Kape Technologies Plc
Visit Kape Technologies Plc
Description
Kape Technologies (formerly Crossrider plc) is a cybersecurity company focused on helping consumers around the world have a better digital experience with greater protection. In order to do this, Kape develops and distributes a variety of software products in the online security space, utilising its proprietary digital distribution technology to optimise its customer reach and create a superb user experience. The Company offers products which provide online security, privacy and optimal online experience. Kape has four main products; CyberGhost, Reimage PC, Driver Agent and Reimage for Mac.
Company Presentations
Our view
The rebranding to Kape Technologies (formerly Crossrider plc) as the umbrella for the Group’s products and services follows the significant changes made to the focus of the business to be a provider of cybersecurity solutions to consumers. That refocusing and the move towards a SaaS model are key developments as the Group seeks to grow via both organic and acquisitive means.
Financial Summary
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 52.1 | 66.1 | 120.8 | 135.9 | 146.8 |
| Adjusted EBITDA | 10.4 | 14.6 | 36.2 | 40.8 | 43.8 |
| Adjusted PBT | 8.2 | 10.6 | 31.0 | 35.3 | 37.3 |
| Adjusted Dil EPS (c) | 5.0 | 6.4 | 13.5 | 15.8 | 16.6 |
Profit & Loss
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 52.1 | 66.1 | 120.8 | 135.9 | 146.8 |
| Adj EBITDA | 10.4 | 14.6 | 36.2 | 40.8 | 43.8 |
| Adj EBIT | 8.3 | 11.9 | 33.1 | 37.4 | 40.4 |
| Reported PBT | 3.3 | 2.8 | 13.0 | 17.0 | 18.7 |
| Fully adj PBT | 8.2 | 10.6 | 31.0 | 35.3 | 37.3 |
| NOPAT | 7.7 | 11.1 | 28.2 | 32.6 | 35.1 |
| Reported Dil EPS (c) | (0.3) | 1.3 | 4.8 | 6.4 | 6.9 |
| Fully adj Dil EPS (c) | 5.0 | 6.4 | 13.5 | 15.8 | 16.6 |
| Dividend per share (c) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash Flow & Balance Sheet
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | 3.2 | (1.7) | 22.1 | 28.9 | 35.3 |
| Free Cash flow ($m) | (0.4) | (5.4) | 16.2 | 22.9 | 24.4 |
| FCF per share (c) | (0.2) | (3.6) | 8.4 | 11.9 | 12.7 |
| Acquisitions | (21.2) | (64.3) | (5.0) | (15.0) | 0.0 |
| Disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issued | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net cash flow | (29.1) | (70.9) | 11.2 | 7.9 | 24.4 |
| Overdrafts / borrowings | 0.0 | (40.2) | (35.2) | (28.5) | (21.8) |
| Cash & equivalents | 40.4 | 8.2 | 14.4 | 15.6 | 33.3 |
| Net (Debt)/Cash | 40.4 | (32.0) | (20.8) | (12.9) | 11.5 |
Nav & Returns
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net asset value | 73.0 | 155.0 | 164.3 | 176.6 | 190.0 |
| NAV/share (c) | 51.3 | 99.2 | 91.5 | 94.3 | 101.4 |
| Net Tangible Asset Value | 36.7 | (87.1) | (60.1) | (51.7) | (21.1) |
| NTAV/share (c) | 25.8 | (55.7) | (33.5) | (27.6) | (11.2) |
| Average equity | 76.2 | 114.0 | 159.7 | 170.5 | 183.3 |
| Post-tax ROE (%) | (0.7%) | 1.8% | 5.8% | 7.2% | 7.3% |
Metrics
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue growth | 2.9% | 26.9% | 82.8% | 12.6% | 8.0% |
| Adj EBITDA growth | 28.3% | 40.3% | 148.7% | 12.6% | 7.4% |
| Adj EBIT growth | 24.1% | 43.5% | 178.2% | 13.0% | 7.9% |
| Adj PBT growth | 24.8% | 28.1% | 193.7% | 13.8% | 5.6% |
| Adj EPS growth | 33.5% | 28.8% | 111.4% | 16.8% | 5.2% |
| Dividend growth | (100.0%) | N/A | N/A | N/A | N/A |
| Adj EBIT margins | 15.9% | 18.0% | 27.4% | 27.5% | 27.5% |