EMIS Group


Market Cap£878m

Last Close 1386p

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 H121 results ahead of board expectations and is on track to meet the company’s FY21 expectations. H121 revenue increased 7% y-o-y and adjusted operating profit grew 13% y-o-y. EMIS closed H121 with net cash of £48m and announced an interim dividend of 17.6p, up 10% y-o-y and ahead of our 17p forecast. After a period of investment to develop the EMIS-X platform, and at least a year of diverting resource to support customers’ COVID-19 efforts, EMIS is now in a position to execute its growth strategy. Our revenue and adjusted operating profit forecasts are unchanged, with revenue growth accelerating to the lower end of the targeted medium-term 5–9% range from FY22.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 159.5 55.6 41.0 53.5 25.9 17.4
2020A 159.5 53.5 43.4 56.4 24.6 13.6
2021E 164.1 52.9 42.2 53.7 25.8 19.1
2022E 172.7 59.2 46.7 59.5 23.3 14.4
Industry outlook

EMIS is the leading software supplier to 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. The EMIS-X platform is being developed to promote greater interoperability between NHS departments, in line with the NHS Long Term Strategy.

Last updated on 20/10/2021
Content on EMIS Group
EMIS Group – Commercialising recent investment
TMT | Update | 14 September 2021
EMIS Group – executive interview
TMT | Edison TV | 9 September 2021
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Share price graph
Balance sheet
Forecast net cash (£m) 55.3
Forecast gearing ratio (%) N/A
Price performance
Actual (5.1) 16.5 36.7
Relative* (8.1) 11.2 10.0
52-week high/low 1460.0p/960.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO