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StatPro Group

In-line Q1 trading with strong pipeline

Update | Technology | 19 May 2016

StatPro says that Q1 trading was in line with expectations. New sales of StatPro Revolution, the cloud service, have progressed well and Revolution now represents c 36% of annualised contracted revenue. Management says the pipeline for the remainder of FY16 is “strong”, which is notably increasingly upbeat language. With StatPro continuing to advance to late-stage cloud transition, we highlight the increasing potential for positive earnings surprises. Hence, with StatPro's US-based financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares

StatPro Group

Outlook is maintained

Update | Technology | 07 Aug 2018

The group’s annualised recurring revenue (ARR) was flat due to higher than normal churn. However, we believe this slowdown is temporary as StatPro is looking increasingly well positioned to benefit from the outsourcing shift in the global asset management industry. StatPro is the only SaaS provider of performance, attribution and risk solutions and it also offers APIs along with full managed services. We have increased our interest forecasts while also reducing tax, which results in EPS forecasts remaining unchanged. Given the ongoing active M&A backdrop in financial software and the scope for revenue acceleration and margin expansion, we continue to see strong upside potential in the shares.

StatPro Group

Broadening managed-services capabilities for risk

Update | Technology | 05 Jul 2018

StatPro has acquired the regulatory risk services bureau from ODDO BHF for an undisclosed sum. The acquisition significantly broadens the group’s managed-services capabilities in risk and creates cross-selling opportunities. Our EPS rises by 3% in FY18 and FY19; we believe the deal demonstrates how StatPro can add value for shareholders through bolt-on acquisitions. Given the busy M&A backdrop in financial software and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.

StatPro Group

On target

Update | Technology | 24 May 2018

In a short trading update, StatPro has said that trading is in line with expectations. The group recently signed a major cloud conversion contract with a top 10 global fund administrator. Such deals require significant commitment from the client and, once live, have the potential to be scaled up if the client takes additional licences to extend to its own client base. Given the ongoing busy M&A backdrop in financial software and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.

StatPro Group

Anticipating an acceleration in organic growth

Outlook | Technology | 19 Apr 2018

After nearly a decade developing its cloud services platform for the asset management industry, the investment at StatPro is starting to pay off. Fund administrators have begun to extend their use of Revolution and StatPro has beefed up its sales team to drive direct sales. The acquisition of Delta in May 2017 has added depth to StatPro’s front office capabilities, complementing its traditional middle office focus. Organic revenue growth was 2% in FY17 and management is optimistic that growth will accelerate over the next few years. Given the busy M&A backdrop, and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.

StatPro Group

StatPro Revolution ARR up 13% organically

Update | Technology | 25 Jan 2018

StatPro has released an in-line trading update for FY17. Annualised recurring revenue (ARR) for StatPro Revolution grew by 13% organically. Statutory revenues, EBITDA and cash were broadly in line with our forecasts and we are maintaining our FY18 forecasts. Given the busy M&A backdrop, which saw competitor BISAM sold for 7.3x sales earlier in the year, and the significant valuation disparity between StatPro and its US-listed financial software peers, we continue to see strong upside potential in the shares.

StatPro Group

Returns to organic growth, cash flow jumps

Update | Technology | 02 Aug 2017

StatPro reported healthy interims with revenue up 23%, including 2% organic growth. Annualised recurring revenue (ARR) rose by 47% to GBP 53.2m as at 30 June, boosted by the acquisition of UBS Delta in April. Adjusted EBITDA jumped by 35% to GBP 2.8m as the margin expanded by 120bp to 12.9%, reflecting the increased scale of the business. We are reviewing our forecasts. Management says that the integration of Delta is on track, and we continue to see strong upside potential, given the significant valuation disparity between StatPro and its US-listed financial software peers.

StatPro Group

Q1 trading in line, focus on integrating UBS Delta

Update | Technology | 22 May 2017

In an in-line AGM trading update, StatPro says that sales have progressed well and that the pipeline remains solid. We have maintained all of our forecasts, but see scope for upgrades as the year progresses, unless sterling continues its recovery. In April, StatPro said that it was acquiring UBS Delta, a portfolio analysis and risk management system, at a valuation of less than 0.8x revenues. The valuation compared with the c 7.3x sales that FactSet recently paid for BISAM, a key competitor of StatPro. We continue to see strong upside potential in the shares, if StatPro can successfully integrate UBS Delta, given the significant valuation disparity between StatPro and its US-listed financial software peers.

StatPro Group

Value-enhancing deal at a modest 0.8x sales

Update | Technology | 11 Apr 2017

StatPro is acquiring UBS Delta, a portfolio analysis and risk management system, from UBS for €13.05m. The acquisition significantly scales up StatPro's business, boosting FY18 revenues by c 33% and EBITDA by c 40%. While the deal looks very cheap at less than 0.8x revenues, compared with 7.3x sales that FactSet recently paid for BISAM, a key competitor of StatPro, UBS Delta's technology needs to be refreshed and to achieve this, its functionality, along with the customer base, will be transitioned to StatPro Revolution. If StatPro can successfully integrate UBS Delta, we believe there is strong upside potential in the shares, given the significant valuation disparity with its US-listed financial software peers.

StatPro Group

Underlying revenue book grew by 6%

Update | Technology | 20 Mar 2017

StatPro's annualised recurring revenue (ARR) rose by 37% over the 12 months to £39.3m at end-FY16, reflecting 6% constant currency organic growth, two acquisitions and translation benefits from the decline in sterling. More than 10 clients are already using Revolution Performance, the recently launched transaction-based performance measurement tool that runs off Amazon cloud. The group's pipeline of new business is at record levels and management was increasingly optimistic at the results meeting. Hence, following the recent dip, we believe that the shares are looking more compelling as the group continues to set the pace in the cloud.

StatPro Group

Recurring revenue run rate jumps by 18%

Update | Technology | 25 Jan 2017

In an in-line trading update, StatPro says that its annualised recurring revenue (ARR) increased by 18% to GBP 39.3m over the 12 months, which includes the two acquisitions made early last year. The ARR for StatPro Revolution, the cloud-based portfolio analysis service, increased by 68% to GBP 15.0m, to represent 38% of the total, up from 27% a year earlier. We have maintained our FY16 P&L forecasts, which are likely to be slightly conservative due the weakness of the British pound, and have edged up our FY17 revenues, while broadly maintaining profits. With StatPro’s US-based financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares.

StatPro Group

Cloud services rises to 39% of revenue book

Update | Technology | 19 Oct 2016

In a brief trading update, StatPro says that its annualised recurring revenue (ARR) for StatPro Revolution, the cloud-based portfolio analysis service, grew by 81% on a constant currency basis to £14.7m over 12 months. This includes Investor Analytics, which was acquired in January 2016. StatPro launched its Revolution Performance module in September and one of its beta clients, National Australia Bank, has already gone live with eight of its clients on the platform. We are maintaining our forecasts, but given the recent contract momentum and weak sterling, we continue to see upside risk to our forecasts. With StatPro's US-based financial software peers and SaaS companies trading on lofty multiples, we continue to believe there is significant upside in the shares.