Osirium Technologies

LN: OSI

£4.8m market cap

24.5p last close

UK-based Osirium Technologies designs and supplies subscription-based cybersecurity software. Its PAM platform includes privileged access, task, session and behaviour management. It recently launched a secure process automation solution and a privileged endpoint management solution.

Investment summary

Osirium expects to report FY20 bookings ahead of our forecast, with revenue in line. FY20 bookings will exceed £1.55m versus our £1.51m forecast. FY20 revenue will be at least £1.4m (our forecast £1.4m). End FY20 cash stood at £1.4m (versus our £0.7m) and deferred income at £1.5m (our forecast £1.5m).The flurry of contracts announced in Q4 reflects the pick-up in order activity after COVID-19 depressed activity in Q2/Q3. Management is confident that the momentum achieved in Q4 will continue into FY21. We maintain our forecasts pending FY20 results. Osirium recently announced that it had been granted a patent in the US for its shadow authentication technology.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 1.0 (1.8) (2.7) (18.14) N/A N/A
2019A 1.2 (2.2) (3.5) (19.45) N/A N/A
2020E 1.4 (1.9) (3.7) (15.97) N/A N/A
2021E 1.7 (1.8) (3.8) (16.54) 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 03/03/2021
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.0) (2.8) 32.4
Relative* (4.6) (6.2) 30.4
52-week high/low 39.0p/17.0p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO

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