Here is an attempt at valuing Bravura. BENCHMARKS USED Compared...

Here is an attempt at valuing Bravura.

BENCHMARKS USED
Compared with GBST, Link and Iress in Australia and per Bravura Prospectus used FNIS , Sapiens and CSC in the USA.
PROFITABILITY
Compared EBITDA to Sales and Bravura at 17%. Aussie at 19 to 31%. US at 12 to 23%. Bravura at low to mid end of the range.
Compared EBIT to Sales and Bravura at 13%. Aussie at 12 to 24% and US at 3 to 17%.
Bravura reasonable.
ASSET MANAGEMENT
Compared EBITA to Total operating Assets and Bravura at 76%. Aussie at 50 to 97 % and US at 16 to 32%.
Bravura and Aussie companies amazing performers.
Compared EBT to Total operating Assets and Bravura at 57%. Aussie at 32 to 76% and US at 4 to 23%.
Again Bravura and Aussie companies amazing performers.
OTHER MATTERS
Bravura much smaller than all Aussie companies but bigger than GBST. Significantly smaller than US companies but same size as Sapiens.
PRICING
The usual storey, an amazing business being sold at an obscene price. It does not matter if you use EBITA or EBIT as a metric here. Have looked at both methods as some of these companies play around with depreciation and goodwill amortisation.
At bottom of range, 1.68 , it is cheaper than all benchmarks.
At top of range, 2.17 it is cheaper than all benchmarks but same as GBST.
At a push it is worth around $2.50 maximum if you consider the above benchmarks to be reasonable.

What is everyone thinking here as CBA closes at 12.30 EST tomorrow, Wednesday.
There are some good IT industry players on this Forum and do you think Iress and Link are good benchmarks.
Keen to hear views.