Osirium Technologies

LN: OSI

£6.8m market cap

35p last close

UK-based Osirium Technologies designs and supplies subscription-based cyber security software. PxM includes privileged access management, privileged task management, privileged session management and privileged behaviour management. It recently launched Opus for secure process automation.

Investment summary

Osirium has announced three new contracts that cover a diverse range of verticals and use cases. The contracts are with an international banking group, a leading drinks manufacturer and a service provider to the pharmaceutical and biotech sectors. These wins highlight the attraction of the ease of use of the platform and the value of the PxM Express offering as a route to market and support our order estimates for H219. The company has just raised net proceeds of £4.3m from the issue of 5.9m shares at 35p and £2.7m in convertible bonds.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 0.6 (1.6) (2.3) (18.1) N/A N/A
2018A 1.0 (1.8) (2.7) (18.1) N/A N/A
2019E 1.3 (2.2) (3.2) (19.6) N/A N/A
2020E 1.8 (1.9) (3.1) (19.7) N/A N/A
Industry outlook

The market for privileged account management (PAM) software was worth US$690m in 2015 and is forecast to grow to US$2.27bn by 2020 (source: Gartner), 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 14/11/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.9 (41.2) (76.7)
Relative* 1.5 (42.5) (77.7)
52-week high/low 149.0p/32.5p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO

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