Buy, hold, sell: Bravura, ASX, Lottery Corporation shares

As earnings season continues, brokers are reviewing company reports and re-rating ASX shares as a buy, hold, or sell.

Here are three new recommendations.

Bravura Solutions Ltd (ASX: BVS)

The Bravura Solutions share price closed at $1.95 on Thursday, down 4.4%.

Last week, the wealth management software provider reported underlying revenue of $140 million, up 9.8% year-over-year, for 1H FY26.

About $81.3 million was recurring revenue.

Underlying cash earnings before interest, taxes, depreciation, and amortisation (EBITDA) was $34.2 million, up $14.2 million on 1H FY25.

Underlying net profit after tax (NPAT) was $25.9 million, up $14.6 million on 1H FY25.

Bravura ended the half with $64.5 million in cash and no debt.

Shaw and Partners reiterated its buy rating on the ASX tech share after reviewing the report.

The broker said revenue and EBITDA were comfortably ahead of expectations, commenting:

BVS is now a leaner, more efficient and more focused organisation.

While u/lying recurring growth is a highlight, churn is still a headwind and shouldn't be ignored entirely.

However, Services is driving recent upgrades and BVS has good visibility into FY27.

Its cost base has now stabilized, which suggests future upgrades will be driven by revenue outperformance.

Shaw and Partners has a 12-month price target of $2.50 on Bravura Solutions shares.

Lottery Corporation Ltd (ASX: TLC)

Lottery Corporation shares closed at $5.58 yesterday, up 1.1%.

On Wednesday, the lottery services provider reported a 2% lift in revenue to $1.82 billion for 1H FY26.

EBITDA slipped 0.7% to $367 million and NPAT fell 1.4% to $173.3 million.

Operating expenses increased 2.9% to $146 million. Net debt was $2.24 billion, with leverage at 3x EBITDA.

After surveying the numbers, Morgans retained its hold rating on this ASX retail share, commenting:

TLC delivered a resilient 1H26 result despite the leanest jackpot environment since demerger, with jackpot game outcomes (~50% of turnover) well below statistical norms.

Record Keno performance and strength in base games (incl. Saturday Lotto retention +103%) helped cushion the impact, while digital mix growth was muted by the absence of large jackpots.

New CEO Wayne Pickup's maiden result leaned into 'evolution not revolution', with messaging focused on portfolio optimisation and disciplined cost/capital allocation going forward.

TLC trades on forward EV/EBITDA and PER of ~16x and ~27x respectively, with the mid-year Investor Day the next key catalyst.

Morgans lifted its price target on Lottery Corporation shares from $5.40 to $5.70.

ASX Ltd (ASX: ASX)

The ASX Ltd share price closed at $54.92 on Thursday, up 0.2% amid the ASX 200 setting a new record high.

ASX is the predominant stock market operator in Australia.

Last week, ASX reported an 11.2% increase in revenue to $602.8 million for 1H FY26.

Statutory NPAT was $263.6 million, up 8.3%. However, total expenses rose 20% to $264.3 million.

On The Bull this week, Andrew Wielandt from DP Wealth Advisory put a sell rating on this ASX financial share.

He commented:

The business faces several challenges, including regulatory scrutiny after technology issues and heightened competition from Cboe Australia.

The rise of private equity and debt also generates competition for the ASX.

On February 12, 2026, the ASX announced a statutory net profit after tax of $263.6 million for the first half of 2026, an increase of 8.3 per cent on the prior corresponding period.

However, total expenses of $264.4 million were up 20 per cent, partly as a result of costs associated with the inquiry by the Australian Securities and Investments Commission, which cited ASX operational and governance issues in its interim report. 

The post Buy, hold, sell: Bravura, ASX, Lottery Corporation shares appeared first on The Motley Fool Australia.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Bravura Solutions and The Lottery Corporation. The Motley Fool Australia has recommended The Lottery Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026