The Panoply Holdings plc
Visit The Panoply Holdings plc
Description
The Panoply is an innovative provider of IT (and related) services to the UK and European marketplace, specialising in the market for digital transformation services. These market segments are experiencing high levels of demand as companies in all sectors of the economy move to update and transform their businesses through the use of technology.
Our view
The group aims to grow rapidly, driven by acquisition and a heavy focus on post-acquisition performance. We believe The Panoply offers exposure to some exciting and high-growth areas of technology, with a differentiated acquisition strategy and an innovative operating model.
Financial Summary
Year end: March (£m unless shown)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Revenue | 22.1* | 31.5 | 43.9 | 52.3 | 57.2 |
| Adj EBITDA | 2.1* | 3.4 | 5.7 | 6.5 | 7.2 |
| Adj PBT | 0.3 | 2.9 | 4.7 | 5.8 | 6.7 |
| Fully Adj EPS (p) | 0.7 | 3.6 | 5.2 | 6.0 | 6.8 |
Profit & Loss
Year end: March (£m unless shown)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Revenue | 22.1* | 31.5 | 43.9 | 52.3 | 57.2 |
| Adj EBITDA | 2.1* | 3.4 | 5.7 | 6.5 | 7.2 |
| Adj EBIT | 0.4 | 3.7 | 5.6 | 6.4 | 7.0 |
| Adj PBT | 0.3 | 2.9 | 4.7 | 5.8 | 6.7 |
| Reported EPS (p) | (9.2) | (4.9) | 2.9 | 3.8 | 4.4 |
| Fully Adj EPS (p) | 0.7 | 3.6 | 5.2 | 6.0 | 6.8 |
| Dividend per share (p) | 0.0 | 0.0 | 0.6 | 0.7 | 0.8 |
| Adjusted share count (Dil. M) | 36.8 | 74.8 | 80.2 | 83.5 | 86.4 |
| Average Shares outstanding (Dil. M) | 18.2 | 48.2 | 63.5 | 77.1 | 84.4 |
Cash Flow & Balance Sheet
Year end: March (£m unless shown)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Operating cash flow | (1.2) | 2.7 | 4.1 | 5.2 | 6.2 |
| Free Cash flow | (1.2) | 2.5 | 3.2 | 3.78 | 4.50 |
| FCF per share (p) | (1.8) | 3.6 | 4.7 | 5.5 | 6.6 |
| Acquisitions | 1.4 | (7.0) | (2.0) | 0.0 | 0.0 |
| Disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issued | 5.4 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash flow | 5.6 | (1.0) | 1.2 | 1.8 | 2.5 |
| Overdrafts / borrowings | 0.0 | (5.0) | (7.0) | (5.0) | (3.0) |
| Cash & equivalents | 5.7 | 4.6 | 5.8 | 7.6 | 10.1 |
| Net (Debt)/Cash | 5.7 | (0.4) | (1.2) | 2.5 | 7.0 |
Nav & Returns
Year end: March (£m unless shown)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Net asset value | 19.3 | 27.3 | 30.6 | 33.6 | 38.1 |
| NAV/share (p) | 52.3 | 36.5 | 38.2 | 40.2 | 44.1 |
| Net Tangible Asset Value | 0.3 | 0.3 | 0.1 | 0.0 | (0.0) |
| NTAV/share (p) | 0.8 | 0.4 | 0.2 | 0.1 | (0.0) |
| Average equity | 9.6 | 23.3 | 28.9 | 32.1 | 35.8 |
| Post-tax ROE (%) | 3.6% | 1.5% | 10.1% | 14.6% | 16.1% |
Metrics
Year end: March (£m unless shown)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Revenue growth | 42.9% | 39.2% | 19.2% | 9.5% | |
| Adj EBITDA growth | 61.9% | 67.8% | 14.4% | 9.7% | |
| Adj EBIT growth | 934.2% | 50.4% | 14.8% | 10.0% | |
| Adj PBT growth | N/A | 60.1% | 23.1% | 16.5% | |
| Adj EPS growth | N/A | N/A | 17.1% | 13.3% | |
| Dividend growth | N/A | N/A | 16.7% | 14.3% | |
| Adj EBIT margins | 11.7% | 12.7% | 12.2% | 12.3% |