Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — H1 FY2022 Earnings Presentation
25 slides from Bailador Technology Investments's earnings presentation, Feb 9, 2022
Slide 1: Interim Results presentation, Six months ended 31 December 2021 (HY22)
For personal use only Interim Results presentation Six months ended 31 December 2021 (HY22) Bailador Technology Investments Limited (ASX:BTI)
Slide 2: Contents
Contents For personal use only HY22 PORTFOLIO PERFORMANCE PAGE 3 – 16 HY22 SUMMARY FINANCIALS PAGE 17 – 18 APPENDIX PAGE 19 – 23 This presentation was authorised for release to the ASX by Helen Plesek, Company Secretary & Chief Financial Officer, on 9 February 2022. 2
Slide 3: Executive Summary
Executive Summary For personal use only ü The Bailador portfolio continued to grow rapidly in HY22 and is in a strong position PORTFOLIO PERFORMANCE ü Successful IPO of SiteMinder [ASX:SDR] resulted in a 21% uplift to BTI’s valuation on listing and a $15.1m partial cash realisation at an effective I
Slide 4: The Bailador portfolio ended 2021 in a strong position
The Bailador portfolio ended 2021 in a strong position For personal use only 7 10 PORTFOLIO PERFORMANCE June 2021 December 2021 investments investments New investments: $341m portfolio company revenue1 43% 81% portfolio company portfolio company revenue growth2 revenue growth (ex-travel)3 ~66% gross
Slide 5: Strong growth in portfolio valuation driven by third party transactions
Strong growth in portfolio valuation driven by third party transactions ⇢ HY22 portfolio valuation up 37% (CY21 up 57%), before additional investments and cash realisations For personal use only PORTFOLIO PERFORMANCE Bailador HY22 Portfolio Valuation Movements $280m $260m HY22 Valuation Third party
Slide 6: The BTI portfolio remains conservatively valued after the recent decline in technology company valuations
The BTI portfolio remains conservatively valued after the recent decline in technology company valuations For personal use only BTI Portfolio1 PORTFOLIO PERFORMANCE Wisetech Altium ASX Listed Xero Australian Private Canva Company Aus IT >$500m EV Aus SaaS Indexes US SaaS Average peer multiple -16% E
Slide 7: Bailador generated strong investor returns in 2021
Bailador generated strong investor returns in 2021 For personal use only BTI Annual Shareholder Returns1 PORTFOLIO PERFORMANCE 30% 27% 25% 25% 20% 15% 16% 10% Annual Returns2 1-yr 2-yr (pa) 3-yr (pa) 5% NTA (pre-tax) 55.1% 29.4% 23.9% NTA/sh (pre-tax) 34.5% 19.5% 17.3% 0% BTI Shareholders 27.4% 15.6
Slide 8: Bailador outperformed the technology sector by 22.4% in 2021
Bailador outperformed the technology sector by 22.4% in 2021 Indexed For personal use only 31-Dec-20 = 100 180 PORTFOLIO PERFORMANCE 160 [BTI.ASX] 22.4% outperformance 140 120 100 S&P ASX All Technology Index [XTX.ASX] 80 60 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-2
Slide 9: BTI's UK-based comparables trade at an average 23% premium to NTA/share
BTI’s UK-based comparables trade at an average 23% premium to NTA/share ⇢ A track record of cash realisations higher than carrying value warrants a share price premium to NTA For personal use only Premium/discount to NTA per share PORTFOLIO PERFORMANCE 120% 112% Six of nine companies trade at a prem
Slide 10: It was a very active HY22 for the Bailador portfolio
It was a very active HY22 for the Bailador portfolio BTI portfolio valuation For personal use only $270m • 43% valuation uplift following PORTFOLIO PERFORMANCE • IPO priced (Oct-21) at 21% strong operating performance $260m valuation uplift and 44% IRR • Successful IPO and $15.1m partial cash realis
Slide 11: Bailador invested $7.5m into InstantScripts
Bailador invested $7.5m into InstantScripts (July 2021 & October 2021) ⇢ InstantScripts enables Australians to conveniently access high quality doctor care and routine prescription medication For personal use only Business overview InstantScripts investment thesis PORTFOLIO PERFORMANCE • InstantScri
Slide 12: Bailador invested $12.5m into Access Telehealth
Bailador invested $12.5m into Access Telehealth (December 2021) ⇢ Access Telehealth is a hybrid in-person/telehealth provider operating across rural, aged care and NDIS communities For personal use only Business overview Investment thesis PORTFOLIO PERFORMANCE • Founded in 2016, Access Telehealth is
Slide 13: Bailador invested $7.5m into Mosh
Bailador invested $7.5m into Mosh (December 2021) ⇢ Mosh is a digital healthcare platform delivering subscription treatment plans for hair loss, sexual health, skin care and For personal use only mental health PORTFOLIO PERFORMANCE Business overview Investment thesis • Launched in 2019, Mosh is a me
Slide 14: Strong HY22 performance and prospects across the Bailador portfolio
Strong HY22 performance and prospects across the Bailador portfolio Portfolio Sector For personal use only Investment Sector Sector thematics Operational milestones weighting growth PORTFOLIO PERFORMANCE • Successful IPO on the ASX in Nov-21 ü International travel remains patchy • Delivered solid HY
Slide 15: Strong HY22 performance and prospects across the Bailador portfolio (cont.)
Strong HY22 performance and prospects across the Bailador portfolio (cont.) Portfolio Sector For personal use only Investment Sector Sector thematics Operational milestones weighting growth PORTFOLIO PERFORMANCE • Bailador invested $12.5m in Dec-21 ü Covid-19 has moved telehealth into the mainstream
Slide 16: Strong HY22 performance and prospects across the Bailador portfolio (cont.)
Strong HY22 performance and prospects across the Bailador portfolio (cont.) Portfolio Sector For personal use only Investment Sector Sector thematics Operational milestones weighting growth • Bailador first invested $5.5m in Jul-21 PORTFOLIO PERFORMANCE • Growing extremely rapidly having already ser
Slide 17: Summary Profit and Loss
Summary Profit and Loss For the half year ended 31 December 2021 For personal use only HY22 SUMMARY FINANCIALS HY21 HY22 $000 $000 Change in value of portfolio assets 23,494 65,214 Interest income 7 82 1.75% management fee calculated on pre- Total investment growth 24,501 65,296 tax NTA. Management
Slide 18: Summary Financial Position
Summary Financial Position For personal use only HY22 SUMMARY FINANCIALS 30 June 2021 31 December 2021 Movement $31.5m of investments in InstantScripts, $000 $000 $000 Access Telehealth, Mosh and Rezdy. Cash 43,542 16,553 (26,989) $15.1m partial realisation of SiteMinder. $7.3m payment for FY21 perf
Slide 19: 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 Revenue Carrying Value Portfolio revenue has increased by 6.6x… APPENDIX …but BTI has only recognised a value increase of 4.8x in its NT
Slide 20: Bailador has a track record of nine cash realisations
Bailador has a track record of nine cash realisations ⇢ Delivered three full cash realisations and one partial cash realisation in 2021 For personal use only Partial cash realisation: Full cash realisations: Cash $15.1m Cash $13m Cash $17m Cash $1.1m APPENDIX 22.7x cost 2.4x cost 3.4x cost 0.05x cos
Slide 21: Our NTA valuations are validated by third party transactions
Our NTA valuations are validated by third party transactions 145% 122% There have been 29 third party transactions in our portfolio companies. For personal use only All transactions have been at or above BTI carrying value. Carryi ng 3rd party Carryi ng 3rd party value transaction value transaction
Slide 22: Bailador integrates ESG principles across the investment cycle
Bailador integrates ESG principles across the investment cycle For personal use only Screening and • Bailador undertakes a high-level assessment of carbon intensity of potential qualification investments • Bailador considers high carbon intensity companies (e.g. data centres and bitcoin mining) to h
Slide 23: Bailador provides exposure to expansion-stage technology companies before they are public
For personal use only Bailador provides investors with exposure to APPENDIX 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 23
Slide 24: 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 25: 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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