Analyst Note| Rajiv Bhatia, CFA |
SS&C Technologies reported a very healthy second quarter with results that topped expectations. Adjusted revenue for the quarter of $1.26 billion beat the FactSet consensus of $1.22 billion by 3%. Adjusted EBITDA was $511 million (consensus: $490 million), and adjusted EPS was $1.24 (consensus: $1.14). Adjusted organic revenue growth was 7.2%, an improvement from the 2.9% growth in the first quarter and the 0.5% decline during full-year 2020. We will maintain our narrow moat rating and are increasing our fair value estimate to $75 from $71 as we tweak our organic revenue growth assumptions higher.