Bailador Posts 7.8% Portfolio Return, Declares 3.6c Fully Franked Dividend
Bailador Technology Investments reported a solid FY25 with a 7.8% post-tax portfolio return and a fully franked final dividend of 3.6 cents per share, underpinned by strong growth in private tech investments and strategic realisations.
- 7.8% post-tax portfolio return including dividends
- 3.6 cents per share fully franked final dividend declared
- $41 million deployed in new and follow-on investments
- 47% revenue growth in portfolio companies to $592 million
- Partial $20 million realisation of SiteMinder at 31% premium
Strong Portfolio Performance Amid Market Challenges
Bailador Technology Investments (ASX, BTI) has released its FY25 results, showcasing a resilient portfolio that delivered a 7.8% post-tax return after all fees and taxes. This performance reflects both growth in net tangible asset value and consistent dividend payments, reinforcing Bailador’s strategy of investing in high-growth expansion-stage technology companies.
The company declared a fully franked final dividend of 3.6 cents per share, maintaining its commitment to pay approximately 4% of pre-tax net tangible assets annually. This translates to an attractive grossed-up dividend yield of 8.1%, appealing to income-focused investors seeking stable, tax-efficient returns.
Investment Activity and Portfolio Growth
During FY25, Bailador deployed $41 million into new and existing portfolio companies, including a $12.5 million investment in PropHero and $7.7 million in Hapana. Both companies operate in large addressable markets; property investment and fitness studio management respectively; and have demonstrated rapid revenue growth and strong market positioning.
Follow-on investments totaling $21 million were made in DASH, Rosterfy, and Access Telehealth, all of which showed significant valuation uplifts during the year. The portfolio’s combined revenue surged 47% to $592 million, driven primarily by the private portfolio’s robust performance.
Realisations and Valuation Upside
Bailador crystallised gains through a partial $20 million cash realisation of its holding in SiteMinder, achieving a 31% premium over the June 2024 closing price and an internal rate of return (IRR) of 37.9%. This continues a track record of successful realisations, with 13 full and partial exits delivering a combined 3.3x multiple on invested capital and a 23.1% IRR.
Despite these realisations, the portfolio remains conservatively valued, suggesting significant upside potential. Bailador’s private portfolio alone delivered a gross IRR of 33% in FY25, underscoring the strength of its investment selection and active management approach.
Financial Position and Outlook
The company ended the year with $15 million in net cash, reflecting disciplined capital deployment and realisations. Management fees and performance fees remained stable, supporting a profit after tax of $19.25 million. Bailador’s balance sheet and dividend policy position it well to continue supporting growth companies while rewarding shareholders.
Looking ahead, the company’s portfolio includes several high-growth technology firms benefiting from structural market tailwinds, such as digital healthcare, property tech, and travel technology. Bailador’s co-founders, David Kirk and Paul Wilson, bring deep industry experience and a proven track record in scaling technology investments.
Bottom Line?
Bailador’s FY25 results highlight steady growth and disciplined capital management, setting the stage for further value creation in a dynamic tech investment landscape.
Questions in the middle?
- How will Bailador balance new investments with potential market volatility in FY26?
- What are the prospects for further realisations at premium valuations?
- Can the company sustain its dividend policy amid evolving portfolio dynamics?
