Kape Technologies Plc
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Description
Kape Technologies is a cybersecurity company focused on digital privacy and 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. The acquisition of virtual private network provider Private Internet Access in December 2019 was a transformational and significantly earnings enhancing deal for the Group.
Company Presentations
Our view
The highly significant and transformational acquisition of PIA accelerated Kape's strategy and transported its quest to become a world leader in digital privacy to a new level. It is benefitting from a significantly enhanced pool of R&D talent with the addition of PIA’s market-leading development team.
Recent Research
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Financial Summary
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 52.1 | 66.1 | 122.2 | 200.0 | 250.0 |
| Adjusted EBITDA | 10.4 | 14.6 | 39.0 | 74.5 | 91.0 |
| Adjusted PBT | 8.2 | 10.6 | 30.8 | 64.3 | 83.3 |
| Adjusted Dil EPS (c) | 5.0 | 6.5 | 13.5 | 25.3 | 32.4 |
Profit & Loss
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue | 52.1 | 66.1 | 122.2 | 200.0 | 250.0 |
| Adj EBITDA | 10.4 | 14.6 | 39.0 | 74.5 | 91.0 |
| Adj EBIT | 8.3 | 11.9 | 34.1 | 70.8 | 87.3 |
| Reported PBT | 3.3 | 2.8 | 7.3 | 46.0 | 64.7 |
| Fully adj PBT | 8.2 | 10.6 | 30.8 | 64.3 | 83.3 |
| NOPAT | 7.7 | 11.1 | 31.9 | 63.8 | 78.6 |
| Reported Dil EPS (c) | (0.3) | 1.7 | 14.8 | 18.0 | 25.1 |
| Fully adj Dil EPS (c) | 5.0 | 6.5 | 13.5 | 25.3 | 32.4 |
| Dividend per share (c) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Cash Flow & Balance Sheet
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | 2.2 | (1.7) | 37.6 | 52.4 | 92.7 |
| Free Cash flow ($m) | (7.1) | (5.4) | 8.4 | 41.7 | 80.6 |
| FCF per share (c) | (4.8) | (3.6) | 4.2 | 18.4 | 35.0 |
| Acquisitions | (21.2) | (64.3) | (58.5) | (165.1) | 0.0 |
| Disposals | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Shares issued | 0.0 | 0.0 | 113.2 | 32.5 | 0.0 |
| Net cash flow | (29.1) | (70.9) | 45.7 | (90.9) | 80.6 |
| Overdrafts / borrowings | 0.0 | (40.2) | (38.8) | (114.6) | (107.9) |
| Cash & equivalents | 40.4 | 8.2 | 49.9 | 36.9 | 110.9 |
| Net (Debt)/Cash | 40.4 | (32.0) | 11.1 | (77.7) | 2.9 |
Nav & Returns
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Net asset value | 73.0 | 155.0 | 228.8 | 302.0 | 359.9 |
| NAV/share (c) | 51.3 | 99.2 | 109.8 | 134.7 | 160.5 |
| Net Tangible Asset Value | 36.7 | (87.9) | 0.8 | (78.6) | (3.0) |
| NTAV/share (c) | 25.8 | (56.2) | 0.4 | (35.1) | (1.4) |
| Average equity | 76.2 | 114.0 | 191.9 | 265.4 | 331.0 |
| Post-tax ROE (%) | (0.7%) | 1.8% | 15.0% | 15.4% | 17.5% |
Metrics
Year end: December ($m unless shown)
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Revenue growth | 2.9% | 26.9% | 85.0% | 63.6% | 25.0% |
| Adj EBITDA growth | 28.3% | 40.3% | 167.7% | 91.0% | 22.2% |
| Adj EBIT growth | 24.1% | 43.5% | 186.8% | 107.5% | 23.3% |
| Adj PBT growth | 24.8% | 28.1% | 191.2% | 109.1% | 29.5% |
| Adj EPS growth | 33.5% | 28.8% | 109.1% | 87.0% | 28.0% |
| Dividend growth | (100.0%) | N/A | N/A | N/A | N/A |
| Adj EBIT margins | 15.9% | 18.0% | 27.9% | 35.4% | 34.9% |