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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.£53.6m
Last close64.25p
High / Low (52 weeks)68.2p / 55.8p
Stock market listingLN
Forecast net cash (£m)5.1
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual0.0(1.5)3.2
Relative *(4.2)(0.5)14.3

* % Relative to local index

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Company news

Brady chief eyes recovery after root and branch overhaul

Tue, 13 Mar 2018 11:40:21 GMT

Brady sells US recycling business

Thu, 25 Jan 2018 08:45:50 GMT

Transition to SaaS model 'going very well' for Brady Plc

Fri, 08 Sep 2017 13:35:54 GMT

Brady making rapid progress in transition to SaaS model

Thu, 07 Sep 2017 11:47:30 GMT

Brady plc returns to profit

Mon, 12 Sep 2016 09:22:30 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 25.4 1.9 1.3 2.4 26.8 19.5
2017A 22.3 (2.6) (2.9) (5.6) N/A N/A
2018E 23.7 0.7 0.3 0.3 214.2 22.6
2019E 24.9 1.6 1.3 1.2 53.5 14.7

Last updated on 22/11/2018

Investment summary

H1 group revenue grew 2% at constant currencies, while cost of sales fell by 4% and hence the gross margin rose by 3% to 55%. Operating costs fell by 11% and consequently the operating loss reduced significantly to £2.3m. Brady has undergone a significant transition into a leaner, more focused business. Costs have been taken out and the recycling business sold earlier this year as it did not fit well with the business. The main priorities are delivering on legacy contracts while significant resources are being used to refresh the product, with c 25% of FY18 sales expected to be spent on R&D. Consequently, near-term ratings remain elevated. However, the market opportunity is substantial and we believe Brady is well positioned to benefit from the significant sector consolidation.

Last updated on 29/11/2018

Industry outlook

Brady provides trading, risk and connectivity software solutions to the global commodity and energy markets – mining and oil companies, fabricators, traders, banks etc. The global E/CTRM market was worth c $1.65bn in 2016 (Comtech) and is forecast to grow at c 6% CAGR 2016-2020. Brady has a strong position in niche areas including commodity logistics, credit risk, metals (number one globally) and European energy, yet has a relatively modest market penetration overall (we estimate 1.2%).

Last updated on 29/11/2018

Key management

Martin Thorneycroft, CFO
Alison Ellman, Head of Global Marketing
Ian Jenks, Non 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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