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Bravura Solutions

ASX:BVS
Snowflake Description

Excellent balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BVS
ASX
A$1B
Market Cap
  1. Home
  2. AU
  3. Software
Company description

Bravura Solutions Limited provides enterprise software and software-as-a-service (SaaS) to the wealth management, life insurance, and funds administration markets in Australia, New Zealand, the United Kingdom, South Africa, and internationally. The last earnings update was 88 days ago. More info.


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BVS Share Price and Events
7 Day Returns
-3%
ASX:BVS
-4.3%
AU Software
1.2%
AU Market
1 Year Returns
89.7%
ASX:BVS
31%
AU Software
4.7%
AU Market
BVS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bravura Solutions (BVS) -3% 4.2% 21.1% 89.7% - -
AU Software -4.3% -40.1% -31.1% 31% 86.2% 109.6%
AU Market 1.2% -0.2% 3.2% 4.7% 18.3% 8.9%
1 Year Return vs Industry and Market
  • BVS outperformed the Software industry which returned 31% over the past year.
  • BVS outperformed the Market in Australia which returned 4.7% over the past year.
Price Volatility
BVS
Industry
5yr Volatility vs Market

Value

 Is Bravura Solutions undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bravura Solutions to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bravura Solutions.

ASX:BVS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:BVS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 1.15
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.148 (1 + (1- 30%) (0.83%))
1.104
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (1.104 * 5.96%)
8.89%

Discounted Cash Flow Calculation for ASX:BVS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bravura Solutions is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:BVS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 8.89%)
2019 28.66 Est @ 16.05% 26.32
2020 32.08 Est @ 11.93% 27.06
2021 34.98 Est @ 9.04% 27.09
2022 37.44 Est @ 7.02% 26.63
2023 39.54 Est @ 5.61% 25.83
2024 41.37 Est @ 4.62% 24.82
2025 42.99 Est @ 3.93% 23.68
2026 44.47 Est @ 3.44% 22.50
2027 45.85 Est @ 3.1% 21.30
2028 47.17 Est @ 2.87% 20.13
Present value of next 10 years cash flows A$245.36
ASX:BVS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$47.17 × (1 + 2.31%) ÷ (8.89% – 2.31%)
A$733.61
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$733.61 ÷ (1 + 8.89%)10
A$313.02
ASX:BVS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$245.36 + A$313.02
A$558.38
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$558.38 / 243.17
A$2.3
ASX:BVS Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$2.30
Current discount Discount to share price of A$5.92
= -1 x (A$5.92 - A$2.30) / A$2.30
-157.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bravura Solutions is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bravura Solutions's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bravura Solutions's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:BVS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.14
ASX:BVS Share Price ** ASX (2019-05-24) in AUD A$5.92
Australia Software Industry PE Ratio Median Figure of 19 Publicly-Listed Software Companies 37.38x
Australia Market PE Ratio Median Figure of 542 Publicly-Listed Companies 16.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bravura Solutions.

ASX:BVS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:BVS Share Price ÷ EPS (both in AUD)

= 5.92 ÷ 0.14

43.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bravura Solutions is overvalued based on earnings compared to the AU Software industry average.
  • Bravura Solutions is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Bravura Solutions's expected growth come at a high price?
Raw Data
ASX:BVS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 43.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
14.9%per year
Australia Software Industry PEG Ratio Median Figure of 13 Publicly-Listed Software Companies 2.58x
Australia Market PEG Ratio Median Figure of 359 Publicly-Listed Companies 1.42x

*Line of best fit is calculated by linear regression .

ASX:BVS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 43.55x ÷ 14.9%

2.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bravura Solutions is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bravura Solutions's assets?
Raw Data
ASX:BVS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$0.57
ASX:BVS Share Price * ASX (2019-05-24) in AUD A$5.92
Australia Software Industry PB Ratio Median Figure of 101 Publicly-Listed Software Companies 3.16x
Australia Market PB Ratio Median Figure of 1,680 Publicly-Listed Companies 1.66x
ASX:BVS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:BVS Share Price ÷ Book Value per Share (both in AUD)

= 5.92 ÷ 0.57

10.32x

* Primary Listing of Bravura Solutions.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bravura Solutions is overvalued based on assets compared to the AU Software industry average.
X
Value checks
We assess Bravura Solutions's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Bravura Solutions has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bravura Solutions expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bravura Solutions expected to grow at an attractive rate?
  • Bravura Solutions's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Bravura Solutions's earnings growth is expected to exceed the Australia market average.
  • Bravura Solutions's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:BVS Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:BVS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 14.9%
ASX:BVS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 8.4%
Australia Software Industry Earnings Growth Rate Market Cap Weighted Average 29.3%
Australia Software Industry Revenue Growth Rate Market Cap Weighted Average 17.8%
Australia Market Earnings Growth Rate Market Cap Weighted Average 7%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:BVS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:BVS Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 302 42 3
2020-06-30 282 38 3
2019-06-30 256 32 3
ASX:BVS Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 246 40 29
2018-09-30 234 43 28
2018-06-30 222 46 27
2018-03-31 211 30 25
2017-12-31 201 14 23
2017-09-30 197 15 19
2017-06-30 192 16 14
2017-03-31 188 23 6
2016-12-31 183 29 -2
2016-09-30 184 29 -4
2016-06-30 185 28 -6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bravura Solutions's earnings are expected to grow by 14.9% yearly, however this is not considered high growth (20% yearly).
  • Bravura Solutions's revenue is expected to grow by 8.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:BVS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Bravura Solutions Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BVS Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.20 0.20 0.19 2.00
2020-06-30 0.18 0.18 0.17 2.00
2019-06-30 0.15 0.15 0.15 2.00
ASX:BVS Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.14
2018-09-30 0.13
2018-06-30 0.13
2018-03-31 0.12
2017-12-31 0.12
2017-09-30 0.10
2017-06-30 0.08
2017-03-31 0.04
2016-12-31 -0.01
2016-09-30 -0.03
2016-06-30 -0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bravura Solutions is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Bravura Solutions's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bravura Solutions has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bravura Solutions performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bravura Solutions's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bravura Solutions has delivered over 20% year on year earnings growth in the past 5 years.
  • Bravura Solutions's 1-year earnings growth is less than its 5-year average (25.7% vs 83.7%)
  • Bravura Solutions's earnings growth has exceeded the AU Software industry average in the past year (25.7% vs 7.7%).
Earnings and Revenue History
Bravura Solutions's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bravura Solutions Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BVS Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 246.03 29.13 24.46 2.32
2018-09-30 233.77 28.08 22.81 2.37
2018-06-30 221.50 27.03 21.16 2.41
2018-03-31 211.42 25.10 20.25 2.43
2017-12-31 201.35 23.18 19.33 2.46
2017-09-30 196.63 18.80 19.08 2.49
2017-06-30 191.91 14.43 18.82 2.53
2017-03-31 187.65 6.19 18.76 2.43
2016-12-31 183.39 -2.06 18.70 2.34
2016-09-30 184.05 -4.26 18.88 2.24
2016-06-30 184.70 -6.46 19.07 2.15
2015-06-30 152.11 -89.49 17.22 2.23
2014-06-30 142.51 -10.06 15.44 1.72
2013-06-30 124.61 1.70 22.91 3.18
2013-03-31 127.87 2.20 23.35 3.16
2012-12-31 131.14 2.71 23.80 3.14
2012-09-30 128.99 4.07 24.48 3.41
2012-06-30 126.85 5.43 25.16 3.67

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bravura Solutions has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Bravura Solutions used its assets more efficiently than the AU Software industry average last year based on Return on Assets.
  • Bravura Solutions has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bravura Solutions's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bravura Solutions has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bravura Solutions's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bravura Solutions's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bravura Solutions's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Bravura Solutions's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bravura Solutions's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bravura Solutions Company Filings, last reported 4 months ago.

ASX:BVS Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 122.86 12.01 25.96
2018-09-30 122.86 12.01 25.96
2018-06-30 114.19 12.18 37.97
2018-03-31 114.19 12.18 37.97
2017-12-31 110.48 14.22 24.14
2017-09-30 110.48 14.22 24.14
2017-06-30 105.98 5.74 17.95
2017-03-31 105.98 5.74 17.95
2016-12-31 98.46 0.00 23.13
2016-09-30 98.46 0.00 23.13
2016-06-30 -12.05 121.71 29.86
2015-06-30 -12.12 125.58 19.48
2014-06-30 76.83 126.29 18.95
2013-06-30 111.30 27.31 13.75
2013-03-31 111.30 27.31 13.75
2012-12-31 106.91 29.10 17.05
2012-09-30 106.91 29.10 17.05
2012-06-30 106.62 28.63 4.59
  • Bravura Solutions's level of debt (9.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (82.6% vs 9.8% today).
  • Debt is well covered by operating cash flow (330.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 70.2x coverage).
X
Financial health checks
We assess Bravura Solutions's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bravura Solutions has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bravura Solutions's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.79%
Current annual income from Bravura Solutions dividends. Estimated to be 2.13% next year.
If you bought A$2,000 of Bravura Solutions shares you are expected to receive A$36 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bravura Solutions's pays a lower dividend yield than the bottom 25% of dividend payers in Australia (2.59%).
  • Bravura Solutions's dividend is below the markets top 25% of dividend payers in Australia (5.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:BVS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Australia Software Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.3%
Australia Market Average Dividend Yield Market Cap Weighted Average of 414 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.6%
Australia Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:BVS Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.15 3.00
2020-06-30 0.13 3.00
2019-06-30 0.11 3.00
ASX:BVS Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-02-26 0.106 1.910
2018-08-27 0.090 2.168
2018-02-26 0.090 3.026
2017-08-22 0.045 2.568

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Bravura Solutions has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Bravura Solutions only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Bravura Solutions's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Bravura Solutions's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bravura Solutions afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bravura Solutions has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bravura Solutions's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tony Klim
COMPENSATION A$1,303,304
TENURE AS CEO 8 years
CEO Bio

Mr. Anthony Brian Klim, BSc. Hons (Physics) also known as Tony , has been the Chief Executive Officer of Bravura Solutions Limited since May 18, 2011 and has been its Managing Director since June 30, 2011. Mr. Klim served as the Chief Executive Officer of EMEA at Bravura Solutions from February 25, 2008 to May 18, 2011. He joined Bravura Solutions in February 2008. His achievements span 25 years in the international financial services industry, specifically driving growth in the UK. Mr. Klim has been a Director at Bravura Solutions Limited since June 30, 2011. Mr. Klim spent three years as a Strategic Consultant in the financial services sector. He specialised in high-growth businesses and was a pioneer in Internet Banking and Payment Systems. His track record includes a number of strategic advisory and management roles for major international banks, life companies and technology businesses. Mr. Klim has over 30 years of experience in international financial services and has held a number of executive and Board positions with private and listed companies focused on technology and outsourcing in support of the international financial services market. He has extensive experience in M&A, and in his previous role he sponsored the acquisition of the UK’s leading financial intermediary portal, the Exchange. Over the years, he has been instrumental in the development of new products and services targeted at the independent financial advisor community. Mr. Klim has a Bachelor of Science, Honours, in Physics from the University of Manchester.

CEO Compensation
  • Tony's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tony's remuneration is about average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the Bravura Solutions management team in years:

4.8
Average Tenure
  • The tenure for the Bravura Solutions management team is about average.
Management Team

Tony Klim

TITLE
CEO, MD & Director
COMPENSATION
A$1M
TENURE
8 yrs

Martin Deda

TITLE
CFO, Company Secretary & Executive Director
COMPENSATION
A$667K
TENURE
4.7 yrs

Nick Parsons

TITLE
Global Chief Technology Officer
COMPENSATION
A$805K

Andy Chesterton

TITLE
Chief Operating Officer of Funds Administration
COMPENSATION
A$686K
TENURE
5.2 yrs

Terry McCann

TITLE
Chief Information Officer
TENURE
4.8 yrs

Rahul Badethalav

TITLE
Head of Strategy & Investor Relations

Nigel Liddell

TITLE
General Counsel & Joint Company Secretary

Richard Laidlaw

TITLE
Global Head of HR
TENURE
0.3 yrs

Arnold Marais

TITLE
Head of Service Delivery -NZ

Jason Martin

TITLE
Head of Product - Talisman
Board of Directors Tenure

Average tenure and age of the Bravura Solutions board of directors in years:

6.3
Average Tenure
59
Average Age
  • The tenure for the Bravura Solutions board of directors is about average.
Board of Directors

Brian Mitchell

TITLE
Independent Chairman
COMPENSATION
A$206K
AGE
70
TENURE
9.4 yrs

Tony Klim

TITLE
CEO, MD & Director
COMPENSATION
A$1M
TENURE
7.9 yrs

Martin Deda

TITLE
CFO, Company Secretary & Executive Director
COMPENSATION
A$667K
TENURE
4.7 yrs

Alexa Henderson

TITLE
Independent Non-Executive Director
COMPENSATION
A$97K
AGE
57
TENURE
2.7 yrs

Neil Broekhuizen

TITLE
Independent Non Executive Director
COMPENSATION
A$108K
TENURE
9.7 yrs

Peter Mann

TITLE
Independent Non-Executive Director
COMPENSATION
A$103K
AGE
59
TENURE
3.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Bravura Solutions insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
08. May 19 Sell Wellington Management Group LLP Company 06. May 19 07. May 19 -129,531 A$6.06 A$-777,382
06. May 19 Sell Wellington Management Group LLP Company 28. Feb 19 03. May 19 -619,226 A$5.70 A$-3,531,856
06. May 19 Buy Wellington Management Group LLP Company 01. Mar 19 03. May 19 5,856,734 A$5.72 A$33,503,722
26. Apr 19 Sell MLC Investments Limited Company 18. Apr 19 18. Apr 19 -19,182 A$5.64 A$-108,246
26. Apr 19 Buy MLC Investments Limited Company 17. Apr 19 17. Apr 19 35,192 A$5.67 A$199,584
26. Apr 19 Sell Antares Capital Partners Pty. Ltd. Company 18. Apr 19 18. Apr 19 -70,000 A$5.64 A$-395,109
16. Apr 19 Buy MLC Investments Limited Company 10. Apr 19 10. Apr 19 35,287 A$5.33 A$187,970
12. Apr 19 Buy MLC Investments Limited Company 05. Apr 19 05. Apr 19 1,638 A$5.18 A$8,486
08. Apr 19 Buy MLC Investment Management Limited Company 20. Dec 18 11. Mar 19 27,670 A$5.07 A$110,902
01. Apr 19 Buy BlackRock, Inc. Company 13. Mar 19 29. Mar 19 229,811 A$5.62 A$1,253,430
22. Mar 19 Sell Vinva Investment Management Company 18. Jan 19 20. Mar 19 -54,709 A$5.18 A$-283,577
22. Mar 19 Buy Vinva Investment Management Company 18. Jan 19 20. Mar 19 47,348 A$4.73 A$224,018
10. Mar 19 Buy BlackRock, Inc. Company 06. Dec 18 06. Mar 19 1,635,420 A$5.44 A$107,277
10. Mar 19 Sell BlackRock, Inc. Company 11. Dec 18 07. Mar 19 -1,743,413 A$5.40 A$-5,623
08. Mar 19 Sell Martin Deda Individual 08. Mar 19 08. Mar 19 -100,000 A$5.44 A$-544,000
05. Mar 19 Buy Anthony Klim Individual 01. Mar 19 04. Mar 19 690,000 A$5.32 A$3,627,602
04. Mar 19 Sell Peter Mann Individual 28. Feb 19 28. Feb 19 -25,172 A$5.09 A$-128,125
04. Mar 19 Sell Mawer Investment Management Limited Company 08. Feb 19 04. Mar 19 -2,650,319 A$5.32 A$-13,058,373
04. Mar 19 Buy Mawer Investment Management Limited Company 17. Dec 18 17. Dec 18 94,434 A$3.85 A$363,376
28. Feb 19 Sell Wellington Management Group LLP Company 18. Jan 19 27. Feb 19 -2,178,956 A$5.06 A$-10,265,124
28. Feb 19 Buy Wellington Management Group LLP Company 06. Feb 19 19. Feb 19 59,068 A$4.58 A$267,770
21. Jan 19 Sell Vinva Investment Management Company 17. Sep 18 17. Jan 19 -133,465 A$4.15 A$-553,468
21. Jan 19 Buy Vinva Investment Management Company 17. Sep 18 17. Jan 19 278,562 A$4.13 A$1,149,523
20. Jan 19 Sell Wellington Management Group LLP Company 03. Dec 18 17. Jan 19 -2,812,982 A$3.86 A$-10,868,962
20. Jan 19 Buy Wellington Management Group LLP Company 07. Dec 18 09. Jan 19 663,306 A$3.76 A$2,494,320
17. Dec 18 Buy Mawer Investment Management Limited Company 19. Jun 18 14. Dec 18 2,169,776 A$4.05 A$7,626,222
06. Dec 18 Buy BlackRock, Inc. Company 08. Aug 18 05. Dec 18 4,225,400 A$4.67 A$635,547
03. Dec 18 Sell Wellington Management Group LLP Company 26. Nov 18 30. Nov 18 -2,495,425 A$3.81 A$-9,261,327
26. Nov 18 Sell Wellington Management Group LLP Company 28. Mar 17 23. Nov 18 -17,921,119 A$2.59 A$-46,418,449
26. Nov 18 Buy Wellington Management Group LLP Company 02. Feb 17 01. Nov 18 15,458,904 A$2.08 A$32,153,282
13. Sep 18 Sell Vinva Investment Management Company 27. Apr 18 11. Sep 18 -263,415 A$3.26 A$-857,535
13. Sep 18 Buy Vinva Investment Management Company 27. Apr 18 11. Sep 18 79,724 A$3.28 A$261,890
20. Jun 18 Buy Mawer Investment Management Limited Company 02. May 18 18. Jun 18 10,831,298 A$3.13 A$33,933,220
X
Management checks
We assess Bravura Solutions's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bravura Solutions has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why I Like Bravura Solutions Limited (ASX:BVS)

Help shape the future of investing tools and you could win a $250 gift card! … As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Can You Imagine How Bravura Solutions's (ASX:BVS) Shareholders Feel About The 89% Share Price Increase?

For example, the Bravura Solutions Limited (ASX:BVS) share price is up 89% in the last year, clearly besting than the market return of around 5.2% (not including dividends). … During the last year Bravura Solutions grew its earnings per share (EPS) by 18%. … It might be well worthwhile taking a look at our free report on Bravura Solutions's earnings, revenue and cash flow.

Simply Wall St -

A Closer Look At Bravura Solutions Limited's (ASX:BVS) Impressive ROE

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Bravura Solutions has a ROE of 24%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Bravura Solutions Limited (ASX:BVS) A Good Dividend Stock?

In the last few years Bravura Solutions Limited (ASX:BVS) has paid a dividend to shareholders. … Does Bravura Solutions tick all the boxes of a great dividend stock? … Check out our latest analysis for Bravura Solutions

Simply Wall St -

Did Bravura Solutions Limited (ASX:BVS) Insiders Buy Up More Shares?

So we'll take a look at whether insiders have been buying or selling shares in Bravura Solutions Limited (ASX:BVS). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, Bravura Solutions insiders bought more than they sold over the last year

Simply Wall St -

Bravura Solutions Limited (ASX:BVS): 2 Days To Buy Before The Ex-Dividend Date

Have you been keeping an eye on Bravura Solutions Limited's (ASX:BVS) upcoming dividend of AU$0.053 per share payable on the 28 March 2019? … Well, keep on reading because today, I'm going to look at the latest data and analyze the stock and its dividend property in further detail. … Has it paid dividend every year without dramatically reducing payout in the past?

Simply Wall St -

Do Institutions Own Bravura Solutions Limited (ASX:BVS) Shares?

The big shareholder groups in Bravura Solutions Limited (ASX:BVS) have power over the company. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … With a market capitalization of AU$1.0b, Bravura Solutions is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

What Do Analysts Think About Bravura Solutions Limited's (ASX:BVS) Growth?

Help shape the future of investing tools and you could win a $250 gift card! … Looking at Bravura Solutions Limited's (ASX:BVS) earnings update in June 2018, … the higher past 5-year average growth rate of 56%.

Simply Wall St -

How Bravura Solutions Limited (ASX:BVS) Could Add Value To Your Portfolio

Bravura Solutions Limited (ASX:BVS) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … company with

Simply Wall St -

Should We Worry About Bravura Solutions Limited's (ASX:BVS) P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at Bravura Solutions Limited's (ASX:BVS) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Company Info

Description

Bravura Solutions Limited provides enterprise software and software-as-a-service (SaaS) to the wealth management, life insurance, and funds administration markets in Australia, New Zealand, the United Kingdom, South Africa, and internationally. It operates through two segments, Wealth Management and Funds Administration. The company offers Sonata, a wealth management administration system that supports various business lines, including pensions and retirement savings, life insurance, investment, and wrap and platform; SonataWeb, a personalized front end portal for use across its business lines; Sonata Digital, a digital service that enhances customer experience; and ePASS, an online portal that provides online services for accumulation and retirement products, such as defined benefit schemes, as well as retirement and pension products for superannuation members and employers. It also provides SaaS solutions comprising Rufus Admin that offers funds administration functionality for transfer agents; Rufus Digital, which accommodates the needs of intermediaries and investors supporting the real-time, and integrated data and services; and Rufus Messaging, an automated STP messaging solution that connects third party message providers with Rufus Admin. In addition, the company offers enterprise funds administration platform, which supports the administration requirements of a range of investment vehicles that include UCITS compliant vehicles, which comprise SICAVS, OEICS, and other umbrella structures, as well as unit trusts, cash, constant, and variable NAV money market funds and investment trusts. Further, it provides professional services consisting of BPO partnering, consulting, data migration, implementation, software development, support, and training services; and managed application services. The company was formerly known as Bravura Solutions Holdings Pty Ltd and changed its name to Bravura Solutions Limited on October 13, 2016. Bravura Solutions Limited was founded in 2004 and is headquartered in Sydney, Australia.

Details
Name: Bravura Solutions Limited
BVS
Exchange: ASX
Founded: 2004
A$1,439,571,124
243,170,798
Website: http://bravurasolutions.com
Address: Bravura Solutions Limited
345 George Street,
Level 6,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX BVS Ordinary Shares Australian Securities Exchange AU AUD 16. Nov 2016
DB BRA Ordinary Shares Deutsche Boerse AG DE EUR 16. Nov 2016
CHIA BVS Ordinary Shares Chi-X Australia AU AUD 16. Nov 2016
Number of employees
Current staff
Staff numbers
1,296
Bravura Solutions employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 10:35
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.