge
and solid execution skills
 An extensive network of tier one institutional investors provides us
with an exceptional placing power
 ECM - equity offerings (private or public)
 DCM – fixed income structuring and offerings (all classes)
 Mergers and acquisitions (M&A)
 Fairness opinions, valuations and defense strategies
 Strategic advisory
Experienced fixed income team
Knut Vidjeland
Erik Hjulström
Head of Fixed Income
Credit Analyst
 Joined Fondsfinans in 2010
 Over 10 years financial markets experience, both as equity
 Previous experience from equity research in DNB Markets,
and credit analyst covering various sectors, before joining
Fondsfinans at FIBA Nordic/ABG Securities and Fearnley
Securities
 B.Sc. / Silviløkonom from Uni. of Utah
 M.Sc. in Financial Economics from the Gothenburg School of
Economics and Commercial Law
Tore-Jan Søraa
Christopher Rødsten
Fixed income & Equity sales
Fixed income sales
 More than 35 years of investment experience from
 Prior to joining Fondsfinans he worked as communications
DnC(1977), Bergen Bank(1988), DnB Markets(1990) and
Vital life insurance(1991) within Fixed Income and Equity
sales
14
Pareto Securities and Kaupthing and as Financial Journalist
at the local newswire TDN Finans
consultant with Gambit Hill & Knowlton and
Geelmuyden.Kiese in the areas of Investor Relations,
Corporate and Crisis communications
 M.Sc. in Economics and Business Administration and CFA
from NHH
Erik Nodeland
Nadia Bendriss
Debt capital markets advisory / Corporate finance
Debt capital markets advisory / Corporate finance
 More than 20 years of investment banking experience from
 Over 13 years of commercial and investment banking
Credit Suisse, UBS and Fearnley Securities within debt
capital markets (fixed income origination) and capital
structure corporate advisory
 B.Sc. and Master in finance from University of Fribourg,
Switzerland
experience from Danske Bank and Nordea within debt
advisory, credit analysis and capital structure
 M.Sc. in Business and Economics from the Norwegian School
of Management
Corporate Finance team with profound transaction know-how
Per Christian Goller
Rolf Henning Lem
Head of Corporate Finance
Director Corporate Finance | Sector focus: Aquaculture
 20 years of management experience from industry and
 12 years of investment banking experience. Previous
corporate finance, including Midland Montague, Tine BA,
Opera Software and Berg Goller & Co AS
 B.Sc. (hons.) from UMIST and MBA from NHH
Johan Aaserud
Director Corporate Finance | Sector focus: Oil & Gas
Director Corporate Finance | Sector focus: Industry & technology
 Previous experience from Saga Securities/ Danske Bank,
 Extensive transaction experience within both public and private
 M.Sc. in Shipping, Trade and Finance from Cass Business
School, Cand.Mag. from the university of Oslo and UT1
Toulouse
 HAE from NHH
Henning Lassen
Norse Securities, DnB Markets and Pareto Securities
15
positions include Vice President Finance at Dyno Industrier
and management consultant at Deloitte Haskins & Sells and
Nexia. In 2010-2011 he served as CFO at Bionor Pharma
ECM and M&A transactions across several sectors. Prior to
joining Fondsfinans he was part of the industrial Strategy and
M&A team of Posten Norge AS.
 M.Sc. in Industrial economics and technology management from
NTNU
Hans Atle Bale
Erik Furnes
Director Corporate Finance | Sector focus: Infrastructure
Director Corporate Finance | Sector focus: Oil service
 More than 20 years investment banking and asset
 15 years’ experience from the investment banking industry,
management experience from SEB and Nordea. In SEB he
was part of the executive management team, and
established the banks asset management division in Norway
 MBA from NHH
most recently as part of the oil service team at SEB
corporate finance since 2007. Significant experience from
ECM and M&A.
 M.Sc. in Economics and Business Administration
(siviløkonom) from NHH
Corporate Finance team with profound transaction know-how
Trygve Ugelstad
Kjetil Sørlien Barli
Director Corporate Finance | Sector focus: Oil service
Director Corporate Finance | Sector focus: Financial Institutions
 15 years of experience from investment banking in London
 Transaction experience within ECM, DCM and M&A across
and Oslo. Prior to investment banking he worked 5 years
with Kvaerner Engineering (now Aker Solutions)
 M.Sc. from NTNU and MBA from London Business School
several sectors. Prior to joining Fondsfinans he worked as a
management consultant in PA Consulting Group
 M.Sc. in Industrial economics and technology management
from NTNU, with major in financial engineering
Magnus B. Willumsen
Ole Magnus Broch Tenstad
Associate Corporate Finance
Associate Corporate Finance
 Prior to joining Fondsfinans, Magnus worked as a
 Previous experience from DNB Markets in Bergen and from
management consultant within the Business Strategy and
Transformation team of BearingPoint
 M.Sc. in Industrial economics and technology management
the student-run consulting firm NHHS Consulting AS
 M.Sc. in Economics and Business Administration from NHH,
with a major in finance
from NTNU, with a major in finance
16
Atle Gran Lindstad
Anders Norheim Kvistad
Analyst Corporate Finance
Analyst Corporate Finance
 M.Sc. in Economics and Business Administration from NHH
 Previous experience from internships at Kapital and
and CBS, with a major in Financial economics
Finansavisen
 M.Sc. in Economics and Business Administration from NHH
and Louvain School of Management, with a major in
Financial economics and Management
Selected Fondsfinans M&A transactions
2014
2014
Offer to acquire
Acquisition of
from
by
2014
Sale of AUV business of
2014
Block trade and
launch of mandatory offer
to
2013
2013
Majority share purchase of
Acquisition of
by
by
NOK 6.3bn
Undisclosed amount
Advisor to Sevan Drilling
Advisor to Cascade AS
2012
Acquisition of
Fram Foods AB by
by
NOK 8.9bn
17
NOK 135m
Undisclosed amount
Advisor to
Cermaq
Advisor to Ragn-Sells
Advisor to NWM
2013
Merger between
2013
Offer to acquire
2013
Share purchase in
2013
2012
Acquisition of
Acquisition of
by
from
by
by
by
NOK 6bn
NOK 14.4bn
NOK 4.86bn
NOK 1.3 bn
Undisclosed amount
EUR 500k
Mutual advisor
Advisor to
Ministry of Trade and Industry
Advisor to the
Ministry of Trade and Industry
Advisor to Norway Pelagic
Advisor to Ragn-Sells
Advisor to Domstein
2011
2011
2011
Sale of
Acquisition of
Acquisition of
by
by
by
NOK 234m
Advisor to
Arendals Fossekompani
NOK 528m
Buy/sell-side advisor
to Sparebanken Vest
NOK 450m
Advisor to AF Gruppen
Advisor and manager
for Habu Holding AS
2011
Voluntary offer for GC
Rieber Shipping ASA
2010
2010
Sale of Mainstream
Scotland to Morpol ASA
by
Merger of
and
NOK 213m
Financial advisor to
GC Rieber AS
NOK 350m
NOK 750m
Advisor to Cermaq ASA
Advisor to Goodtech
Selected Fondsfinans ECM transactions
2014
2014
2014
2014
2014
2014
Voluntary offer and
delisting
of
Share placement
Block trade
Block trade
IPO
Share buy-back
for
Undisclosed amount
NOK 600m
NOK 104m
NOK 191m
NOK 80m
NOK 140m
Advisor to R.Domstein & Co
Joint lead manager
Joint lead manager
Sole manager
Sole manager
Manager
2013
2013
2013
2013
2012
2012
Share placement
Block trade
Block trade
NOK 250m debt
restructuring and
equity issue
Rights issue
Equity issue
NOK 190m
NOK 112.5m
NOK 634m
NOK 100m
NOK 30m
NOK 200m
Sole manager
Sole manager
Sole manager
Sole manager
2011
Joint lead manager
18
2012
Joint lead manager
2012
Private placement and
repair offering
2010
Rights issue
2010
Equity capital raising
– equity certificates
2010
Rights issue
Private placement
Equity issue
NOK 118m
NOK 110m
NOK 75m
NOK 618m
NOK 350m
NOK 250m
Sole manager
Sole manager
Sole manager
Sole manager
Sole manager
Joint lead manager
Selected Fondsfinans DCM transactions
2014
Senior secured bond tap
issue
2013
Tier 1 hybrid capital
issue
USD 125m
NOK 50m
Co-Manager
2012
Senior secured convertible
bond issue
19
2012
Senior secured bond
issue
2012
Senior unsecured bond
issue
2012
issue
NOK 500m
USD 150m
NOK 100m
NOK 400m
Sole manager
Sole manager
Co-Manager
Sole manager
Sole manager
2012
2012
issue
2011
2011
Senior unsecured
bond issue
2011
Tier 1
hybrid capital issue
Issue of regulatory
capital
(tier 1, tier 2 bonds)
2013
Issue of Tier 2 capital and
repurchase of Tier 1
hybrid capital
Bond issue
NOK 60m
NOK 700m
NOK 100m
NOK 15m
NOK 300m
NOK 450m
Sole manager
Joint bookrunner
Sole manager
Sole manager
Sole manager
Joint lead manager
2011
2010
Tier 1
bond capital raising
2009
2008
2008
Bond issue
Subordinated bond issue
Convertible bond loan
2007
Private placement of
bonds
NOK 230m
Advisor to
Lotus E&P Norge AS
NOK 400m
Advisor to
Roxar ASA
NOK 50m
Bond refinancing
NOK 50m
Sole manager
NOK 400m
Advisor to
Sparebanken Vest
Sole bookrunner
NOK 400m
Advisor to
Wega Mining ASA
FONDSFINANS ASSET MANAGEMENT
Highly ranked funds and portfolio managers
Asset management services through sister company
Fondsfinans Kapitalforvaltning ASA
 Established 1997
 Six funds under management
20
- Fondsfinans Spar
- Fondsfinans Aktiv
- Fondsfinans Pharma-Biotech
- Fondsfinans Energy
- Fondsfinans Kreditt
- Fondsfinans High Yield
Best Fund* over 10
years 2014
 Our portfolio managers have consistently earned high rankings amongst
industry peers
 Fondsfinans Spar awarded best Norwegian Equity fund last 10 years by
Thomson Reuters’ Lipper Fund Awards 2014
3 of 6 funds top ranked by
Morningstar
Fondsfinans AS | Haakon VII's gate 2 | P.O. Box 1782 Vika | N-0122 Oslo
[email protected] | www.fondsfinans.no | Tel: +47 23 11 30 00 | Fax: +47 23 11 30 05

Fondsfinans Fondsfinans

Transcription

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