Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — FY2024 Earnings Presentation
26 slides from Bailador Technology Investments's earnings presentation, Aug 14, 2024
Slide 1: Results presentation FY24
For personal use only Results presentation Financial Year ended 30 June 2024 (FY24) Bailador Technology Investments Limited (ASX:BTI)
Slide 2: Contents
Contents For personal use only F Y 24 PO RT F O L I O P ER F O R MA N C E PAGE 3 – 19 F Y 24 S UMM A RY F I N A NC I A L S PAGE 20 – 21 F Y 24 S UMM A RY E S G R EP OR T PAGE 22 – 23 This presentation was authorised for release to the ASX by Helen Foley, Company Secretary & Chief Financial Officer,
Slide 3: Performance highlights for FY24
Performance highlights for FY24 For personal use only PO R T FO L I O PE R F OR M A NC E 3.4c per share 7.8% 22.4c per share Final Dividend Declared1 Grossed-Up Dividend yield2 Cash Dividends over last 3 years3 (FY23; 3.2c) (FY23; 6.7%) $1.59 per share 9.2% 46% Post-tax NTA4 Portfolio Return5 Privat
Slide 4: Executive Summary
Executive Summary ✓ Delivered a 9.2% post-tax return in FY24 • Return net of all costs including performance fees and taxes For personal use only PO R T FO L I O PE R F OR M A NC E • Includes post-tax NTA per share growth and dividends paid during period ✓ Final dividend of 3.4 cents per share (full
Slide 5: Bailador delivered a Portfolio Return of 9.2% in FY24
Bailador delivered a Portfolio Return1 of 9.2% in FY24, after all fees and taxes • Post-tax NTA per share growth driven by valuation increases to SiteMinder, Access Telehealth and Rosterfy • Modest recorded increase to private company valuations despite strong operating and financial performance, co
Slide 6: Ongoing dividend policy delivering strong, stable fully-franked dividend stream
Ongoing dividend policy delivering strong, stable fully-franked dividend stream • Final Dividend of 3.4 cents per share fully-franked declared1 to be paid in September 2024 • Final Dividend equivalent to 7.8% annualised yield when grossed-up for franking credits For personal use only PO R T FO L I O
Slide 7: BTI offers an attractive dividend yield vs peers
BTI offers an attractive dividend yield vs peers Grossed-up dividend yield (last 12 months) of select peers1 For personal use only PO R T FO L I O PE R F OR M A NC E 12% 10% Grossed-up dividend yield (%) = DRP currently offered 8% Average = 7.6% pa2 Average = 6.0% pa 6% 4% 2% Average = 1.7% pa 0% WT
Slide 8: The Bailador portfolio is in a strong position
The Bailador portfolio is in a strong position 10 investments1 New CY2024 investments For personal use only PO R T FO L I O PE R F OR M A NC E $457m 47% A black and purple logo Description automatically generated portfolio company portfolio company revenue2 revenue growth3 ~67% ~91% gross margin3 re
Slide 9: Significant redeployment of cash realisations to new private investments
Significant redeployment of cash realisations to new private investments $53m in cash deployed and committed since 1 July 2023, with Net Cash approaching target range $realised/ BTI Cash CASH REALISATIONS as %NTA ($invested) For personal use only PO R T FO L I O PE R F OR M A NC E $100m $153m FY22 1
Slide 10: Bailador invested $20m into Updoc (May 2024)
NEW Bailador invested $20m into Updoc (May 2024) ⇢ Updoc is a digital healthcare platform that connects consumers who need medical services with registered health practitioners via a telehealth offering For personal use only PO R T FO L I O PE R F OR M A NC E Business Overview Investment Thesis • La
Slide 11: Bailador invested $20m into DASH Technology Group (June 2024)
NEW Bailador invested $20m1 into DASH Technology Group (June 2024) ⇢ DASH is a cloud-based financial advice and investment management software platform used by Independent Financial Advisors (IFAs) and financial institutions For personal use only PO R T FO L I O PE R F OR M A NC E Business Overview
Slide 12: Bailador invested $7.7m into Hapana (August 2024)
NEW Bailador invested $7.7m into Hapana (August 2024) ⇢ Hapana is an end-to-end software platform for gyms and boutique fitness studios Business Overview Product Overview For personal use only PO R T FO L I O PE R F OR M A NC E • Hapana provides a suite of software solutions for gyms and boutique fi
Slide 13: Strong performance and prospects across the remainder of the Bailador portfolio
Strong performance and prospects across the remainder of the Bailador portfolio Investment For personal use only PO R T FO L I O PE R F OR M A NC E Portfolio weighting1 Sector Travel / Accom. Travel / Experiences Digital Healthcare Sector growth ✓ Large addressable market ~1m hotels worldwide ✓ Inte
Slide 14: Strong performance and prospects across the remainder of the portfolio (cont.)
Strong performance and prospects across the remainder of the Bailador portfolio (cont.) Investment For personal use only PO R T FO L I O PE R F OR M A NC E Portfolio weighting1 Sector Volunteer Management E-commerce Language Translation E-commerce Sector growth ✓ Large market with over 2m ✓ Large an
Slide 15: Bailador has outperformed the sector over the long term
Bailador has outperformed the sector over the long term • A $100k investment in BTI is worth $205k including $37k in cash dividends and franking credits For personal use only PO R T FO L I O PE R F OR M A NC E Indexed 30-Jun-20 = $100k BTI Cumulative Return1 $280,000 105% cumulative return since $26
Slide 16: Bailador is well positioned to make new investments
Bailador is well positioned to make new investments • Technology valuation Technology multiples are ~44% below their 5-year average1 For personal use only PO R T FO L I O PE R F OR M A NC E multiples are below 20x 18.7x historical averages 18.4x 18x • Bailador has made three 16x new investments in C
Slide 17: Track record of valuing private investments conservatively
Bailador has a well-established track record of valuing its private investments conservatively – and outperforming those valuations with cash realisations For personal use only PO R T FO L I O PE R F OR M A NC E 12 cash realisations → All 12 realisations above carrying value (full and partial) → Ave
Slide 18: Portfolio valuation has remained conservative over time
Bailador’s portfolio valuation has remained conservative over time BTI Portfolio Weighted Revenue Multiple vs. Software Equity Group (SEG) US SaaS Index For personal use only PO R T FO L I O PE R F OR M A NC E 16x 12x 8x 5.7x 5.5x 4x 4.1x 0x Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Ju
Slide 19: Investors are currently able to access the BTI portfolio at an attractive price
Investors are currently able to access the BTI portfolio at an attractive price NTA/share at 31-July-2024 For personal use only PO R T FO L I O PE R F OR M A NC E $1.77 (pre-tax) / $1.62 (post-tax) $1.80 Investors currently get $1.60 •Track record of outperforming carrying exposure to $109m worth $1
Slide 20: Summary Profit and Loss
Summary Profit and Loss For the financial year ended 30 June 2024 F Y 24 S UMM A RY F I N A NC I A L S For personal use only FY24 FY23 $000 $000 SiteMinder (+36.3m), Access Telehealth Change in value of portfolio assets 36,194 13,114 (+$4.4m), Rosterfy (+2.7m) and Straker (-$1.7m) Interest income 4,
Slide 21: Summary Financial Position
Summary Financial Position 30 June 2024 30 June 2023 Movement $51.6 InstantScripts realisation July 2023 F Y 24 S UMM A RY F I N A NC I A L S $000 $000 $000 For personal use only $5m in follow-on investments Cash 61,957 57,755 4,202 $35m new investments (Updoc & DASH) Marketable securities 89,504 54
Slide 22: Bailador's commitment to ESG principles
Bailador’s commitment to ESG principles • Bailador is establishing, integrating and implementing a long-term sustainability framework and goals FY 24 SUM MARY ESG RE PORT • Bailador is measuring, managing and mitigating carbon emissions we are directly responsible for For personal use only • In FY24
Slide 23: Bailador integrates ESG principles across the investment cycle
Bailador integrates ESG principles across the investment cycle Screening and ✓ Bailador undertakes a high-level assessment of carbon intensity of potential FY 24 SUM MARY ESG RE PORT For personal use only qualification investments ✓ Bailador considers high carbon intensity companies (e.g. data centr
Slide 24: Access to high-growth expansion-stage technology companies
For personal use only Bailador provides investors with access to high-growth expansion-stage technology companies at attractive valuations. Investors get access through an ASX traded share [ASX:BTI] with liquidity available at any time. 24
Slide 25: 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 26: 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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