SCISYS Group

LN: SSY

£74.2m market cap

250p last close

SCISYS Group provides a range of professional services in support of the planning, development and use of computer systems in the space, media/broadcast and defence sectors, as well as to other public and private sector enterprises.

Investment summary

The Canadian IT services company CGI is acquiring SCISYS for 254.15p in cash, together with the final dividend of 1.73p. The offer price values the entire issued and to be issued ordinary share capital of SCISYS at c £78.9m. At the scheme meeting and EGM held on 7 August 2019, shareholders voted to approve the scheme to implement the offer and resolutions to approve and facilitate the scheme were duly passed at the EGM. Completion of the acquisition remains subject to the satisfaction or waiver of the remaining conditions, including the sanction of the scheme by the High Court.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 53.2 5.4 3.6 9.3 26.9 7.0
2018A 58.4 6.5 4.6 13.1 19.1 13.1
2019E 61.5 6.7 5.0 12.7 19.7 11.6
2020E 63.5 7.0 5.4 13.4 18.7 11.2
Last updated on 29/08/2019
Industry outlook

SCISYS is a specialist provider of high-value IT solutions, focusing on specialist markets of space, media and broadcast, and defence sectors, along with other public and private sector enterprises. In recent years, weakness across the group’s significant public sector customer base has been offset by strong performances from space and defence.

Last updated on 29/08/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) 0.3
Forecast gearing ratio (%) 1
Price performance
%
1m
3m
12m
Actual (0.4) 23.2 43.7
Relative* 5.2 25.5 54.3
52-week high/low 252.0p/140.5p
*% relative to local index
Key management
Mike Love Chairman
Klaus Heidrich CEO
Chris Cheetham FD

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