1Spatial

LN: SPA

£33.1m market cap

33.5p last close

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.

Investment summary

1Spatial has made significant financial and strategic progress over the last three years. The recent capital markets day provided the opportunity to articulate its longer-term ambitions. Its Location Master Data Management (LMDM) strategy aims to leverage the strengths of its 1Integrate platform and has the potential to accelerate growth and raise margins, in our view.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 16.9 0.4 (1.5) (2.30) N/A 84.0
2019A 17.6 1.2 (0.9) (1.06) N/A N/A
2020E 22.8 3.1 0.8 0.75 43.3 89.0
2021E 25.6 3.7 1.4 1.02 31.9 8.3
Industry outlook

The GIS industry is large and growing – P&S Market Research estimates the global GIS software, services and hardware market at US$9.0bn, forecasting a 10.1% CAGR to reach US$17.5bn by 2023. Software is estimated to account for around half of this market at present, with growth forecast at c 9% through 2023, whereas the revenue opportunity for services is expected to grow more rapidly – at c 12% from around US$3.5bn at present.

Last updated on 23/10/2018
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 5.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (4.4) 3.2 (17.7)
Relative* (5.0) 4.9 (21.7)
52-week high/low 4.2p/2.8p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Nicole Payne Financial Accountant

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