Just read that "Business Model/Strategy" straw by DRN1 for BVS - Just a quick tip - if your link is to something on a site that has a paywall or a log-in requirement (i.e. where the user needs to have set up an account), like Commsec, then it won't work unless the person clicking on the link has a commsec account, and is logged in to their account, and has a commsec membership level that allows access to that Goldman Sachs report (in this example). Including links from sites that do not have a paywall or a log-in requirement is fine. However, I can't find that GS report on any free sites - so in this case there might not be a better option. I'll try to include the file as an attachment to this straw.
In the meantime, if you click here, you can get a list of Bravura's own presentations and reports.
Goldman Sachs Analysis - 2 April 2020
- 27.7% cut to the share target price from $6.90 to $5.40 due to Covid impacts
- 1H20 Strong Balance sheet with A$100.3 mn net cash
- remain positive on BVS’ medium term pipeline of opportunities and see its defensive attributes (high levels of recurring income, with clients typically on 7-10 year contracts, low churn rate) as favourable in this current environment.
- Regulatory change continues to be a structural driver
- Global product offering: BVS has invested c. A$160mn developing its core Sonata product. Sonata is built on an open source platform, with an increasing % of new functionality funded by individual clients, which can then by rolled out to BVS’ other clients.
-Continued improvement on margins: the company has noted that as its customer base continues to scale, it should see improvement in margins on maintenance revenue.
Key downside risks: Rapidly changing technology requires ongoing investment; Fewer contract wins (since forecasts are contingent on the ability to win new clients); Contract losses