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Kape Technologies (KAPE)

Business description

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).

Stock data

Market cap.£147.9m
Last close104.00p
High / Low (52 weeks)135.5p / 63.0p
Stock market listingLN
Forecast net cash (US$m)46.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(5.5)(20.9)56.4
Relative *(1.6)(13.5)74.0

* % Relative to local index

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Investment summary

With Kape’s transition to a consumer cybersecurity business essentially complete, investors can focus on the trends in its core business. The interim results highlighted big improvements in both margins and visibility. A doubling of subscribers helped drive a 178% y-o-y rise in underlying EBITDA and Intego should add US$3m in subscription revenue in H2, further improving the mix and margins. Following the acquisition of ZenMate in October we raised our FY19e EBITDA forecasts by $0.5m and adjusted EPS by 4%. The company subsequently indicated integration of its acquisitions is running ahead of plan.

Last updated on 29/11/2018

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 46.3 N/A
2017A 66.4 8.3 7.5 4.85 27.7 N/A
2018E 60.0 10.2 8.7 5.23 25.7 N/A
2019E 72.2 14.2 12.3 7.30 18.4 N/A

Last updated on 29/11/2018

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

Last updated on 29/11/2018

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
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