FactSet's Subscription Model Offers Buffers Against Economic Cyclicality, Analyst Boosts Price Target
FactSet's Subscription Model Offers Buffers Against Economic Cyclicality, Analyst Boosts Price Target
BMO Capital Markets analyst Jeffrey M. Silber reiterated the Market Perform rating on FactSet Research Systems Inc. (NYSE:FDS), raising the price target to $436 from $419.
BMO 資本市場 分析師 Jeffrey M. Silber 重申了市場表現評級 FactSet 研究系統公司 紐約證券交易所代碼：FDS），將目標股價從419美元上調至436美元。
The company reported fourth-quarter FY23 sales growth of 7.3% year-on-year to $535.797 million, marginally beating the consensus of $535.280 million.
該公司報告稱，23財年第四季度銷售額同比增長7.3％，達到5.35797億美元，略高於共識的5.352.8億美元。
Adjusted EPS of $2.930 missed the consensus of $3.50.
調整後的每股收益爲2.930美元，未達到預期的3.50美元。
Growth decelerated during the quarter and was mainly sell-side driven, according to Silber.
西爾伯表示，本季度增長減速，主要是由賣方推動的。
FY2024 guided ASV growth of 7% at the midpoint implies that top-line trends stabilize this year compared to the deceleration throughout FY2023, the analyst adds.
分析師補充說，FY2024 引導的ASV在中點增長了7％，這意味着與整個 FY2023 的減速相比，今年的收入趨勢趨於穩定。
Margins were better than expected, and the bottom line was weaker than expected from below-the-line items.
利潤率好於預期，線下項目的利潤低於預期。
Silber thinks FDS should continue to gain a share in the market data industry, as has been the case historically.
西爾伯認爲，FDS應該像歷史上一樣繼續在市場數據行業中佔有一席之地。
The company has some buffers against economic cyclicality, as virtually all of its business is subscription-based and has been expanding into the relatively more stable wealth industry, the analyst adds.
分析師補充說，該公司有一些緩衝經濟週期性，因爲其幾乎所有業務都是以訂閱爲基礎的，並且一直在向相對更穩定的財富行業擴張。
Silber projects future margin expansion, given management's increased focus there.
鑑於管理層越來越關注利潤率，Silber預計未來利潤率將擴大。
However, technology investments (+24% increase in the budget), including generative AI and cloud expenses, are expected to offset expansion, mentions the analyst.
但是，這位分析師提到，技術投資（預算增長+24％），包括生成式人工智能和雲支出，預計將抵消擴張。
Management expects AI efficiencies to benefit in FY2025, Silber writes.
西爾伯寫道，管理層預計 FY2025 將使人工智能效率受益。
For FY24, the analyst raised revenue expectations to $2.214 billion from $2.208 billion.
該分析師將24財年的收入預期從22.08億美元上調至22.14億美元。
For FY25, the analyst raised revenue estimates to $2.346 billion from $2.339 billion.
該分析師將25財年的收入預期從23.39億美元上調至23.46億美元。
Price Action: FDS shares are trading higher by 2.27% to $436.45 on the last check Friday.
價格走勢： 在週五的最後一張支票中，FDS股價上漲2.27％，至436.45美元。
譯文內容由第三人軟體翻譯。