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Panoply Holdings Plc
Transformation with purpose

The Panoply is a digitally-native technology services group that is focused on delivering sustainable digital transformation, primarily for clients in the public sector. Digital transformation within the UK public sector is growing rapidly (17% p/a) and is forecast to be worth £20bn by 2025, with growth further accelerated by COVID-19. Combining deep expertise in organisational design with technology transformation, we view The Panoply as being in a sweet spot whereby it has the scale and resources to deliver projects that are beyond the capabilities of niche players, while not being hampered by the legacy thinking and bureaucracy that afflicts the large consultancies. The Panoply is trusted by the government, education and charities and has a blue-chip client list including the Department of Education, Department for Transport, the NHS, Unicef and Cancer Research UK, and has a high proportion of recurring and repeat revenues. We believe the group has a notably strong ethos, including a commitment to diversity and the Panoply Profit pledge, which will enable it to continue to combine purpose, practice and profit. The Panoply intends to combine continued double-digit organic revenue growth with selective acquisitions to deliver £100m run rate revenues at a 12-14% margin by March 2023, which our sensitivity analysis indicates would deliver pro forma EPS of over 8p. We initiate coverage with a Buy recommendation and 180p price target.

  • 12 Oct 20
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