Date Theme Sector

31 August 2022 Financial Result Information Technology

Company

Bravura Solutions (BVS)

Strategic Review to Drive FY23e Direction

Recommendation UNDERWEIGHT
12-mth target price (AUD) $1.22
Share price @ 30-Aug-22 (AUD) $1.48
Bravura’s result today was a tale of two halves: 1H22 began with solid expectations of “mid- Forecast 12-mth capital return (17.4%)
teens” growth in adjusted NPAT, but slippage in the pipeline and operating cost growth matching Forecast 12-mth dividend yield 3.6%
revenue growth resulted in 2H22 adjusted NPAT contracting vs. 1H22, instead of growing. 12-mth total shareholder return (13.8%)
Bravura’s largest segment, Wealth Management, grew its top-line +6% but EBITDA fell -22%,
which was the biggest impact on the group result. With ~2/3rds of Bravura’s revenues coming
Market cap ($m) 366.3
from the UK, we expect ongoing challenges in FY23e, 1H23e in particular, with Australia having
Enterprise value ($m) 317.7
the potential to gain meaningful customer traction. The next catalyst for Bravura will be the
newly appointed CEO’s strategic review, around November. We retain our UnderWeight Shares on issue (m) 248.4
recommendation, lower our FY23e-FY24e EBITDA forecasts by -12% and lower our target price Sold short (%) 1.0
-11% to $1.22. ASX Small Ords weight (%) 0.1
Median turnover/day ($m) 1.9
 Key Points

Key Result Metrics: i) Total Revenue of $267m (+9.7% vs. pcp) technically just missed guidance, Ross Barrows
which was for “full year revenue growth in excess of 10%”. Wealth Management was up +6% ross.barrows@wilsonsadvisory.com.au
while Funds Administration was up +17% vs. pcp; ii) Corporate Costs of $39m grew +6%, driven Tel. +61 3 9640 3854
by a normalisation (higher) of travel costs and licencing expenses. Salary & Wages (within
Employee benefits expense) grew +18% to $142m, a meaningful increase), with +7% from Cameron Halkett
higher headcount and +11% inflation-related; iii) Operating EBITDA of $45m fell -8% vs. pcp. cameron.halkett@wilsonsadvisory.com.au
and was at the bottom end of the $45-$50m guidance range; and iv) Normalised NPAT of Tel. +61 2 8247 3162
$25.7m (-20% pcp.) also came in at the bottom end of the $25m-$30m range.
Lachlan Woods
Strategic Review Announced: Recently appointed CEO Ms. Libby Roy announced a strategic lachlan.woods@wilsonsadvisory.com.au
review of the business which will take ~3 months with the outcomes expected to be shared Tel. +61 3 9640 3818
shortly thereafter. Areas of focus will include leveraging its customer base, targeting customer
opportunities that can scale, accelerating its cloud deployment and reducing product silos.

12-mth price performance ($)

Outlook & Guidance: With a newly-appointed CEO and a strategic review now underway,
Bravura understandably didn’t provide any guidance. We note that Bravura did provide full year 3.40
guidance this time last year, so we hope that guidance will follow (accompany?) the release of
3.03
the outcomes from the strategic review. On outlook, challenges in FY22 including “reduced
interest in large scale software implementations, as well as a slowdown in anticipated 2.67
development programmes with existing clients’ range” could continue into FY23e. This, coupled 2.30
with inflationary pressures, sees us expect a challenging period ahead for Bravura, 1H23e in 1.93
particular.
1.57

Forecasts & Valuation: In light of today’s result, taking into consideration the strategic review will 1.20
Aug-21 Dec-21 Apr-22 Aug-22
take time and broad market conditions, we have reduced our revenue forecasts by -4% to -7%
BVS XSO
over FY23e to FY24e. EBITDA has then fallen by a larger amount as we expect Bravura will have
a higher operating base for longer. 1-mth 6-mth 12-mth
Abs return (%) (3.6) (11.9) (51.6)
Rel return (%) (1.7) (2.1) (40.4)

Financial summary (Y/E Jun, AUD) FY21A FY22A FY23E FY24E FY25E Key changes 28-Feb After Var %
Sales ($m) 243.0 266.6 276.9 293.2 312.9 Sales FY23E 289.5 276.9 -4%
EBITDA norm ($m) 57.8 53.1 51.2 58.4 68.0 ($m) FY24E 312.9 293.2 -6%
Consensus EBITDA ($m) 52.6 59.8 76.2 FY25E 337.0 312.9 -7%
NPAT norm ($m) 31.6 25.7 22.0 27.0 33.9 EBITDA FY23E 58.2 51.2 -12%
EV/Sales (x) 1.2 1.2 1.1 1.0 0.9 norm FY24E 66.5 58.4 -12%
EV/EBITDA (x) 5.1 6.0 6.0 5.1 4.3 ($m) FY25E 76.2 68.0 -11%
P/E (x) 11.5 14.2 16.7 13.6 10.8 Price target 1.37 1.22 -11%
Rating U/W U/W
Source: Company data, Wilsons estimate, Refinitiv.
All amounts are in Australian Dollar (A$) unless otherwise stated.

Wilsons Equity Research

Analyst(s) who owns shares in the Company: n/a Issued by Wilsons Advisory and Stockbroking Limited (Wilsons) ABN 68 010 529 665 – Australian Financial Services
Licence No 238375, a participant of ASX Group and should be read in conjunction with the disclosures and disclaimer in this report. Important disclosures regarding companies
that are subject of this report and an explanation of recommendations can be found at the end of this document.
31 August 2022 Information Technology
Bravura Solutions Limited

 Business Description  Investment Thesis

Bravura Solutions Limited (BVS) is a leading provider of software
products and services to clients in the wealth management and funds
administration industries across the Asia Pacific, Europe, the Middle East
and Africa. Key clients include Fidelity, Mercer, Citi and many others.
Bravura’ flagship wealth management product Sonata accounts for
almost half of total revenue and is a key focus for investment in the
business.
Bravura has a solid position in the wealth management and funds
administration software industries but is starting to struggle with organic
growth, - we rate Bravura UnderWeight. While there are structural
growth drivers (eg. increased regulation, end-user demand for
automation and efficiency gains) and demand for financial product
innovation, Bravura’s guidance suggests the company is still clawing
back the impacts of COVID-19.

 Catalysts
i) Expansion of Sonata into funds administration segment; ii) Contract
renewal of long-term clients; iii) Conversion of pipeline into new client
wins; iv) Securing organic growth.
 Risks
i) Bravura is reliant on signing large licence contracts, and while recurring
revenue is c70% of the mix any slippage in licence signing would lead to
forecast pressure; ii) Competitive pressure; iii) Partial cannibalisation of
revenues of Sonata from legacy wealth management products.

P&L ($m) FY21A FY22A FY23E FY24E FY25E Balance sheet ($m) FY21A FY22A FY23E FY24E FY25E
Sales 243.0 266.6 276.9 293.2 312.9 Cash & equivalents 73.6 48.7 60.8 65.7 74.9
EBITDA norm 57.8 53.1 51.2 58.4 68.0 Current receivables 40.2 39.8 37.2 39.4 42.0
EBIT norm 39.4 33.4 30.0 36.2 44.8 Current inventory 0.0 0.0 0.0 0.0 0.0
PBT norm 36.1 29.8 27.5 33.7 42.4 PPE 54.4 49.0 43.2 37.1 30.8
NPAT norm 31.6 25.7 22.0 27.0 33.9 Intangibles 252.6 264.1 277.1 289.7 300.8
NPAT reported 34.6 29.9 22.0 27.0 33.9 Other assets 37.0 48.6 35.9 37.6 39.7
EPS norm (cents) 12.9 10.4 8.8 10.9 13.7 Total assets 457.8 450.1 454.3 469.5 488.2
DPS (cents) 8.6 6.9 5.3 6.5 8.1 Current payables 13.5 15.7 12.1 12.5 13.1
Total debt 0.0 0.0 0.0 0.0 0.0
Growth (%) FY21A FY22A FY23E FY24E FY25E Other liabilities 114.5 99.5 98.5 102.5 107.1
Sales (11.4) 9.7 3.9 5.9 6.7 Total liabilities 128.0 115.2 110.6 115.0 120.2
EBITDA norm (14.7) (8.1) (3.7) 14.2 16.3 Minorities 0.0 0.0 0.0 0.0 0.0
NPAT norm (22.2) (18.8) (14.5) 22.7 25.8 Shareholders equity 329.8 334.9 343.7 354.4 368.0
EPS norm (cents) (22.9) (19.5) (14.6) 22.7 25.8
DPS (cents) (21.8) (19.8) (23.5) 22.7 25.8 Cash flow ($m) FY21A FY22A FY23E FY24E FY25E
Operating cash flow 47.3 42.1 53.8 49.8 57.5
Margins and returns (%) FY21A FY22A FY23E FY24E FY25E Maintenance capex (12.7) (13.1) (14.3) (14.4) (14.0)
EBITDA margin 23.8 19.9 18.5 19.9 21.7 Free cash flow 34.6 29.0 39.6 35.4 43.5
EBIT margin 16.2 12.5 10.8 12.3 14.3 Growth capex (12.7) (13.1) (14.3) (14.4) (14.0)
PBT margin 14.9 11.2 9.9 11.5 13.5 Acquisitions/disposals (23.1) (6.8) 0.0 0.0 0.0
NPAT margin 13.0 9.6 7.9 9.2 10.8 Dividends paid (17.1) (24.0) (13.2) (16.2) (20.3)
ROA 8.6 7.4 6.6 7.7 9.2 Other cash flow (5.3) (8.1) 0.0 0.0 0.0
ROIC 15.4 11.7 10.6 12.5 15.3 Cash flow pre-financing (23.5) (23.1) 12.1 4.9 9.2
ROE 9.6 7.7 6.4 7.6 9.2 Funded by equity 0.0 0.0 0.0 0.0 0.0
Funded by cash/debt 25.6 24.9 (12.1) (4.9) (9.2)
Interims ($m) 2H21A 1H22A 2H22A 1H23E 2H23E
Sales 127.3 132.3 134.3 135.6 141.3 Liquidity FY21A FY22A FY23E FY24E FY25E
EBITDA norm 38.0 29.3 23.9 24.3 26.9 Cash conversion (%) 81.7 79.2 105.2 85.2 84.6
EBIT norm 28.5 19.5 13.9 13.8 16.1 Net debt ($m) (73.6) (48.7) (60.8) (65.7) (74.9)
PBT norm 25.6 17.9 11.8 12.6 14.9 Net debt / EBITDA (x) (1.3) (0.9) (1.2) (1.1) (1.1)
NPAT norm 22.6 16.1 9.6 10.1 11.9 ND / ND + Equity (%) (28.7) (17.0) (21.5) (22.8) (25.5)
NPAT reported 25.5 15.3 14.7 10.1 11.9 EBIT / Interest expense (x) 12.1 9.1 12.0 14.6 18.3
EPS norm (cents) 9.2 6.5 3.9 4.1 4.8
DPS (cents) 6.0 3.7 3.2 2.4 2.9 Valuation FY21A FY22A FY23E FY24E FY25E
EV / Sales (x) 1.2 1.2 1.1 1.0 0.9
Stock specific FY21A FY22A FY23E FY24E FY25E EV / EBITDA (x) 5.1 6.0 6.0 5.1 4.3
Wealth Management Rev 160.2 169.5 178.8 187.8 196.6 EV / EBIT (x) 7.4 9.5 10.2 8.3 6.5
Funds Admin Rev 82.9 97.1 98.1 105.4 116.3 P / E (x) 11.5 14.2 16.7 13.6 10.8
Wealth EBITDA 50.5 39.3 42.0 46.9 52.1 P / BV (x) 1.1 1.1 1.1 1.0 1.0
Funds Admin EBITDA 35.3 44.8 42.7 46.4 51.5 FCF yield (%) 9.5 7.9 10.8 9.7 11.9
Wealth EBITDA Margin % 31.5 23.2 23.5 25.0 26.5 Dividend yield (%) 5.8 4.7 3.6 4.4 5.5
Funds Admin EBITDA Margin % 42.6 46.2 43.5 44.0 44.3 Payout ratio (%) 66.8 66.6 59.6 59.6 59.6
Total EBITDA Margin % 23.8 19.9 18.5 19.9 21.7 Franking (%) 0.0 0.0 0.0 0.0 0.0
Weighted shares (m) 245.9 247.9 248.4 248.4 248.4

Source: Company data, Wilsons estimate, Refinitiv.

All amounts are in Australian Dollar (A$) unless otherwise stated.

Wilsons Equity Research Page 2

31 August 2022 Information Technology
Bravura Solutions Limited

FY22 Result Summary

 Key Insights

• Total Revenue of $267m (+9.7% vs. pcp) technically just missed guidance, which was for “full year revenue
growth in excess of 10%” and rounding up to 10% still does not “exceed” 10%. Wealth Management of
$170m was up +5.8% vs. pcp and Funds Administration of $97m was up +17.2% vs. pcp.

• Corporate Costs of $39m grew +6%, driven by a normalisation (higher) of travel costs and licencing expenses.

• Salary & Wages (within Employee benefits expense) grew +18% to $142m, a meaningful increase, but was
similar to FY20 $137m). We note that group headcount grew +7%, suggesting +11% was price
growth/inflation-related.

• Operating EBITDA of $45m fell -8% vs. pcp. and posted a 17% margin, which was down ~300bps. The $45m
was also at the bottom end of the $45-$50m guidance range and below Consensus at $48m. Wealth
Management EBITDA was $39m (-22% vs. pcp., 23% margin contracted from 32%), Fund Administration
EBITDA was $45m (+27% vs. pcp., 46% margin expanded from 43%).

• Normalised NPAT of $25.7m (-20% pcp.) came in at the bottom end of the $25m-$30m

• UK Demand Soft: Per the Chiarman’s report: “In the UK there was reduced interest in large scale software
implementations, as well as a slowdown in anticipated development programmes with existing clients’ range”.

• Wealth Management is Challenging: Per the CEO’s report: “The Wealth Management segment’s EBITDA
reduced year on year due to global wage costs driven by localised resource shortages, the global resource mix
between high cost and low-cost countries and our overall global staff attrition, in line with the market at just
over 20%”.

• Future Geographic Expansion Flagged: The BVS CEO also noted that “we will be exploring greater geographic
expansion of our existing products in the next phase of the strategy”.

Figure 1: Deviation Table

De v ia t ion Ta ble ; Y /E Jun- 3 0 (A$ m) FY 2 1 A FY 2 2 A % gr owt h (pcp)
FY 2 2 WI L S ' e st . Va r %
Wealth Management $m 160.2 169.5 6% 169.2 0%
Funds Administration $m 82.9 97.1 17% 99.0 -2%
Tot a l R e v e nue $m 2 4 3 .0 2 6 6 .6 10% 2 6 8 .2 -1%
Wealth Management $m 50.5 39.3 -22% 39.8 -1%
Funds Administration $m 35.3 44.8 27% 46.5 -4%
Corporate Costs $m (27.912) (31.0390) 11% (31.5) -2%
EBI TDA (nor m.)* $m 5 7 .9 5 3 .1 -8% 5 4 .7 -3%
Wealth Management margin % 31.5% 23.2% 23.5%
Funds Administration margin % 42.6% 46.1% 47.0%
Gr oup ma r gin % % 2 3 .8 % 1 9 .9 % 2 0 .4 %
Depreciation and Amortisation $m (18.5) (19.7) 7% (20.1) -2%
EBI T (nor m.) $m 3 9 .4 3 3 .4 -15% 3 4 .6 -3%
margin % 16.2% 12.5% 12.9% -3%
Net interest income/(expense) $m (2.6) (3.6) 41% (2.0) 84%
P r ofit be for e t a x (P BT) (nor m.) $m 3 6 .8 2 9 .8 -19% 3 2 .6 -9%
Income tax benefit/(expense) $m (4.5) (4.1) -10% (4.7) -14%
tax rate % 12.2% 13.6% 14.5%
NP AT (nor m.) $m 3 2 .3 2 5 .7 -20% 2 7 .9 -8%
Abnormals $m 2.2 4.2 NM (1.3) -420%
NP AT (R e por t e d.) $m 3 4 .6 2 9 .9 -13% 2 6 .6 13%
Diluted EPS (norm.) cps. 13.1 10.3 -21% 11.2 -8%
DPS cps. 8.6 6.9 -20% 6.7 3%
* AASB 16.
Source: Wilsons, Bravura.

Wilsons Equity Research Page 3

31 August 2022 Information Technology
Bravura Solutions Limited

Topics to Explore
 Strategic Insights

CEO Libby Roy announced that Bravura would be undertaking a strategic review of the business, with the process to
take ~3 months. She highlighted 5 areas of focus:

• Leveraging its strong customer base, including increasing its partnerships

• Scaling opportunities in-line with customer priorities

• Accelerating Cloud implementation across multiple platforms

• Driving operating leverage

• Ongoing focus on ESG

 The Delta Acquisition

On 30 October 2020, Bravura acquired Delta Financial Systems Limited (“Delta”), a ”UK software company that
provides technology to power complex pensions administration in the UK market” for $41.5m, including $26m of
goodwill. $26.6m was paid upfront with $15.7m in contingent consideration.

In the 8 months of ownership in FY21, Delta generated $10.2m in revenue with its NPAT contribution deemed
“immaterial”. Assuming no meaningful seasonality, this would suggest annualised revenue for ~$13m, with an
incremental ~$3m in FY22.

Bravura disclosed in its accounts that Delta contributed an incremental $2.3m in revenue in FY22, which suggests it
contributed $12.3m in revenue. If accurate, this would be $2.7m, or -18%, lower than the annualized FY21 revenue.
Bravura also disclosed that it “recognised a $6.6m gain arising from the partial re-measurement of contingent
consideration for the Delta acquisition”.

 Analysing Revenue Quality

Bravura’s Recurring Revenue has two components, contracted and attached. “Contracted” is ‘as advertised’ and
tends to grow consistently over time. In 2H22, ‘Contracted’ fell for the first time since 1H15, due to a client churn
event, but is usually very reliable. “Attached”, however, is predictable and re-occurring, but not contracted, so is
subject to more volatility. “Attached” revenue grew in 2H22, its first expansion since 2H19. If both of these metrics
can continue to grow, consistently, incremental confidence will return to investors. We also note that improving
Project work is encouraging, as this can be a leading indicator of future customer wins.

Figure 2: Revenue by Type Figure 3: Revenue by Type (% mix)

5 12 9
3 9
9 7
5 23 23 25 16 17
5 15
33% 27% 26%
28 11 29%
5
4 34 39% 38%
35 39 19% 22% 21% 31%
11 35 33%
26 28 52 44 26%
51 39
20 42
31
22 22
18
52% 56% 55% 52%
71 72 70 48% 48% 47%
54 56 59 61 41% 38% 41% 41% 42%
45 47 48 49 49

1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22
1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22
Recurring Revenue, Contracted (A$m) Recurring Revenue, Attached (A$m) Licence Fees (A$m) Project Fees (A$m)
Project Fees (A$m) Licence Fees (A$m) Recurring Revenue, Attached (A$m) Recurring Revenue, Contracted (A$m)

Source: Wilsons, Bravura. Source: Wilsons, Bravura.

Wilsons Equity Research Page 4

31 August 2022 Information Technology
Bravura Solutions Limited

Forecasts, Valuation and Recommendation

Unlike last year, Bravura did not provide any quantitative guidance at today’s result, but did provide the following
qualitative comments:

• High-quality deals in the pipeline, with high confidence we will close and execute on these opportunities
• Specialist labour market remains challenging
• In Australia there is continued market consolidation providing further opportunities for the business and while
recovery in the EMEA wealth industry remains subdued, there are business opportunities in the existing
customer base
• The trend in capitalised R&D spend from 2H22 will continue into FY23e
• Will provide further detail on the outlook of the business post the completion of their strategy review.

On the back of this we have made the following change:

• Revenue – Down -4% to -7% over FY23e to FY24e on the back of us estimating lower growth within the UK
division and Delta
• EBITDA – EBITDA has been revised down -12% as a result of us forecasting lower revenue and a higher
OPEX base
• NPAT – Revised down -21% to -23% with the primary difference from the changes in EBITDA being the
increased forecasted amortisation costs as a result of the company capitalising more development and us
assuming they will have higher R&D costs for longer.

Figure 4: Forecast Revisions

F23e FY24e
Y/E: 30 Jun (A$m)
New Old ($) Diff (%) Diff New Old ($) Diff (%) Diff
Revenue 276.9 289.5 -12.5 -4% 293.2 312.9 -19.8 -6%
EBITDA (norm.)* 51.2 58.2 -7.0 -12% 58.4 66.5 -8.1 -12%
EBIT (norm.) 30.0 37.0 -7.1 -19% 36.2 44.3 -8.1 -18%
NPAT (norm.)* 22.0 28.4 -6.4 -23% 27.0 34.2 -7.3 -21%
Diluted EPS (normalised) (cps) 8.8 11.4 -2.6 -23% 10.8 13.7 -3.0 -21%
Source: Wilsons, Bravura.

We value BVS based on a FY23 target EV/EBITDA multiple, which based on today’s forecast changes results in our
valuation falling by -11% to $1.22 and us retaining our UnderWeight recommendation.

Figure 5: Valuation Summary

S ha r e holde r R e t ur n Ana ly sis
Target Price 1.22
Spot Price 1.49
Capital Return -18%
Dividend Yield 3.6%
TS R % -14%
Source: Wilsons, Bravura.

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31 August 2022 Information Technology
Bravura Solutions Limited

Figure 6: Comparable Company Multiples

EV/Revenue EV/EBITDA P/E FCF Yield %
BVS Comparables Table Market Cap. TEV
FY+1 FY+2 FY+3 FY+1 FY+2 FY+3 FY+1 FY+2 FY+3 FY+1 FY+2 FY+3
Domestic Software
Whispir Ltd 110 85 1.1x 0.9x 0.8x NM 20.1x 8.5x NM NM NM -9% -3% 3%
Nitro Software Ltd 199 145 2.1x 1.8x 1.5x NM NM NM NM NM NM -7% -1% 3%
Hipages Group Holdings Ltd 186 185 2.6x 2.2x 2.0x 14.5x 10.3x 8.3x NM 45.8x 29.6x 5% 8% 10%
Readytech Holdings Ltd 343 371 3.6x 3.1x 2.7x 10.5x 8.9x 7.6x 19.4x 16.1x 13.8x 7% 9% 15%
Bigtincan Holdings Ltd 387 338 2.3x 2.0x NM 33.7x 14.1x NM NM 32.7x NM NM 2% NM
Nuix Ltd 209 176 NM 1.1x 1.0x NM 8.3x 4.8x NM NM NM NM NM NM
Appen Ltd 458 287 0.8x 0.7x 0.6x 8.8x 6.1x 4.8x NM 31.4x 19.6x 3% 4% 7%
Codan Ltd 1,299 1,359 2.5x 2.4x 2.3x 8.0x 7.4x 7.2x 12.5x 11.5x 11.0x 6% 8% 9%
Median 2.3x 1.9x 1.5x 10.5x 8.9x 7.4x 16.0x 31.4x 16.7x 4% 4% 8%
Average 2.1x 1.8x 1.6x 15.1x 10.7x 6.9x 16.0x 27.5x 18.5x 1% 4% 8%

Domestic WM Software Providers

Praemium Ltd 302 296 3.7x 4.0x 3.4x 17.6x 14.6x 11.7x NM 39.9x 25.7x 14% 3% 4%
Iress Ltd 2,125 2,500 4.0x 3.8x 3.6x 16.8x 15.4x 13.7x 26.8x 24.1x 20.4x 5% 5% 6%
Hub24 Ltd 1,873 1,879 7.0x 6.0x 5.3x 18.9x 16.0x 13.4x 36.0x 29.8x 24.5x 3% 4% 5%
Link Administration Holdings Ltd 2,231 3,233 2.7x 2.6x 2.5x 12.0x 11.3x 10.7x 19.4x 17.5x 16.1x NM NM NM
Netwealth Group Ltd 3,138 3,064 14.5x 12.0x 10.1x 28.5x 22.9x 18.9x 43.3x 34.5x 28.2x 2% 3% 3%
Median 4.0x 4.0x 3.6x 17.6x 15.4x 13.4x 31.4x 29.8x 24.5x 4% 3% 5%
Average 6.3x 5.7x 5.0x 18.8x 16.0x 13.7x 31.4x 29.2x 23.0x 6% 4% 5%
Bravura Solutions Ltd 366.3 317.6 1.1x 1.1x 1.0x 6.2x 5.4x 4.7x 16.8x 13.7x 10.9x 7% 9% 11%
Source: Wilsons, Bravura.

Wilsons Equity Research Page 6

31 August 2022 Information Technology
Bravura Solutions Limited

Disclaimers and Disclosures

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