Beeks Financial Cloud Group plc
Visit Beeks Financial Cloud Group plc
Description
Beeks Financial Cloud Plc (“Beeks”) provides scalable, cloud-based ultra-low latency connectivity and infrastructure services for the automated trading of all key financial asset classes. The group has a global platform, with connectivity to selected trading platforms worldwide.
Our view
Beeks has competitive advantage in a number of areas, including rapid deployment times – the platform’s inherent security and the flexibility given to clients by the self-service portal. The group also gains significant credibility in the marketplace from being a UK-listed Plc, with £1.8m in net cash.
Financial Summary
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 4.0 | 5.6 | 7.4 | 10.7 | 13.5 |
| Adj EBITDA | 0.5 | 1.9 | 2.5 | 4.1 | 5.0 |
| Fully Adj PBT | 0.1 | 1.2 | 1.3 | 2.4 | 3.0 |
| Fully Adj EPS (p) | (0.3) | 2.3 | 2.6 | 4.4 | 5.5 |
Profit & Loss
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 3.97 | 5.58 | 7.35 | 10.68 | 13.46 |
| Adj EBITDA | 0.54 | 1.95 | 2.48 | 4.13 | 5.03 |
| Adj EBIT | 0.14 | 1.36 | 1.58 | 2.50 | 3.17 |
| Reported PBT | (0.76) | 0.75 | 1.04 | 2.10 | 2.71 |
| Fully Adj PBT | 0.06 | 1.19 | 1.32 | 2.35 | 2.96 |
| NOPAT | 0.14 | 1.70 | 1.89 | 2.55 | 3.25 |
| Reported EPS (p) | (2.27) | 2.26 | 2.10 | 3.52 | 4.54 |
| Fully Adj EPS (p) | (0.32) | 2.27 | 2.58 | 4.36 | 5.48 |
| Dividend per share (p) | 0.00 | 0.30 | 0.52 | 0.60 | 0.69 |
Cash Flow & Balance Sheet
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Operating cash flow | 0.68 | 0.54 | 2.13 | 3.75 | 4.12 |
| Free Cash flow | (0.32) | (1.16) | 0.04 | 1.46 | 2.55 |
| FCF per share (p) | (0.63) | (2.28) | 0.08 | 2.86 | 5.00 |
| Acquisitions | 0.00 | 0.00 | (1.11) | 0.00 | 0.00 |
| Capex | (0.85) | (1.46) | (1.66) | (1.64) | (1.72) |
| Shares issued | 0.00 | 4.36 | 0.00 | 0.00 | 0.00 |
| Net cash flow | (0.01) | 2.86 | (0.55) | 0.76 | 2.55 |
| Overdrafts / borrowings | (0.40) | (0.33) | (1.32) | (1.26) | (0.62) |
| Cash & equivalents | 0.02 | 2.89 | 2.34 | 3.09 | 5.64 |
| Net (Debt)/Cash | (0.38) | 2.56 | 1.02 | 1.84 | 5.01 |
Nav & Returns
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Net asset value | (0.38) | 4.84 | 5.63 | 6.51 | 9.22 |
| NAV/share (p) | (0.74) | 9.52 | 11.07 | 12.79 | 18.12 |
| Net Tangible Asset Value | 1.30 | 2.14 | 2.44 | 2.46 | 2.33 |
| NTAV/share (p) | 2.56 | 4.20 | 4.80 | 4.83 | 4.58 |
| Average equity | (0.19) | 2.23 | 5.24 | 6.38 | 8.12 |
| Post-tax ROE (%) | (29.3%) | 53.3% | 25.1% | 36.9% | 36.4% |
Metrics
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue growth | 40.6% | 31.7% | 45.3% | 26.0% | |
| Adj EBITDA growth | 258.4% | 27.4% | 66.4% | 21.8% | |
| Adj EBIT growth | 852.4% | 16.1% | 58.4% | 26.6% | |
| Adj PBT growth | N/A | 10.5% | 78.9% | 25.8% | |
| Adj EPS growth | N/A | 13.4% | 69.1% | 25.8% | |
| Dividend growth | N/A | 71.7% | 16.0% | 15.0% | |
| Adj EBIT margins | 3.6% | 24.4% | 21.5% | 23.4% | 23.6% |