Bravada International Ltd (BRAV)

[Jammin1]

I wanted to get a sense of revenue and expense trends, including per share numbers. The annual reports just show totals for one year each, so I made my own table, pulling numbers from https://www.bravada.com/disclosures/. The numbers below for 2020 are the 9 month numbers multiplied by 4/3 (to annualize them). The actual numbers could end up higher considering Q1 was much lower than Q2 and Q3.

 
                   2017 full yr   2018 full yr    2019 full yr   2020 annualized (4/3 of 9mo) 
 Revenues            $983,959      $2,691,822      $2,699,744      $4,327,657 
 Rev aft returns     $919,935      $2,637,608      $2,654,760      $4,269,173 
 Gross Profit        $431,955      $1,132,765      $1,077,744      $1,822,524 
 Total Expense       $526,803        $886,107      $1,071,500      $1,041,566 
 Net Ordnry Income   -$94,848        $246,658          $6,244        $780,958 
 Net Income          -$98,779        $250,149         $59,162        $792,564 
  
 Equity              $330,087        $580,236        $639,398      $1,431,965 
  
 PER SHARE 
 Rev aft returns/sh   $0.0013         $0.0037         $0.0038         $0.0061 
 Net Income/share    -$0.0001         $0.0004         $0.0001         $0.0011 
 Equity/sh (bookval)  $0.0005         $0.0008         $0.0009         $0.0020

Note that there was already a rising trend before this year's boost from mask sales. Danny had figured out a system for profitability in 2018. That gives me confidence that profitability will continue even when mask sales fade, as he's learned how to respond quickly to trends.

Given the above, a P/S of around 3 would put it between 1.5 and 2 cents, and a P/E of 12 would put it over 1.3 cents. I feel confident that we should eventually get up to those levels, hopefully very soon.

I'm also encouraged that they've kept expenses flat as revenues rose significantly in 2020. (Of course, COGS was up but that's reflected in gross profit).