Osirium Technologies

LN: OSI

£16.1m market cap

120.5p last close

UK-based Osirium Technologies designs and supplies subscription-based cyber security software. It has four products: privileged access management (PAM), privileged task management (PTM), privileged session management (PSM) and privileged behaviour management (PBM).

Investment summary

Osirium traded in line with management expectations in H218 and expects to report close to 50% growth in revenues for FY18. Bookings are expected to be significantly ahead of the prior period (our forecast +50% y-o-y). Net cash at the end of FY18 was £2.3m, slightly below our £2.5m forecast. The company has signed up customers in new verticals during the year, highlighting the diversity of customer use cases. The growing number of proofs of concept and rate of conversion to sales provides support to our bookings and revenue forecasts.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2016A 0.5 (1.1) (1.7) (12.38) N/A N/A
2017A 0.6 (1.6) (2.3) (18.12) N/A N/A
2018E 0.9 (2.0) (2.8) (18.38) N/A N/A
2019E 1.4 (1.8) (2.8) (17.42) N/A N/A
Last updated on 13/02/2019
Industry outlook

The market for privileged account management (PAM) software was worth $690m in 2015 and is forecast to grow to $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 13/02/2019
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) (4.0) (22.5)
Relative* (6.9) (3.0) (14.1)
52-week high/low 153.5p/118.0p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO