BRAVURA SOLUTIONS LIMITED (BVA)



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General Information
Company Name: Bravura Solutions Limited
Stock Code: BVA
Website: www.bravurasolutions.com.au
GICS Sub-Industry: Application Software
Market Cap ($M): 114
Equiv. Shares (M): 617

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.185 $ 0.185 $ 0.185 $ 0.185 $ 0.185 1,084 0%

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 1st Mar 2012
12 Month Target Price (average): $0.15
Brokers Surveyed: 1

Company Overview

Business Description:
Bravura Solutions Limited (BVA) is a supplier of superannuation/pension, life insurance, investment, private wealth and portfolio administration, transfer agency and financial messaging software applications, as well as business and strategic consulting services in Australia, the United Kingdom, New Zealand, Hong Kong, South Africa and Europe. BVA has two divisions including Transfer Agency and Wealth Management.

Strategy Analysis:
Not long listed, BVA has grown both organically and via strategic acquisition. The company acquired and is rapidly developing financial services software administration systems. It has embarked on an ambitious global growth strategy. BVA is exporting arguably superior experience and capability developed in the Australian financial services market, which in some respects has developed ahead of European and Asian markets. The acquisition of Rufus, a more mature transfer agency business headquartered in the UK, has lowered earnings risk and provides a stable base from which to build European operations. Part of the rationale for acquisitions is to access staff to service a rapidly growing list of clients. The outsourcing of more routine software coding to low cost regions and the conversion of contractors in the UK to full time employees will also help contain staff costs.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A 5.4 0.9 -- 17.0 19.0 131.6 --
2011  A -21.1 -3.3 -- 0.0 0.0 0.0 --
2010  A -6.3 -1.6 -129.1 0.0 0.0 0.0 --
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Bravura Solutions (BVA) $114 M -- -- -- 21.7647 -- -- 1.0270 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BVA 2.42 21.8 1.08 -- 0.93
Market 0.94 12.5 0.82 1.96 2.44
Sector 0.92 15.5 2.18 1.67 1.56

Directors
Name Position Start Date
Mr Tony Klim Chief Executive Officer,Managing Director 30 June 2011
Ms Rebecca Norton Chief Financial Officer,Executive Director,Joint Company Secretary 06 May 2011
Mr Trevor Neil Perry Non-Executive Director 11 March 2009
Mr Neil John Broekhuizen Non-Executive Director 08 September 2009
Mr Brian Mitchell Non-Executive Director,Non-Executive Chairman 16 December 2009

Management
Name Position
Nick Parsons Business Development Director (BDD) - EMEA
Andrew Chesterton Chief Operating Officer (COO) - Global Transfer Agency
Jason Tong Chief Operating Officer (COO) - Global Wealth Management
Darren Stevens Head of Product (HOP) - Global Wealth Management
Nigel Liddell Joint Company Secretary
Roland Slee Managing Director (MD) - Asia Pacific

Substantial Shareholders
Holding Name
84,563,513 (13.65%) Aust Executor Trustees NSW Ltd - Tea Custodian Limited
262,305,495 (42.33%) Carp Holdings NV
68,032,323 (10.98%) Carp Advisory B Pty Limited
68,032,323 (10.98%) Carp Advisory A Pty Limited

Calendar of Events
Date Event
13 February 2014 Report (Interim)
16 September 2013 Report (Annual)
21 August 2013 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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