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SS&C Technologies Holdings Inc SSNC

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Morningstar’s Analysis

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Relatively Quiet Quarter for SS&C, 2021 Initial Outlook Roughly in Line With Consensus

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Narrow-moat-rated SS&C reported solid financial results during its fourth quarter. Adjusted revenue was $1.21 billion, beating the FactSet consensus estimate of $1.16 billion. Adjusted earnings were $1.13 beating the consensus by $0.08. Constant currency revenue declined 2% during the quarter and declined 0.5% for the year, due in part to lower nonrecurring revenue and weakness at DST financial. As is customary, SS&C provided its initial 2021 outlook during its fourth-quarter earnings release. The midpoint of SS&C’s revenue and earnings 2021 outlook was roughly consistent with consensus estimates. Though we plan to tweak our model, we do not expect a large change to our fair value estimate of $63.

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Company Profile

Business Description

SS&C Technologies provides software products and software-enabled services to a variety of customers primarily in financial services but also healthcare firms. SS&C GlobeOp provides fund administration services to alternative and traditional asset managers. In addition, SS&C provides portfolio accounting, portfolio management, trading, banking/lending, and other software to asset managers, banks, and financial advisors. SS&C’s purchase of Intralinks makes it a leading player in Virtual Data Room solutions. With its purchase of DST Systems, SS&C gained a foothold in the healthcare industry with pharmacy health management solutions and medical claim administration services.

80 Lamberton Road
Windsor, CT, 06095
T +1 860 298-4500
Sector Technology
Industry Software - Application
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 24,600