Bravura has an impressive management, terrific product in Sonata and just reported an excellent half year. However, the director selling should at least prompt one to ask why.
A possible scenario is Bravura makes a large acquisition; something management has spoken about and indicated that it is serious about for more than a year. With a market capitalisation more than $1.1 billion yet only $14 million net cash in the bank, a meaningful acquisition would necessitate a capital raising. Were there to be an acquisition, it almost by definition would result in a temporary deterioration of key performance metrics such as return on equity, which are often associated with high growth companies and help underpin their high PE multiples.
An acquisition is likely to see a significant capital raising at a substantial discount to the prevailing share price. The question would then be how to respond to that and I think taking some funds off the table ahead of time is prudent (as indeed the directors are doing) and reassessing in the new circumstances.
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Bravura has an impressive management, terrific product in Sonata...
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Last
$2.13 |
Change
-0.045(2.07%) |
Mkt cap ! $954.9M |
Open | High | Low | Value | Volume |
$2.15 | $2.16 | $2.12 | $582.4K | 272.5K |
Buyers (Bids)
No. | Vol. | Price($) |
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23 | 92019 | $2.12 |
Sellers (Offers)
Price($) | Vol. | No. |
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$2.13 | 7735 | 24 |
View Market Depth
No. | Vol. | Price($) |
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14 | 22520 | 2.130 |
20 | 96699 | 2.120 |
14 | 17640 | 2.110 |
14 | 46717 | 2.100 |
6 | 14594 | 2.090 |
Price($) | Vol. | No. |
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2.140 | 33979 | 23 |
2.150 | 25385 | 14 |
2.160 | 32332 | 11 |
2.170 | 93470 | 8 |
2.180 | 8374 | 3 |
Last trade - 12.52pm 31/07/2025 (20 minute delay) ? |
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