Brave Bison Group was initiated at Buy by Shorecap Capital Markets with a 125p price target, with the broker arguing a platform mix shift into higher‑margin platform and enterprise contracts should prompt a re‑rating.
Shorecap's thesis leans on the group's acquisition-led scaling and recent trading momentum, highlighting that FY25 bolt‑on buys such as MiniMBA and MTM, together with a strategic tilt to platform revenues, shift Brave Bison toward more recurring, enterprise-facing revenue streams.
The call rests on strong near-term numbers and guidance: FY25 net revenue rose to £34.1m from £21.3m in FY24 and adjusted EBITDA reached £6.8m despite adjusted margin narrowing 110 basis points to 19.9% after five acquisitions, while management is guiding Q1 FY26 net revenue to be up c.58% year‑on‑year and MiniMBA is trading ahead of Board expectations (forecast organically >18% YoY).
The broker flags Q1 trading and the group's ability to convert its upgraded FY26 net revenue and adjusted EBITDA guidance into delivered results as the immediate catalysts for the proposed re‑rating.
