reports
Form 8.3 - Chelverton UK Dividend Trust plc: StatPro Plc
Chelverton UK Dividend Trust plc (SDV) Form 8.3 - Chelverton UK Dividend Trust plc: StatPro Plc 02-Oct-2019 / 16:27 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.   FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Identity of the person whose positions/dealings are being disclosed: MI Chelver...
Form 8.3 - Chelverton UK Dividend Trust plc: StatPro Plc
Chelverton UK Dividend Trust plc (SDVP) Form 8.3 - Chelverton UK Dividend Trust plc: StatPro Plc 26-Sep-2019 / 16:21 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.   FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Identity of the person whose positions/dealings are being disclosed: Chelverto...
- Richard Williamson
StatPro Group - Recommended cash offer at 230p
StatPro has received a recommended all-cash offer at 230p per share (a 54.9% premium to the closing price) from Confluence Technologies, a private equity-backed (TA Associates) US-based provider of solutions to the global asset management industry. The offer is recommended by the board and supported by shareholders representing 65.2% of the shares. At the interims, management confirmed its focus on driving sales, having established the building blocks for growth (consolidation of the Revolution...
- Richard Williamson
StatPro Group - Suspension of estimates
For the purposes of the Takeover Code, Edison Investment Research is deemed to be connected with SCISYS plc. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance ...
StatPro Group - Organic ARR growth rises to 3.2%
StatPro produced a solid set of interim results, with organic annualised recurring revenue (ARR) growth accelerating to 3.2% from 1.1% at end-2018. The EBITDA margin continued to expand and the group has a widening range of growth drivers in place. After many years of development on the group’s Revolution cloud platform and new divisions in place, which also creates opportunities in the data space, the focus is increasingly shifting onto driving sales. Given the group’s c £57.3m recurring ...
StatPro Group - £1.5m Revolution conversion with 77% uplift
Positive newsflow continues, with StatPro announcing a significant £1.5m conversion from its legacy Seven suite to its modern Revolution cloud platform. This follows the recent news of a partnership with JP Morgan’s Data and Analytics business and the acquisition of an ESG research and index business. The deal is significant since it is a large contract with a key client, has an attractive 77% conversion premium and signals that the group is moving towards the end stages of conversions of its...
J.P. Morgan Partners With StatPro to Develop a Multi-Asset Portfolio A...
LONDON--(BUSINESS WIRE)-- Today, StatPro Group plc, ("StatPro", "the Group", AIM: SOG), the AIM listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, and the Corporate and Investment Bank of J.P. Morgan (NYSE: JPM) announced a strategic partnership to develop Multi-Asset Risk and Performance Attribution capabilities for Asset Managers through J.P. Morgan's flagship data and analytics platform. This solution will combine J.P. Morgan's Fixed Income expertise in Benchmark Indices and Analytics with StatPro's cloud-based portfolio...
StatPro Group - Bolt-on of an ESG research and index business
StatPro has acquired ECPI, a small private Italian environmental, social and governance (ESG) research and index business, from its management for a total consideration of c €2.9m (c £2.6m). While the deal is small, we believe there is significant potential to add value by cross-selling the products to StatPro’s large global client base. In our view, the shares continue to look undervalued, given the group’s c £56m recurring revenue book and the attractive rating (c 14x FY20e), espec...
StatPro Group - Trading remains in line with expectations
Trading remains in line and we have maintained our forecasts, which imply 2.7% FY19 organic revenue growth. Management’s two key priorities for FY19 are 1) improving EBITDA margins in all areas of the business and 2) ensuring the Delta integration is a success. In the longer run, margins stand to benefit from the group’s increasing scale and costs dropping out as the group’s three software platforms are consolidated over the next few years. In our view, the shares continue to look attracti...
StatPro Group - Margins to expand with scale and growth
StatPro continues to evolve and the new group structure creates opportunities to drive growth. Margins are now on a clear uptrend as the business scales, and there will be additional margin benefits as c £4m of costs drop out as the group’s software platforms are streamlined over the next few years. FY18 numbers were in line with the January trading update and we have maintained our forecasts, albeit with some minor tweaks. In our view, the shares continue to look attractive, given the group...
StatPro Group - Adjusted EBITDA jumps by 32%
StatPro’s FY18 EBITDA was slightly ahead of our expectations, while revenues came in lower than expected. The resulting margin gain reflects management’s determination to improve profitability levels. As we have pointed out previously, margins stand to benefit from the group’s increasing scale and costs dropping out as the group’s software platforms are streamlined over the next few years. In our view, the shares continue to look attractive, given the group’s c £56m recurring revenue ...
StatPro Group - In-line trading, underpinned by Infovest contract
In an in-line Q3 trading update, StatPro says that its annualised recurring revenue (ARR) rose by 3% at constant currencies over the past 12 months to £54.8m. Additionally, earlier this week StatPro announced a c £1.0m five-year Infovest contract, which highlights the quality of the group’s Infovest data management solution. The main focus for growth remains the fund administrator channel and, in January, the group will operate a new structure with three divisions (Revolution for analytics, ...
StatPro Group - Outlook is maintained
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 foreca...
StatPro Group - Broadening managed-services capabilities for risk
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 finan...
StatPro Group - On target
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-list...
StatPro Group - Anticipating an acceleration in organic growth
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 ...
StatPro Group - StatPro Revolution ARR up 13% organically
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 i...
Returns to organic growth, cash flow jumps
StatPro reported healthy interims with revenue up 23%, including 2% organic growth. Annualised recurring revenue (ARR) rose by 47% to £53.2m as at 30 June, boosted by the acquisition of UBS Delta in April. Adjusted EBITDA jumped by 35% to £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 valu...
Q1 trading in line, focus on integrating UBS Delta
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 S...
Value-enhancing deal at a modest 0.8x sales
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 transitio...
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