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.
More EMIS Group content >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) |
EBITDA (£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 24/05/2022Content on EMIS Group
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TMT
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Balance sheet |
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| Forecast net cash (£m) | 60.9 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Andy Thorburn | CEO |
| Peter Southby | CFO |
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