Brady (BRY)

Business description

Brady provides a range of transaction and risk management software applications, which help producers, consumers, financial institutions and trading companies manage their commodity transactions in a single, integrated solution.

Stock data

Market cap.£51.9m
Last close62.25p
High / Low (52 weeks)81.5p / 62.2p
Stock market listingLN
Forecast net cash (£m)5.7
Forecast gearing ratio (%)N/A

Price performance

Relative *(2.2)(10.5)(24.9)

* % Relative to local index

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Company news

Brady making rapid progress in transition to SaaS model

Thu, 07 Sep 2017 11:47:30 GMT

Trading arm of German energy giant RWE to use Brady's Credit Risk software for ...

Fri, 10 Nov 2017 08:15:00 GMT

Brady making good progress despite tough commodity market

Tue, 17 Jan 2017 07:25:27 GMT

Brady Plc's Ian Jenks highlights 'transformational' 2016

Tue, 14 Mar 2017 12:56:23 GMT

Brady plc to Acquire SAI

Tue, 13 Nov 2012 15:03:43 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 27.4 1.5 1.0 1.0 62.3 21.8
2016A 30.3 3.0 2.3 2.4 25.9 18.9
2017E 29.0 0.0 (0.7) (0.6) N/A 41.0
2018E 30.8 3.6 3.0 2.8 22.2 9.7

Last updated on 08/12/2017

Investment summary

Brady’s H1 results revealed the initial impact of the group’s transformation. While revenues slipped, reflecting the planned shift to software rental, recurring revenue rose to 68% of total revenues, up from 60% a year earlier. The shift to microservices is gaining traction, with three proof-of-concept trials taking place in H2. Four new licences were sold in H1, all on a rental format, of which three are hosted. In November, it was announced that RWE Supply and Trading (RWEST) has renewed its licence to use Brady Credit Risk software on an annual recurring fee arrangement for a further five years. As RWEST previously had a term licence, the new arrangement adds to Brady's recurring revenue. Given the attractive long-term growth opportunities in the E/CTRM space, we believe the shares look attractive on 13x our cash-adjusted FY19 EPS.

Last updated on 13/12/2017

Industry outlook

Brady provides trading, risk and connectivity software solutions to the global commodity, recycling and energy markets – mining and oil companies, fabricators, traders, banks, etc. Key operational drivers are that the target market is underinvested in IT, auditors and regulators are seeking increased reporting and accountability, and there are fundamental changes such as electronic trading and the EEGI.

Last updated on 13/12/2017

Key management

Martin Thorneycroft, CFO
Alison Ellman, Head of Global Marketing
Ian Jenks, Executive Chairman
Elizabeth Sipiere, COO

Company address

Riverside House
2a Southwark Bridge Road
United Kingdom
+44 (0)1223 479479
View website