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Kape Technologies (KAPE)

Business description

Kape Technologies specialises in the online distribution of consumer cyber security software. It markets four proprietary products: Reimage and Reimage for MAC, DriverAgent and a virtual private network, CyberGhost.

Stock data

Market cap.£156.1m
Last close110.00p
High / Low (52 weeks)127.5p / 59.0p
Stock market listingLN
Forecast net cash (US$m)69
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(11.3)4.378.9
Relative *(11.7)(0.5)71.3

* % Relative to local index

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Investment summary

Kape's expertise in online customer acquisition lends itself well to the B2C cyber security arena; it is now marketing four proprietary products and plans to continue to increase its product range, both organically and by acquisition. The investment case relies on its ability to continue to drive solid top line organic growth by scaling its online marketing efforts, while transitioning its user base to a subscription basis which should drive up margins. With nearly $70m of net cash, we expect acquisitions to be a fundamental lever in expanding its product range and acting as a key catalyst in providing further upside to the value of the shares.

Last updated on 29/06/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 56.5 6.4 4.8 2.90 50.5 N/A
2017A 66.4 8.3 7.5 4.98 29.4 N/A
2018E 72.9 10.3 8.9 5.51 26.6 N/A
2019E 77.1 13.2 11.5 7.05 20.8 N/A

Last updated on 20/06/2018

Latest research

Unveiling Kape

Initiation | Technology | 19/06/2018

Latest video

Executive interview - Kape Technologies

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 $10bn. It is in this wider market that Kape is positioning itself.

Last updated on 29/06/2018

Key management

Ido Erlichman, CEO
Moran Laufer, CFO
Donald Hunter Elgie, Non Executive Chairman

Company address

Sovereign House, 14-16 Nelson Street, Douglas
Isle of Man
IM1 2AL
United Kingdom
View website