--- title: NAC NTA Released for February 2017– NAOS Asset Management description: February is a busy month for the NAOS team as it is the period where companies release their half year financial results to December 2016. --- ##### [Subscribe to NAOS NEWS & Insights](https://www.naos.com.au/subscribe) [![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/60be9de099c2716fb2efb4a7_naos.svg) ![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/640666256ede5e8ae8e33da0_B-Corp-Logo-Black-RGB.png)](https://blog.naos.com.au/) [Home](https://www.naos.com.au) About [About NAOS](https://www.naos.com.au/about-our-firm) [Our Team](https://www.naos.com.au/about-our-firm#people) [Why invest with NAOS](https://www.naos.com.au/about-our-firm#why-invest) [Our Investment Beliefs](https://www.naos.com.au/about-our-firm#beliefs) [Our Investment Process](https://www.naos.com.au/about-our-firm#how-we-invest) Listed Investment Companies [NCC: NAOS Emerging Opportunities Company Limited](https://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [NSC: NAOS Small Cap Opportunities Company Limited](https://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [NAC: NAOS Ex-50 Opportunities Company Limited](https://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [Our Listed Investment Companies](https://www.naos.com.au/our-lics-compare-our-lics) [How to Invest](https://www.naos.com.au/our-lics-compare-our-lics#how-to-invest) Private Opportunities [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [NAOS Ideas Network](https://www.naos.com.au/naos-ideas-network) E.S.G. 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This gives all NAC shareholders who were on the register as at 15 February 2017 the opportunity to acquire up to $15,000 of NAC shares at a price of $1.12 per share, without paying any brokerage, commissions or other transaction costs. Shareholders will also be entitled to the fully franked dividend of 2.5 cents per share, which will be paid on the 28 April 2017 on all shares, including those shares issued under the SPP. For any queries regarding the SPP please contact the team at enquiries@naos.com.au. For the month of February, the NAC portfolio fell by -2.53%. February is a busy month for the NAOS team as it is the period where companies release their half year financial results to December 2016. It is often a period of increased volatility as results are compared to market expectations and stock prices move accordingly, often to extremes and this February was no exception. Overall we were pleased with the way our holdings reported and we include some highlights below. Smartgroup Corporation Limited (ASX:SIQ) is a company we have owned since early 2015. During that time management have done an impressive job of delivering on their strategy, making a number of sensible acquisitions and creating significant value for shareholders. Despite some negative sentiment towards diminishing returns in the sector, SIQ reported an impressive result with strong cash flow and solid organic growth. As we look forward into the second half of 2017, we will see a full 12 months of earnings contribution from the recent acquisitions, as well as the continued pay down of the modest level of debt SIQ took on to fund those purchases. True to form, we also saw management buy more stock post the release of their result which is consistent with purchases they have made in the past. SIQ continues to be a business that fits well with the NAOS investment criteria and one we will continue to hold in the portfolio. Billabong International Limited (ASX:BBG) is a relatively recent addition to the portfolio after having been in a turnaround phase for quite some time. For the first time in 3 years they have provided the market with solid full year guidance as well as some granularity around cost savings and gross margin improvements. Billabong is a company very much overlooked by the wider market, however we believe that the ~$1bn BBG do in sales each year would suggest otherwise. To view the business simplistically, if they can return to a 10% EBITDA margin, and a similar multiple is applied to those used for other listed retailers, it could imply significant share price growth from current levels. ###### [NAOS Reporting](https://blog.naos.com.au/news-media/topic/naos-reporting) ###### Share this post ### Comments ##### NAOS Asset Management ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c362d2f81c4_location-icon-white.svg) Level 34, 25 Martin Place Sydney NSW 2000 ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c121c2f81c8_mail-icon-white.svg) [enquiries@naos.com.au](mailto:enquiries@naos.com.au?subject=NAOS%20Website%20Contact) ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359ce0f62f81c9_phone-icon-white.svg) +61 2 9002 1576 ##### Our Listed Investment Companies [ASX: NCC - NAOS Emerging Oportunities Company Limited](http://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [ASX: NSC - NAOS Small Cap Opportunities Company Limited](http://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [ASX: NAC - NAOS Ex-50 Opportunities Company Limited](http://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [Listed Investment Companies](http://www.naos.com.au/our-lics-compare-our-lics) [Share Registry](https://boardroomlimited.com.au/) [Corporate Governance](http://www.naos.com.au/corporate-governance) ##### More Links [Privacy Policy](http://www.naos.com.au/privacy-policy) [Terms & Conditions](http://www.naos.com.au/terms-conditions) ##### Follow NAOS [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae7e51026d27_twitter-icon-white.svg)](https://twitter.com/naosassetmgmt) [![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c11092f818c_facebook-icon-white.svg)](https://www.facebook.com/NAOSAssetManagement) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae133c026dca_Group%20261.svg)](https://www.linkedin.com/company/naos-asset-management) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5bf6115a4ae34255e68089e1_Asset%201Chart4.svg)](https://www.instagram.com/naos_asset_management/) Join our investment community. 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