Kape Technologies


£307.5m market cap

194p last close

Kape Technologies specialises in consumer cybersecurity software. It markets four proprietary products: Reimage and Reimage for MAC, PC driver repair software (DriverAgent), anti-malware (Intego) and a virtual private network (CyberGhost).

Investment summary

Kape provided a brief update on progress integrating its recent acquisitions, Intego and ZenMate. While no numbers were given, integration is tracking ahead of plan and the company reports ‘early signs of strong traction’ promoting CyberGhost’s VPN into Intego’s customer base. This is obviously encouraging, reinforcing our view about Kape’s ability to make value-accretive deals leveraging its distribution network. At this early stage we make no change to our forecasts.

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2016A 56.5 6.4 4.8 2.90 85.9 N/A
2017A 66.4 8.3 7.5 4.85 51.4 N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A
Industry outlook

As consumers become more connected and increase their reliance on the internet in their daily lives, the stakes of breach are increasing and, as has occurred in the B2B cyber security industry, demands are likely to expand beyond basic antivirus protections. Symantec estimates the wider ‘personal digital safety’ market to be double the size of traditional products at c US$10bn. It is in this wider market that Kape is positioning itself.

Last updated on 13/08/2020
Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (2.0) 4.0 185.3
Relative* (2.7) (2.1) 227.9
52-week high/low 225.0p/65.0p
*% relative to local index
Key management
Ido Erlichman CEO
Moran Laufer CFO
Donald Hunter Elgie Non Executive Chairman