Statpro Share Discussion Threads

[green sand] 31/7/2006 15:34

Thanks for that WJ, interesting, very interesting. I need to do a bit of work to fully understand your comments and the implications. Providing my aging brain will stretch to such comprehension!

I must admit that I like the sound of an eps equating to 2.9 in H1, especially as a few hours ago I was happy with 2.0. If the growth is continuing and the story has been put over well at this mornings briefing and I have no doubt that it has been. Then there is a very good chance that the House B may issue a revised forecast.

Time will tell, I will go away and ponder your knowledgeable calculations.

[wjccghcc] 31/7/2006 14:25

Actual results are a bit better since they don't do an adjusted EPS figure adding back the amortisation of the goodwill arising from the acquisitions. Unfortunately, under IFRS, they don't break out the acquisition goodwill from the R&D investment which they now have to capitalise so it's hard to tell what the figure should be. Assuming a 1:2 split between acquisition goodwill and development goodwill would give adjusted PBT of 1,068 and adjusted EPS of 2.9p for H1.

[green sand] 31/7/2006 12:20

Well had a quick look at what seem to be a nice set of interims with some good outlook comments. A little bit of research makes it is obvious that my previous comment re H1 loading was a load of cobblers.

2004 Eps H1 = 1.1, H2 = 2.0
2005 Eps H1 = 1.4, H2 = 3.2 - Edit
2006 Eps H1 = 2.0, H2 = ?.?

So it appears to be H2 loaded, will need to do 3.8 H2 to meet the House B forecast for the year and with last year doing 3.2 (edit) might it get beaten? Especially regarding the gearing of the business model and the stated aim to increase operational margins, though I am not sure how long a medium term goal is?

[green sand] 29/7/2006 18:02

Yup Networker we might be within a penny or two!

Eh up WJ, nice to see you around things normally go well when you are in before me:-)

Take your point about regulation, I also think that brokers should have a clear view on Statpro's growth and therefore maybe, just maybe, the forecast could be sound? We shall see.

[wjccghcc] 29/7/2006 11:24

Hold some of these too GS since the 60p days. Added a few last week ahead of the results. This is one area where regulation will drive significant demand for their products over the next few years IMHO.

[networker] 29/7/2006 09:44

GS
My share price target has for some time now been 100p. This more or less equates to your calculations. Monday should be interesting.

[green sand] 28/7/2006 12:53

Interim results on Monday should be interesting. House B – Arbuthnot rated SOG a SBUY with a forecast eps for 2006 of 5.82p giving a per of 14 and 7.15 for 2007 dropping the forward per to 11.5.

Then in the 21st July trading update (amongst other good things) we have: -

"Further to the trading update announced on 17 May 2006 at the time of the Company's Annual General Meeting, the Board is pleased to report that the Company has continued to perform well and that trading is ahead of its expectations for the first half of 2006."

I can't see that the business model is seasonal so a half year eps of 2.9 or above would confirm the growth story and may prompt a re-rating. For the last three years SOG has had an average per of 20, can't see that happening but I can see the 2007 per moving over a few weeks towards 14 with a subsequent north movement in the share price

Should be a bit clearer on Monday.

Good Luck

GS

[green sand] 25/7/2006 16:45

There has been a seller around for a few weeks, been dropping 10, 15 & 35k lots and keeping the share price down. I wonder if that 400k cross deal will see the him out of the market? All pure guess work on my part!

Have fun

GS

[green sand] 24/7/2006 12:18

Agreed Networker

Anyhow it gained my attention and I have joined in with a few this morning.

"This reflects the significant increase in the level of new business secured during the first six months of 2006 compared to the same period in 2005 and the increase in the annualised recurring value of new licences signed in the 6 months to 30 June 2006. In addition, the new business pipeline remains at the highest level it has ever been."

Always a dilemma – does "trading ahead of expectations," mean the same as "better than forecast"?

Next Monday will tell, the last few years have shown a strong growth in EPS confirmed by accelerating cash flow per share, without a onerous cap ex spend and now a dividend. If the growth forecast is exceeded then we are looking at a forward PER of less than 12 with a PEG of 0.50, which for 30% growth appears to be cheap. I don't expect SOG to take off vertically but I think there is good solid earning capability against a limited downside, but what do I know?

Good Luck

GS

[networker] 24/7/2006 11:36

Surprisingly low-key market response to the trading update. Looks poised to move ahead from 82p level on expected upgrades and more publicity in the next few weeks.

[rossgr2] 21/7/2006 15:25

Held for 5 years, very good recovery from large drop a couple of years ago, wasn't willing to sell at a loss, nearly back to my purchase price.
Could be classed as a waste holing on for so long but i could have lost any sale value investing in another bad stock.
Hopefully looking for 90p+ level within the next few months given another push..
Good news today anyhow.

[ntv] 21/7/2006 09:15

bought a few today
interesting stock

[hectorp] 31/5/2006 14:40

Nothing soggy about this guy:


LONDON (AFX) - Asset management software provider StatPro Group PLC said Mark Adorian, non-executive director, has bought 114,000 shares at 81 pence each. He has also purchased 640,000 shares from his wife at the same price.

This brings his total holding to 1.45 mln shares, representing 3.7 pct of the company's issued share capital.

[hectorp] 18/5/2006 11:07

I certainly don't have recourse to them I'm afraid.

Doewn 3p today on very low volume. Maybe simply general market jitters.

[hectorp] 17/5/2006 09:19

got some more filled today, good diversity from Miners etc... sound biz here indeed.

[hectorp] 17/5/2006 07:32

SOG 'cuts the bacon', and finds it tasty -
'strongly ahead' of last year, increasing revenues.
I am a buyer of SOG stock and I already hold.

[hectorp] 17/5/2006 07:30

AGM Statement and Trading Update

At its Annual General Meeting to be held later today, Carl Bacon, Chairman of
StatPro Group plc, the AIM listed provider of portfolio analytics solutions for
the global asset management industry, will make the following statement on the
Group's continuing progress:

Highlights:

• Trading for the first four months of the current financial year has
started in line with our expectations and revenue is significantly ahead of
the comparable period for 2005
• The annualised recurring value of new licences signed in the first four
months is strongly ahead of the level achieved in the comparative period
last year and the new business pipeline remains encouraging
• With the completion of three acquisitions in the past twelve months and
the launch of StatPro Fixed Income earlier this year, StatPro's product
offering has both improved and broadened compared to a year ago
• The recent placing of new shares, which raised approximately £2.5
million, has considerably strengthened the Group's balance sheet

'During the first four months of 2006 we have increased the level of new
business compared to the same period in 2005, with improvements in all the
markets in which the Group operates. Furthermore, our new business pipeline
remains at the highest level it has ever been.

'The two acquisitions completed this year have added annualised recurring
revenue of approximately £750,000. These acquisitions have brought two
complementary new products to the Group, whilst giving us a strong base in the
Australian market and strengthening our existing South African operations. Both
are expected to be earnings enhancing in their first full year of ownership.

'In Australia, the acquisition of ALPHAI has brought an application service
provider ('ASP') performance product which will strengthen our product offering
globally. The ability to offer an ASP solution (a web based solution offered as
a managed service) is becoming increasingly important as an alternative service
offering in the expanding market for performance and analytics solutions.

'In South Africa, the acquisition of Kizen has brought a compliance product at a
time when there is increasing focus by asset managers on managing their risks
and monitoring the compliance of their portfolios against client mandates. The
product, marketed as StatPro Portfolio Compliance, will be integrated with the
StatPro product suite and is complementary, in particular, with the StatPro Risk
Management system.

'In conclusion, the year has started strongly and in line with our expectations
and the Board therefore remains confident of the Group achieving another year of
very solid progress. The Board continues to look for opportunities to expand the
business, whilst consolidating its strong market position as a supplier of
portfolio analytics solutions to the global asset management industry.'

- Ends -

[diogenesj] 11/5/2006 21:45

I wouldn't read too much into it, Hector. Looks to me as if they are just arranging their affairs for tax purposes. If you read further down the RNS, he has only given her 10% of his holding. Could be that he intends her to sell them in time and use her CGT allowance rather than his, but it doesn't look like a big deal.

[hectorp] 11/5/2006 18:03

Diogenes, thank goodness that's over!
anyhow, do you think the boss and his wife may be splitting up? See how they've arranged the shareholdings, he's giving her half his 15% of the shares of the company.
IF they are, I know what the lady would do with them and damn the hubby's business. Dont like a loose cannon on the go with 6% of the shares and she doesnt know what to do with them. However I'm reading too much into it.
So we hope Mr and Mrs Boss are on the best of matrimonial terms.

[rossgr2] 11/5/2006 16:06

What are you's like,,,A few capitals, filtered, pointed out that was so silly with language HECTORP wuld appreciate probably, now you.....our havin a laugh.

I am an investor, using these boards for info/advice/news....get a life.

[diogenesj] 11/5/2006 09:40

Sorry, Ross - but I'm afraid I have to filter you too now.

[hectorp] 10/5/2006 19:57

on second thoughts.. you're gone.

[hectorp] 10/5/2006 19:56

ROSSGR stop shouting with capitals or you are fil-tered.