£120.2m market cap
84.5p last close
Kape Technologies specialises in consumer cybersecurity software. It markets four proprietary products: Reimage and Reimage for MAC, PC driver repair software (DriverAgent), anti-malware (Intego) and a virtual private network (CyberGhost).
Investment summary
Kape provided a brief update on progress integrating its recent acquisitions, Intego and ZenMate. While no numbers were given, integration is tracking ahead of plan and the company reports ‘early signs of strong traction’ promoting CyberGhost’s VPN into Intego’s customer base. This is obviously encouraging, reinforcing our view about Kape’s ability to make value-accretive deals leveraging its distribution network. At this early stage we make no change to our forecasts.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 56.5 | 6.4 | 4.8 | 2.90 | 36.6 | N/A |
| 2017A | 66.4 | 8.3 | 7.5 | 4.85 | 21.9 | N/A |
| 2018E | 60.0 | 10.2 | 8.7 | 5.23 | 20.3 | N/A |
| 2019E | 72.2 | 14.2 | 12.3 | 7.30 | 14.5 | N/A |
| Last updated on 25/07/2019 | ||||||
Industry outlook
As consumers become more connected and increase their reliance on the internet in their daily lives, the stakes of breach are increasing and, as has occurred in the B2B cyber security industry, demands are likely to expand beyond basic antivirus protections. Symantec estimates the wider ‘personal digital safety’ market to be double the size of traditional products at c US$10bn. It is in this wider market that Kape is positioning itself.
Last updated on 25/07/2019
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Share price graph
Balance sheet |
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| Forecast net cash (US$m) | 46.2 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Ido Erlichman | CEO |
| Moran Laufer | CFO |
| Donald Hunter Elgie | Non Executive Chairman |
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