Share Name Share Symbol Market Type Share ISIN Share Description
Statpro LSE:SOG London Ordinary Share GB0006300213 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 150.00p 148.00p 152.00p 150.00p 150.00p 150.00p 15,433 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 37.5 -10.1 -15.4 - 97.76

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Date Time Title Posts
10/1/201813:44Statpro Group - Doing very well286
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Statpro Daily Update: Statpro is listed in the Software & Computer Services sector of the London Stock Exchange with ticker SOG. The last closing price for Statpro was 150p.
Statpro has a 4 week average price of 142.50p and a 12 week average price of 141.50p.
The 1 year high share price is 165.50p while the 1 year low share price is currently 86p.
There are currently 65,175,579 shares in issue and the average daily traded volume is 17,743 shares. The market capitalisation of Statpro is £97,763,368.50.
rivaldo: I recognise that SOG has excellent qualities - high recurring income, £3m cash, a 2.8p dividend, good potential etc - but I'm always amazed at how the share price holds up so well, in contrast to so many stocks. SOG must have a very loyal shareholder base! The m/cap is £57m at 84p, yet H1 produced just 1.3p EPS and £2m EBITDA, hugely down on last year, and currency movements are likely to impact H2 as well as H1. When if ever are SOG actually going to produce decent figures rather than blaming the continued need for investment? Even 2015 forecasts don't show any particular leap forward.... I'm not a holder as you can tell! Not likely to buy at these prices, but perhaps at 60p-65p. I just can't see any worthwhile upside from here for some time to come.
pentangle: I used to have a lot of these, but sold out a while back when it became clear that prospects were not as promising as when the company were still delivering regular year on year growth. A look at recent results and forecasts (as per the latest edition of REFS) rather emphasises this. EPS as follows Year Ended (pence) 2009 7.65 2010 7.33 2011 5.47 2012 5.33 (Estimate) 2013 4.10 (Estimate) Even after the recent fall in share price I really wonder how a prospective PER in the 20s can be justified. I would not be tempted in until growth is resumed or the price was much lower. There are many companies with better prospects and much lower ratings.
networker: Share price seems to have dropped in a vacuum over the last few days and weeks. Is it just drippy sellers or perhaps sporadic sales of some option shares? Or does nobody believe the board when they confidently say in their May AGM statement that this year will be another year of useful progress?
geovest: Reasonable results. Decent revenue growth despite negative currency movement, but profit growth slightly disappointing, although this is as a result of investment (additional staff) in sales channels, so we could expect payback second half and beyond. Fantastic cashflow. Outlook statement slightly more positive than recent trading update. Revolution potential still to be factored in. Any weakness in the share price now is a good opportunity to top up.
pentangle: Agree completely as a holder since 2005. Amazingly they first hit £1 towards the end of 2006 with a high of 112.5 - the company has achieved so much since then with scant recognition in the share price. Having said that its been having a nice run this week which hopefully will continue.
5lowpoke: Thursday, October 22, 2009 Financial software specialist StatPro is a British firm to be proud of by Jon Mainwaring company news A key criticism that could be levelled at the UK's software industry is that it has never managed to produce a company that has had the same scale as a Microsoft, Oracle or SAP. Perhaps our closest business software vendors to these firms are Autonomy and Sage, both constituents of the FTSE100, but even these two companies do not come close in terms of market cap to the aforementioned US and German goliaths. But the UK does do a neat line in highly-specialised software developers. Some of the world's best-known computer games were, and still are, developed by UK software firms (Eidos, for example) while we also have niche expertise in such areas as virtual reality software for engineering applications (Aveva Group). Of course, one of the major reasons why no UK software companies get to grow as large as their US counterparts is because of the highly-acquisitive nature of the software industry. When a UK software firm threatens to become large, after managing to develop a hot new application that promises lots of income, more often than not it is snapped up by a foreign firm. One niche software developer that could conceivably be a candidate for takeover in the future is StatPro Group. A financial software developer, StatPro supplies portfolio analytics and data software to the global asset management industry. Founded in 1994, the company started out with one product and spent the next six years building up its client base before floating on the London Stock Exchange in 2000 (although it transferred to the LSE's junior Alternative Investment Market in 2003). StatPro has been an acquisitive business itself during the past decade, and this has helped it build up a portfolio of asset management software that can be bought as an entirely integrated suite of applications. Meanwhile, the company also offers "hosted services" where software is accessed by a client through the Internet, so reducing the cost and time consumed by the client in adopting new software since the responsibility for deploying, maintaining and supporting the applications is borne by StatPro. Analytics applications offered by StatPro include: · Performance & Attribution – used to measure portfolio performance. · Fixed Income – a performance attribution solution for fixed income assets that decomposes returns, attribution effects and bond risks using a range of models. · Risk Management – a risk modelling tool that covers all asset classes and markets. · Portfolio Control – an approach to counterparty risk that uses two methodologies: the 'Add-On' method that uses attributes such as currency and maturity to calculate risk exposure; and the 'NetVaR' method that uses the 'Potential Gain' and 'Expected Upside' figures calculated by StatPro Risk Management. · Composites – a multi-currency composites and portfolio reporting solution. · Portfolio Management – a portfolio management application that offers analytics, accounting and reporting functionality as standard. · Client Reporting – a flexible, rules-based reporting system that generates, distributes and publishing fact sheets, client reports and valuations statements. StatPro's data offering is a complete suite of applications that range from asset pricing, corporate actions and reference information to an evaluated service that provides independent valuation of over-the-counter (OTC) assets, covering the world of fixed income, derivates and structured products. This one-stop-shop approach to supplying the asset management industry has helped StatPro to increase annualised contracted revenue to £28.3m as at June 2009, from just £3.2m nine years ago. While StatPro had just 74 contracts in December 2000, today it has hundreds and includes 14 of the top 20 asset managers worldwide as customers. In early September, StatPro announced that it had signed new or extended multi-year contracts for a variety of data and analytics services with 11 asset management firms in North America, Europe and South Africa. These firms included Nomura Asset Management, Aviva, Société General Securities Services and State Street. A key plank in the group's strategy is its hosted service, or 'software as a service' (SaaS) model. Despite the adverse effect that the world's economic downturn, not to mention the effect of the financial crisis on the fund management industry, one reason StatPro has managed to keep growing is because of its focus on SaaS, which lowers the 'total cost of ownership' for customers who adopt it. The company's SaaS model, launched last year, involves offering all of its products online and SaaS installations have grown strongly recently, from 28 in March to 38 in August. September's contract announcement indicated continued progress with the group's SaaS platform. Meanwhile, StatPro has also benefited from its decision to supply data with its software in order to minimise implementation time. The company aims to have almost all the important market indices covered by the end of this year, and its service also supplies corporate action data, market prices and sector definition data covering global equities and corporate debt. StatPro's most recent set of results covered the six-month period ending on 30 June 2009. These showed that it had increased its first half adjusted pre-tax profit by 63% to £3.2m on H1 turnover that had increased 19% to £15.6m. Adjusted earnings per share for the period came in at 4.3p – a 39% increase on H1 2008. Cash generated from operations increased to £5.3m during the period, compared with £3.4m in H1 2008. So, the group's net debt stood at £10.8m at the end of June, against a net debt of £14.6m at the end of last year. A recent update from the firm revealed that trading in the third quarter was ahead of Q3 2008 and in line with the directors' expectations. StatPro added that the delivery of the next generation of its SaaS solution in 2010 would enable the group to offer its services to a broader market more cost effectively. Chief executive Justin Wheatley said: "SaaS is going to change the rules of the game in the portfolio analytics market as it will do everywhere else. StatPro is ahead of the curve as we have both moved our existing products to a hosted environment and invested in totally new multi-tenant web-based software. Consequently, StatPro's shares have maintained their gains since rising from their low point last December of 33 pence, and currently reside at around the 100 pence level. Looking ahead, house broker Cenkos Securities sees StatPro generating £31.1m of revenue this year, increasing to £32.5m and £34.4m in 2010 and 2011. The broker estimates that adjusted pre-tax profits will grow further this year to £6.5m (2008: £4.7m), and then hit £7.5m and £8m during the next two years. So, earnings per share should come in at 8.8 pence, 9.5 pence and 10.2 pence in 2009, 2010 and 2011 respectively. At 99 pence each (the price at the time of writing), the shares currently trade at around 11.5x prospective earnings. StatPro's shares were trading at just over 90p when Cenkos put out a note stating that the share price "fails to reflect the longer term growth profile" of the group. The broker has set a price target of 124p.
networker: Perhaps this time the recent director buying will presage an improving share price. Today's AGM announcement is certainly an encouragement after months of frustration. Volume today is still small but almost entirely on the buying tack.
networker: After the shock profit warning it would be nice to think that the spate of director buying at c60p puts a floor under the share price. Their judgement seems to have been very poor recently not only about the trading performance of the business but also in their timing of share purchases. They have quite a credibility gap currently which will take time to mend.
networker: Confident AGM statement. Directors' recent buying shows they are putting their own money on the line. The rise in share price over the last few weeks looks set to continue unless general market conditions neutralise the positive comments. It will be interesting to see if 100p proves to be a barrier in the short term.
gac100: I've been having a look back through SOGs last 6 months or so reviewing my stake in the company. The pre-existing business (ie pre-FRI) appears to have progressed well. Last Septemeber: "prospects for the remainder of 2006 continue to be positive for all of the Company's products across all of its territories." Year-end results showed strong free cash flow, lower than expected net debt, and a net operating margin of 19.2% on continuing operations (before exceptional items). In addition, "We have had a satisfactory start to the current financial year ... and overall performance is in line with our expectations." It seems then, that current investor concerns are wholly centred on the acquisition and integration of FRI. On announcing the proposed acquisition of FRI last September SOG stated that the "Board expects that the Acquisition will be earnings enhancing in the Group's financial year to 31 December 2007." In the year end trading statement released in January: "The initial phase of the integration of our North American businesses is progressing to plan." On the announcement of results last month: "The integration stage will be substantially completed by the end of the third quarter of 2007." And "FRI's portfolio management system (Raison) ...renamed StatPro Portfolio Management ... is expected to make a positive contribution to our results for 2007." So, the timetable for integration (and the expected reduction of annualised costs by £1.0 million) appears to be firmly on track. The exceptional restructuring costs for the year ended 31 December 2006, signalled in the January trading update, were "in line with our plans to derive operational synergies, as outlined at the time of the acquisition." While concerns have been expressed on this board about how the integration is progressing, it looks on the face of it to be going according to plan ... ... That leaves the one possible fly in the ointment. In last month's results: "Following the acquisition, we implemented our accounting policies on software revenue recognition at FRI. This policy, which is more conservative than FRI's in terms of revenue recognition, has had the effect of reducing its contribution compared to that expected at the time of the acquisition." In addition, "we have changed the business model from a licence fee and support model to an annual licence model. Whilst this has a short term impact on the revenue, the directors believe that in the long run this is the best way to build significant shareholder value." This doesn't seem that bad to me, and the broker reduced its 2007 forecast to reflect this after the results. If the share price had fallen in line with the broker forecast revision, SOG would be trading at around 90p. In fact of course its currently 80p and has been a shade lower, which I guess means the market is rating risk relating to the integration of FRI as about 10% higher than it rated it before the results. While the fall from +100p to 90p reflects the concrete "revenue recognition" issue, I've take the view that the fall to 80p reflects largely irrational fears re the integration itself, and I've been happy to buy a bit more at what I think is a reasonable discount. There should be considerable upside from here if the forthcoming AGM is reassuring on the integration, which I expect it to be. In the short term I'd expect SOG to be focusing on organic growth and exploiting its cross-selling opportunities (perhaps the odd small bolt-on acquisition). However, for the longer term, if FRI is successfully integrated, it will be SOGs first experience of a large scale acquisition, which they should learn massively from and which will stand them in good stead for acquisitions further down the line. OK, convinced myself at least – I'll SOG off now for Easter.
Statpro share price data is direct from the London Stock Exchange
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