Fund Manager Summary
The fund managers believe that the outlook for Bravura Solutions Ltd is promising, particularly following the recent updates in December 2024. In their opinion, the company’s software solutions for wealth management, life insurance, and funds administration present a significant opportunity for growth. The recent guidance revisions, which raised the midpoint of revenue and cash EBITDA by 2% and 15% to $242.5 million and $34.5 million, respectively, have positively influenced investor sentiment. Consequently, the share price surged 46% over the month, indicating strong market confidence. Overall, the fund managers view Bravura as a valuable investment in a dynamic sector.
Source: Trading View
Commentary From The Managers
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QVG Capital
5 Nov 2025
$2.76
Summary
- QVG Capital is updating their investment thesis on Bravura Solutions Ltd..
- Recent upgrade to revenue and earnings was partially offset by news of a client loss.
- The loss raises concerns about churn rates and future revenue growth.
- However, QVG Capital believes the nature of the client loss reflects more on the client's internal strategy than on Bravura's product offering.
- QVG Capital continues to hold their position due to these insights.
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Commentary From The Managers
QVG Capital
5 Nov 2025
$2.76
- QVG Capital is updating their investment thesis on Bravura Solutions Ltd..
- Recent upgrade to revenue and earnings was partially offset by news of a client loss.
- The loss raises concerns about churn rates and future revenue growth.
- However, QVG Capital believes the nature of the client loss reflects more on the client's internal strategy than on Bravura's product offering.
- QVG Capital continues to hold their position due to these insights.
Summary
Forager Funds
31 Oct 2025
$2.88
- Forager Funds sold their investment in Bravura Solutions (BVS) after a significant increase in share price.
- The decision followed Bravura's upgraded expectations for the 2026 financial year, projecting 2-6% higher revenue and 10-30% more Cash EBITDA.
- The Fund had recently added to their position at $2.13 per share and sold at an average price above $3.
- Bravura shares had been a strong performer, initially added when they were trading at just $0.83 in early 2024.
- The Fund noted that further growth is needed to justify the current share price.
Summary
QVG Capital
31 Oct 2025
$2.88
- QVG Capital continues to monitor Bravura Solutions Ltd closely due to mixed recent updates.
- Recent upgrade to revenue and earnings was partially offset by the loss of a client.
- The client loss raises questions about churn rates and potential future revenue growth.
- However, this loss is viewed as reflective of the client’s internal business strategy, not Bravura’s product quality.
- Despite some concerns, Bravura had a strong October, aided by a new CEO appointment.
- The new CEO, Colin Greenhill, previously led Vencora, part of Canada’s Constellation Software.
- QVG Capital is optimistic that Colin can bring positive changes akin to Constellation’s historical performance.
Summary
Tamim Funds Management
15 Oct 2025
$3.06
- Market Cap: ~$250 million
- FY26 Guidance: Revenue $265–275 million, Cash EBITDA $55–65 million
- Investment View: Undergoing operational transformation, potential margin expansion and re-rating catalyst
- Recovery Story: Bravura Solutions has been a standout recovery in the portfolio
- Positive Revision: Driven by foreign exchange tailwinds and $7 million in new professional services wins
- ARR Growth Indicator: Professional services activity is a strong lead indicator of annual recurring revenue growth
- Leadership: Appointment of Colin Greenhill as CEO from January 1, 2026, adds pedigree
- Relevant Experience: Greenhill’s background in customer-focused transformation aligns with improving margins
- Incentive Alignment: CEO’s long-term incentive package tied to cash EBITDA margins and share price performance
- Valuation: BVS trades at an undemanding multiple relative to software peers
- Margin Potential: Company can drive EBITDA margins toward 30% over time
- Overall Appeal: Improving fundamentals, high-quality leadership, and renewed customer momentum support investment thesis
Summary
Seneca Financial Solutions
10 Oct 2025
$3.51
- Seneca Financial Solutions continues to hold a cautious stance on Bravura Solutions Ltd.
- This is a caution/sell recommendation, reflecting a controversial view.
- Despite being a fundie favorite, there are concerns about the product quality.
- Many in the industry may not have used the Midwinter product, which raises questions about its effectiveness.
- While there is potential for improvement, the product is currently seen as not very good.
- Bravura is pursuing a cost-out driven strategy, but valuations are high.
- At 5.5 times EV to sales, the stock is priced like a high-quality growth business.
- In reality, it is perceived as primarily a cost-out story.
- If the product were better and faced less competition, the market might value it differently.
- There is a belief that the market does not fully understand the product application, contributing to its high valuation.
Summary
Maple-Brown Abbott
10 Oct 2025
$3.51
- Maple-Brown Abbott believes Bravura Solutions Ltd is a strong investment opportunity.
- The company has experienced multiple earnings upgrades over the past year, including a recent upgrade for FY26.
- This positive trend is primarily driven by top-line growth, indicating a shift from a cost-cutting focus.
- Bravura is beginning to regain sales momentum after cycling through lost contracts.
- There are still cost-out opportunities, but growth is becoming more evident.
- The management team consists of individuals with experience from Constellation Software, a successful company in Canada.
- If Bravura can replicate even a fraction of Constellation's success, there is significant potential for growth.
- Management is incentivized based on revenue growth and EBITDA margin expansion, aligning their interests with shareholders.
- Maple-Brown Abbott is optimistic about the future prospects of Bravura Solutions Ltd.
Summary
Tamim Funds Management
30 Sept 2025
$2.53
- Bravura (ASX: BVS) announced a positive upgrade for FY26, with revenue projected at $265-275 million, up from $258.7 million.
- Cash EBITDA raised to $55-65 million from above $50 million.
- The revenue and cash EBITDA increase was driven by a combination of foreign exchange tailwind and $7 million in new professional services wins, primarily from EMEA wealth management.
- This reflects enhanced customer budget visibility, responsive pricing strategies, increased client efficiency spending, and regulatory upgrades.
- Professional services work is a good lead indicator for ARR growth.
- Bravura appointed Colin Greenhill as CEO, effective January 1, 2026.
- Greenhill, former CEO of SSP Worldwide (Constellation Software subsidiary), brings expertise in transforming businesses and driving customer-focused growth.
- His leadership positions Bravura to capitalize on EMEA opportunities and pursue disciplined acquisitions.
- Colin adds further pedigree to the company in improving cash EBITDA margins towards 30%.
- His entire LTI package is tied to cash EBITDA margins and share price performance, both critical measures for investors.
Summary
Naos Asset Management
30 Sept 2025
$2.53
- Naos Asset Management continues to hold a significant investment in Bravura Solutions Ltd (BVS), recognizing it as a core investment.
- The recent appointment of Colin Greenhill as the new CEO marks a pivotal change in the company’s leadership.
- Colin has a strong background, having previously served as CEO of SSP Worldwide Ltd, enhancing customer retention and profits during his tenure.
- His experience as a Portfolio Manager at Vencora Group, a global software collective, adds valuable operational expertise to BVS.
- Naos believes Colin’s background will significantly benefit BVS, especially given the operational improvement journey the company is on.
- BVS is expected to drive shareholder value through three key levers:
- Improvement in cash EBITDA margins
- Focus on organic revenue growth by deepening customer relationships
- Utilizing cash generation for acquiring complementary software businesses
- Naos highlights the success of Constellation Software Inc (CSU) since its listing in 2006, emphasizing its achievements without increasing the number of shares issued.
Summary
QVG Capital
30 Sept 2025
$2.53
- Bravura Solutions Ltd. is viewed by QVG Capital as an example of a company where result capitulation was a short-term aberration.
- The company possesses sticky customers, which contribute to its stable revenue stream.
- Predictable revenues are highlighted as a key strength of Bravura, enhancing its overall investment appeal.
- New management is seen as having the valuable commodity of time to implement changes and improvements.
- QVG Capital continues to hold its position in Bravura, reflecting confidence in the company's long-term potential.
Summary
Forager Funds
30 June 2025
$2.22
- Forager Funds notes that Bravura Solutions Ltd (BVS) has experienced a strong year due to effective restructuring.
- The company undertook a disciplined restructure, addressing previous underperformance and excessive costs.
- Significant reductions in staff and costs were made without affecting client retention.
- As a result, recurring revenue grew by 7% in the latest half, highlighting the business's resilience.
- Profitability has improved and is now aligned with industry norms as a percentage of revenue.
- Despite the recent departure of the CEO responsible for the turnaround, Forager Funds believes the company's positive trajectory will continue.
- Bravura has shifted focus to new client opportunities while maintaining strict cost control.
- The stock's performance has positively impacted the Fund, with a 114% increase in share price contributing nearly 5% to the Fund’s performance.
Summary
Naos Asset Management
30 June 2025
$2.22
- Naos Asset Management has made a recent addition to its core holdings with Bravura Solutions Ltd (BVS).
- BVS has attracted a prominent and substantial shareholder with a strong track record in the software industry.
- This development coincides with significant operational improvements within the company.
- There have been notable board and executive changes at BVS.
- Naos Asset Management looks forward to greater clarity on the company’s medium- to long-term strategic direction.
Summary
Datt Capital
11 June 2025
$2.37
- Datt Capital maintains a positive outlook on Bravura Solutions Ltd's prospects.
- The firm is adopting a bullish view regarding revenue growth.
- Bravura has made significant improvements to its product offerings.
- There is a newfound discipline in cost-cutting and capital management.
- The interim CEO is associated with Constellation Software, a key shareholder, adding interest.
- Bravura's valuation appears modest compared to overseas peers.
Summary
Yarra Capital Management
11 June 2025
$2.37
- Bravura's a hold.
- Struggled to grow revenue in recent years.
- Concerns about future revenue growth.
- Mature industry with low customer turnover.
- Strong competition impacting customer acquisition.
- Earnings growth primarily from margin expansion.
- Limitations on further cost reduction strategies.
- Potential need for reinvestment to achieve sustainable growth.
- Recent management changes create uncertainty in strategy.
Summary
Ophir Asset Management
10 June 2025
$2.42
- Ophir Asset Management continues to hold a position in Bravura Solutions Ltd (ASX:BVS) despite the recent resignation of its CEO.
- The company is undergoing a transformation with Pinetree Capital, a significant stakeholder with board influence.
- Bravura is implementing cost-cutting measures by shedding excess staff and outsourcing to Poland and India.
- Customer service is improving for major clients, including Australian super funds and UK wealth managers.
- There is potential for revenue growth to increase from mid to high single digits into the 10-15% range.
- As margins improve towards the 20-25% range, Bravura may approach a "rule of 40" company status.
- This transformation could lead to a re-rating of its valuation from approximately 3-3.5x Enterprise Value/Sales to 6-7x.
Summary
Ophir Asset Management
3 June 2025
$2.40
- Ophir Asset Management is focusing on Bravura Solutions Ltd, an Australian software business with a market cap of $1 billion.
- The company primarily serves wealth managers in the UK and super funds in Australia.
- Bravura faced significant challenges in recent years, including workforce inefficiencies and collapsing margins.
- A new management team and board have implemented cost-cutting measures, improving margins towards 20%.
- Customer feedback indicates a marked improvement in workforce quality.
- Ophir believes Bravura is rebuilding its pipeline for double-digit revenue growth.
- Projected margins may exceed 20% EBITDA as the business evolves.
- In May, stock price fell to $2, presenting a buying opportunity for Ophir Asset Management.
- Despite a recent CEO change, Ophir remains optimistic about Bravura's management and prospects.
Summary
Ophir Asset Management
31 May 2025
$2.47
- Bravura Solutions (ASX:BVS) is an enterprise software provider for the funds and wealth management industries.
- Bravura serves major global investment management firms and Australian superannuation funds.
- After years of poor capital allocation, the firm faced significant challenges in 2023, including declining revenue and rising costs.
- An emergency capital raise in March 2023 was critical for the company’s turnaround.
- Pinetree Capital, a respected investment firm, undertook a management overhaul and implemented aggressive cost-cutting measures.
- Staff reductions, controlled R&D expenditures, and operational shifts to lower-cost regions (India and Poland) were key strategies.
- Revenue is beginning to grow as client confidence has returned, allowing increased spending on in-house software development.
- Bravura has upgraded its guidance twice during FY25, citing revenue growth as a primary factor.
- Future revenue growth is anticipated to come from both smaller modular sales and larger enterprise contracts.
- Bravura is projected to move towards a Rule of 40 trajectory, with combined profit margins and revenue growth potentially exceeding 40%.
- Aiming for 25% cash EBITDA margins, Bravura could see substantial market value increase given current trading multiples.
- Ophir Asset Management continues to hold its position in Bravura due to the improving fundamentals and potential for revenue growth.
Summary
Tamim Funds Management
28 Feb 2025
$2.54
- Tamim Funds Management continues to hold Bravura Solutions Ltd (ASX: BVS) due to its robust financial performance in H1 FY2025.
- The company reported a revenue of $127.5 million, marking a 0.4% increase from the previous period.
- EBITDA rose significantly to $23.8 million, an increase of $15.9 million.
- Net profit improved to $11.3 million, up $13 million.
- Bravura announced a comprehensive capital return strategy, including a special dividend of $40 million (8.9 cents per share).
- The total cash distribution to shareholders is projected at 26.8 cents per share in FY25.
- The company is focusing on four strategic pillars: market expansion in EMEA and APAC, client-focused technology solutions, growth with existing clients, and building a high-quality technology business.
- Bravura has upgraded its full-year guidance for revenue to $248 million to $252 million.
- Promising developments in the APAC digital advice proposition are driving increased project work.
- Management is focused on reducing software customisation and improving engineering capabilities.
- They are maintaining a flexible cost base, allowing adjustments based on project opportunities.
- While cautious about large-scale investments in emerging technologies like AI, Bravura is exploring integration and partnership opportunities.
- The leadership team believes they are rebuilding market confidence through consistent delivery and strategic alignment with clients.
- Looking ahead, Bravura is well-positioned for continued growth, with expectations of further improvements in financial performance in FY26.
Summary
Wilson Asset Management
28 Feb 2025
$2.54
- Bravura Solutions is a leading technology provider for the wealth management, life insurance, and funds administration industries.
- In February, Bravura Solutions announced its FY2025 interim results, showing a 0.4% year-on-year increase in revenue.
- The company upgraded its guidance for EBITDA to $46 million to $49 million, up from the previous range of $41 million to $44 million.
- Wilson Asset Management notes that Bravura Solutions has executed an impressive turnaround strategy.
- Wilson Asset Management believes Bravura Solutions is well positioned to expand its market share.
Summary
Endeavor Asset Management
28 Feb 2025
$2.54
- Bravura Solutions (BVS) experienced a significant increase of 17.6% in February following a strong 1H25 result and upgraded FY25 guidance.
- BVS has consistently exceeded earnings expectations by more than 10% in its past four results, indicating a strong track record of under promising and over delivering.
- The focus on securing new contracts is expected to drive revenue growth consensus projections from low-mid single digits to mid-high single digits over the next 2-3 years.
- The reinstatement of a dividend is a positive sign, with expectations for continued dividends in the future, including a special dividend in April.
- Endeavor Asset Management continues to hold BVS shares in light of these positive developments.
Summary
Forager Funds
31 Dec 2024
$2.25
- Bravura Solutions has experienced a significant turnaround in the past 18 months under the leadership of Andrew Russell, appointed in June 2023.
- The company has implemented cost reductions exceeding $67 million, a remarkable achievement for a listed business.
- Despite a challenging financial position two years ago, with a cash EBITDA loss of $28 million in FY2023, Bravura is now on a better trajectory.
- Following an $80 million capital raise, the market capitalisation was under $150 million, down over 90% from previous highs.
- Management's focus has shifted from survival to improving revenue growth, projecting cash EBITDA between $33 to $36 million for the current year.
- Bravura is set to undergo a $75 million capital return in January 2025, along with resuming dividend payments.
- Software revenue is rising, with a 10% increase in FY2024, a crucial aspect for the business's financial health.
- Management has underscored the value of software revenue over project-based consulting, ensuring long-term customer retention and higher margins.
- The company's market capitalisation currently exceeds $1 billion, reflecting a 170% increase since the initial investment by Forager Funds.
- Forager Funds continues to hold Bravura shares and has increased their investment as confidence in the thesis grows.
- Future prospects look bright with expectations of lower costs and higher revenue, coupled with a robust pipeline of potential growth companies.
Summary
Endeavor Asset Management
31 Dec 2024
$2.25
- Endeavor Asset Management invested in Bravura Solutions (BVS) at the end of November.
- BVS provides software solutions for the wealth management, life insurance, and funds administration industries.
- In early December, BVS released updated guidance, leading to significant upgrades.
- The midpoint of revenue guidance was raised by 2% to $242.5 million.
- The midpoint of cash EBITDA guidance was raised by 15% to $34.5 million.
- As a result, BVS's share price increased by 46% over the month.
- Endeavor Asset Management continues to hold because of these positive developments.
Summary
Firetrail Investments
31 Dec 2024
$2.25
- Bravura upgraded guidance during the month, resulting in a 46% increase in stock price.
- The upgrade was driven by expectations that revenue will be $5m higher in FY2025 than previous guidance.
- Bravura plans to reduce operating costs by 11% in FY2025, following a similar reduction in the prior year.
- This cost reduction is expected to drive a near tripling in Cash EBTDA over the prior comparable period (pcp).
- Consensus expectations for 3-year revenue growth CAGR of 1% are viewed as very conservative.
- Factors supporting growth include inflation-linked recurring revenue, an increasing appetite for new project work from existing clients, and the potential for material new contract wins.
Summary
Wilson Asset Management
31 Dec 2024
$2.25
- Bravura Solutions is a global provider of innovative technology for the financial services industry, focusing on wealth management, pensions, and funds administration.
- Upgraded FY25 guidance was announced, projecting EBITDA between $41 million and $44 million and revenue ranging from $240 million to $245 million.
- This upgrade follows a successful transformation and execution of their business strategy over the past 18 months.
- Dividend payments are set to recommence in March 2025, alongside a capital return of at least $0.163 per share on 30 January 2025.
- This signals the profitability and robust cash generation of the business.
- The positive developments have driven investor confidence, which Wilson Asset Management believes will continue into 2025.
Summary
Spheria Asset Management
30 Nov 2024
$1.57
- Spheria Asset Management notes a 46% increase in Bravura Solutions' share price during the month.
- The company has raised FY25 earnings expectations and recommenced dividends, highlighting positive momentum.
- Management anticipates modest revenue growth in FY25, marking a return to topline growth after cost alignments.
- New management has effectively executed a turnaround strategy, boosting operational confidence.
- The recommencement of dividends reflects management's confidence in stable earnings.
- Bravura has emerged as a top performer in the small-cap fund, increasing over 160% in the past year.
- The company is strategically positioned to gain market share in superannuation administration due to the strength of its Sonata platform.
Summary
Forager Funds
30 Sept 2024
$1.38
- Forager Funds continues to hold their position in Bravura Solutions Ltd (BVS).
- The turnaround at Bravura is progressing positively, with healthy results from the previous year.
- Improved guidance for this year is attributed mainly to cost reductions.
- The cost base is now $67 million lower since the current management team's turnaround plans were initiated.
- Recurring software revenue is expected to rise this year, despite an overall revenue decline.
- A $75 million capital return is anticipated early next calendar year.
- The cash balance will be strengthened by a $56 million one-off sale of software to large customer Fidelity.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"Investors seem to be waking up to the potential of Bravura Solutions, as a 46% surge in share price hints at a promising shift in the wealth management landscape. With upgraded guidance, it appears the momentum is just beginning to build."
Last Updated: 05 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Bravura Solutions Ltd (ASX:BVS)?
Fund managers including Endeavor Asset Management, Spheria Asset Management, Forager Funds, Ophir Asset Management, Yarra Capital Management, Datt Capital, Firetrail Investments , Naos Asset Management, Wilson Asset Management, Tamim Funds Management, Seneca Financial Solutions, Maple-Brown Abbott and QVG Capital have invested in Bravura Solutions Ltd (ASX:BVS).
Why do fund managers invest in Bravura Solutions Ltd?
Fund managers are investing in Bravura Solutions Ltd due to its strong performance in providing software solutions for wealth management, life insurance, and funds administration. Recent updates from the company led to significant upgrades in revenue and cash EBITDA guidance, resulting in a notable share price increase of 46% within a month. This positive outlook and financial growth make Bravura an attractive investment opportunity.
What happened to Bravura Solutions Ltd (ASX:BVS)?
Fund managers are investing in Bravura Solutions Ltd due to its operational transformation and improved financial outlook. The company recently upgraded its FY26 revenue guidance to $265–275 million and cash EBITDA to $55–65 million, driven by foreign exchange benefits and new professional services contracts. The appointment of Colin Greenhill as CEO, with a strong background in customer-focused transformation, is seen as a positive catalyst for margin expansion and sustainable growth. Despite some skepticism regarding product quality and market competition, the overall sentiment highlights Bravura's potential for profitability and revenue growth, making it an attractive investment in the fintech sector.