Osirium Technologies

LN: OSI

£13.1m market cap

96.5p 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

A flurry of contract announcements highlight that Osirium is seeing increasing adoption of its software across a wide variety of use cases and verticals. Recent contract wins include a deal with a large UK transport and travel services provider to secure 500 devices over 12 months and a UK division of a global financial services provider for 150 devices for 12 months. As market awareness of the need for privileged access management grows, Osirium’s subscription licensing model provides a flexible way for customers to secure their privileged accounts against internal and external threats.

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 17/04/2019
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 17/04/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (19.6) (21.2) (27.7)
Relative* (22.0) (27.6) (29.6)
52-week high/low 153.0p/94.0p
*% relative to local index
Key management
David Guyatt CEO
Rupert Hutton CFO