Bravura Solutions research report

Our initiating coverage of Bravura Solutions (ASX:BVS), the software company that runs the back office for wealth platforms, superannuation funds and transfer agents in the UK and Australia. Available to wholesale investors.

The company

The system of record behind platforms, super funds and transfer agents

Bravura develops, hosts and supports the core administration software that holds member and investor accounts, processes contributions and redemptions, and runs unit registries. For its clients, replacing it is a multi-year migration.

Its main products are Sonata, for UK investment platforms, pensions and Australian superannuation; Midwinter, for financial advice; and Rufus and Babel, for UK and European transfer agency. The company is headquartered in Sydney, listed on the ASX in 2016 and was admitted to London's AIM market in July 2026.

FY26 revenue from customersA$282.6mYear to 30 June 2026, as reported

FY26 underlying Cash EBITDAA$77.1mUp from A$10.0m in FY24, as reported

Revenue earned in EMEA72%Mainly the UK; the balance is Australia and New Zealand

Source: Bravura Solutions FY26 results release and presentation, 12 August 2026. Past performance is not a reliable indicator of future performance.

What the report covers

Built from the filings up, then tested three ways

A full initiation, written to the standard of institutional broker research and prepared by Joshua Barker.

Company 101

History, management and board, products, customers, competitors and the size of the market Bravura sells into.

Financial analysis

Five years of reported results, a five-year forecast model, and bull, base and bear scenarios with the assumptions behind each.

Valuation

A discounted cash flow, trading multiples against six listed peers, and recent sector takeovers as a cross-check.

Risks

Fourteen company, industry, financial and macroeconomic risks, each rated for likelihood and severity.

The report

Published14 October 2026
Prices as atASX close, 9 October 2026
Length49 pages
Charts and tables32 charts, 20 tables
Sources64, each linked
FormatPDF

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Barker Wealth Management Pty Ltd ABN 46 695 875 962, AFSL 700297. Suite 913/185 Elizabeth Street, Sydney NSW 2000. (02) 8018 8998. This page contains general information only. It does not contain a recommendation or take account of your objectives, financial situation or needs. The research report is intended for wholesale clients as defined in the Corporations Act 2001 (Cth) and must not be passed on to retail clients. Past performance is not a reliable indicator of future performance.