Edison Investment Research - Brady PLC (BRY) Update: Strong performance across the three divisions

Report

Edison Investment Research

Update: Strong performance across the three divisions

Brady had a very busy first half, signing a number of substantial deals with
high-quality names, including one of the worldâ€™s largest commodity traders
and a world-leading metals recycling company. Additionally, the Energy
division has continued to build momentum, with six new deals signed. The
healthy deal flow and strong pipeline is in spite of the recent high volatility
in the commodity markets. While H1 sales are slightly below expectations
due to timing factors, bookings are higher than expected and we anticipate
a stronger than typical H2. Hence, we believe the stock continues to look
attractive at c 15.5x our maintained cash-adjusted FY16 earnings.

20/07/2015 3 EN

Underlying

Brady PLC

Brady is engaged in the provision of integrated trading, process and risk management software solutions for global commodity, recycling and energy trading companies.

See profile

GB00B0188P35 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Other Reports on these Companies

Edison Investment Research

Brady - Recommended cash offer at 10p

Brady has received a recommended all-cash offer at 10p per share (a 50.8% premium to the closing price), valuing the issued share capital at Â£8.3m, from Hanover Active Equity Fund II, a private equity (PE) investor focused on SMEs in the UK and Nordic markets. The cash offer has been declared final, will be declared unconditional as to acceptances based on 50% of the share capital and may only be increased if there is a counter-offer.Â Â Before the bid, Brady had been looking to secure additional funding for a turnaround strategy, and although negotiations have advanced, the company has not y...

October 16, 2019 October 16, 2019 2 EN

Edison Investment Research

Brady - Suspension of estimates

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Brady plc. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the Offer Perio...

October 15, 2019 October 15, 2019 2 EN

Edison Investment Research

Brady - New strategic plan, new sales expected FY20

Following its August trading update highlighting a slowdown in new sales, Bradyâ€™s interim results were in line with our expectations. H119 revenue was Â£9.5m, a 9% fall vs H118, with an EBITDA loss of Â£1.8m and a PBT loss of Â£2.5m. Net cash fell to Â£1.0m from Â£4.6m at FY18. Recurring revenues represented 82% of total revenues. The new CEO has completed her strategic review and management is focused on delivering a more scalable, predictable and sustainable business to allow the company to become the leading independent E/CTRM vendor. The commodities sector remains attractive and as and w...

September 26, 2019 September 26, 2019 7 EN

Actinogen Medical - Funding in place through key catalysts

Actinogen announced a capital increase of up to A$8.9m on 3 May, consisting of a A$5.0m (gross) placement along with a shareholder rights offering (‘entitlement offer’) designed to raise up to A$3.9m (gross) from existing shareholders. The closing date of the rights offer is 29 May and, given that Actinogen shares are currently trading at c A$0.028, we assume full exercise of the rights offering in Q424 (Q2 CY24). The company expects that the proceeds (assuming full exercise of the rights offering) will extend its operating runway beyond the interim results release of the first 100 patients of...

8h / 1m 8h / 1m 1 EN

Pedro Fonseca

Pedro Fonseca

Henderson Opportunities Trust - A differentiated exposure to smaller companies

With a focus on long-term growth, Henderson Opportunities Trust (HOT) seeks investment opportunities across the breadth of the UK market. This includes a strong bias towards smaller and earlier-stage companies with significant potential to become tomorrow’s leading British businesses. There are tentative signs that the significant three-year underperformance of these smaller companies, and of HOT, may be coming to an end. If so, the trust is well placed to benefit and its differentiated, truly all-market approach is one that many investors would struggle to replicate. Moreover, HOT’s size and ...

11h / 23m 11h / 23m 1 EN

Richard Williamson

Richard Williamson

CLIQ Digital - Increased churn weakens FY24 outlook

CLIQ Digital delivered a disappointing start to FY24 in Q124, as its membership base fell following a change in refund programmes from credit card providers, making it easier for subscribers to cancel. Revenues fell 12%, while marketing expenses, a key growth driver for CLIQ, dropped 9% as management sought to protect its gross margin. The adjusted EBITDA margin fell to 7%, driven by the decline in sales. Management has initiated its Fit for Future transformation strategy to drive operational efficiencies, while diversifying its marketing channels from traditional display advertising into sear...

May 14, 2024 May 14, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Update: Strong performance across the three divisions

Brady - Recommended cash offer at 10p

Brady - Suspension of estimates

Brady - New strategic plan, new sales expected FY20

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

CLIQ Digital - Increased churn weakens FY24 outlook

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe