EMIS Group

LN: EMIS

£759.7m market cap

1200p last close

EMIS is a clinical software supplier to the primary, community and acute care markets in the UK and provides software to the community pharmacy market. Its Patient business provides medical and wellbeing information as well as transactional services to patients.

Investment summary

EMIS traded in line with management’s expectations during H119 and is on track for the full year. The outcome of the GP IT Futures procurement process is the main short-term catalyst, with a decision likely in September. Our underlying forecasts are unchanged and we have shifted the Specialist & Care disposal into discontinued operations.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 160.4 49.2 35.2 43.1 27.8 15.5
2018A 170.1 51.4 35.1 42.7 28.1 15.2
2019E 162.8 54.6 40.9 52.5 22.9 14.4
2020E 165.1 58.2 44.3 56.8 21.1 12.9
Last updated on 25/07/2019
Industry outlook

EMIS is the leading software supplier to the UK GP market, with a greater than 50% market share. It has a strong position in community pharmacies, community health, A&E and hospital pharmacies. The EMIS-X platform is being developed to promote greater interoperability between NHS departments, in line with the NHS Long Term Strategy.

Last updated on 25/07/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 29.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (1.2) 7.3 29.0
Relative* (2.3) 6.8 32.6
52-week high/low 1242.0p/864.0p
*% relative to local index
Key management
Andy Thorburn CEO
Peter Southby CFO

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