BTI
22-07-26
This is a LIC - Listed Investment Company
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ASX:BTI (Bailador Technology Investments) has experienced mixed performance over the last 5 years. While the company maintains minimal debt and consistently pays a high dividend, its core earnings have declined and the stock price has traded at a significant discount to its underlying Net Tangible Assets (NTA). [1, 2, 3, 4, 5]
Financial Snapshot (5-Year Overview)
- Profit & Earnings: Core earnings have seen an average decline of roughly 6% per year over the last 5 years. In FY2025, BTI reported net earnings of A$19.25 million, down from $20.67 million the previous year. [1, 2, 3]
- Return on Equity (ROE): The trailing twelve months (TTM) ROE hovers near 9.8%, having historically tracked in the solid 8% to 9% range. [1, 2]. The ROE is not consistently growly as are earnings , so forecasting future profit, dividends, etc is difficult
- Debt Levels: BTI maintains a very strong balance sheet with negligible levels of debt (a debt-to-equity ratio of practically 0. The company finances follow-on investments using its robust capital and cash reserves. [1, 2, 3, 4, 5]
- Dividends: BTI is a strong income stock with a dividend yield exceeding 8%. The company has increased dividend payouts by an average of 39% annually over the past 5 years, maintaining a payout ratio of roughly 44% to 45%. [1, 2, 3]
- Share Price vs. Value: Over the 5-year period, BTI's stock has trended down, resulting in a 5-year share price return of approximately -29%. Because the share price has lagged, it regularly trades at a deep discount—frequently between 30% and 44%—to its pre-tax NTA
I look at this as a dividend stock. There is mostly sideways share price movement. very little long term growth in the share price. But if you can buy it at low PE ratios the regular income is welcome
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PE Ratio
5.60 9.11 8.37 31.17 6.00 6.77
2026 2025 2024 2023 2022 2021
Over the last 10 years, Bailador Technology Investments (ASX: BTI) has traded at a median Price-to-Earnings (P/E) ratio of 8.27x, experiencing significant valuation swings driven by the realized gains and valuation adjustments of its underlying technology portfolio. [1]
As of mid-2026, the company trades at a historically low trailing twelve months (TTM) P/E ratio of roughly 5.6x to 5.7x, which sits about 31% below its long-term historical median. [1, 2]
Historical P/E Performance Metrics
According to historical financial tracking from platforms like GuruFocus and Market Index, the company’s key 10-year P/E boundaries include:
- 10-Year High: 35.66x
- 10-Year Median: 8.27x
- 10-Year Low: 3.91x [1]
Recent Yearly P/E Breakdown
Because Bailador operates as a Listed Investment Company (LIC) focused on venture capital and private expansion-stage technology, its net profits (and consequently its P/E ratio) fluctuate dramatically based on when portfolio companies are up-valued or sold.
Important Analytical Considerations
- The "LIC Discount" Blindspot: P/E ratios are often a secondary metric for asset managers like Bailador. Investors primarily evaluate ASX:BTI using its Price-to-NAV (Net Asset Value) ratio. Currently, Bailador trades at a steep discount to its Net Asset Value (Share Price of ~A$0.94 vs NAV of ~A$1.70), reflecting a wider market trend for small-cap investment firms. [1, 2, 3]
- Earnings Lumpiness: High profits during portfolio exits (such as previous cash-realized exits from Instaclustr or Standard Ledger) temporarily spike earnings, making the P/E ratio appear artificially low for the subsequent 12 months.
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