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 attractive, given the group's c £56m recurring revenue book and the declining rating (c 15x FY20e), especially in light of the active M&A backdrop in the financial software sector. We note that Axioma, a StatPro competitor in the risk space, was recently acquired by Deutsche Börse for $850m or c 8.5x sales.Den vollständigen Artikel lesen ...
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