1Spatial

LN: SPA

£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. It is early days but in the context of a £5.3m price tag (EV) GI’s £8m revenue run-rate and 25% EBITDA margin looks encouraging. 1Spatial also highlighted significant contract wins post the 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 84.0
2019A 17.6 1.2 (0.9) (1.06) N/A N/A
2020E 22.8 3.1 0.8 0.75 43.3 89.0
2021E 25.6 3.7 1.4 1.02 31.9 8.3
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
Price performance
%
1m
3m
12m
Actual (4.4) 3.2 (17.7)
Relative* (5.0) 4.9 (21.7)
52-week high/low 4.2p/2.8p
*% relative to local index
Key management
Andy Roberts Chairman
Claire Milverton CEO
Nicole Payne Financial Accountant

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