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SPA 1spatial Plc

58.50
0.50 (0.86%)
19 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
1spatial Plc LSE:SPA London Ordinary Share GB00BFZ45C84 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 0.86% 58.50 19,581 08:00:00
Bid Price Offer Price High Price Low Price Open Price
57.00 60.00 58.50 58.50 58.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Computer Related Svcs, Nec 30M 1.06M 0.0095 61.58 64.84M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:41:26 O 237 58.6556 GBX

1spatial (SPA) Latest News

1spatial (SPA) Discussions and Chat

1spatial (SPA) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-04-19 14:41:2858.66237139.01O
2024-04-19 12:53:0958.605,0002,930.05O
2024-04-19 12:46:0358.607,9384,651.75O
2024-04-19 10:26:1557.67179.80O
2024-04-19 10:22:1159.991710.20O

1spatial (SPA) Top Chat Posts

Top Posts
Posted at 19/4/2024 09:20 by 1spatial Daily Update
1spatial Plc is listed in the Computer Related Svcs, Nec sector of the London Stock Exchange with ticker SPA. The last closing price for 1spatial was 58p.
1spatial currently has 110,835,896 shares in issue. The market capitalisation of 1spatial is £64,838,999.
1spatial has a price to earnings ratio (PE ratio) of 61.58.
This morning SPA shares opened at 58.50p
Posted at 18/3/2024 10:46 by tomps2
1Spatial (SPA) Introduction to 1Streetworks - March 24

1Spatial Non-Executive Chairman, Andrew Roberts, CEO, Claire Milverton, Andrew Fennel, Managing Director – Roads, and Stuart Ritchie, CFO introduce their 1Streetworks solution, outlining how it can be used to revolutionise complex streetworks planning and the potential addressable market.

Watch the video here:

Or listen to the podcast here:
Posted at 14/3/2024 10:30 by fevertreeman
Robsy2, not just Edison that got it wrong, the lad at Liberum was also in same boat. He has not changed his forecasts at all for FY24 or FY25, which is interesting. he is still at: FY24 Revenue £32.1 EBITDA £5.5 FY25 Revenue £35.3 EBITDA £6.5m...

Some of Liberum's comments were insightful and chime with my own:

A. UKPN study, cost of 1streetworks: they cited savings of £426 per plan vs cost of the 1street product of £125 per plan. Now, I don't know about anybody else but it strikes me as very commercially odd:
(1) that the benefit to the customer is so huge vs the price point. UKPN produce 90,000 plans per year which would would be £11,250,000 revenues p.a opportunity based on 90k x £125 , which is a big assumption (ignores discounts etc) BUT on the basis, that UKPN creates 90k at current cost of £426 per plan = £38.34m, then the cost saving to UKPN from adoption of 1streeworks is gigantic= 38.4m-11.25 = £27m per annum.....Any thoughts about our pricing strategy chaps?
(2) that Spa were happy for UKPN to reveal the cost....what sort of margin is Milverton working on when she points out the impact of inflation on the business & the investment being made into sales &marketing. Would be fascinating to hear what margin 1streetworks has for Spa,

B. Time taken to secure deals:

Liberum analyst has heading on paragraph in his report: Shortening the Sales Cycle Would Be Helpul....you got that right boyo! its good to know that I'm not theonly one concerned about the lack of pipeline visibility & the time it takes Milvertton to ink deals. With UKPN it took over 6mnths from October when CM said first pilot was imminent, and it was only a blasted pilot study!

The Liberum clearly doesn't want to pint the finger but he does make the very valid point that the trials underway are typically supposed to take 3 months but "we sense with the first wave in practice these are taking longer."

The fact of the matter is that the snail like pace of inking deals is a real headache. It means that revenue recognition is very tricky and so therefore is revenues and profits. And that's before the pivot to change the operating structure in the US (and associated diminishment in direct revs)
Posted at 13/3/2024 17:54 by robsy2
TU disappointing but a good opportunity to top-up , unfortunately I did so at 61p the week before. It is not good that Edison, who are paid by SPA to provide the forecast figures, get it so wrong. If they are adding short term expenditure to build up the business why not flag that up?.Anyway, the 1Streetworks presentation seems to have got the share price moving back up again.

hxxps://1spatial.com/media/jizn3k0k/1streetworks-presentation-12th-march.pdf
Posted at 23/2/2024 08:08 by robsy2
On the SPA website there is a presentation from Paul Dooley of UK Power Networks. He really highlights the benefits of 1streetworks. There is a transcript as well.Gives a real flavour of what has been achieved.

hxxps://1spatial.com/news-events/on-demand-webinar/sdsw23-uk-power-networks-traffic-management/

some key points for me are;

-UK Power Networks is huge so there is probably more to come from this contract.
-1Streetworks product is quicker , more accurate,etc etc. As he says

" We want to enable effective collaboration with interested parties. We wanted to reduce the overall cost of works and delivery. We wanted to bring unprecedented levels of consistency, repeatability, speed and efficiency. So it's about doing things correctly. First time, every time. This would enable us to share planning data, TM planning data with other internal systems. So we could attach it to our permits as well and really significantly reduce the fragmentation and the manual handling internally of our TM process."
1streetworks reduces lane rental expense which is relevant on the busiest part of the road network.
Posted at 22/2/2024 09:02 by philly cheesesteak
Great news here today, share price breaking out of a multi year range and IMO looks set to emulate the gains seen over at IQ Geo over the past 2 years.

This is a great quote;

"Planning streetworks to the high standards we expect takes time and few have tried to revolutionise the process during my 23 years in the sector. So, I'm excited about the potential of 1Streetworks to streamline complex traffic management plans, enable better communication with customers and highway authorities and improve the speed and accuracy of streetworks plans".

If 1Streetworks is a 'revolutionary' step forward then I see little reason that SPA can't take 5-10% of the £400m UK TAM over the medium term (3 years), and potentially a lot more longer term (5-10 years). If the 4 other customers on paid trials convert to similar contracts they would have just 0.5% of that TAM...

I therefore think this is dramatically undervalued at £65m market cap, particularly versus IQ Geo at £232m.

Interested to hear other views on what could be possible moving forward...
Posted at 30/1/2024 09:09 by hubshank
1Spatial plc("1Spatial", the "Group" or the "Company") New customer multi-year contract with European utility company 1Spatial to support a major utility based in Belgium to produce, and ensure the quality of, its geospatial data 1Spatial, (AIM: SPA), a global leader in Location Master Data Management (LMDM) software and solutions, has secured a three-year contract with a leading Distribution System Operator for electricity and gas networks in Belgium, following a competitive tender. The contract is for geospatial data processing services and will see 1Spatial's 1Integrate product used for its unique data quality control and data validation capabilities, alongside 1Spatial's geospatial data production services. 1Spatial will assist the utility company in the production of a Digital Twin of its distribution network and enhance the quality and accuracy of its geospatial data. The project will enable the utility company to carry out a wide range of activities, including distribution network management, connection works and repairs, in a more efficient, cost-effective manner, ensuring the safety of its team and customers. The total contract value to 1Spatial is €9.0 million of which 1Spatial will deliver €4.1 million including €0.3 million in term software licence revenue. 1Spatial will utilise partners to deliver the balance of the work, with a total value €4.9 million, over the three-year duration of the contract.
Posted at 20/1/2024 13:33 by hubshank
Now I've found a broker note via investor chronicles "The one analyst offering a 12 month price target expects 1Spatial PLC share price to rise to 80.00 in the next year from the last price of 51.50."
Posted at 01/12/2023 18:19 by fevertreeman
One of the big mysteries about Spa is the apparent huge disparity in valuation between it & the other Cambridge-based geospatial listed player IQGEO, which has a market cap 3.4x bigger than Spa, despite broadly similar financials. The difference in valuation is stark - it seems that IQGEO management team's bet on international telco/utilities is delivering hugely faster growth & proving far more dynamic than SPA's public sector focus. Their management is being awarded a big premium against Milverton (and the latest CFO). Liverton has yet to prove that she can deliver the velocity in sales growth that will turn investors' heads. That said, valuing IQGEO at 3.4x SPA seems very rich to me, especially if Milverton's much-trailed SAAS solutions start to deliver the goods. Time will tell but I feel that Milverton really needs to deliver in 2024 or the company risks falling further behind or being on the end of a hostile bid


SPA IQGEO
Market Cap £53m £182m

Interims
Revenues £15.5m (+11%) £20.5 (+124%)
Recurring Revs £8.2m (+24%) £7.2m (+61%)
EBITDA £1.7m (-16%) £2.7m
Posted at 27/11/2023 08:19 by robsy2
Intriguing RNS this morning that seems to suggest that the Streetworks product is ready to roll.

A bit of history. The National Underground Asset Register ( NUAR) was a project started by HMG to register all the underground assest in the UK . SPA provided the platform and the software to collate all the data and maintain the register.

This project is ongoing and expects to be fully completeed by 2025.

HMG, through the Geospatial Commission, will now allow open access to the data so as to extract economic benefit. This mandates the 1Streetworks product;

As they said in April 23;

A 'major milestone'
"This first release of NUAR is a major milestone in a programme that will benefit everyone," said Dr Steve Unger, Independent Commissioner, Geospatial Commission.

"By using the power of location data to plan and deliver street-works more effectively, it will improve the efficiency with which we supply essential services and it will minimise the disruption experienced by other road users. Many different asset types are buried beneath our feet, owned by many different organisations, large and small. We are delighted by the number of asset owners that have recognized the value of working with us, to make the data that they hold more accessible."


1Spatial CEO, Claire Milverton, said:

"1Spatial is delighted to be part of the team that are delivering the National Underground Asset Register (NUAR), which demonstrates our world leading geospatial capabilities and our ability to deliver on complex projects at scale. Our 1Spatial platform is responsible for transforming, validating, and maintaining the data from all contributing asset owners, demonstrating our world leading technology and skilled team.

We are excited about the project to explore widening access to NUAR, which could enable further economic benefit to be realised from the asset. It could also provide an upside opportunity for our 1Streetworks solution."

Alexandra Notay, Independent Commissioner, Geospatial Commission, said:

"It is fantastic to see the progress being made on delivering the core 'safe dig' use case that NUAR is intended to meet, and I am very proud of the team at the Geospatial Commission for delivering this collaborative project for and with a wide range of industry stakeholders. The supportive statements from users in the project update is a testament to the value that NUAR is already bringing to those who manage our underground assets.".


I read this announcement as a green light for users to access and use data on the NUAR register in an open way so as to get the economic benefits made possible from creating and maintaining the register.

IStreetworks is a shining example of how to use the data to create economic benefit. .
Posted at 24/1/2023 11:19 by robsy2
Hi Maddox
Interesting what you write.
I don-t have any industry knowledge but attach the notes I write to myself before I invest in anything. I do this to try and get a bit more discipline into my investing process.It helps me to know why , or sometimes why the hell, i bought something!
I hope you find it interesting. It is all a learning journey so i am happy to have it all critiqued.

" SPA has developed a software app they call TMPA which stands for Traffic Management Plan Automation. They have been developing this for the last 4 years. It automates the whole traffic management plan process according to “The Red Book”, which is the name given to the permission process and compliance requirements that need to be adhered to when anyone does any road works in the UK.

SPA’s tech means that a compliant application to do road works, complete with accurate location of affected underground assets, road redirection plans, signage requirements, road signage, traffic cones, stop & slow down signs , redirection signs etc. and notification requirements for service outages, can all be generated in seconds!

This is not a trivial matter because apparently there are 2.5m cases of minor roadworks in the UK and each has to be done in compliance with The Red Book. To date, the generation of the required Red Book compliant traffic management plan has been a very time-consuming, non-automated process with total industry costs estimated at around 500m GBP a year.

The promise is that SPA’s TMPA product makes traffic plans 100% automated, so that within 30 seconds of inputting data, the user will have a fully compliant plan with a map and complete spec for the job.

TMPA could be massive.

In a recent shareholder presentation, CEO Claire Milverton, suggested that the TMPA project could get them a 30% market share of the 2.5m cases of roadworks in the UK at 100 GBP a plan with 80%+ margins.

In the latest Investor Meet presentation. Claire suggests that with the TMPA project they would be looking to get 30% of the 2.5m cases of roadworks in the UK at 100 GBP a plan with 80% margins within 3 years.

If so, then it is truly exciting to think that within 3 years, we could be getting turnover of 750,000 x 100 quid a year = That is 75 million GBP a year of additional turnover. Is that a real aspiration that is thought-out , being maybe shadow budgeted for, or is it an aspiration at this stage? I asked more questions but got no answers.

I am trying to work out how realistic is this possible 75 million GBP turnover?

How would that business process look? What needs to happen? What is the time frame? What are the obstacles that need to be dealt with to get there ? What is in the budget to back up the aspiration?

OTS of ‘transformational growth opportunities’, also in the latest Investor Meet presentation, Claire estimated the scale of the market opportunity in USA for NG911 as being worth 1m USD per state, so that is 50m USD ARR and NG911 for the 23,000 counties and cities as being in the region of 100m USD ARR . These are also big figures.



Maybe generating 75m GBP a year at 80%+ margins is wildly optimistic? If they charged a mere 25 GBP a plan (the company talk of 100 GBP a plan) and processed just 10% ( not 30%) of the 2.5m market at 25 GBP a go, with an 80% margin, then the company would still generate 5million GBP a year of gross profit.

To put the 5 million into a context, in the year to 01-2023, SPA plc hopes to generate total gross profits of 15m GBP a year, so any movement towards getting an additional 5m GBP gross profit from Traffic Management would be very positive and this could be just the beginning. In her own words, the CEO says that “ contractors and utilities are crying out for a solution like this” and she “doesn’t think it will take long to get to 20-25% of the TMPA market” and that they are “strongly excited about the opportunity”.

In short, they are confident they could get to a 30% share over the next 3 years- if it works of course... Do the math as they say!

OK I’ll do it!

The Blue Sky scenario with the TMPA product would be to achieve a 30% market share at 100 GBP a time with 80% margins by year end 31.01.26 (FY26).

What would that look like? If SPA achieved 10% in FY24, 20% in FY25 and reached full 30% by FY26, very roughly speaking and with all other factors held constant, we would be talking about gross income as follows;
The table below hasn't cut and pasted well but the titles are;


- Year End;
- Additional Gross contribution GBP (millions)
-Projected Gross Margins
-Total gross profit
-Estimated EPS
-Margins at 8%( i.e. modest)
-With 111m shares in issue Projected share price at PER 15
-% Upside from Upside from the current share price of 50p

31.01.24 10% x 2.5m x100 GBP x 80% 20m 16m as per broker 36m 4.1p 62p +24%
31.01.25 20% x 2.5m x100 GBP x 80% 40m 17m ? 57m 6.1p 91p +82%
31.01.26 30% x 2.5m x100 GBP x 80% 60m 18m ? 88m 8.2p 123p +146%

The above scenario is obviously very much a “back of an envelope” type projection, but it is based on reasonable assumptions regarding margins, growth and possible valuations and makes no reference to the NG911 opportunity, which is potentially bigger and only plugs in modest growth across the remaining business ex TMPA.

The upside is potentially transformational and the bottom line here is that if absolutely nothing comes of the TMPA opportunity, the business still looks set to grow nicely elsewhere.

Can they do it? They think so and have been trialling TMPA with one major roadworks contractor since October 22, so things are on the move.

They are first to market with a TMPA and it could be seen very well by all parties.

Potentially this is deliverable in a relatively hands-off, high-margin way.

No-one else is doing this because no-one else has the technical capability and the data sets to attempt it. The opportunity is there in front of them and one imagines that contractors in the infrastructure space could be interested in paying for something that saves them money.

It could be that TMPA or variants could be applicable in other parts of the World where SPA has a presence e.g. Ireland
1spatial share price data is direct from the London Stock Exchange

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