Edison Investment Research - 1Spatial (SPA) 1Spatial - SaaS applications to build on Enterprise strength

Report

Edison Investment Research

Richard Williamson

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. 1Streetworks is gaining traction after the UK Power Networks win and growing paid trial pipeline. Management believes expanding this flagship contract, leveraging efficiency and cost enhancements as a case study, could drive adoption across a potential £400m market opportunity.

11/03/2024 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 - 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

AGBA - A transformational deal

On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller is privately-owned but has been independently valued at US$3.2bn. AGBA’s management is using a US$4bn valuation for the combined entity, in which AGBA shareholders will own 20% and Triller shareholders 80%. Triller recorded FY23 revenues of US$45m on 450m user accounts and 2.2m creators but is loss-making. In FY23, AGBA reported revenues of US$54m and 400,000+ clients. The combined group expects synergies from expanding and marketing to Tri...

April 26, 2024 April 26, 2024 1 EN

Sean Conroy

Sean Conroy

Biodexa Pharmaceuticals - In a period of transition

FY23 was a transitional year for Biodexa, following the restructuring announced in March 2023 into a therapeutic company from a drug delivery specialist, and the implementation of cost-saving initiatives in light of the macroeconomic environment. The pipeline expansion primarily de-risks the business, partially fulfilled with the acquisition of lyn kinase activator tolimidone, for type 1 diabetes (T1D), in late 2023. Management estimates gross cash of £5.97m at end-FY23 to provide a runway into Q424, past the planned Phase IIa trial initiation for tolimidone. The next catalyst will likely be t...

April 26, 2024 April 26, 2024 1 EN

Toby Thorrington

Toby Thorrington

Norcros - Sale of Johnson Tiles UK agreed

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well-covered dividend. We retain our estimates and value the shares at 246p, implying c 30% upside.

April 25, 2024 April 25, 2024 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 - SaaS applications to build on Enterprise strength

1Spatial - Landmark 1Streetworks contract

1Spatial - €9m enterprise win with European utility

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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