Intrinsic value of SS&C Technologies Holdings - SSNC

Previous Close

$55.57

  Intrinsic Value

$35.44

stock screener

  Rating & Target

sell

-36%

Previous close

$55.57

 
Intrinsic value

$35.44

 
Up/down potential

-36%

 
Rating

sell

We calculate the intrinsic value of SSNC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  48.10
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  1,481
  1,894
  2,127
  2,373
  2,632
  2,903
  3,187
  3,484
  3,793
  4,115
  4,450
  4,798
  5,160
  5,536
  5,927
  6,333
  6,755
  7,195
  7,652
  8,127
  8,622
  9,138
  9,676
  10,237
  10,823
  11,434
  12,072
  12,739
  13,436
  14,164
  14,927
Variable operating expenses, $m
 
  771
  803
  837
  873
  911
  950
  992
  1,035
  1,079
  1,126
  666
  717
  769
  823
  880
  938
  999
  1,063
  1,129
  1,198
  1,269
  1,344
  1,422
  1,503
  1,588
  1,677
  1,769
  1,866
  1,967
  2,073
Fixed operating expenses, $m
 
  563
  576
  588
  601
  614
  628
  642
  656
  670
  685
  700
  715
  731
  747
  764
  780
  798
  815
  833
  851
  870
  889
  909
  929
  949
  970
  992
  1,013
  1,036
  1,058
Total operating expenses, $m
  1,193
  1,334
  1,379
  1,425
  1,474
  1,525
  1,578
  1,634
  1,691
  1,749
  1,811
  1,366
  1,432
  1,500
  1,570
  1,644
  1,718
  1,797
  1,878
  1,962
  2,049
  2,139
  2,233
  2,331
  2,432
  2,537
  2,647
  2,761
  2,879
  3,003
  3,131
Operating income, $m
  289
  560
  749
  948
  1,158
  1,378
  1,609
  1,851
  2,103
  2,366
  2,639
  3,432
  3,728
  4,036
  4,357
  4,690
  5,037
  5,398
  5,774
  6,165
  6,573
  6,999
  7,443
  7,907
  8,391
  8,896
  9,425
  9,978
  10,556
  11,161
  11,795
EBITDA, $m
  518
  1,660
  1,921
  2,197
  2,488
  2,793
  3,113
  3,447
  3,796
  4,159
  4,537
  4,931
  5,340
  5,766
  6,208
  6,668
  7,147
  7,645
  8,164
  8,704
  9,267
  9,854
  10,466
  11,105
  11,772
  12,468
  13,196
  13,957
  14,753
  15,586
  16,458
Interest expense (income), $m
  127
  110
  131
  152
  175
  199
  224
  250
  277
  306
  335
  366
  398
  432
  466
  502
  540
  578
  619
  661
  705
  750
  798
  847
  899
  953
  1,009
  1,068
  1,129
  1,194
  1,261
Earnings before tax, $m
  164
  450
  618
  795
  983
  1,179
  1,385
  1,601
  1,826
  2,060
  2,304
  3,066
  3,330
  3,605
  3,890
  4,188
  4,497
  4,819
  5,155
  5,504
  5,869
  6,249
  6,645
  7,059
  7,492
  7,943
  8,416
  8,910
  9,427
  9,968
  10,534
Tax expense, $m
  33
  122
  167
  215
  265
  318
  374
  432
  493
  556
  622
  828
  899
  973
  1,050
  1,131
  1,214
  1,301
  1,392
  1,486
  1,585
  1,687
  1,794
  1,906
  2,023
  2,145
  2,272
  2,406
  2,545
  2,691
  2,844
Net income, $m
  131
  329
  451
  581
  717
  861
  1,011
  1,169
  1,333
  1,504
  1,682
  2,238
  2,431
  2,631
  2,840
  3,057
  3,283
  3,518
  3,763
  4,018
  4,284
  4,561
  4,851
  5,153
  5,469
  5,799
  6,144
  6,504
  6,882
  7,276
  7,690

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  118
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,707
  6,273
  7,044
  7,858
  8,715
  9,614
  10,555
  11,537
  12,560
  13,626
  14,735
  15,888
  17,087
  18,332
  19,626
  20,971
  22,369
  23,823
  25,336
  26,911
  28,551
  30,260
  32,041
  33,899
  35,837
  37,860
  39,973
  42,181
  44,489
  46,902
  49,426
Adjusted assets (=assets-cash), $m
  5,589
  6,273
  7,044
  7,858
  8,715
  9,614
  10,555
  11,537
  12,560
  13,626
  14,735
  15,888
  17,087
  18,332
  19,626
  20,971
  22,369
  23,823
  25,336
  26,911
  28,551
  30,260
  32,041
  33,899
  35,837
  37,860
  39,973
  42,181
  44,489
  46,902
  49,426
Revenue / Adjusted assets
  0.265
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
Average production assets, $m
  1,606
  5,918
  6,646
  7,414
  8,222
  9,070
  9,958
  10,884
  11,850
  12,856
  13,902
  14,990
  16,120
  17,295
  18,516
  19,785
  21,104
  22,476
  23,903
  25,389
  26,936
  28,549
  30,229
  31,982
  33,810
  35,719
  37,713
  39,796
  41,973
  44,250
  46,631
Working capital, $m
  -146
  -30
  -34
  -38
  -42
  -46
  -51
  -56
  -61
  -66
  -71
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -193
  -204
  -215
  -227
  -239
Total debt, $m
  2,501
  2,422
  2,819
  3,239
  3,680
  4,143
  4,627
  5,133
  5,660
  6,209
  6,780
  7,374
  7,991
  8,633
  9,299
  9,992
  10,712
  11,461
  12,240
  13,051
  13,895
  14,775
  15,693
  16,649
  17,648
  18,690
  19,778
  20,915
  22,104
  23,346
  24,646
Total liabilities, $m
  3,448
  3,231
  3,628
  4,047
  4,488
  4,951
  5,436
  5,941
  6,469
  7,018
  7,589
  8,182
  8,800
  9,441
  10,107
  10,800
  11,520
  12,269
  13,048
  13,859
  14,704
  15,584
  16,501
  17,458
  18,456
  19,498
  20,586
  21,723
  22,912
  24,155
  25,454
Total equity, $m
  2,259
  3,042
  3,416
  3,811
  4,227
  4,663
  5,119
  5,595
  6,092
  6,609
  7,147
  7,706
  8,287
  8,891
  9,519
  10,171
  10,849
  11,554
  12,288
  13,052
  13,847
  14,676
  15,540
  16,441
  17,381
  18,362
  19,387
  20,458
  21,577
  22,748
  23,972
Total liabilities and equity, $m
  5,707
  6,273
  7,044
  7,858
  8,715
  9,614
  10,555
  11,536
  12,561
  13,627
  14,736
  15,888
  17,087
  18,332
  19,626
  20,971
  22,369
  23,823
  25,336
  26,911
  28,551
  30,260
  32,041
  33,899
  35,837
  37,860
  39,973
  42,181
  44,489
  46,903
  49,426
Debt-to-equity ratio
  1.107
  0.800
  0.830
  0.850
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.030
  1.030
Adjusted equity ratio
  0.383
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  131
  329
  451
  581
  717
  861
  1,011
  1,169
  1,333
  1,504
  1,682
  2,238
  2,431
  2,631
  2,840
  3,057
  3,283
  3,518
  3,763
  4,018
  4,284
  4,561
  4,851
  5,153
  5,469
  5,799
  6,144
  6,504
  6,882
  7,276
  7,690
Depreciation, amort., depletion, $m
  229
  1,100
  1,172
  1,249
  1,330
  1,415
  1,503
  1,596
  1,693
  1,793
  1,898
  1,499
  1,612
  1,730
  1,852
  1,978
  2,110
  2,248
  2,390
  2,539
  2,694
  2,855
  3,023
  3,198
  3,381
  3,572
  3,771
  3,980
  4,197
  4,425
  4,663
Funds from operations, $m
  506
  1,428
  1,623
  1,830
  2,047
  2,276
  2,515
  2,765
  3,025
  3,297
  3,580
  3,737
  4,043
  4,361
  4,692
  5,036
  5,393
  5,766
  6,153
  6,557
  6,978
  7,416
  7,874
  8,351
  8,850
  9,371
  9,915
  10,484
  11,079
  11,701
  12,353
Change in working capital, $m
  88
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  418
  1,432
  1,627
  1,834
  2,051
  2,280
  2,519
  2,770
  3,030
  3,302
  3,585
  3,742
  4,049
  4,367
  4,698
  5,042
  5,400
  5,773
  6,161
  6,565
  6,986
  7,425
  7,882
  8,360
  8,859
  9,380
  9,925
  10,494
  11,090
  11,713
  12,365
Maintenance CAPEX, $m
  0
  -523
  -592
  -665
  -741
  -822
  -907
  -996
  -1,088
  -1,185
  -1,286
  -1,390
  -1,499
  -1,612
  -1,730
  -1,852
  -1,978
  -2,110
  -2,248
  -2,390
  -2,539
  -2,694
  -2,855
  -3,023
  -3,198
  -3,381
  -3,572
  -3,771
  -3,980
  -4,197
  -4,425
New CAPEX, $m
  -38
  -685
  -727
  -768
  -808
  -848
  -887
  -927
  -966
  -1,006
  -1,046
  -1,088
  -1,131
  -1,175
  -1,221
  -1,269
  -1,319
  -1,372
  -1,427
  -1,486
  -1,547
  -1,612
  -1,680
  -1,753
  -1,829
  -1,909
  -1,994
  -2,083
  -2,177
  -2,277
  -2,381
Cash from investing activities, $m
  -495
  -1,208
  -1,319
  -1,433
  -1,549
  -1,670
  -1,794
  -1,923
  -2,054
  -2,191
  -2,332
  -2,478
  -2,630
  -2,787
  -2,951
  -3,121
  -3,297
  -3,482
  -3,675
  -3,876
  -4,086
  -4,306
  -4,535
  -4,776
  -5,027
  -5,290
  -5,566
  -5,854
  -6,157
  -6,474
  -6,806
Free cash flow, $m
  -77
  224
  308
  401
  502
  610
  725
  847
  976
  1,112
  1,253
  1,265
  1,419
  1,580
  1,747
  1,922
  2,102
  2,290
  2,486
  2,688
  2,899
  3,119
  3,347
  3,585
  3,832
  4,090
  4,359
  4,640
  4,933
  5,239
  5,559
Issuance/(repayment) of debt, $m
  -263
  377
  397
  419
  441
  463
  484
  506
  527
  549
  571
  594
  617
  641
  666
  693
  720
  749
  779
  811
  845
  880
  917
  957
  998
  1,042
  1,088
  1,137
  1,188
  1,243
  1,300
Issuance/(repurchase) of shares, $m
  85
  28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -186
  405
  397
  419
  441
  463
  484
  506
  527
  549
  571
  594
  617
  641
  666
  693
  720
  749
  779
  811
  845
  880
  917
  957
  998
  1,042
  1,088
  1,137
  1,188
  1,243
  1,300
Total cash flow (excl. dividends), $m
  -267
  628
  705
  820
  943
  1,073
  1,209
  1,353
  1,503
  1,661
  1,825
  1,858
  2,036
  2,221
  2,414
  2,614
  2,822
  3,039
  3,265
  3,500
  3,744
  3,999
  4,264
  4,542
  4,831
  5,132
  5,448
  5,777
  6,122
  6,482
  6,859
Retained Cash Flow (-), $m
  -154
  -356
  -374
  -395
  -416
  -436
  -456
  -476
  -497
  -517
  -538
  -559
  -581
  -604
  -628
  -652
  -678
  -705
  -734
  -764
  -795
  -829
  -864
  -901
  -940
  -981
  -1,025
  -1,071
  -1,119
  -1,170
  -1,224
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  42
  47
  53
  59
  66
  73
  80
  87
  95
  103
  111
  120
  129
  138
  148
  158
  169
  180
  191
  203
  216
  228
  242
  256
  271
  286
  302
  318
  336
  354
Cash available for distribution, $m
 
  272
  331
  425
  527
  637
  753
  877
  1,007
  1,144
  1,287
  1,299
  1,455
  1,617
  1,786
  1,962
  2,144
  2,334
  2,531
  2,736
  2,949
  3,170
  3,401
  3,641
  3,891
  4,151
  4,423
  4,706
  5,002
  5,312
  5,635
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  255
  289
  343
  391
  430
  460
  480
  490
  489
  479
  416
  396
  369
  338
  303
  266
  229
  193
  160
  129
  102
  79
  59
  44
  31
  22
  15
  10
  6
  4
Current shareholders' claim on cash, %
  100
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8

SS&C Technologies Holdings, Inc. is a holding company. The Company is a provider of software products and software-enabled services that allow financial services providers to automate complex business processes and manage their information processing requirements. The Company's portfolio of software products and software-enabled services allows its clients to automate and integrate front-office functions, such as trading and modeling, middle-office functions, such as portfolio management and reporting, and back-office functions, such as accounting, performance measurement, reconciliation, reporting, processing and clearing. The Company provides its solutions across the globe to over 11,000 clients, principally within the institutional asset and wealth management, alternative investment management, financial advisory and financial institutions vertical markets. Its portfolio includes over 90 products and software-enabled services.

FINANCIAL RATIOS  of  SS&C Technologies Holdings (SSNC)

Valuation Ratios
P/E Ratio 86.1
Price to Sales 7.6
Price to Book 5
Price to Tangible Book
Price to Cash Flow 27
Price to Free Cash Flow 29.7
Growth Rates
Sales Growth Rate 48.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 111.1%
Cap. Spend. - 3 Yr. Gr. Rate 22.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 105.1%
Total Debt to Equity 110.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 46%
Gross Margin - 3 Yr. Avg. 46.4%
EBITDA Margin 35.1%
EBITDA Margin - 3 Yr. Avg. 33.1%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 20.1%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 38.2%

SSNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSNC stock intrinsic value calculation we used $1675 million for the last fiscal year's total revenue generated by SS&C Technologies Holdings. The default revenue input number comes from 2016 income statement of SS&C Technologies Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SSNC stock valuation model: a) initial revenue growth rate of 13.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.7%, whose default value for SSNC is calculated based on our internal credit rating of SS&C Technologies Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of SS&C Technologies Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SSNC stock the variable cost ratio is equal to 44.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $551 million in the base year in the intrinsic value calculation for SSNC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for SS&C Technologies Holdings.

Corporate tax rate of 27% is the nominal tax rate for SS&C Technologies Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SSNC stock is equal to 2.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SSNC are equal to 312.4%.

Life of production assets of 10 years is the average useful life of capital assets used in SS&C Technologies Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SSNC is equal to -1.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2686 million for SS&C Technologies Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 205 million for SS&C Technologies Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of SS&C Technologies Holdings at the current share price and the inputted number of shares is $11.4 billion.

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COMPANY NEWS

▶ SS&C to Release Second Quarter 2018 Earnings   [Jul-12-18 09:00AM  PR Newswire]
▶ Cloud Services Propel Fintech Software Firms To Higher Valuations   [Jun-29-18 09:26AM  Investor's Business Daily]
▶ DST Systems announces large layoffs   [Jun-26-18 04:24PM  American City Business Journals]
▶ SS&C GlobeOp Forward Redemption Indicator   [05:00AM  PR Newswire]
▶ SS&C Releases First Round of 2018 Product Upgrades   [Jun-12-18 09:00AM  PR Newswire]
▶ SS&C to Speak at June Investor Conferences   [Jun-06-18 04:00AM  PR Newswire]
▶ Commerce Bancshares Chooses SS&C for CECL Transition   [May-23-18 09:00AM  PR Newswire]
▶ SS&C GlobeOp Forward Redemption Indicator   [May-21-18 05:00AM  PR Newswire]
▶ SS&C Announces Quarterly Dividend   [May-18-18 04:05PM  PR Newswire]
▶ SS&C to Speak at Jefferies Technology Conference   [May-07-18 12:00PM  PR Newswire]
▶ SS&C Technologies: 1Q Earnings Snapshot   [May-01-18 05:40PM  Associated Press]
▶ [$$] ION Confirms £1.5 Billion Bid for Fidessa   [Apr-20-18 06:42AM  The Wall Street Journal]
▶ SS&C GlobeOp Forward Redemption Indicator   [05:00AM  PR Newswire]
▶ SS&C Completes Acquisition of DST   [11:08AM  PR Newswire]
▶ SS&C to Release First Quarter 2018 Earnings   [Apr-11-18 10:05AM  PR Newswire]
▶ Edited Transcript of SSNC presentation 8-Mar-17 4:00pm GMT   [Apr-10-18 02:51PM  Thomson Reuters StreetEvents]
▶ [$$] Fidessa confirms mystery bidders as Ion Trading and SS&C   [Apr-05-18 02:35AM  Financial Times]
▶ [$$] SS&C gatecrashes Temenos bid for Fidessa   [01:23AM  Financial Times]
▶ These Four Tech Stocks Came Through With Flying Colors In Rough Week   [Mar-29-18 02:50PM  Investor's Business Daily]
▶ DST Systems, Inc. Shareholders Approve Merger With SS&C   [Mar-28-18 04:15PM  PR Newswire]
▶ SS&C GlobeOp Forward Redemption Indicator   [Mar-21-18 05:00AM  PR Newswire]
▶ Esposito Securities Switches to SS&C's MarketTrader   [Mar-06-18 09:00AM  PR Newswire]
▶ SS&C Technologies Gets Back on Track   [Feb-16-18 08:39PM  Motley Fool]
▶ SS&C Technologies tops Street 4Q forecasts   [Feb-15-18 05:20PM  Associated Press]
▶ SS&C Announces Quarterly Dividend   [04:47PM  PR Newswire]
▶ Company News For Jan 12, 2018   [Jan-12-18 10:45AM  Zacks]
Financial statements of SSNC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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