Forager Australian Shares Fund on Bravura Solutions Limited
Thesis
Bravura Solutions was the standout result during the August reporting season. The fund says the company’s turnaround continues, with profit margins expanding and strong cash generation. That cash generation is also being returned to shareholders, reinforcing the improvement in the underlying business. However, the share price has recovered rapidly and the fund now views it as much closer to fair value.
“The company’s extraordinary turnaround continues, with profit margins expanding, strong cash generation continuing and all of that cash generation paid out to shareholders.”
Key risks
- The share price has recovered rapidly and is now much closer to fair value.