Oppenheimer Reiterates Perform on Factset Research Systems (FDS) Following 4Q Report
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Oppenheimer reiterated a Perform rating on FactSet Research Systems (NYSE: FDS) following the company's 4Q earnings report. Revenue rose ~10% Y/Y to $287M, compared to $290.5M estimates. Adjusted EPS rose ~12% Y/Y to $1.69 vs. the Street's $1.69 estimate. Oppenheimer remains attracted to FactSet's business model and long-term opportunity, and are encouraged by recent solid ASV growth.
Analyst Glenn Greene commented, "FactSet reported relatively mixed 4QFY16 results, with ~10% Y/Y reported revenue growth and ~9% Y/Y ASV growth (both up ~9% organically). Adj. EPS grew 12% to $1.69 (vs. our/Street's $1.69 estimates). Notably, FDS provided 1QFY17 EPS guidance of $1.68-1.72, relatively soft compared to our/Street's prior $1.74/1.72 estimates. Client growth was modest while user growth was strong, benefiting from strong US sales, partially offset by market-related client losses. Nonetheless, ASV growth remained solid, increasing 9% organically Y/Y to $1.15B (vs. our $1.16B estimate), but declined modestly Q/Q (likely driven by Market Metrics sale). We believe FDS is fairly valued at 22.5x our CY17 EPS estimate. Accordingly, we maintain our Perform rating. This note supplements our earlier note today."
Shares of FactSet Research Systems closed at $164.34 yesterday.
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