Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — Shareholder Meeting (October 2024)
31 slides from Bailador Technology Investments's shareholder meeting presentation, Oct 17, 2024
Slide 1: Annual General Meeting
For personal use only Annual General Meeting 17 October 2024 Bailador Technology Investments Limited (ASX:BTI)
Slide 2: David Kirk
For personal use only David Kirk Co-Founder & Managing Partner 2
Slide 3: The Bailador Board
The Bailador Board David Kirk, Executive Chairman Andrew Bullock, Non-Executive Director • Appointed 2014 • Appointed 2014 For personal use only • Re-elected November 2023 • Chair of Audit and Risk Committee • Re-elected October 2022 Paul Wilson, Executive Director Jolanta Masojada, Non-Executive Di
Slide 4: Bailador provides 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. 4
Slide 5: 2024 Financial Year Summary
2024 Financial Year Summary ✓ Delivered a 9.2% post-tax return in FY24 • Return net of all costs including performance fees and taxes • For personal use only Includes post-tax NTA per share growth and dividends paid during period ✓ Delivered Net Profit before Tax of $28.0m, up 233% on FY23 ✓ Final d
Slide 6: The Bailador portfolio is in a strong position
The Bailador portfolio is in a strong position 10 investments New CY2024 investments For personal use only $457m 47% portfolio company portfolio company revenue1 revenue growth2 ~67% ~91% gross margin2 recurring revenue2 Note: 1Based on unaudited revenue over the 12 months to 30 June 2024 for the un
Slide 7: Portfolio Return of 9.2% in FY24, after all fees and taxes
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 8: 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 paid1 in September 2024 • Final Dividend equivalent to 7.8% annualised yield when grossed-up for franking credits For personal use only • DRP2 active at 2.5% discount
Slide 9: Bailador's average cheque size has increased
Bailador’s average cheque size has increased Recent cheque sizes For personal use only Fund size: $112m $20m 2016 4% of $15m + $5m fund Cheque size: $4.5m $10m $7.7m Fund size: $265m 2024 7.3% of Cheque size: $19.2m fund Typical cheque sizes have increased 4.4x in dollar terms but just 1.8x as a pro
Slide 10: Summary Profit and Loss
Summary Profit and Loss For the financial year ended 30 June 2024 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 4,353 2,902 Total investment growth 40,
Slide 11: 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 • Bailador is measuring, managing and mitigating carbon emissions we are directly responsible for For personal use only • In FY24, Bailador achieved the fol
Slide 12: Paul Wilson
For personal use only Paul Wilson Co-Founder & Managing Partner 12
Slide 13: Bailador profile
Bailador profile Bailador is an Expansion Capital Fund For personal use only Specialist in Invests in Portfolio of Information Technology Private Companies 8-12 Investments Actively managed by an Track record of Returns from Experienced Team Strong Performance & Capital Gains & Cash Realisations Cas
Slide 14: Summary
Summary Bailador has delivered solid returns For personal use only - delivering strong yield Dividends - program to continue long-term The portfolio is performing well The portfolio is conservatively valued Investors can currently access the BTI portfolio at an attractive price 14
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 in July 2020 is worth $224k including $44k in cash dividends and franking credits For personal use only BTI Indexed 30-Jun-20 = $100k Cumulative Return1 124% cumulative return since $280,000 1 July 2020 (net of all c
Slide 16: Ongoing fully franked cash dividend
Ongoing fully franked cash dividend For personal use only BTI Grossed Up Yield1 7.8% p.a. Bailador has committed to paying a Sustainable long term dividend of 4% of NTA (pre-tax) p.a. → Current franking credits support over → Paid half yearly six years of dividend at current rate → Fully franked → C
Slide 17: Significant redeployment of cash realisations to new private investments
Significant redeployment of cash realisations to new private investments $66m in cash deployed and committed since 1 July 2023, with Net Cash approaching target range $realised/ BTI Cash ($ invested) as % NTA For personal use only CASH REALISATIONS $160m 100% Straker $140m Hapana 80% DASH $120m Updo
Slide 18: Bailador invested $20m into Updoc
NEW Bailador invested $20m into Updoc (May-24) INVESTMENT ⇢ 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 Business Overview Investment Thesis • Launched in 2021, Updoc enab
Slide 19: Bailador invested into DASH Technology Group
Bailador invested $20m1 into DASH Technology Group in Jun-24 NEW with a follow-on investment of $10m2 in Oct-24. INVESTMENT ⇢ DASH is a cloud-based financial advice and investment management software platform used by Independent Financial Advisors (IFAs) and financial institutions For personal use o
Slide 20: Bailador invested $7.7m into Hapana
NEW Bailador invested $7.7m into Hapana (Aug-24) INVESTMENT ⇢ Hapana is an end-to-end software platform for gyms and boutique fitness studios Business Overview Product Overview For personal use only • Hapana provides a suite of software solutions for gyms and boutique fitness studios to market, oper
Slide 21: Strong performance and prospects across the Bailador portfolio
Strong performance and prospects across the Bailador portfolio Investment For personal use only Portfolio weighting1 Sector Travel / Accom. Travel / Experiences Digital Healthcare Sector growth ✓ Large addressable market ~1m hotels worldwide ✓ International travel operating above pre-pandemic ✓ COVI
Slide 22: Strong performance and prospects across the Bailador portfolio (cont.)
Strong performance and prospects across the Bailador portfolio (cont.) Investment For personal use only Portfolio weighting1 Sector Volunteer Management E-commerce Language Translation E-commerce Sector growth ✓ Large market with over 2m ✓ Large and growing e-commerce ✓ Increasing demand from Enterp
Slide 23: Bailador holds its private investments at conservative valuations
Bailador holds its private investments at conservative valuations Uplift over cost via internal reviews vs 3rd party For personal use only $500m transactions 12 cash realisations (full and partial) $450m 79% → All 12 realisations above carrying value → These delivered a combined 3.1x multiple on $40
Slide 24: 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 For personal use only NTA/share at 30 September-2024 $1.79 (pre-tax) / $1.63 (post-tax) $1.80 Investors currently get $1.60 •Track record of outperforming carrying exposure to $117m worth Private Investments value for pr
Slide 25: Bailador provides investors with 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. 25
Slide 26: Questions
For personal use only Questions investorservices@bailador.com.au 26
Slide 27: 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 Investment Ltd (“Bailador”) or by authorised representatives of Bailador (“Affiliates”). This presentation does not contain a complete descri
Slide 28: Further information
This report was authorised for release to the ASX by Helen Foley, Company Secretary & Chief Financial Officer, on 17 October 2024. For personal use only FURTHER INFORMATION Website: www.bailador.com.au Investor Enquiries: investorservices@bailador.com.au Telephone: +61 2 9223 2344 Bailador Technolog
Slide 29: Chair's Address by David Kirk
Bailador Technology Investments Limited Level 20, 20 Bond Street, Sydney NSW 2000 A.C.N. 601 048 275 Thursday, 17 October 2024 ASX RELEASE Bailador Technology Investments Limited Annual General Meeting 2024 Chair’s Address by David Kirk SLIDE 4 – Bailador provides investors with access to high growt
Slide 30: Chair's Address (continued)
SLIDE 8 – Ongoing dividend policy delivering strong, stable fully-franked dividend stream We have been paying strong, stable dividends since we introduced our dividend policy in 2022. That is again the case in 2024 and we expect this to continue. SLIDE 9 – Bailador’s average cheque size has increase
Slide 31: Important Notice
Approved for release by Helen Foley, Company Secretary Phone: +61 2 9223 2344 Email: investorservices@bailador.com.au Important Notice Bailador Investment Management Pty Ltd ACN 143 060 511 (‘Manager’) has prepared the information in this announcement. This announcement has been prepared for the pur
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