Market Cap£15m

Last Close 17.7p

Brady is the largest Europe-based E/CTRM player. It provides a range of transaction and risk management software applications, which help producers, consumers, financial institutions and trading companies manage their commodity transactions in a single, integrated solution.

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Investment summary

On 18 October, Brady received a recommended all-cash offer at 10p per share (a 50.8% premium), valuing the issued share capital at £8.3m, from Hanover Active Equity Fund II, a private equity (PE) investor. The cash offer has been declared final, will be declared unconditional as to acceptances based on 50% of the share capital and may only be increased if there is a counter-offer.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 22.2 (2.6) (3.0) (5.7) N/A N/A
2018A 23.2 0.7 0.3 0.0 N/A 14.7
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with Brady. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently, we have removed our estimates until the offer period ends.

Last updated on 19/11/2019
Content on Brady
Brady – Recommended cash offer at 10p
TMT | research Flash note | 16 October 2019
Brady – Suspension of estimates
TMT | research Update | 15 October 2019
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 11.3 (68.7) (72.5)
Relative* 9.2 (69.8) (73.8)
52-week high/low 64.5p/3.8p
*% relative to local index
Key management
Carmen Carey CEO
Martin Thorneycroft CFO
Ian Jenks Non Executive Chairman