EMIS Group

LN: EMIS

Market Cap£1,175m

Last Close 1868p

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 has received an offer for the entire issued and to be issued share capital of the company at 1,925p per share. The bidder is Bordeaux UK Holdings II Limited, an affiliate of Optum Health Solutions (UK) Limited which is a subsidiary of UnitedHealth Group. The board is recommending the offer; the intention is for the acquisition to be implemented by means of a court-sanctioned scheme of arrangement.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 159.5 53.5 43.4 56.4 33.1 18.3
2021A 168.2 54.7 43.5 55.0 34.0 23.5
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

For the purposes of the Takeover Code, Edison is deemed to be connected with EMIS as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Last updated on 04/07/2022
Content on EMIS Group
EMIS Group – Supporting a more proactive health service
TMT | research Update | 22 March 2022
computer-desk-doctor-48604
EMIS Group FY21 results – executive interview
TMT | Edison TV | 17 March 2022
EMIS Group – Strong FY21 drives upgrades
TMT | research Update | 20 January 2022
computer-desk-doctor-48604
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 41.7 38.8 58.3
Relative* 48.8 47.4 62.2
52-week high/low 1890.0p/1136.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO