Edison Investment Research - EMIS Group (EMIS) EMIS Group - Update on takeover process

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Edison Investment Research

Richard Williamson

EMIS Group - Update on takeover process

EMIS Group’s year-end update confirms that FY22 revenue and adjusted operating profit were in line with the board’s expectations and it closed the year with net cash of £45.9m. The company also confirmed that a merger notice has been filed with the Competition and Markets Authority (CMA) regarding its takeover by UnitedHealth. The CMA’s Phase One investigation period commences on 23 January and EMIS expects the acquisition to complete in late Q123 or early Q223.

20/01/2023 1 EN

Underlying

EMIS Group

EMIS Group is engaged in connected healthcare software and services. Co. provides healthcare software, information technology and related services in the U.K. Co.'s brands include: EMIS Health, which provides clinical software; EMIS Care, which deliver diabetic retinopathy eye screening; Patient.info, an independent online health platform; and Egton, which provides non-clinical products and services as well as software to the social care sector. Co. has three operating segments, all of which involved with the supply and support of connected healthcare software and services: Primary & Community Care; Community Pharmacy; and Secondary & Specialist Care.

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GB00B61D1Y04 London Stock Exchange United Kingdom

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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.

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Analysts

Richard Williamson

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EMIS Group - H123 on track; 21.3p interim dividend declared

EMIS reported H123 revenue and adjusted operating profit in line with board expectations. Revenue grew 2% year-on-year and adjusted operating profit was 7% higher, with an adjusted operating margin of 26.9% (+120bp y-o-y). The company closed H123 with net cash of £48.5m. Assuming the takeover of EMIS is not effective prior to 7 October, on 23 October the company will pay an interim dividend of 21.3p to shareholders on the register on 6 October.

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EMIS Group - CMA provisionally clears takeover of EMIS

After launching a Phase 2 investigation into the acquisition of EMIS by United Health in March, the Competition and Markets Authority (CMA) has provisionally cleared the takeover. A further public consultation period runs until 1 September and the CMA’s final report is due by 5 October.

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EMIS Group - FY22 results in line

EMIS reported FY22 results that were in line with management expectations. Revenue increased 4% y-o-y, adjusted operating profit increased 10% and adjusted EPS grew 10%. The company closed the year with net cash of £45.9m, reduced from the prior year due to several bolt-on acquisitions in the year. A final dividend of 21.1p was declared for a full year dividend of 38.7p.

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EMIS Group - Update on takeover process

EMIS Group - H123 on track; 21.3p interim dividend declared

EMIS Group - CMA provisionally clears takeover of EMIS

EMIS Group - FY22 results in line

Record - AUME momentum and a sharper focus

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

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