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1Spatial (AIM: SPA)

Last close As at 17/09/2024

GBP0.59

— 0.00 (0.00%)

Market capitalisation

GBP66m

1Spatial (AIM: SPA) – French government renewal >
Dan Ridsdale | TMT | Comment | 16 hours ago
1Spatial (AIM: SPA) – French government renewal >
Dan Ridsdale | TMT | Comment | 16 hours ago
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1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. Its software and advisory services reduce the need for costly manual checking and correcting of data. 1Spatial’s SaaS products use the core technology to solve significant workflow bottlenecks, such as the creation of traffic management plans and validating data.

The geospatial industry is expected to grow at a double-digit rate, as advances in data capture, processing and analytics provide ever more detailed insights into the world around us. Adoption is accelerating in more mainstream verticals and for the right solutions, the return on investment can be direct, measurable and strong. The UK market opportunity for 1Streetworks is estimated at £400m, with management targeting 10% market share in five years.

Latest Insights

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TMT | Flash note

1Spatial — Contract wins underpin US growth opportunity

TMT | edison tv

1Spatial – executive interview

TMT | Update

1Spatial — Investing in the transformational SaaS opportunity

TMT | Flash note

1Spatial — SaaS applications to build on Enterprise strength
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Sector

TMT

Equity Analyst

Dan Ridsdale

Head of Technology

Key Management

  • Andy Roberts

    Chairman

  • Claire Milverton

    CEO

  • Stuart Ritchie

    CFO

Balance Sheet

Forecast net cash (£m)

1.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (11.9) (15.7) 22.9
Relative (11.6) (17.4) 13.8
52 week high/low 76.0p/45.5p

Financials

Recent contract wins in the US highlight 1Spatial’s progress in the world’s largest market for software and give an early indication that the investment in strengthening the US team could yield good results. 1Spatial now has contracts or framework agreements with 21 US states, up from 18 at year-end, with management setting a longer-term ambition of generating $1m in annual recurring revenues from each state. Progress continues with 1Streetworks but as yet no new deals have been announced. 1Spatial trades at a discount to peers on an EV/sales basis but at a premium on an EV/EBITDA and P/E basis, reflecting the company’s investment in US expansion and 1Streetworks. The upside from successful execution in these initiatives should be significant.

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 30.0 5.0 1.8 1.20 49.2 14.3
2024A 32.3 5.5 2.1 1.40 42.1 15.0
2025E 35.8 5.7 2.1 1.37 43.1 12.3
2026E 38.7 7.6 3.8 2.54 23.2 8.6

Research

edison tv

TMT

1Spatial – executive interview

Update

TMT

1Spatial — Investing in the transformational SaaS opportunity

TMT

Flash note

1Spatial — Contract wins underpin US growth opportunity
View All

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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