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 | 9.3 | 12.5 |
| Adj EBITDA | 0.5 | 1.9 | 2.5 | 3.1 | 4.0 |
| Fully Adj PBT | 0.1 | 1.2 | 1.3 | 1.1 | 1.8 |
| Fully Adj EPS (p) | (0.3) | 2.3 | 2.6 | 1.9 | 3.1 |
Profit & Loss
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 3.97 | 5.58 | 7.35 | 9.33 | 12.49 |
| Adj EBITDA | 0.54 | 1.95 | 2.48 | 3.13 | 4.02 |
| Adj EBIT | 0.14 | 1.36 | 1.58 | 1.21 | 1.93 |
| Reported PBT | (0.76) | 0.75 | 1.04 | 0.80 | 1.53 |
| Fully Adj PBT | 0.06 | 1.19 | 1.32 | 1.05 | 1.78 |
| NOPAT | 0.14 | 1.70 | 1.89 | 1.23 | 2.01 |
| Reported EPS (p) | (2.27) | 2.26 | 2.10 | 1.27 | 2.40 |
| Fully Adj EPS (p) | (0.32) | 2.27 | 2.58 | 1.85 | 3.09 |
| Dividend per share (p) | 0.00 | 0.30 | 0.35 | 0.40 | 0.46 |
Cash Flow & Balance Sheet
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Operating cash flow | 0.68 | 0.54 | 2.13 | 1.77 | 2.30 |
| Free Cash flow | (0.32) | (1.16) | 0.04 | (0.83) | 0.13 |
| FCF per share (p) | (0.63) | (2.28) | 0.08 | (1.63) | 0.25 |
| Acquisitions | 0.00 | 0.00 | (1.11) | (0.75) | (0.25) |
| Capex | (0.85) | (1.46) | (1.66) | (2.20) | (2.60) |
| Shares issued | 0.00 | 4.36 | 0.00 | 0.00 | 0.00 |
| Net cash flow | (0.01) | 2.86 | (0.55) | (0.78) | (0.12) |
| Overdrafts / borrowings | (0.40) | (0.33) | (1.32) | (2.76) | (2.12) |
| Cash & equivalents | 0.02 | 2.89 | 2.34 | 1.56 | 1.43 |
| Net (Debt)/Cash | (0.38) | 2.56 | 1.02 | (1.20) | (0.69) |
Nav & Returns
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Net asset value | (0.38) | 4.84 | 5.63 | 4.71 | 6.20 |
| NAV/share (p) | (0.74) | 9.52 | 11.07 | 9.27 | 12.19 |
| Net Tangible Asset Value | 1.30 | 2.14 | 2.44 | 2.72 | 3.22 |
| NTAV/share (p) | 2.56 | 4.20 | 4.80 | 5.35 | 6.34 |
| Average equity | (0.19) | 2.23 | 5.24 | 5.86 | 6.60 |
| Post-tax ROE (%) | (29.3%) | 53.3% | 25.1% | 17.9% | 26.9% |
Metrics
Year end: June (£m unless shown)
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Revenue growth | 40.6% | 31.7% | 26.9% | 33.9% | |
| Adj EBITDA growth | 258.4% | 27.4% | 26.2% | 28.6% | |
| Adj EBIT growth | 852.4% | 16.1% | (23.4%) | 59.1% | |
| Adj PBT growth | N/A | 10.5% | (20.2%) | 69.0% | |
| Adj EPS growth | N/A | 13.4% | (28.1%) | 66.8% | |
| Dividend growth | N/A | 16.7% | 14.3% | 15.0% | |
| Adj EBIT margins | 3.6% | 24.4% | 21.5% | 13.0% | 15.4% |