Edison Investment Research - 1Spatial (SPA) 1Spatial - Flying high with a major EU aerospace company

Report

Edison Investment Research

Richard Williamson

1Spatial - Flying high with a major EU aerospace company

1Spatial has announced a sizeable contract with a major European aerospace company worth circa €3m over five years. Notably, the deal is the first major win for the company’s new 1Telecomms solution (together with 1Integrate) supporting a win in the aerospace industry, a new vertical for the business. We believe that this provides evidence that the company’s development of app solutions can broaden the company’s addressable market. We believe that the broader market for geospatial solutions is set to deliver sustained double-digit growth and that 1Spatial’s is carving out an increasingly strong position within the market. We believe that the company’s current valuation (FY23e EV/sales 1.8x) does not reflect 1Spatial’s potential.

19/07/2022 1 EN

Underlying

1Spatial

1Spatial is a holding company. Through its subsidiaries, Co. is engaged in the development and sale of information technology (IT) software along with related consultancy and support. Co. has two business segments and brands: 1Spatial, which is a technology enabled solutions provider supplying spatial solutions, software and services; and Enables IT, which is a solutions provider focusing on network managed services.

See profile

GB00BFZ45C84 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Richard Williamson

Other Reports on these Companies

Edison Investment Research

1Spatial - SaaS applications to build on Enterprise strength

1Spatial expects its FY24 results to be at least in line with our forecasts on revenue and EBITDA, driven by continued Enterprise strength, though higher rates and working capital swings affected PBT and net cash. Recent wins, including the €9m utility project, coupled with a robust pipeline and order book, underpin strong FY25 momentum. The transition to higher-margin recurring revenue models and rising SaaS adoption improved the sales mix. In the US, five new annual NG9-1-1 licences demonstrate execution by the new sales head, prompting a partner-led strategy to further accelerate demand. 1S...

March 11, 2024 March 11, 2024 1 EN

Edison Investment Research

1Spatial - Landmark 1Streetworks contract

SPA has announced that following a successful trial, UK Power Networks has signed a contract to deploy 1Streetworks, 1Spatial’s traffic plan automation application. This is a landmark win for this key SaaS product, the market opportunity for which management sizes at £400m for UK low-speed roads alone. The contract is worth at least £0.34m over 12 months, but with scope to significantly exceed this over time and UK Power Networks advocacy for the product is notable. A growing pipeline of paid trials with other clients provide further evidence that 1Spatial is moving closer to delivering an ac...

February 22, 2024 February 22, 2024 1 EN

Edison Investment Research

1Spatial - €9m enterprise win with European utility

1Spatial has announced a significant contract win with a leading electricity and gas distribution network operator in Belgium. The work is to support the client in building a digital twin of its distribution network and was won following a competitive tender, which included Tier 1 systems integrators, further highlighting 1Spatial’s strength in location master data management. 1Spatial will be the primary contractor on the €9m project, of which €4.1m of services will be delivered directly by 1Spatial, with the remaining €4.9m of the work to be delivered using offshore partners. With the full f...

January 30, 2024 January 30, 2024 1 EN

Filtronic - Agreement with SpaceX drives upgrades

Filtronic has signed a strategic partnership and commercial agreement with SpaceX which includes a production order worth £15.8m and warrants that could be exercised for up to 10% of existing share capital. Filtronic announced its first orders from SpaceX in January 2023, although the customer was unnamed at that point. Since then, SpaceX has placed orders totalling $43m (including yesterday’s order) for products to support the build out of its Starlink low Earth orbit (LEO) satellite constellation. The scale of these orders is such that we upgrade our forecasts, with the larger impact on FY25...

1h / 15m 1h / 15m 1 EN

Richard Williamson

Richard Williamson

Checkit - Signposting the path to profitability

In a tough trading environment, Checkit managed to grow FY24 revenue by 17% and reduce EBITDA losses by nearly half. The company has had a positive start to FY25 with new contract wins and the launch of a new module. Focus on growth from its existing customer base combined with strict cost control is helping Checkit to make steady progress towards its target of positive EBITDA and cash generation in FY27.

1h / 34m 1h / 34m 1 EN

Richard Williamson

Richard Williamson

EML Payments - Growth cap lifted in the UK

EML Payments announced that on 23 April the Financial Conduct Authority (FCA) in the UK lifted the new customer restriction for Prepaid Financial Services Limited (PFSL), which had been in place since October 2022. With the appropriate structure and risk management controls now in place, PFSL can focus on growing the business. This marks another positive step forward for the group, after exiting PFS Card Services Ireland Limited (PFS), agreeing to sell Sentenial and finalising the settlement liabilities for the PFS acquisition.

1h / 46m 1h / 46m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

1Spatial - Flying high with a major EU aerospace company

1Spatial - SaaS applications to build on Enterprise strength

1Spatial - Landmark 1Streetworks contract

1Spatial - €9m enterprise win with European utility

Filtronic - Agreement with SpaceX drives upgrades

Checkit - Signposting the path to profitability

EML Payments - Growth cap lifted in the UK

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe