IDOX plc
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Description
Idox plc is a supplier of specialist document management collaboration solutions and services to the public sector and to highly regulated asset intensive industries around the world.
Our view
IDOX’s market-leading positions within Local Government software provision should allow it to drive growth and shareholder value over time. The group continues to report good commercial traction across the key Public Sector Software business and its operations in Engineering Information Management and various online Content businesses are also seeing success in their respective niches.
Financial Summary
Year end: October (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 66.4 | 65.5 | 67.2 | 71.5 | 76.5 |
| Adj EBITDA | 13.6 | 14.4 | 19.1 | 20.5 | 23.0 |
| Fully Adj PBT | 7.5 | 7.7 | 12.5 | 13.8 | 16.3 |
| Fully Adj EPS (p) | 2.2 | 1.3 | 2.2 | 2.5 | 2.9 |
Profit & Loss
Year end: October (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 66.4 | 65.5 | 67.2 | 71.5 | 76.5 |
| Adj EBITDA | 13.6 | 14.4 | 19.1 | 20.5 | 23.0 |
| Adj EBIT | 12.5 | 13.5 | 18.1 | 19.3 | 21.7 |
| Reported PBT | (30.2) | (0.0) | 6.5 | 7.9 | 9.9 |
| Fully Adj PBT | 7.5 | 7.7 | 12.5 | 13.8 | 16.3 |
| NOPAT | 8.8 | 9.4 | 11.2 | 12.0 | 13.8 |
| Reported EPS (p) | (8.8) | (0.4) | 1.1 | 1.4 | 1.8 |
| Fully Adj EPS (p) | 2.2 | 1.3 | 2.2 | 2.5 | 2.9 |
| Dividend per share (p) | 0.0 | 0.0 | 0.3 | 0.4 | 0.5 |
Cash Flow & Balance Sheet
Year end: October (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | 9.9 | 12.3 | 19.1 | 21.8 | 24.2 |
| Free Cash flow | 4.1 | 4.3 | 10.0 | 12.2 | 14.1 |
| FCF per share (p) | 1.0 | 1.0 | 2.3 | 2.7 | 3.2 |
| Acquisitions | (0.2) | (6.4) | (0.6) | 0.0 | 0.0 |
| Disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issued | (0.1) | 7.4 | 0.0 | 0.0 | 0.0 |
| Net cash flow | 1.2 | 5.4 | 9.4 | 10.1 | 12.1 |
| Overdrafts / borrowings | (37.3) | (33.4) | (33.4) | (33.4) | (33.4) |
| Cash & equivalents | 5.5 | 7.0 | 16.4 | 26.6 | 38.6 |
| Net (Debt)/Cash | (31.8) | (26.4) | (17.0) | (6.8) | 5.2 |
Nav & Returns
Year end: October (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net asset value | 47.9 | 44.6 | 47.9 | 52.0 | 57.3 |
| NAV/share (p) | 11.5 | 10.0 | 10.8 | 11.7 | 12.9 |
| Net Tangible Asset Value | 1.2 | 1.2 | 1.2 | 1.0 | 0.6 |
| NTAV/share (p) | 0.3 | 0.3 | 0.3 | 0.2 | 0.1 |
| Average equity | 23.9 | 46.2 | 46.3 | 50.1 | 55.1 |
| Post-tax ROE (%) | 32.2% | 27.1% | 29.9% | 32.4% | 0.0% |
Metrics
Year end: October (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue growth | (1.4%) | 2.7% | 6.3% | 7.0% | |
| Adj EBITDA growth | 5.3% | 32.9% | 7.4% | 12.3% | |
| Adj EBIT growth | 7.9% | 33.7% | 6.9% | 12.1% | |
| Adj PBT growth | 3.2% | 62.3% | 10.4% | 17.5% | |
| Adj EPS growth | (41.8%) | 74.6% | 10.4% | 17.5% | |
| Dividend growth | N/A | N/A | 30.8% | 26.2% | |
| Adj EBIT margins | 20.6% | 26.9% | 27.0% | 28.3% |