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Mark Adorian, a Non-Executive Director of StatPro, has purchased 100,000 ordinary shares in the data solutions provider at 95p each. The £95,000 transaction takes Adorian's total holding to just over 2.6m shares, equal to 4.31% of the issued share capital. At the start of this month StatPro revealed its profit before tax had declined by a fifth in the six months to the end of June following an exceptional charge as part of its restructuring during the period.
"When the full range of StatPro Revolution Plus modules have been developed, fully replacing StatPro Seven, it will form, together with StatPro Revolution, a single integrated solution to manage the computation of performance and distribution of portfolio analysis and compliance on any scale to any type of asset manager." Net debt was reduced from £5.15m to £3.92m year-on-year, while the interim dividend was increased from 0.75p to 0.8p. The firm added: "We believe we are unique in this vision and remain confident that our investment in new cloud technology will ensure that StatPro has a bright future. Current business levels are satisfactory and we believe that we will meet market expectations for the full year. "We have made good progress on building our customer base for StatPro Revolution, with client numbers increasing to 111 (2011: 16) and recurring revenue of £1.02m (2011: £0.16m) as at end June 2012."
StatPro Group, a provider of portfolio analytics and data solutions for the global asset management industry, saw its profit before tax decline by a fifth in the six months to the end of June following an exceptional charge as part of its restructuring during the period. Revenues grew 3.0% during the period, from £15.61m to £16.08m, while adjusted earnings before interest, tax, depreciation and amortisation leapt 24% from £2.89m to £3.58m Reported profit before tax dropped 20% from £1.79m to £1.44m, while adjusted pre-tax profit climbed 29% from £2.07m to £2.68m, pushed higher by a strong uptake of StatPro Revolution, achieving sales in all regions of the world. At constant currency rates, profit before tax would have been higher by around £0.16m. Sales for StatPro Seven remained steady in the first half of 2012, with renewal levels at 94%, and further sales are expected in the second half of the year.
Valuation: 142p as cloud services revenues begin to ramp up Based on our forecasts, which include only modest tweaks, the stock trades on a P/E of 17.9x FY12 earnings falling to 17.1x in FY13 and to 15.3x in FY14. Our DCF model, which assumes a weighted average cost of capital of 11%, values the shares at 142p, or 59% above the current share price. This valuation is supported by high levels of recurring revenues, growth from the new cloud products and strong cash flows. We continue to forecast the group will repay its £3.4m net debt and £1.3m (assumed) of acquisition liabilities by FY15.
Forecasts and valuation: Cloud upgrade potential The transition to SaaS invariably compresses headline sales growth and earnings, but once made, the financial and commercial benefits should include better visibility borne out of recurring revenues, improved scalability, faster innovation/upgrade cycles and reduced R&D intensity. Based on our maintained forecasts, the shares trade on 17.4x our FY12 earnings forecast, falling to 16.7x in FY13. We do not see this as demanding given the transitional nature of the model and the earnings potential once the transition is made. Moreover, our forecasts continue to assume relatively modest targets for the StatPro Revolution cloud services product.
22/03/2012 The AIM-listed provider of portfolio analysis and asset pricing services for the global asset management industry announced preliminary results in which it saw a narrowing of pre-tax profits to £3.86 million (2010: £5.62 million) on the back of a fall in revenue to £31.72 million (2010: £33.12 million). However, the company remains optimistic about the year ahead, with the evolution of StatPro Revolution into Revolution Plus, which utilises a single cloud-based platform and WebAPI/Opensource Software, which provides broader coverage of market data. With 92% renewal rates for contracts helping to push recurring revenue to 94%, the year ahead could provide great interest in the cloud-based platform.
What is going on ? Is this share suspended ??
Free investor event. The directors of StatPro (AIM: SOG), Deltex Medical Group (AIM: DEMG), Starpharma (ASX: SPL) and ReNeuron (AIM: RENE) will be presenting: Wednesday the 8th December 2010, Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB Register FREE here : http://www.proactiveinvestors.co.uk/register/event_details/97 The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception. Details on the presenting companies can be found below. This event is suitable for the following: Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists. The event is not suitable for people pursuing commercial opportunities. If you have any problems registering or queries please email events@proactiveinvestors.com.
Free investor event. The directors of StatPro (AIM: SOG), Deltex Medical Group (AIM: DEMG), Starpharma (ASX: SPL) and ReNeuron (AIM: RENE) will be presenting: Wednesday the 8th December 2010, Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB Register FREE here : http://www.proactiveinvestors.co.uk/register/event_details/97 The presentations will start at 6:00pm and finish at approx 8:00pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception. Details on the presenting companies can be found below. This event is suitable for the following: Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists. The event is not suitable for people pursuing commercial opportunities. If you have any problems registering or queries please email events@proactiveinvestors.com.
slowly rising... feel my money is in safe hands here
Feeling very upbeat with Thursday's news. StatPro can look forward to a healthy 2009 and puts my mind at rest with my investment. Key Points: "Stuart Widdowson, fund manager at SVG Investment Managers, which has a 7.2% stake in StatPro, said he thinks StatPro's funding success is due to its robust business model, good prospects for growth and cash generation." "StatPro's management team continues to prove itself as being on the front foot and focused on generating shareholder value." "StatPro's strong market position will support continued growth for the company in 2009 said StatPro's house broker Cenkos Securities." Source: http://www.tinyurl.com/statpro
Brought a few k here this week, shall see what 2009 brings :-)
good results and positive news throughout 2007. A Strong Company in its' field. Worth some DYOR