SSNC – Market expectations are for a material decline in Uniform ROA, but management is confident in their core margins and business wins

• SS&C Technologies Holdings, Inc. (SSNC:USA) currently trades above historical averages relative to UAFRS-based (Uniform) Earnings, with a 19.4x Uniform P/E. Even at these levels, the market has bearish expectations for the firm, but management is confident in their focus on core margins and new business wins
• Specifically, management is confident in their focus on improving core margins. In addition, they are confident they displaced a competitor as the service provider of a private equity firm, and in their relationship with a large US-based asset manager.