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Information Services Corporation (TSX: ISV)

Last close As at 26/04/2024

CAD26.30

▲ −0.30 (−1.13%)

Market capitalisation

CAD477m

Information Services Corporation, headquartered in Canada, is a leading provider of registry and information management services for public data and records.

Governments and financial institutions are seeking cost-saving opportunities that enable them to focus on their core business without comprising service quality. Consequently, they are reassessing their public service delivery models and pursuing innovative forms of public-private partnerships. With ISC’s expertise, technology and proven experience in managing data authentication and security, it is well positioned to expand in the global registry market and continue onboarding new customers.

Latest Insights

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Industrials | Update

Information Services Corporation — A busy end to a record FY23

Industrials | Flash note

Information Services Corporation — Services division set to be a key organic driver

Industrials | edison tv

Information Services Corporation – executive interview

Industrials | Update

Information Services Corporation — Gaining momentum with new contract win
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Sector

Industrials

Equity Analyst

Natalya Davies

Natalya Davies

Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Jonathan Hackshaw

    Senior Director, Investor Relations & Capital

  • Mitch Lipon

    IRO

  • Robert (Bob) Antochow

    CFO

  • Shawn B Peters

    CEO

Balance Sheet

Forecast net debt (C$m)

139.8

Forecast gearing ratio (%)

76

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.3) 9.6 16.9
Relative (5.1) 5.7 9.2
52 week high/low C$28.5/C$19.5

Financials

ISC’s FY23 results highlight the persistent organic growth potential of the Services division with growth further bolstered by incremental earnings from fee adjustments associated with the MSA extension and a full-year contribution from acquisitions made in 2022. Revenue and adjusted EBITDA stood at C$103.5m and C$72.9m, representing y-o-y increases of 13.0% and 13.2%, respectively. Despite a substantial increase in amortisation, normalised EBIT was C$52.4m, an increase of 5.4%, yielding a margin of 24%. Year-end net debt was C$153.1m (2022: C$31.6m), following the C$150m upfront payment for the MSA extension. A subsequent increase in net finance costs from C$3.2m to C$13.2m contributed to a 14.1% decrease in net income (normalised) to C$29.4m. Our forecasts are under review.

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 189.9 64.4 46.5 190.78 13.8 7.4
2023A 214.5 72.9 39.2 163.30 16.1 6.5
2024E 242.0 85.5 46.5 189.16 13.9 5.5
2025E 258.1 90.4 51.7 209.98 12.5 5.2

Research

Flash note

Industrials

Information Services Corporation — Services division set to be a key organic driver

edison tv

Industrials

Information Services Corporation – executive interview

Industrials

Update

Information Services Corporation — A busy end to a record FY23

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