1Spatial

LN: SPA

Market Cap£47m

Last Close 42.5p

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

Following a slew of recent contract wins in both the UK and United States so far this year, May saw 1Spatial granted a UK patent for the modification and validation of spatial data, effectively protecting the use of its rules engine technology which lies at the heart of its 1Integrate and 1Data Gateway products. FY21 reported results (28 April) were comfortably above the baseline set out in its trading statement with a positive outlook statement referencing a growing pipeline and an ‘accelerated win rate’. As a result we lifted our FY22 adjusted EPS forecast by 20% but see scope for further increases if current momentum continues.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 23.4 3.2 0.8 0.58 73.3 81.9
2021A 24.6 3.6 0.3 0.18 236.1 12.2
2022E 25.6 3.7 0.4 0.26 163.5 9.6
2023E 27.2 4.2 0.8 0.53 80.2 9.3
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 04/06/2021
Content on 1Spatial
1Spatial – executive interview
TMT | Edison TV | 11 May 2021
1Spatial – $0.5m contract extension with Google
TMT | Flash note | 15 April 2021
new-york-city-1030778_1920 (1)
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Share price graph
Balance sheet
Forecast net cash (£m) 4.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (3.4) 21.4 102.4
Relative* (5.5) 13.9 75.7
52-week high/low 51.0p/21.0p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Andrew Fabian Interim CFO