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.£56.8m
Last close68.13p
High / Low (52 weeks)81.5p / 66.0p
Stock market listingLN
Forecast net cash (£m)5.7
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual0.93(4.72)0.18
Relative *(2.32)(6.1)(7.39)

* % Relative to local index

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Company news

Brady Plc

Mon, 09 Mar 2015 20:13:03 GMT

Brady making rapid progress in transition to SaaS model

Thu, 07 Sep 2017 11:47:30 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 CEO steps down

Fri, 02 Sep 2016 07:08:45 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 68.1 23.8
2016A 30.3 3.0 2.3 2.4 28.4 20.7
2017E 29.0 0.0 (0.7) (0.6) N/A 44.8
2018E 30.8 3.6 3.0 2.8 24.3 10.7

Last updated on 25/09/2017

Investment summary

Brady’s H1 results reveal 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 move into 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. With nearly four months remaining in FY17, the group has 93% of revenue in the bag, including several software renewals and services business. Given the attractive long-term growth opportunities in the E/CTRM space, we believe the shares look attractive on 14x our maintained cash-adjusted FY19 EPS.

Last updated on 25/09/2017

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 fundamental changes such as electronic trading and the EEGI.

Last updated on 06/09/2017

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
London
SE1 9HA
United Kingdom
+44 (0)1223 479479
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