EMIS Group (AIM: EMIS)

Currency in GBP

Last close As at 03/02/2023

GBP18.78

4.00 (0.21%)

Market capitalisation

GBP1,179m

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 analytics.

For the purposes of the Takeover Code, Edison is deemed to be connected with EMIS as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Sector

TMT

Equity Analyst

Key Management

  • Andy Thorburn

    CEO

  • Peter Southby

    CFO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.3 0.8 45.4
Relative (5.0) (8.5) 43.8
52 week high/low 1910.0p/1136.0p

Financials

EMIS Group’s year-end update confirms that FY22 revenue and adjusted operating profit were in line with the board’s expectations and it closed the year with net cash of £45.9m. The company also confirmed that a merger notice has been filed with the Competition and Markets Authority (CMA) regarding its takeover by UnitedHealth. The CMA’s Phase One investigation period commences on 23 January and EMIS expects the acquisition to complete in late Q123 or early Q223.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 159.5 53.5 43.4 56.4 33.3 18.4
2021A 168.2 54.7 43.5 55.0 34.1 23.6
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A

Thematics

Digital Marketing and Internet Media Technology Platform

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MediaWatch – January 2023

Consumer

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