Information Services Corporation (TSX: ISV)

Last close As at 20/06/2024

CAD26.51

1.01 (3.96%)

Market capitalisation

CAD481m

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

Harry Kilby

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 1.5 2.2 27.0
Relative 6.0 3.8 17.6
52 week high/low C$28.5/C$19.5

Financials

ISC’s Q124 results highlight the strength of the underlying business, with top-line and adjusted EBITDA growth of 15% and 34%, respectively, augmented by the sustained organic growth of the Services division and CPI fee adjustments. This progress was made less obvious at the statutory net income level by increases in interest costs and share-based compensation expenses of C$5.0m and C$5.8m, respectively. FY24 guidance has been reiterated, and we maintain our forecasts and valuation of C$40/share, implying c 50% upside.

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 13.9 7.4
2023A 214.5 72.9 39.2 163.30 16.2 6.5
2024E 242.0 85.5 46.5 189.16 14.0 5.6
2025E 258.1 90.4 51.7 209.98 12.6 5.3

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