StatPro Group (SOG)

Business description

StatPro Group provides cloud-based portfolio analytics solutions to the global investment community.

Stock data

Market cap.£80.9m
Last close125.00p
High / Low (52 weeks)126.5p / 73.5p
Stock market listingLN
Forecast net debt (£m)19.7
Forecast gearing ratio (%)64

Price performance

Relative *43.423.245.4

* % Relative to local index

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Company news

StatPro Group seals £11mln earnings enhancing UBS Delta acquisition

Fri, 07 Apr 2017 06:45:47 GMT

StatPro bags contracts extension with Canadian wealth manager

Mon, 03 Apr 2017 06:33:45 GMT

StatPro "increasing traction with client migration", N+1 Singer says

Mon, 20 Mar 2017 12:38:48 GMT

Broker hikes StatPro's target price following “excellent” acquisition

Tue, 11 Apr 2017 12:33:45 GMT

StatPro confident of pressing home early mover advantage

Wed, 15 Mar 2017 10:03:56 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 30.2 4.0 2.6 2.6 48.1 12.9
2016A 37.5 5.1 2.7 3.5 35.7 11.0
2017E 48.9 7.0 4.2 5.0 25.0 7.0
2018E 57.3 8.9 6.1 7.2 17.4 5.7

Last updated on 11/04/2017

Investment summary

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.

Last updated on 11/04/2017

Industry outlook

StatPro's products are targeted at the global wealth management industry. The outlook for fund managers has been showing modest improvements with assets under management rising by 1% to $71.4trn in 2015 according to Boston Consulting Group. In addition, competitive, cost and regulatory pressures all require asset managers to maintain and upgrade their reporting and risk management systems.

Last updated on 04/04/2017

Key management

Justin Wheatley, CEO
Andrew Fabian , FD

Company address

StatPro House
81-87 Hartfield Road
SW19 3TJ
United Kingdom
+44 (0)20 8410 9876
View website