Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on 1SPATIAL PLC. We currently have 25 research reports from 4 professional analysts.
|11Jan17 05:47||RNS||Directorate Change|
|30Dec16 04:44||RNS||Directorate Change|
|20Dec16 07:00||RNS||Trading Update and Divestment|
|24Nov16 05:23||RNS||Holding(s) in Company|
|18Oct16 07:00||RNS||Interim Results|
|11Oct16 07:00||RNS||HERE Reseller Agreement|
|20Sep16 09:40||RNS||Chairman Appointment|
Frequency of research reports
Research reports on
N+1 Singer - 1Spatial - Profit warning
20 Dec 16
1Spatial has issued a profit warning indicating it now expects to make a marginal adjusted EBITDA loss for the year to 31 Jan 2017 vs. our adjusted EBITDA forecast of £4.3m. The group has been transitioning the model to one of annualised revenues but also saw extension of sales cycles which means certain contracts are now expected to fall into 2017. It expects to end the financial year comfortably within its banking facilities. We are putting forecasts under review as we await further details of action plans to restore the group on a healthier footing. As part of today’s announcement, 1Spatial also announced the sale of Avisen (£0.1m consideration) and the closer of Storage Fusion. Whilst these steps should be helpful in increasing focus, positive revenue traction will be required to buoy confidence in the group’s execution of its strategy.
Small Cap Breakfast
20 Dec 16
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK.
Looking for the turning point
16 Nov 16
While 1Spatial’s financial performance in H1 was somewhat disappointing, we believe that the company took a number of strategic steps towards building a scalable platform for growth over the period. With the Geospatial order book up 30% since year end, a pipeline of licensing deals to close and the Esri relationship starting to generate recurring subscription sales, we believe that its financial performance should turn a corner in H2. If it does then 1Spatial’s shares are substantially undervalued.
N+1 Singer - 1Spatial - Transitioning model; unchanged FY guidance
18 Oct 16
1Spatial delivered a soft first half performance showing slower revenue development in its higher-margin Geospatial business, thereby impacting overall adjusted EBITDA. The group has a strong order book (of which the Geospatial component is up 30% y-o-y) and has built up a solid pipeline of opportunities which it expects to convert in the next six months. As such, the group is maintaining guidance for the year, albeit performance will be heavily H2-weighted. We believe the 1.1x EV/Sales and 6.2x EV/EBITDA Jan’17 rating does not reflect the potential of an IP-rich, productised business that is leveraging partnerships to scale growth – but recognise that stronger revenue traction is required to buoy confidence and drive the re-rating of the shares.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
Trading conditions difficult but acquisitions underpin growth
23 Jan 17
FY16 revenue will be £53.7m (FY15: £44.8m), in line with ZC estimate of £53.9m, showing growth of c. 20% yoy underpinned by the three acquisitions undertaken in the year. However, due to higher costs relating to the acquisitions and, to a lesser extent, gross margin pressure, PBT will be in the region of £7.0 to £7.2m equating to growth of between 5.5% and 8.0%. As a result, FY16 ZC profit forecast is reduced by 8.0% to £7.0m. The impact in FY18 and FY19 is muted by the announcement of a further acquisition leading to an increase in revenue estimates of 8.7% whilst profit estimates fall c.4.5% in each year, respectively. Despite the decrease in forecasts the PER multiple on FY17 earnings remains single digit at just 9.1x, against a distributor average of 15.8x. With commitment to the forecast dividend increase reiterated, Flowtech offers an above average yield of 4.1%
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
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16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Technical continues to underperform.
23 Jan 17
FY2017 results will be significantly below expectations predominantly due to the poor performance of the Technical division. It has been impacted by further weakness in the oil & gas sector and a marked deterioration in replacement work. Shipbroking continues to trade well, in line with expectations. FY2017 operating profit is now expected to be £3.0m-£3.5m vs. (SSL estimate £9.0m). The final dividend will be lower than forecast at 5p, making a total of 14p (26p). We have downgraded our FY2017E PBT estimate by 63% to £3.2m (£8.7m).