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StatPro Group (SOG)

Business description

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

Stock data

Market cap.£79.9m
Last close121.50p
High / Low (52 weeks)186.5p / 114.0p
Stock market listingLN
Forecast net debt (£m)22.3
Forecast gearing ratio (%)85
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(12.3)(29.4)(19.3)
Relative *(8.8)(23.9)(14.1)

* % Relative to local index

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Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 37.5 5.1 2.7 3.3 36.8 10.6
2017A 49.3 6.8 3.3 5.8 20.9 7.4
2018E 56.8 8.7 5.0 7.0 17.4 5.5
2019E 59.5 9.5 6.2 8.0 15.2 5.1

Last updated on 24/09/2018

Investment summary

Annualised recurring revenue (ARR) as at 30 June was flat due to higher than normal churn. 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.

Last updated on 28/09/2018

Industry outlook

StatPro's products are targeted at the global wealth management industry. The outlook for fund managers has been showing improvements. PwC estimated global AuM were $84.9tn in 2016 and is expected to rise to $145.4tn in 2025 (6.2% CAGR). Asset managers have a reputation for being slow to adopt digital technology, but StatPro believes this is now changing. It says that many clients are transforming their technology and the middle office, where StatPro is strong, is part of this process. StatPro is the first cloud-based analytics platform targeting the sector and is therefore well-placed to address the market.

Last updated on 28/09/2018

Key management

Justin Wheatley, CEO
Andrew Fabian , FD

Company address

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