Search Follow us

SCISYS (SSY)

Business description

SCISYS provides a range of professional services in support of the planning, development and use of computer systems in the space, media/broadcast and defence sectors, as well as to other public and private sector enterprises.

Stock data

Market cap.£47.6m
Last close161.50p
High / Low (52 weeks)182.0p / 93.5p
Stock market listingLN
Forecast net debt (£m)3.3
Forecast gearing ratio (%)12
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(7.5)20.158.3
Relative *(5.6)11.755.4

* % Relative to local index

Other companies in sector Show

1Spatial 7digital Group
accesso Technology Group ADVA Optical Networking
Advanced Computer Software Group Advanced Micro Devices
AIXTRON Aladdin Blockchain Technologies
Algomizer All for One Steeb AG
Allocate Software Allot Communications
Alpha and Omega Semiconductor Alphapoint Technology Inc
Amazon Amino Technologies
ANADIGICS appScatter
Arria NLG artec technologies
AsiaCell AT&S Austria Technologie & Systemtechnik
Beta Systems Blancco Technology Group
blinkx Blue Prism
blur Group Boku
Brady Bulletproof Group
Carclo Catapult Group International
Celltick Technologies CENIT
CentralNic Cerillion
CityFibre Infrastructure Holdings Claranova
Cliq Digital CML Microsystems
CoAssets Comptel
Covata Craneware
CREALOGIX Group Cyan
Cypress Semiconductor DATAGROUP
DDD Group Dillistone Group
door2door dotDigital
DSP Group e2v technologies
Eagle Eye Eckoh
Elmos Semiconductor EMIS Group
Emulex Endace
EnWave Corporation Epipoli
eServGlobal Esker
Evolving Systems EVR Holdings PLC
Expert System Facebook
Featurespace FFastFill
FinTech Group First Derivatives
First Sensor Focus Solutions Group
Foresight Autonomous Holdings FreeAgent
Freelancer Fusionex International
Gamma Communications GB Group
GBST Holdings GeoOp
GetBusy GFT
Globo GO internet
GVC Holdings Himax Technologies
Hrvatski Telekom ifa systems
ikeGPS Group Infinera
Inmarsat Innovation Group
InVision IQE
IS Solutions ISRA VISION
IXYS Jenoptik
K3 Business Technology Kainos
Kalibrate Technologies Kape Technologies
Keywords Studios Learning Technologies Group
LRAD Corporation Magix
Manpower Software Manx Telecom
Manz Max 21
Maxima Holdings Medicsight
Mensch & Maschine Software Mercia Technologies
Micro Focus International Micron Technology
Migme Mobile ecosystems
Monitise Montage Technology
Morse mVISE
My Net Fone Mynaric
Nano Dimension Nanoco Group
nearmap Nemetschek
Netcall NetCents
NetDimensions Netflix
Nexus Management O2Micro International
OMG OmniVision Technologies
Orion Health Group Osirium Technologies
Outsourcery Panorama Synergy
Pantaflix Patsystems
Paysafe Group Pebble Beach Systems Group
Pericom Semiconductor Phitek
Piteco PLX Technology
Pointer Telocation Pricer
Prodware PSI
Pure Wafer QSC
Quartix Holdings Real Estate Investar Group
REALTECH Redflex Holdings
Redstone Reed Elsevier
Reply SpA Results.com
Rex Bionics Rheinmetall
RM S&T
Secunet Seeing Machines
Sepura Serko
Seven Principles Siemens
Sigma Designs Silicom
Silicon Image SimiGon
SinnerSchrader SITO Mobile
SLI Systems Smartpay Holdings
SNP Schneider-Neureither & Partner Software AG
Solera Solutions 30
Spansion Spirent Communications
SQS Software Quality Systems AG Stadium Group
StatPro Group STEMMER IMAGING
Store Electronic Systems Straker Translations
SuperCom Synchronica
Taptica Technology sector
TerraNet Texas Instruments
The NAGA Group Thin Film Electronics
Thoughtonomy Tikit Group
Toumaz Track Group
TXT e-solutions TZ Limited
Ubisense Group UMT United Mobility Technology
United Power Technology VASCO Data Security
Vectron Systems Virtual Piggy
Vista Group International Vitec
Vizrt VMob Group
WANdisco Webinar
Wincor Nixdorf WorkPlace Systems International
XP Power Xploite
Xplore Technologies Corp YuuZoo

Company news

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 45.7 4.0 3.0 9.2 17.6 13.6
2017A 57.2 5.6 3.8 10.0 16.2 4.5
2018E 53.0 6.1 4.4 12.0 13.5 8.1
2019E 57.0 6.6 5.0 12.7 12.7 7.6

Last updated on 23/04/2018

Investment summary

FY17 revenues jumped by 25%, including c 9% organic growth and c 5% at constant FX. The operating margin expanded by 90bp to 7.9%. The Space division generated 18% growth in both revenue and contribution. The outlook is encouraging with the order book 41% ahead at a record £91.3m. In April, SCISYS announced a c £3.9m contract with Airbus for developing the global navigation EGNOS V3 ground segment. We cautiously maintained our profit forecasts, mainly due to the uncertainties relating to Brexit on the Space division, while our FY19 EPS eases on a higher tax rate. Management’s goal to achieve £60m in revenues and double-digit margins within three to five years looks increasingly conservative, and we believe the stock looks attractive on c 12x our FY19e EPS.

Last updated on 27/04/2018

Industry outlook

SCISYS is a specialist provider of high-value IT solutions, focusing on specialist markets of space, media and broadcast, and defence sectors, along with other public and private sector enterprises. In recent years, weakness across the group's significant public sector customer base has been offset by strong performances from space and defence. The recent acquisition of ANNOVA Systems adds critical mass to the Media & Broadcast activities while extending the previous radio-focused offering into television and online.

Last updated on 27/04/2018

Key management

Mike Love, Chairman
Klaus Heidrich, CEO
Chris Cheetham, FD

Company address

Methuen Park
Chippenham
Wiltshire
SN14 0GB
United Kingdom
+44 (0)1249 466466
View website