Brave Bison’s FY25E pre-close update flags a strong performance across a year of substantial operational and strategic progress, with revenue and profit exceeding our expectations despite a challenging macro / industry backdrop. We have raised our FY25E adj. EPS estimate by 7% (adding to a sequence of 11 upgrades since 2020) and see upside to our FY26E numbers if the company’s strong momentum continues. Our 155p target price suggests scope for substantial share price appreciation and a compelling buying opportunity.
