Osirium Technologies

LN: OSI

£10.8m market cap

80p 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 reported FY18 revenues and operating loss slightly ahead of our forecasts. Although bookings intake was lower than expected in H218, the increase in proofs of concept underway and the number of customers using PxM Express support accelerating bookings growth in FY19. By broadening the product offering with the recently launched secure IT process automation solution, Opus, and the soon to be launched endpoint privilege management (EPM) solution, Osirium is growing its addressable market and creating upsell opportunities for its ‘land and expand’ strategy.

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) (18.12) N/A N/A
2018A 1.0 (1.8) (2.7) (18.14) N/A N/A
2019E 1.4 (1.7) (2.7) (16.79) N/A N/A
2020E 2.1 (1.3) (2.5) (15.68) N/A N/A
Last updated on 06/06/2019
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 06/06/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) 0
Forecast gearing ratio (%) 2
Price performance
%
1m
3m
12m
Actual (11.1) (33.3) (46.8)
Relative* (9.4) (33.7) (43.1)
52-week high/low 151.0p/77.5p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO

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