Information Services Corporation (TSX: ISV)

Last close As at 21/02/2024

CAD23.75

0.63 (2.72%)

Market capitalisation

CAD428m

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.

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Sector

Industrials

Equity 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)

148.6

Forecast gearing ratio (%)

88

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.59 17 6.5
Relative 1.3 11.12 1.88
52 week high/low C$27.0/C$19.5

Financials

In FY23 Information Services Corporation (ISC) remained on a positive trajectory of securing new contracts and customers, despite prevailing macroeconomic headwinds and a subdued Canadian property market. We expect this momentum to continue in FY24, bolstered by the Services division, the key organic engine of the group. Management has reaffirmed FY23 revenue and adjusted EBITDA guidance of C$207–212m (Edison: C$210m) and C$71–76m (Edison: C$75m), respectively. In addition, FY24 guidance has been introduced; our FY24e adjusted EBITDA estimate of C$90m falls within the guided range of C$83–91m, while our conservative FY24e revenue estimate of C$230m is marginally below the guided C$240–250m range. We will update our estimates following the release of FY23 results in early March.

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 169.4 67.8 51.4 218.40 10.9 6.3
2022A 189.9 64.4 46.5 190.78 12.4 6.6
2023E 210.1 75.0 45.8 188.89 12.6 5.7
2024E 230.2 89.8 50.9 208.52 11.4 4.8

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