SS&C Technologies Holdings Inc

SSNC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$26.00	Fqhmb	Dqczczxj

SS&C Earnings: Mostly Steady in First Quarter

Rajiv Bhatia

Apr 26, 2024

SS&C Technologies is off to a steady start in 2024. Organic revenues grew 4.7% in the first quarter of 2024, which compares with 4.5% in the fourth quarter and the firm's outlook of 2%-5%. In addition, revenue retention continues to hold steady in the 96%-97% range. SS&C's full-year 2024 revenue outlook was essentially unchanged at the midpoint, and the firm raised its adjusted EPS outlook by 1% at the midpoint. Overall, there was little in the firm's financial results that would alter our long-term view of the firm, and we will maintain our narrow moat rating and $82 fair value estimate. We regard shares as undervalued.

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