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FactSet Research Systems Inc FDS

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Good Quarter for FactSet; Fiscal 2021 Outlook Reaffirmed

Rajiv Bhatia Equity Analyst

Analyst Note

| Rajiv Bhatia |

Wide-moat FactSet reported solid fiscal first-quarter results with organic revenue increasing 5% and annual subscription value (ASV) plus professional services increasing 5% organically to $1.56 billion. Revenue of $388 million was roughly in line with the CapIQ consensus estimate, although adjusted earnings per share beat as operating margins improved. FactSet maintained its fiscal 2021 outlook that includes revenue in the $1.570 billion-$1.585 billion range, with adjusted EPS at $10.75-$11.15. Overall, there was little in FactSet’s fiscal first-quarter results that would materially alter our long-term view of the firm, and as a result we are maintaining our fair value estimate of $225 per share.

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Company Profile

Business Description

FactSet provides financial data and portfolio analytics to the global investment community. The company aggregates data from 220 suppliers, 115 news sources, and 85 exchanges into its workstations. In addition, it provides essential portfolio analytics that companies use to monitor portfolios and address reporting requirements. Buy-side clients account for 83% of FactSet's annual subscription value. In 2015, the company acquired Portware, a provider of trade execution software.

45 Glover Avenue, 7th Floor
Norwalk, CT, 06850
T +1 203 810-1000
Sector Financial Services
Industry Financial Data & Stock Exchanges
Most Recent Earnings Nov 30, 2020
Fiscal Year End Aug 31, 2021
Stock Type Cyclical
Employees 10,622