Update: Strong earnings growth, solid cash generation
Brady says it expects FY14 results to be in line with expectations (we forecast PBT to double and EPS to jump 58%). Licence revenues were at record levels and cash generation was strong – year-end cash is expected to be £0.9m ahead of our previous expectations. The 15 new contracts signed over the period were broadly spread geographically, which demonstrates Brady’s ability to sign deals anywhere in the world. While buoyant commodity markets help drive trading solutions, volatility, as we have seen recently, helps drive the sale of risk management solutions – three risk solutions were sold in FY14. Brady remains on track and, in our view, the shares look good value on c 12x our cash-adjusted FY15 EPS.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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