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's c £56m recurring revenue book and the declining rating (c 10x FY21e), especially in light of the active M&A backdrop in the financial software sector.Den vollständigen Artikel lesen ...
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