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Currency in GBP
Last close As at 26/05/2023
GBP0.51
▲ 0.50 (1.00%)
Market capitalisation
GBP52m
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.
Associate Analyst
Andy Roberts
Chairman
Claire Milverton
CEO
Stuart Ritchie
CFO
Forecast net cash (£m)
3.4
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 7.5 | (5.6) | 27.9 |
| Relative | 8.8 | (2.2) | 24.7 |
| 52 week high/low | 53.5p/38.5p |
1Spatial’s full year results confirm the solid progress made over the course of the year with revenue growing 11%, recurring revenues growing 21% and EBITDA margins expanding from 15.5% to 16.7%. With momentum continuing into this year, and a healthy order book and pipeline, the company looks well set for 2024. Progress in its key strategic growth pillars – traffic management, US and smart partnerships – looks promising and could accelerate scalable high-margin recurring revenue growth. We are in the process of updating our forecasts following the results.
| 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 | 65.6 | 13.8 |
| 2023A | 30.0 | 5.0 | 1.8 | 1.20 | 42.1 | 12.2 |
| 2024E | 31.4 | 5.2 | 2.0 | 1.34 | 37.7 | 11.6 |
| 2025E | 33.6 | 6.2 | 3.1 | 2.03 | 24.9 | 9.5 |
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