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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.£185.9m
Last close131.00p
High / Low (52 weeks)135.5p / 63.0p
Stock market listingLN
Forecast net cash (US$m)52
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual6.16.561.7
Relative *7.07.456.1

* % 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. We leave our estimates unchanged but with Intego adding $3m in subscription revenue in H2, the mix and margins should improve further. Stripping out $52m of cash, Kape trades at 19x FY19e EPS.

Last updated on 24/09/2018

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 58.1 N/A
2017A 66.4 8.3 7.5 4.98 33.9 N/A
2018E 59.5 10.2 8.7 5.37 31.4 N/A
2019E 69.7 13.7 11.8 7.19 23.4 N/A

Last updated on 27/07/2018

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 27/07/2018

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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