Osirium Technologies

LN: OSI

Market Cap£3.5m

Last Close 12.5p

UK-based Osirium Technologies designs and supplies subscription-based cybersecurity software. Its product portfolio includes PAM (incorporating privileged access, task, session and behaviour management), secure process automation and privileged endpoint management software.

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Investment summary

Osirium’s year-end trading update was in line with its announcement in November; FY21 revenue is likely to be at least £1.45m and bookings at least £1.6m. While customer numbers more than doubled in the year, lower average contract values mean that bookings were essentially flat year-on-year. As customer decision making returns to more normal levels, we forecast stronger bookings growth in FY22. This is supported by a higher level of the contract base due for renewal and the potential to sell more to the large number of customers won in FY21. We maintain our forecasts.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 1.2 (2.2) (3.5) (19.45) N/A N/A
2020A 1.4 (1.4) (3.1) (12.85) N/A N/A
2021E 1.4 (1.7) (3.5) (11.43) N/A N/A
2022E 1.6 (1.6) (3.6) (10.43) N/A N/A
Industry outlook

The market for privileged access management (PAM) software is currently worth US$2.2bn and is forecast to grow to US$5.4bn by 2025 (source: KuppingerCole), with demand driven by regulation, the shift to the cloud and adoption spreading to smaller organisations. The complexity of established solutions means fewer mid-market businesses use PAM software than enterprises, so this is a market ripe for development.

Last updated on 20/01/2022
Content on Osirium Technologies
Osirium Technologies – FY21 in line
TMT | Flash note | 17 January 2022
Osirium Technologies – executive interview
TMT | Edison TV | 30 September 2021
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Share price graph
Balance sheet
Forecast net debt (£m) 2.5
Forecast gearing ratio (%) 3434
Price performance
%
1m
3m
12m
Actual (21.3) (38.5) (54.7)
Relative* (24.7) (40.7) (59.6)
52-week high/low 31.0p/12.0p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO