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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 it also supplies specialist and acute care software.

Stock data

Market cap.£570.4m
Last close901.00p
High / Low (52 weeks)1017.0p / 705.0p
Stock market listingLN
Forecast net cash (£m)17.7
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual0.18.6(2.9)
Relative *0.91.8(6.4)

* % Relative to local index

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Company news

Investment summary

EMIS Group’s recent restructuring enabled it to report FY17 adjusted profits in line with forecasts, despite revenues below our expectations. The company’s immediate focus is on strengthening its core business, both in the wake of the recent customer support issue, but also to ensure it can maintain its market-leading position in the UK primary care market. Lower revenue growth and increased costs to support near-term projects reduce our earnings forecasts for FY18 and FY19. Management is working on detailed plans for growth, which it expects to share later this year.

Last updated on 27/04/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 158.7 52.3 39.2 49.4 18.2 13.0
2017A 160.4 49.2 35.2 43.1 20.9 11.6
2018E 165.7 50.6 36.7 45.0 20.0 14.2
2019E 171.6 52.5 39.8 48.7 18.5 10.7

Last updated on 24/04/2018

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 hosted EMIS Web solution enables 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 27/04/2018

Key management

Andy Thorburn, CEO
Peter Southby, CFO

Company address

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