Outlook: Investment case remains sound
Brady had a difficult FY15, as turmoil in the commodities space resulted in business being deferred. Nevertheless, the commodities markets are showing signs of recovery and the commodities software sector benefits from broader business drivers such as regulatory changes while the sector remains underinvested in IT. Further, the group continues to use its position as a quoted company to consolidate the sector and in our view the acquisition of energycredit is a bold one, as it creates significant cross-selling opportunities and provides an opportunity to leverage energycredit’s offshore development facility. Hence, we believe the shares look attractive, tracing on c 12x our cash-adjusted FY17e earnings.Brady is engaged in the provision of integrated trading, process and risk management software solutions for global commodity, recycling and energy trading companies.
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