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)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 5.6 | 7.4 | 9.4 | 12.0 | 15.0 |
| Adj EBITDA | 1.9 | 2.5 | 3.3 | 3.8 | 5.0 |
| Fully Adj PBT | 1.2 | 1.3 | 1.4 | 1.6 | 2.2 |
| Fully Adj EPS (p) | 2.3 | 2.6 | 2.5 | 2.7 | 3.9 |
Profit & Loss
Year end: June (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 5.58 | 7.35 | 9.36 | 12.03 | 14.98 |
| Adj EBITDA | 1.95 | 2.48 | 3.33 | 3.83 | 4.98 |
| Adj EBIT | 1.36 | 1.58 | 1.41 | 1.60 | 2.22 |
| Reported PBT | 0.75 | 1.04 | 0.68 | 1.31 | 1.97 |
| Fully Adj PBT | 1.19 | 1.32 | 1.43 | 1.56 | 2.22 |
| NOPAT | 1.70 | 1.89 | 1.45 | 1.65 | 2.33 |
| Reported EPS (p) | 2.26 | 2.10 | 1.13 | 2.07 | 3.10 |
| Fully Adj EPS (p) | 2.27 | 2.55 | 2.45 | 2.72 | 3.86 |
| Dividend per share (p) | 0.30 | 0.35 | 0.35 | 0.40 | 0.46 |
Cash Flow & Balance Sheet
Year end: June (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | 0.54 | 2.13 | 3.26 | 2.37 | 3.52 |
| Free Cash flow | (1.16) | 0.04 | (0.67) | (1.02) | 0.00 |
| FCF per share (p) | (2.24) | 0.08 | (1.30) | (1.98) | 0.01 |
| Acquisitions | 0.00 | (1.11) | (0.75) | (1.00) | 0.00 |
| Capex | (1.46) | (1.66) | (3.54) | (4.00) | (4.00) |
| Shares issued | 4.36 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net cash flow | 2.86 | (0.55) | (0.91) | (2.02) | 0.00 |
| Overdrafts / borrowings | (0.33) | (1.32) | (2.18) | (2.77) | (2.77) |
| Cash & equivalents | 2.89 | 2.34 | 1.43 | 0.00 | 0.00 |
| Net (Debt)/Cash | 2.56 | 1.02 | (0.75) | (2.77) | (2.77) |
Nav & Returns
Year end: June (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net asset value | 4.84 | 5.63 | 6.72 | (2.22) | 0.24 |
| NAV/share (p) | 9.37 | 10.89 | 12.99 | (4.29) | 0.46 |
| Net Tangible Asset Value | 2.14 | 2.44 | 6.76 | 4.49 | 5.73 |
| NTAV/share (p) | 4.13 | 4.72 | 13.06 | 8.69 | 11.08 |
| Average equity | 2.23 | 5.24 | 6.17 | 7.19 | 8.38 |
| Post-tax ROE (%) | 53.3% | 25.1% | 23.2% | 21.7% | 26.5% |
Metrics
Year end: June (£m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue growth | 31.7% | 27.3% | 28.6% | 24.5% | |
| Adj EBITDA growth | 27.4% | 34.3% | 15.0% | 30.1% | |
| Adj EBIT growth | 16.1% | (10.7%) | 13.1% | 38.9% | |
| Adj PBT growth | N/A | 9.0% | 8.9% | 42.1% | |
| Adj EPS growth | N/A | (3.9%) | 10.9% | 42.1% | |
| Dividend growth | 16.7% | 0.0% | 15.0% | 15.0% | |
| Adj EBIT margins | 24.4% | 21.5% | 15.1% | 13.3% | 14.8% |