Bravura Solutions' latest update contained a couple of welcome...

Bravura Solutions' latest update contained a couple of welcome positives while the market waits on the Australian software provider's three-year strategic plan, Wilsons analysts say. They tell clients in a note that Bravura's fiscal 2023 revenue was 4% stronger than they had expected, and about 2% above the top end of company guidance. They also cheer the company's immediate focus on reining in costs. Yet they caution that Bravura is undergoing considerable change and say the stock will be subject to what they call an air pocket until late October, when management is due to unveil its strategy and fiscal 2024 guidance. Wilsons is reviewing its underweight recommendation and A$0.46 target on the stock, which is up 26% at $0.63.

Bravura Solutions Says Plan To Achieve Positive Cash EBITDA Run Rate By FY24-End

Aug 25, 202311:25 GMT+10

BVS+44.00%
Bravura Solutions Ltd BVS:

• PLAN TO ACHIEVE POSITIVE CASH EBITDA RUN RATE BY END OF FY24 WITH CASH BURN OF $A30-35M IN FY24
• ORGANISATIONAL CHANGE PROGRAM WILL BE COMPLETED AHEAD OF SCHEDULE, BY JUNE 2024
• SEES FULL YEAR IMPACT IN FY25 FROM ORGANISATIONAL CHANGE PROGRAM
• SEES TOTAL EXPECTED ANNUALISED SAVINGS A$40M FROM ORGANISATIONAL CHANGE PROGRAM
• WILL PRESENT 3 YEAR STRATEGIC PLAN IN LATE OCTOBER 2023 WHICH WILL OUTLINE A STRATEGIC PATHWAY
• SEES FULL YEAR IMPACT IN FY25 OF ORGANISATIONAL CHANGE PROGRAM