EMIS Group


£654.6m market cap

1034p 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 has made good progress in a number of areas in FY19: it completed a restructuring programme, sold the Specialist & Care business, and was successfully appointed to GP frameworks in England and Scotland. The company continues to invest in developing the EMIS-X platform to support the growth of both the Health and Enterprise divisions. The group reported FY19 results slightly ahead of our forecasts, with revenue growth of 6.5% and adjusted EPS growth of 13.4%. We have taken a more conservative approach to forecasts to reflect short-term risks to new business while the NHS focuses on dealing with the coronavirus crisis.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 149.7 48.9 33.4 N/A N/A 13.1
2019A 159.5 55.6 41.0 N/A N/A 13.0
2020E 159.8 53.3 39.9 N/A N/A 12.4
2021E 169.8 56.8 43.7 N/A N/A 11.4
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 06/04/2020
Share price graph
Balance sheet
Forecast net cash (£m) 39.8
Forecast gearing ratio (%) N/A
Price performance
Actual (7.8) (7.7) (6.9)
Relative* 8.5 27.0 23.9
52-week high/low 1242.0p/813.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO

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