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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.£56.9m
Last close68.25p
High / Low (52 weeks)77.0p / 55.8p
Stock market listingLN
Forecast net cash (£m)5.8
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual7.518.7(11.4)
Relative *6.49.4(15.2)

* % Relative to local index

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Company news

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 28.4 20.7
2017A 22.9 (2.1) (2.4) (5.0) N/A N/A
2018E 23.7 1.2 0.9 0.9 75.8 20.9
2019E 24.9 1.8 1.5 1.4 48.8 14.8

Last updated on 04/06/2018

Investment summary

In a brief AGM update, Brady said that trading has been in line. Following a period of significant change, with new people hired and the business having been streamlined, the primary focus has shifted to re-engineering the software. The initial outcome of this was shown with the launch of the group’s first FAST START implementation offering in May. We will review our forecasts following tomorrow’s capital markets day. If Brady can successfully transition to the cloud, there is a lot to go for as E/CTRM is an attractive growth industry and Brady has a high-quality customer base.

Last updated on 04/06/2018

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 2016-20. 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 1.5%).

Last updated on 27/04/2018

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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