EMIS Group (EMIS)

Business description

EMIS is a clinical software supplier to the primary care market in the UK (supplying over 50% of UK GP practices), a software supplier to UK pharmacies, and through several acquisitions also supplies specialist and acute care software.

Stock data

Market cap.£554.3m
Last close875.50p
High / Low (52 weeks)1062.0p / 807.0p
Stock market listingLN
Forecast net cash (£m)9.3
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(4.6)(6.7)(14.3)
Relative *(5.9)(10.5)(28)

* % Relative to local index

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Investment summary

EMIS reported adjusted profit in line with expectations, despite NHS funding pressures causing difficult trading conditions in certain parts of the business. Cost-cutting programmes in 2016 and a planned reorganisation in 2017 are helping to counteract some of the funding pressure. There is cause for optimism in several areas of the business, where EMIS is growing market share, and a planned expansion of the Patient business could generate material incremental revenues on a five-year view.

Last updated on 20/03/2017

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 155.9 52.0 36.6 46.0 19.0 12.9
2016A 158.7 52.3 39.2 49.4 17.7 12.6
2017E 166.2 50.5 37.3 46.0 19.0 12.2
2018E 175.4 54.0 40.2 49.4 17.7 10.1

Last updated on 20/03/2017

Latest research

Latest video

Executive Interview - EMIS Group

Industry outlook

EMIS is the dominant software supplier to the UK GP market, with a greater than 50% market share. It has a strong position in mental and community health, A&E, acute care, specialist care (including diabetic retinopathy screening services) and pharmacies. The roll-out of EMIS Web is in line with the trend to move data to the cloud and will enable EMIS to sell its products to a wider NHS audience. This fits well with the government's strategy to promote greater interoperability between NHS departments.

Last updated on 02/03/2017

Key management

Chris Spencer , CEO
Peter Southby, CFO
Simon Waite, Company Secretary

Company address

Rawdon House
Green Lane, Yeadon
Leeds
LS19 7BY
United Kingdom
0330 024 1269
View website