EMIS Group


£715.4m market cap

1130p last close

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 blockchain.

Investment summary

EMIS reported respectable results for H120 considering the uncertainty in the NHS and COVID-19 restrictions. The company expects to meet consensus estimates for FY20 and announced an interim dividend of 16p (+3% y o y). We have made minor changes to forecasts. Work on the product roadmap is ongoing with the first new data analytics product due in Q4. In our view, the rapid shift to digital working during the pandemic supports and potentially accelerates the adoption of technology within healthcare in the longer term.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 149.7 48.9 33.4 40.4 28.0 14.3
2019A 159.5 55.6 41.0 53.5 21.1 14.2
2020E 158.8 53.7 43.3 55.7 20.3 12.1
2021E 164.1 55.3 44.0 56.4 20.0 12.9
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 17/09/2020
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Share price graph
Balance sheet
Forecast net cash (£m) 45.1
Forecast gearing ratio (%) N/A
Price performance
Actual 5.6 7.6 7.0
Relative* 6.7 10.3 27.5
52-week high/low 1226.0p/813.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO

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