Information Services Corporation - Cash flow fuelling ambitious growth plan
Information Services Corporation (ISC) has entered a new era of strategic growth, striving to double both revenue and adjusted EBITDA (on an FY23 basis) by 2028. Its Registry Operations will be a strong foundation to enable this growth, generating more than C$1.3bn in cash flow to 2053. Registry revenue was up 27.5% y-o-y in H124 due to a full year of fee uplifts combined with robust market activity in Saskatchewan. The Services segment continues to demonstrate strong organic growth, with revenues up 14% y-o-y. Continued organic growth in both the Services and Technology Solutions segment is essential for ISC to reach its 2028 targets. We value ISC at C$40/share (48% upside to the current price).Information Services is engaged in the provision of land registry, personal property registry and corporate registry administration and management services as well as information services and solutions to the governments and private sector organizations. The end-users of Co.'s products and services are individuals and businesses, including real estate agents, home builders and municipalities, governments, financial institutions, insurance companies, car and equipment dealers, land developers, and resource, utility and pipeline businesses as well as small businesses and corporations and intermediary customers such as legal, survey and engineering firms.
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