EMIS Group


£688.8m market cap

1088p 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’s AGM update confirms the business is trading in line with expectations. Recurring revenues are on track while new business is lower than in FY19 with a focus on lower-margin hardware. EMIS is closely controlling costs but has no plans to furlough staff and will maintain its investment in EMIS-X. As expected, new business is taking a back seat while the NHS concentrates on fighting the COVID-19 pandemic and EMIS has dedicated resources to helping frontline staff as well as supporting research efforts. As long as new business gradually improves through H2, EMIS anticipates meeting FY20 expectations; we maintain our estimates.

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 26.9 13.7
2019A 159.5 55.6 41.0 53.5 20.3 13.7
2020E 159.8 53.3 39.9 51.2 21.3 13.0
2021E 169.8 56.8 43.7 56.0 19.4 12.0
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 08/07/2020
Share price graph
Balance sheet
Forecast net cash (£m) 39.8
Forecast gearing ratio (%) N/A
Price performance
Actual 4.2 6.9 (9.3)
Relative* 9.6 (1.5) 9.5
52-week high/low 1240.0p/813.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO

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