Continuing our thematic review of TAMIM’s high-conviction holdings, Part Two explores three businesses operating at the crossroads of technology, infrastructure, and financial services. These companies combine scalable platforms, robust balance sheets, and strategic flexibility that positions them for re-rating or acquisition.
While market volatility remains elevated, Superloop, Bravura Solutions, and EML Payments demonstrate why execution, capital discipline, and long-term vision can create opportunities in overlooked segments. They reflect TAMIM’s core belief: strong businesses, even when out of favour, eventually get revalued.
Superloop (ASX: SLC)
A Scalable Digital Infrastructure Business with Momentum
Superloop has spent the past three years quietly executing a turnaround and expansion strategy, and its H1 FY25 results confirm the model is working. Revenue rose to $258 million, representing 31% growth year-on-year. Underlying EBITDA increased by 66% to $38 million, and the total customer base surged 63% to 664,000.
The company’s NBN market share grew over 50% to 6.3%, bolstered by the successful migration of 130,000 Origin broadband customers. Its wholesale segment also expanded 52% year-on-year, winning high-profile clients such as AGL. Superloop’s upcoming Uecomm acquisition will add 2,000km of fibre, further strengthening its metro footprint.
With low debt, strong cash flow, and reaffirmed FY25 EBITDA guidance of $83–88 million, Superloop is poised to become a key enabler of Australia’s digital economy. AI and automation remain core to the company’s strategy. The in-house AI chatbot “Teddy” has driven high customer satisfaction, and operational cost efficiencies continue to improve. TAMIM views Superloop as a well-capitalised digital infrastructure business with the right balance of organic growth and smart M&A execution to support a long-term re-rate.
Bravura Solutions (ASX: BVS)
Capital Management Meets Tech Rebuild
After a challenging few years, Bravura has stabilised and is rebuilding market confidence through consistent execution and disciplined capital management. For H1 FY25, the company reported revenue of $127.5 million, which held steady from the previous period. EBITDA rose to $23.8 million, up from $7.9 million, and net profit reached $11.3 million. The company ended the half with $151.8 million in cash and no net debt.
In a clear demonstration of shareholder focus, Bravura is returning 26.8 cents per share to investors during FY25, which includes a $40 million special dividend. Management has streamlined operations and maintained a flexible cost base, while engagement continues to grow in the Asia-Pacific region, particularly through the company’s digital advice solutions.
Bravura’s strategy revolves around expanding in APAC and EMEA markets, delivering client-centric technology, leveraging growth through existing relationships, and building a tech platform with margin scalability. Improvements in software development processes have led to fewer defects and better delivery efficiency. The team is cautiously exploring AI applications that could add value to the offering. With upgraded FY25 guidance of $46–49 million in EBITDA, TAMIM sees Bravura as a capital-returning, margin-expanding software business on the road to a potential re-rate.
EML Payments (ASX: EML)
Back From the Brink, With Takeover Potential
EML has re-emerged as a revitalised fintech after several tough years. The company’s H1 FY25 results showcased clear progress, with revenue climbing 15% to $115.1 million, EBITDA up 50% to $33.4 million, and a net profit of $9.5 million compared to a loss of $4.7 million in the prior period. It also ended the half with $50.6 million in net cash.
The turnaround is anchored in EML’s “2.0” strategy, which includes the development of a unified global technology platform (Project Arlo), simplification of operations, and refreshed commercial strategy. Europe led the way with 30% revenue growth, while Asia-Pacific delivered a 6% increase. North America remained flat but is expected to improve.
The company reaffirmed its FY25 EBITDA guidance of $54–60 million, and Executive Chair Anthony Hynes recently purchased $3 million worth of stock on-market, demonstrating internal conviction. EML currently trades at 6x EV/EBITDA, a valuation TAMIM believes understates its potential.
With a renewed focus on profitability, a streamlined product offering, and credible management, EML is positioned as both a growth reset and a likely takeover target. TAMIM believes private equity or strategic acquirers in the fintech space will soon take notice of its improving fundamentals and scalable platform.
The TAMIM Takeaway
Superloop, Bravura, and EML each reflect TAMIM’s conviction in scalable businesses with operational leverage and valuation upside. Though they’ve weathered challenges in recent years, their current positioning points to a path of sustainable growth. Whether it’s Superloop expanding digital infrastructure, Bravura returning capital while executing on tech upgrades, or EML re-emerging from a turnaround with takeover appeal, these businesses offer investors genuine re-rating potential.
Their common thread lies in strong balance sheets, strategic execution, and clearly defined growth roadmaps. For investors seeking exposure to underappreciated yet fundamentally sound tech and infrastructure platforms in 2025, these are three names to watch.
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Disclaimer: Superloop (ASX: SLC), Bravura Solutions (ASX: BVS) and EML Payments (ASX: EML) are held in TAMIM Portfolios as at date of article publication. Holdings can change substantially at any given time.
