Bailador Lifts PropHero and MOSH Valuations, Boosting NTA by 4.3 Cents
Bailador Technology Investments has increased the valuations of PropHero and MOSH, driving a 4.3 cent pre-tax NTA per share uplift, while fully writing down its investment in Nosto following weaker trading.
- PropHero valuation up 16.2% to $21.3 million
- MOSH valuation rises 49.5% to $15 million
- Nosto investment written down to zero
- Pre-tax NTA per share increases by 4.3 cents
- PropHero’s FY26 uplift totals 69.4% since investment
Portfolio Valuation Gains Bolster NTA
Bailador Technology Investments (ASX:BTI) has announced a notable revaluation of its private tech portfolio, lifting the carrying values of PropHero and MOSH while writing down Nosto entirely. These adjustments collectively add 4.3 cents per share to Bailador’s pre-tax net tangible assets (NTA), pushing the figure from $1.70 to $1.73 per share as of May 2026.
The valuation update follows an independent expert review and board approval, reflecting the latest business performances and market conditions. While PropHero and MOSH have demonstrated strong growth trajectories, Nosto’s softer trading has compelled a full write-down of its $1.6 million carrying value.
PropHero’s Steady Climb in AI-Led Growth
PropHero’s valuation climbed 16.2% to $21.3 million, marking the second increase this financial year and bringing the total uplift since Bailador’s $12.5 million investment in February 2026 to an impressive 69.4%. The company’s AI-driven product offering is credited with driving high-quality revenue growth and robust operational metrics, underscoring its role as a flagship holding in Bailador’s portfolio.
David Kirk, Bailador’s Co-founder and Managing Partner, highlighted PropHero as a prime example of the fund’s positioning to capitalise on the AI era, reinforcing confidence in the company’s expansion potential.
MOSH Delivers Strong Performance and Profitability
MOSH’s valuation surged by nearly 50%, from $10 million to $15 million, reflecting a year of strong revenue growth and profitable operations. The business has also initiated several new growth projects, contributing to the valuation uplift and adding 3.3 cents per share to Bailador’s pre-tax NTA.
This robust performance complements the broader portfolio gains Bailador has reported in recent periods, including valuation uplifts in other holdings such as Updoc and Hapana earlier in FY26.
Nosto Valuation Written Down to Zero
In contrast, Bailador has fully written down its $1.6 million investment in Nosto to zero, reflecting weaker trading results that have materially impacted the company’s prospects. This adjustment reduces the pre-tax NTA per share by 1 cent, highlighting the inherent risks in early-stage technology investments despite the fund’s overall positive momentum.
The valuation changes are unaudited and will be incorporated into Bailador’s upcoming June 30, 2026 shareholder update, providing investors with a clearer picture of the fund’s financial position heading into the new fiscal year.
Bottom Line?
Bailador’s latest valuation shifts underscore the volatility and opportunity in tech expansion capital, with AI-driven PropHero and profitable MOSH powering gains while Nosto’s write-down reminds investors of uneven outcomes.
Questions in the middle?
- Will PropHero’s AI-led growth sustain its rapid valuation gains beyond FY26?
- How will MOSH’s new growth initiatives impact its future profitability and valuation?
- What strategic options might Bailador pursue following the full write-down of Nosto?
