Osirium Technologies

LN: OSI

Market Cap£7.4m

Last Close 25p

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.

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Investment summary

Osirium reported revenue growth of 22.5% for FY20 and, as a result of cost-control measures taken to manage the business during the pandemic, reduced the EBITDA loss from £2.15m in FY19 to £1.36m in FY20. Bookings declined 14% y-o-y, although the company achieved record intake in Q120 and Q420 and has seen positive momentum so far this year, particularly in the healthcare sector. We have revised our forecasts to reflect lower operating costs and the recent fund raise, reducing our EBITDA loss forecast from £1.8m to £1.4m for FY21.

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 1.7 (1.4) (3.4) (11.19) N/A N/A
2022E 2.0 (1.2) (3.4) (9.79) 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 07/09/2021
Content on Osirium Technologies
Osirium Technologies – executive interview
TMT | Edison TV | 14 June 2021
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 13.6 13.6 22.0
Relative* 12.1 10.8 (4.3)
52-week high/low 31.0p/17.5p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO