£30.6m market cap
31p 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 continues to make good progress on its transition plan. The final months of FY19 saw further large contract wins and growth accelerate. This was achieved despite the uncertainty created by the US government shutdown. Adjusted EBITDA ‘at least in line’ with market expectations suggests a minimum of £1.1m, over 12% ahead of our estimate, but we leave our forecasts unchanged for now. Executing the plan offers scope for a re-rating and further upgrades, in our view.
Y/E Jan |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 15.1 | (0.9) | (12.8) | (1.75) | N/A | N/A |
| 2018A | 16.9 | 0.4 | (1.5) | (2.30) | N/A | 83.5 |
| 2019E | 17.8 | 1.0 | (1.0) | (1.15) | N/A | N/A |
| 2020E | 18.8 | 1.7 | 0.5 | 0.44 | 73.4 | 16.6 |
| 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 |
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| TMT |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (£m) | 5.8 |
| Forecast gearing ratio (%) | N/A |
Price performance
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3m |
12m |
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Key management |
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|---|---|
| Andy Roberts | Chairman |
| Claire Milverton | CEO |
| Nicole Payne | Financial Accountant |
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