1Spatial

LN: SPA

Market Cap£46m

Last Close 41.5p

1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. The combination of its software and advisory services reduces the need for costly manual checking and correcting of data.

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Investment summary

1Spatial continues its US expansion with the announcement of a contract win to support replacing the Transportation System Network (TSN) for the California Department of Transportation (Caltrans). The contract is worth c $1.4m over four years, including US$0.7m in software licence revenue, and was won in partnership with Rizing, a global SAP partner. The US market is a key growth engine for 1Spatial and the Caltrans win shows its strategic plan continues to bear fruit. This contract follows other recent wins and extensions in the US market, including with the states of Montana, Georgia, Minnesota and Arizona, and with Google. We are encouraged by its progress and maintain our forecast of significant growth in the US; we have not adjusted our estimates.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 24.6 3.6 0.2 0.17 244.1 11.7
2022A 27.0 4.2 1.1 0.77 53.9 18.4
2023E 29.0 4.9 1.8 1.21 34.3 10.1
2024E 31.2 5.7 2.5 2.29 18.1 8.5
Industry outlook

We believe that the geospatial market is likely to witness robust growth driven by a number of factors such as the open data movement and SPA looks well placed to benefit from this.

Last updated on 18/05/2022
Content on 1Spatial
1Spatial – executive interview
TMT | Edison TV | 19 May 2022
1Spatial – Going to California with Caltrans on my mind
TMT | research Flash note | 11 May 2022
new-york-city-1030778_1920 (1)
1Spatial – Solid progress on several geospatial fronts
TMT | research Update | 28 April 2022
new-york-city-1030778_1920 (1)
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Share price graph
Balance sheet
Forecast net cash (£m) 3.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.5 (8.8) (4.6)
Relative* 4.5 (7.4) (8.0)
52-week high/low 53.5p/35.0p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Andrew Fabian CFO