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1Spatial (AIM: SPA)

Currency in GBP

Last close As at 30/11/2023

GBP0.48

— 0.00 (0.00%)

Market capitalisation

GBP53m

1Spatial’s core technology validates, rectifies and enhances customers’ geospatial data. The combination of its software and advisory services reduces the need for costly manual checking and correcting of data.

We see the geographic information system (GIS) market as poised for rapid growth, driven by the substantial growth of data generated every day by sensors, the internet of things and mobile devices, and we estimate the GIS market could grow 20%+ pa over the next decade. We believe untapped value is found in companies like 1Spatial, which operate in a niche position and can turn GIS data into something useful for a wide variety of use cases.

Latest Insights

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TMT | Update

1Spatial — Improving mix, SaaS potential draws nearer

TMT | Flash note

1Spatial — SaaS progress and pipeline support prospects

TMT | Flash note

1Spatial — First wins for key SaaS product

TMT | Update

1Spatial — New SaaS apps to drive high-margin growth
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Sector

TMT

Equity Analyst

Max Hayes

Max Hayes

Associate Analyst

Key Management

  • Andy Roberts

    Chairman

  • Claire Milverton

    CEO

  • Stuart Ritchie

    CFO

Balance Sheet

Forecast net cash (£m)

2.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.0 (5.0) 3.3
Relative (3.2) (6.6) 4.5
52 week high/low 55.0p/45.5p

Financials

1Spatial’s H124 results show robust revenue growth and continued improvement in the revenue mix, with recurring revenue growing by 24%. Investment in sales resource, inflationary pressures and FX compressed margins, but a strong pipeline for both renewals and SaaS products, could drive revenues and margins in H2 and beyond. In particular, the market opportunity for both 1Streetworks and NG9-1-1 has the potential to be transformative. We have upgraded our revenue forecast but leave earnings largely unchanged. Good conversion of the SaaS pipeline could justify further revisions, which may not be reflected in the current valuation.

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 27.0 4.2 1.1 0.77 61.7 13.0
2023A 30.0 5.0 1.8 1.20 39.6 11.5
2024E 32.1 5.5 2.4 1.57 30.3 10.2
2025E 35.2 6.5 3.4 2.22 21.4 8.5

Research

Flash note

TMT

1Spatial — SaaS progress and pipeline support prospects

Flash note

TMT

1Spatial — First wins for key SaaS product

TMT

Update

1Spatial — Improving mix, SaaS potential draws nearer
View All

Thematics

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – November 2023: Still waiting…

thematic

TMT

MediaWatch – July 2023
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