Iress Ltd (ASX: IRE) shares are trading near an all-time high having gained over 2% on Wednesday to touch $12.02.

At these levels, Iress’ share price is back within striking distance of its all-time high of $12.35, which it set back in April.

While the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has found support today, having gained around 0.5% in afternoon trade, Iress’ strong performance is likely thanks to a well-received Investor Day which the company is holding.

Here are some highlights from today’s presentation:

  • Iress is a leading provider of information, trading, compliance, order managment, portfolio, wealth management and enterprise lending software tools
  • Iress offers investors a global presence with 17 global office locations
  • The group has a ten-year track record of dividend growth and its total shareholder return over the past decade has significantly outperformed the wider market
  • The company enjoys recurring revenues and strong cash conversion
  • Its business is diversified across products, markets and geographies. This diversification has increased significantly over the past decade
  • The company has market-leading positions including servicing 95% of sell-side brokers in Australia
  • Iress spends around $80 million per annum on product and development investment. This is key to staying ahead of the competition and entrenching its market-leading position

Buy, Hold or Sell?

In 2015 (the group operates on a calendar year basis) Iress achieved a 5% increase in revenues on a constant currency basis. The dividend was raised by 3%.

Based on its 2015 results, the stock is trading on a price-to-earnings multiple and dividend yield of around 34 times and 3.5% respectively.

That looks to be a pretty full valuation in my opinion and conservative investors would arguably wait for a more appealing entry point into this quality company.

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Motley Fool contributor Tim McArthur owns shares in Iress Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.