£28.7m market cap
27p 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 | 44.8 | 50.1 |
| 2021E | 23.4 | 2.8 | (0.5) | (0.35) | N/A | 7.3 |
| 2022E | 25.1 | 3.6 | 0.3 | 0.22 | 118.2 | 6.2 |
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 24/11/2020
Sector |
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| TMT |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (£m) | 4.2 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Andy Roberts | Chairman |
| Claire Milverton | CEO |
| Andrew Fabian | Interim CFO |
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