Osirium Technologies

LN: OSI

£5m market cap

23p 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 made good progress in signing new business in H2, reporting FY19 bookings 13% ahead of our forecast and 53% higher year-on-year. FY19 revenue is slightly below our forecast due to the timing of multi-year bookings. With the proceeds of the recent fund raise, we expect the company to increase investment in headcount to accelerate growth. We have revised our forecasts to reflect the bookings intake, revenue recognition and higher staff costs.

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 1.1 (2.4) (3.4) (19.5) N/A N/A
2020E 1.9 (2.4) (3.8) (16.7) 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 12/02/2020
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 1.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (11.5) (34.3) (80.9)
Relative* (9.9) (35.9) (81.9)
52-week high/low 120.5p/23.0p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO

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