Q1 trading in line, focus on integrating UBS Delta

In an in-line AGM trading update, StatPro says that sales have progressed well and that the pipeline remains solid. We have maintained all of our forecasts, but see scope for upgrades as the year progresses, unless sterling continues its recovery. In April, StatPro said that it was acquiring UBS Delta, a portfolio analysis and risk management system, at a valuation of less than 0.8x revenues. The valuation compared with the c 7.3x sales that FactSet recently paid for BISAM, a key competitor of StatPro. We continue to see strong upside potential in the shares, if StatPro can successfully integrate UBS Delta, given the significant valuation disparity between StatPro and its US-listed financial software peers.