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.£623.3m
Last close984.50p
High / Low (52 weeks)1042.0p / 807.0p
Stock market listingLN
Forecast net cash (£m)8.3
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual9.25.1(6.2)
Relative *8.85.9(12.6)

* % Relative to local index

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Investment summary

In H117, EMIS traded in line with expectations. Primary Care, Community Care and Community Pharmacy are progressing well, whereas Acute is still seeing budgetary pressure. The development of the Patient business is underway and likely to cost less than originally expected. Cash generation is on track and management expectations for the full year are unchanged. Other than increasing exceptional charges by £1m to reflect the expanded reorganisation programme, we make no change to our forecasts; interim results are due on 1 September.

Last updated on 03/08/2017

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 21.4 14.5
2016A 158.7 52.3 39.2 49.4 19.9 14.2
2017E 166.2 50.5 37.3 46.0 21.4 14.0
2018E 175.4 54.0 40.2 49.4 19.9 11.4

Last updated on 21/07/2017

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 03/08/2017

Key management

Andy Thorburn, 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