Bravura Solutions Limited · ASX:BVS
Bravura Solutions — Investor Presentation (May 2019)
30 slides from Bravura Solutions's investor presentation, May 2, 2019
Slide 1: Operational Update and Equity Raising
Operational Update and Equity Raising Bravura Solutions Limited ACN 164 391 128 2 May 2019 Not for release or distribution in the United States
Slide 2: Important Notice and Disclaimer
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES IMPORTANT NOTICE AND DISCLAIMER Introduction: This presentation ("Presentation") has been prepared by Bravura Solutions Limited ACN 164 391 128 ("Bravura" or the "Company"). This Presentation contains summary information about certain current acti
Slide 3: Important Notice and Disclaimer
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES IMPORTANT NOTICE AND DISCLAIMER Key assumptions: Certain information in this Presentation, particularly forward looking information, is based on general and specific assumptions. General assumptions include those customary when preparing such info
Slide 4: Executive Summary
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EXECUTIVE SUMMARY Equity raising to support growth through enhanced balance sheet flexibility ▪ In 1H19, Bravura Solutions Limited (ASX:BVS) (Bravura) delivered revenue growth of 24%1, EBITDA growth of 28%1, and NPAT growth of 15%1 Strong 1H19 ▪ W
Slide 5: Executive Summary
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EXECUTIVE SUMMARY Equity raising to support growth through enhanced balance sheet flexibility ▪ Bravura is actively exploring a number of growth opportunities which may include acquisitions and product functionality enhancements to support expansi
Slide 6: Agenda
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES AGENDA Operational update and equity raising rationale 6 Equity raising details 12 Appendix – Risks 16 Appendix – Foreign Selling Restrictions 24 BRAVURA SOLUTIONS OPERATIONAL UPDATE AND EQUITY RAISING 6
Slide 7: Continued Strong Revenue and Earnings Growth
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES CONTINUED STRONG REVENUE AND EARNINGS GROWTH Revenue (A$m)3 EBITDA (A$m)3 1H 2H 221.5 1H 2H 38.6 191.9 184.7 32.6 152.1 118.6 20.0 25.0 89.9 98.4 14.4 80.4 17.5 11.9 9.4 127.4 23.8 94.8 102.9 18.2 18.5 93.5 71.7 13.1 8.1 FY15 FY16 FY17 FY18 1H19 F
Slide 8: Strong Growth in Recurring Revenue
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES STRONG GROWTH IN RECURRING REVENUE Recurring revenue (A$m) 221.5 ▪ Recurring revenue5 was up 31% in 1H19 compared to 1H18 and Implementation fees (A$m) 10.2 comprises 72% of total revenue Licence fees (A$m) 191.9 ▪ Recurring revenue has grown as n
Slide 9: FY19 Guidance Reaffirmed
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES FY19 GUIDANCE REAFFIRMED Strong sales pipeline ▪ Strong pipeline driven by sales opportunities from new clients and significant project activity from existing clients ▪ Bravura is well placed to take advantage of strong demand in the UK, Australia
Slide 10: Equity Raising Expected to Enhance Balance Sheet Flexibility
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EQUITY RAISING EXPECTED TO ENHANCE BALANCE SHEET FLEXIBILITY Bravura is actively exploring a number of growth opportunities to expand into adjacent markets in existing geographies, and new or existing markets in new geographies ▪ Bravura is active
Slide 11: Equity Raising Expected to Enhance Balance Sheet Flexibility
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EQUITY RAISING EXPECTED TO ENHANCE BALANCE SHEET FLEXIBILITY Bravura believes that the GBST Indicative Proposal, should it proceed, represents an attractive opportunity for the shareholders of Bravura and GBST ▪ Bravura announced on Friday 12 Apri
Slide 12: Agenda
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES AGENDA Operational update and equity raising rationale 6 Equity raising details 12 Appendix – Risks 16 Appendix – Foreign Selling Restrictions 24 BRAVURA SOLUTIONS OPERATIONAL UPDATE AND EQUITY RAISING 12
Slide 13: Equity Raising Overview
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES EQUITY RAISING OVERVIEW Bravura is undertaking a fully underwritten A$165m institutional placement ▪ Fully underwritten institutional placement (Placement) of approximately 30 million new fully paid ordinary shares in Bravura (Shares) to Placement
Slide 14: Uses of Placement Proceeds
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES USES OF PLACEMENT PROCEEDS Proceeds from the Placement are expected to enhance balance sheet flexibility, providing additional capacity to invest in growth opportunities ▪ Following the Placement, cash on hand and borrowing capacity will be suffic
Slide 15: Timetable
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES TIMETABLE Placement will be conducted on Thursday, 2 May 2019 Event Trading halt and announcement of Placement; Placement bookbuild commences 10:00am (AEST), Thursday, 2 May 2019 Trading halt lifted; Announcement of completion of the Placement 10:
Slide 16: Appendices: Risks
Appendices Risks
Slide 17: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS General economic conditions may negatively affect Bravura’s performance and the performance of Bravura shares. Any protracted slow down in economic Economic risk conditions or factors such as movements in inflation or interest rates and indu
Slide 18: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS There are general risks associated with investments in equity capital. The trading price of shares in Bravura may fluctuate with movements in equity capital markets in Australia and internationally. This may result in the market price for th
Slide 19: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS Bravura is dependent on its ability to attract new clients, particularly in order to grow market share and increase revenue. Bravura operates in competitive industries and its ability to attract new clients is particularly dependent on the c
Slide 20: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS Events may occur within or outside the jurisdictions in which Bravura operates, that could impact upon the economies of those jurisdictions or the global economy, the operations of Bravura and the price of the Shares. These events include bu
Slide 21: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS Bravura's success, including its ability to execute its growth strategy, depends, to a large extent, upon the continued service of key management, technical and personnel. Bravura may not be Further, historically, the speed of the developmen
Slide 22: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS Bravura relies on third-party software (e.g. Java), and hardware and technologies, for the development, implementation and operation of the Bravura's software Bravura relies on third and services. Bravura's operations would be materially imp
Slide 23: Risks
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES RISKS Bravura’s growth strategy is focused on: – continuing the roll out of its products in its core geographies; – expanding sales of Sonata and other existing software products into new geographies and adjacent markets in existing geographies; –
Slide 24: Appendices: Foreign Selling Restrictions
Appendices Foreign Selling Restrictions
Slide 25: Foreign Selling Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES FOREIGN SELLING RESTRICTIONS This Presentation does not constitute an offer of new ordinary shares ("New Shares") of Bravura in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person,
Slide 26: Foreign Selling Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES FOREIGN SELLING RESTRICTIONS The following is a summary of the statutory rights of rescission or to damages, or both, available to purchasers in Ontario. In Ontario, every purchaser of the New Shares purchased pursuant to this Presentation (other
Slide 27: Foreign Selling Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES FOREIGN SELLING RESTRICTIONS Hong Kong: WARNING: This Presentation has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised
Slide 28: Foreign Selling Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES FOREIGN SELLING RESTRICTIONS Norway: This Presentation has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007. Accordingly, this Presentation shall not be deemed
Slide 29: Foreign Selling Restrictions
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES FOREIGN SELLING RESTRICTIONS United Arab Emirates: Neither this Presentation nor the New Shares have been approved, disapproved or passed on in any way by the Emirates Securities and Commodities Authority ("ESCA") or. any other governmental author
Slide 30: For more information, visit:
For more information, visit: https://www.asx.com.au/ investors@bravurasolutions.com