1Spatial

LN: SPA

£47m market cap

42.5p 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 picked up further notable wins in April with the announcement of a $0.5m contract with Google Real Estate and Workplace Services and a £0.9m contract with Defra, adding to the slew of recent contract wins in both the UK and US so far this year. FY21 reported results 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 05/05/2021
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Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 4.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (9.6) 51.8 107.3
Relative* (13.2) 40.4 66.7
52-week high/low 51.0p/17.5p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Andrew Fabian Interim CFO

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