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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1Spatial (SPA) delivered another period of robust results in H123, with annualised recurring revenue (ARR) up 29% y-o-y, revenues growing 11% and EBITDA rising 10%. 1Spatial’s success in driving transformational growth was marked by several contract wins with significant amounts of recurring revenue, the expansion of smart partnerships and further penetration of the US market. We maintain our FY23 and FY24 estimates and watch for catalysts that signal 1Spatial’s plan is continuing to bear fruit. Although 1Spatial trades at a discount to peers, we expect there could be a reduction in the gap if management continues successfully executing its growth strategy.
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 | 238.2 | 11.4 |
| 2022A | 27.0 | 4.2 | 1.1 | 0.77 | 52.6 | 18.0 |
| 2023E | 29.0 | 4.9 | 1.8 | 1.21 | 33.5 | 10.8 |
| 2024E | 31.2 | 5.7 | 2.5 | 2.29 | 17.7 | 8.3 |
Industry outlook
SPA operates at the nexus of two large, growing markets: GIS and master data management (MDM), which management estimates to be worth US$10bn and US$12bn, respectively. The market where these two meet is the location MDM industry.
Last updated on 28/09/2022Content on 1Spatial
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TMT
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Balance sheet |
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| Forecast net cash (£m) | 3.1 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Andy Roberts | Chairman |
| Claire Milverton | CEO |
| Andrew Fabian | CFO |