1Spatial

LN: SPA

£30.9m market cap

28p 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 performed resiliently during H1. Sales rose y-o-y, EBITDA grew and the company generated FCF. At a company level, rising recurring revenue and a growing order book of contracted sales is improving visibility. However, the broader economic backdrop remains uncertain and could affect deal closure. In FY22, we assume 7% sales growth (fuelled by an 11% rise in solutions revenue) plus FCF (pre-lease payments) of £2.5m.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 17.6 1.2 (0.5) (0.57) N/A N/A
2020A 23.4 3.2 0.8 0.58 48.3 53.9
2021E 23.4 2.8 (0.5) (0.35) N/A 7.9
2022E 25.1 3.6 0.3 0.22 127.3 6.6
Industry outlook

The GIS industry is large and growing. P&S Market Research estimates the global GIS software, services and hardware market generates sales of US$9.0bn annually and will grow at a 10% CAGR to reach annual sales of US$17.5bn by 2023.

Last updated on 03/12/2020
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Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 4.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.7 (9.7) (6.7)
Relative* (8.1) (19.3) 0.9
52-week high/low 32.0p/13.5p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Andrew Fabian Interim CFO

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