£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
H120 saw a solid performance from 1Spatial’s core business augmented by a good start from its recent Geomap-Imagis (GI) acquisition. GI generated revenue of £2m and EBITDA of £0.5m in its first three months and additional synergies have been identified. It is early days but in the context of a £5.3m price tag (EV) we see this performance as encouraging. 1Spatial also highlighted significant contract wins post period end. It now looks well set to execute on its next phase: establishing a market leading position in Location Master Data Management (LMDM).
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 | 86.6 |
| 2019A | 17.6 | 1.2 | (0.9) | (1.06) | N/A | N/A |
| 2020E | 22.8 | 2.1 | 0.8 | 0.74 | 45.3 | 93.0 |
| 2021E | 25.6 | 2.7 | 1.4 | 1.02 | 32.8 | 11.3 |
| Last updated on 23/10/2018 | ||||||
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 |
Key management |
|
|---|---|
| Andy Roberts | Chairman |
| Claire Milverton | CEO |
| Nicole Payne | Financial Accountant |
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