EMIS Group


Market Cap£813m

Last Close 1292p

EMIS is a software supplier with two divisions. EMIS Health supplies integrated care technology to the NHS, including primary, community, acute and social care. EMIS Enterprise is a B2B software provider to the UK healthcare market, including medicines management, partner businesses, patient-facing services and analytics.

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Investment summary

EMIS reported FY21 results ahead of our recently raised forecasts, with revenue up 6% y-o-y, adjusted operating profit up 11% and adjusted EPS up 10%. While EMIS continued to support its customers with COVID-19-related activities during FY21, it saw more normal trading patterns return. EMIS-X analytics is being adopted by both EMIS Health and EMIS Enterprise customers, supporting a more proactive approach to healthcare, and enhancements to the platform underpin the company’s integrated care systems strategy. Reflecting FY21 performance and recent bolt-on acquisitions, we upgrade our adjusted EPS forecasts by c 3% in FY22 and FY23.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 159.5 53.5 43.4 56.4 22.9 12.7
2021A 168.2 54.7 43.5 55.0 23.5 16.3
2022E 176.8 57.5 48.0 61.2 21.1 13.9
2023E 186.0 61.0 52.5 63.1 20.5 13.0
Industry outlook

EMIS is the leading software supplier for the UK GP market, with a greater than 50% market share. It has a strong position in community pharmacies, community health, A&E and hospital pharmacies. It also provides patient-facing services and, based on its EMIS-X platform, analytics for use by healthcare providers, and the life sciences and research industry.

Last updated on 24/05/2022
Content on EMIS Group
EMIS Group – Supporting a more proactive health service
TMT | research Update | 22 March 2022
EMIS Group FY21 results – executive interview
TMT | Edison TV | 17 March 2022
EMIS Group – Strong FY21 drives upgrades
TMT | research Update | 20 January 2022
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Share price graph
Balance sheet
Forecast net cash (£m) 60.9
Forecast gearing ratio (%) N/A
Price performance
Actual (1.4) 7.7 8.9
Relative* (0.1) 4.8 6.2
52-week high/low 1460.0p/1128.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO