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 (PPA) and a privileged endpoint management (PEM) solution.

Investment summary

Osirium’s FY19 results were broadly in line with forecasts. The company saw strong bookings growth in FY19 from a combination of new customers, renewals and expansion of existing contracts. The product suite was expanded to include privileged process automation and privileged endpoint management solutions. While COVID-19 disruption has not yet had a noticeable impact on demand, we are taking a more cautious approach to our bookings and revenue forecasts for FY20 before factoring in a reacceleration of growth in FY21.

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 1.5 (2.2) (4.0) (17.35) N/A N/A
2021E 2.1 (1.8) (3.7) (16.33) 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 13/08/2020
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) 1.6
Forecast gearing ratio (%) 693
Price performance
%
1m
3m
12m
Actual 25.6 (10.9) (58.8)
Relative* 24.8 (16.2) (52.7)
52-week high/low 59.5p/17.0p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO

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