£8.3m market cap
61.5p last close
UK-based Osirium Technologies designs and supplies subscription-based cyber security software. PxM includes privileged access management, privileged task management, privileged session management and privileged behaviour management. It recently launched Opus for secure process automation.
Investment summary
Osirium saw strong order intake in H119, +70% y-o-y and +81% h-o-h. As H1 benefited from the renewal of a large three-year contract, management has guided bookings more cautiously for H219, expecting growth of at least 36% for FY19. We have revised our forecasts down accordingly, but highlight that the recently launched Opus solution could provide upside to our bookings, revenue and EBITDA estimates.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 0.6 | (1.6) | (2.3) | (18.12) | N/A | N/A |
| 2018A | 1.0 | (1.8) | (2.7) | (18.14) | N/A | N/A |
| 2019E | 1.3 | (1.8) | (2.8) | (17.42) | N/A | N/A |
| 2020E | 1.8 | (1.5) | (2.7) | (17.20) | N/A | N/A |
| Last updated on 17/07/2019 | ||||||
Industry outlook
The market for privileged account management (PAM) software was worth US$690m in 2015 and is forecast to grow to US$2.27bn by 2020 (source: Gartner), with demand driven by regulation, the shift to the cloud and adoption spreading to smaller organisations. The complexity of established solutions means fewer mid-market businesses use PAM software than enterprises, so this is a market ripe for development.
Last updated on 17/07/2019
Sector |
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 0.2 |
| Forecast gearing ratio (%) | 10 |
Price performance
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Key management |
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| David Guyatt | CEO |
| Rupert Hutton | CFO |
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