BVS - Bravura Solutions

[steve fleming]

Fast growing global IT success story, providing services and applications for portfolio management, life insurance and pension industries.

I picked up some of these @ $1.30 in the recent selloff after watching it fall from $3.10 to $1.17 over the last year

A well received financial report for FY07 with revenues of $100m and NPAT of $5.3m (After R&D of $10m)

Consensus FY08 is for revenues of $161m and NPAT of $13m jumping up to $20m in FY09. This excludes any earnings related to future acquisitions.

Revenue increasing both organically and by acquisitions. Have started to leverage their products into the lucrative and fast developing Asian markets. Management also believe they have a unique oportunity to further their recent European successes.

EBITDA margins for FY08 were a healthy 16.6%(adjusted for integration costs) and forecast to be approx 17% in FY08 increasing as scale efficiencies and integration synergies flow through.

Revenues underpinned by recurring maintenance revenue, including $30m a year from Bank of New York.

Management are the major shareholders and have basically delivered on most of their key IPO projections.

CSFB came out on Monday with a $2.80 target, and Huntleys have had BVA as a buy at under $1.90 for most of this year.