Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — H1 FY2021 Earnings Presentation
29 slides from Bailador Technology Investments's earnings presentation, Feb 12, 2021
Slide 1: Results presentation: Six months ended 31 December 2020 (HY21)
For personal use only Results presentation Six months ended 31 December 2020 (HY21) Bailador Technology Investments Limited (ASX:BTI)
Slide 2: Contents
Contents For personal use only PORTFOLIO PERFORMANCE PAGE 3 – 11 P O R T F O L I O C O M PA N Y P E R F O R M A N C E PAGE 12 – 25 This presentation was authorised for release to the ASX by Helen Plesek, Company Secretary & Chief Financial Officer, on 12 February 2021. 2
Slide 3: Executive Summary
Executive Summary ü The Bailador portfolio ended 2020 in a strong position For personal use only ⇢ Portfolio revenue growth rate was 10% (25% ex-travel investments) and we expect growth to PORTFOLIO PERFORMANCE pick up as travel increases ü Instaclustr revalued up 42% in Aug-20 following strong oper
Slide 4: Bailador's portfolio ended 2020 in good shape
Bailador’s portfolio ended 2020 in good shape For personal use only $294m The portfolio has critical mass PORTFOLIO PERFORMANCE ⇢ Only three SaaS companies listed on the ASX have greater portfolio company revenue1 revenue than the combined Bailador portfolio 10% 25% Revenue growth ex-travel is stron
Slide 5: The Bailador portfolio companies are well capitalised – no liquidity concerns
The Bailador portfolio companies are well capitalised – no liquidity concerns Portfolio company Valuation1 Cash Sustainability Prospects For personal use only $82.5m ✓✓✓ ✓✓✓ Strategic position strengthened PORTFOLIO PERFORMANCE $27.1m ✓✓✓ ✓✓✓ Very strong business performance $11.5m ✓✓ ✓✓ Continued e
Slide 6: Growth in carrying value is conservative compared to portfolio revenue growth
The growth in carrying value of BTI’s investments is conservative in comparison to the revenue growth in the portfolio For personal use only Revenue Carrying Value Value PORTFOLIO PERFORMANCE Revenue Carrying Portfolio revenue has increased by 4.0x 4.0x… …but BTI has only recognised 2.5x a value inc
Slide 7: Our NTA growth is validated by third party transactions
Our NTA growth is validated by third party transactions For personal use only There have been 20 third party PORTFOLIO PERFORMANCE transactions in our portfolio ST companies. CO ER All transactions have been at or OV above BTI carrying value. T IF L UP 1% 17 Cost¹ Third party transaction value Note:
Slide 8: The BTI portfolio ended 2020 conservatively valued
The BTI portfolio ended 2020 conservatively valued The BTI portfolio is 80% SaaS by value. Peer average For personal use only It demonstrates premium PORTFOLIO PERFORMANCE BTI Portfolio1 characteristics, and can be accessed at a Wisetech valuation allowing for material upside Altium returns ASX List
Slide 9: UK-based comparables trade at an average 14% premium to NTA/share
BTI’s UK-based comparables trade at an average 14% premium to NTA/share A 14% premium to NTA implies a BTI share price equal to $1.581, or 23% higher than BTI on 31-Jan-212 For personal use only Premium/discount to NTA per share PORTFOLIO PERFORMANCE 70% 60% 60% Six of nine companies trade at a prem
Slide 10: Bailador expects more profitable cash realisations in 2021
Bailador expects more profitable cash realisations in 2021 For personal use only PORTFOLIO PERFORMANCE REINVESTMENT 1 FRANKED DIVIDENDS 2 4 1 Early stage 2 Mid stage 3 Advanced stage 4 Cash realisation 3 Denotes partial cash realisation Denotes full exit / cash realisation Note: Bailador realised it
Slide 11: Five partial cash realisations have generated premium returns
Bailador’s five partial cash realisations have generated premium returns ⇢ Combined IRR of 42.3% For personal use only PORTFOLIO PERFORMANCE Cash $5.0m Cash $1.2m Cash $0.4m Cash $2.0m Cash $9.9m 7.2x cost 1.7x cost 2.8x cost 2.1x cost 21.2x cost 71.1% IRR 21.5% IRR 35.4% IRR 25.0% IRR 50.5% IRR Dec
Slide 12: SiteMinder
48% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only SiteMinder is the world leader in connecting hotels to online distribution channels for accommodation bookings • Surpassed $1bn valuation in January 2020 with investment from renowned 21.1x global a
Slide 13: SiteMinder has outperformed other companies in the travel sector
SiteMinder with its subscription business has materially outperformed other companies in the travel sector P O R T F O L I O C O M PA N Y P E R F O R M A N C E For personal use only Travel Sector Travel Sector12-month 12-monthPerformance1 1 Performance • Travel Sector Revenue materially down in the
Slide 14: SiteMinder's value has increased ~20x based on third party transactions
SiteMinder’s value has already increased ~20x based on third party transactions P O R T F O L I O C O M PA N Y P E R F O R M A N C E ⇢ Bailador has already realised $15m cash For personal use only = valuation uplift 114% 25% 93% 276% $5m $18.8m $36.3m1 $45.5m1 $97.4m1 CASH CASH REALISATION $5m REALI
Slide 15: Instaclustr
16% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Instaclustr is an open-source-as-a-service platform for complex big data applications 6.4x • Rapid growth in high margin recurring revenue • Sector dynamics becoming appreciated by the market, as ev
Slide 16: Instaclustr value has increased ~6x in four years
Instaclustr value has increased ~6x in four years P O R T F O L I O C O M PA N Y P E R F O R M A N C E For personal use only = valuation uplift 42% 30% 58% 106% $27.1m $19.0m (August 2020) $14.6m (August 2019) $9.3m (August 2018) $4.5m (Nov 2017) (Nov 16 / Mar 17) November 2016 November 2017 August
Slide 17: Instaclustr's comparables show sector dynamics being appreciated
Instaclustr’s comparables show sector dynamics being appreciated by the market P O R T F O L I O C O M PA N Y P E R F O R M A N C E …but not yet factored into BTI’s Instaclustr valuation For personal use only Peer Average = 26.9x Instaclustr1 (last equity raise)2 Elastic Global Infra MongoDB Softwar
Slide 18: Stackla
7% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Leading tech platform for brands to leverage User Generated Content (UGC) in their marketing strategy 3.0x • Huge global addressable market across multiple MarTech sectors • Impressive suite of domes
Slide 19: DocsCorp
6% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Global leader in the rapidly growing document productivity segment of the LegalTech market 1.6x • Globally successful business with 80% of revenue derived from outside of Australia • Very sticky prof
Slide 20: Lendi
6% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Lendi is a FinTech home loan platform that radically simplifies the process of obtaining a home loan 2.7x • Disruptive home loan platform that compares home loans from 35+ lenders and addresses the $
Slide 21: SMI
6% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Big data aggregation and analysis platform with exclusive access to ad expenditure data 3.7x • Provides valuable advertising spend metrics and forecasting to agencies, brands and financial analysts g
Slide 22: Straker Translations
6% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Straker Translations is a world leading AI data driven language translation platform powering the global growth of businesses 3.8x • A US$43bn market opportunity underpinned by strong structural grow
Slide 23: Rezdy
3% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only Leading, innovative and fast-growing B2B marketplace for tours & activities. • Rezdy leads the market in supply/demand side connectivity via its 8.0x channel manager solution • Tours & activities is
Slide 24: BROSA
2% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Revenue For personal use only BROSA is the leading Australian vertically integrated and digital native furniture retailer 2.0x • Opportunity to disrupt the $13.9bn home and living retail market that is underpenetrated in online s
Slide 25: Viostream
0% O F B T I N TA P O R T F O L I O C O M PA N Y P E R F O R M A N C E Licence Fee Revenue For personal use only Viostream is a cloud-based video management, storage and distribution platform for enterprises 1.4x • Viostream’s platform helps government and commercial enterprises harness the power of
Slide 26: Exposure to expansion-stage technology companies at attractive valuations
For personal use only Bailador provides investors with exposure to expansion-stage technology companies at attractive valuations before they are public Investors get access through an ASX traded share [ASX:BTI] with liquidity available at any time 26
Slide 27: Portfolio company details
Portfolio company details For personal use only Name: Type: SaaS/B2B DBaaS/B2B SaaS/B2B/UGC SaaS/Document Productivity Fintech World leader in hotel channel Leading tech platform for Open source data platform for Global leader in the rapidly Australia’s #1 home loan management and distribution brand
Slide 28: Disclaimer
Disclaimer For personal use only This presentation is confidential and may not be reproduced in whole or in part, or distributed except by Bailador Technology Investments Ltd (“Bailador”) or by authorised representatives of Bailador (“Affiliates”). This presentation does not contain a complete descr
Slide 29: Further Information
For personal use only FURTHER INFORMATION Website: www.bailador.com.au Investor Enquiries: investorservices@bailador.com.au Telephone: +61 2 9223 2344 Bailador Technology Investments Limited (ASX:BTI)
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