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4m
Research: TMT
Following on from its positive early-March update, Osirium confirms that strong order momentum continued to the end of Q122, resulting in a record bookings quarter. The company is seeing growth in contract values as customers expand usage and increasingly adopt Osirium’s wider privileged access security suite. Order intake year to date gives the board confidence in the full year outlook. We maintain our forecasts.
Osirium Technologies |
Positive Q1 update |
Trading update |
Software & comp services |
5 April 2022 |
Share price performance Business description
Analyst
Osirium Technologies is a research client of Edison Investment Research Limited |
Following on from its positive early-March update, Osirium confirms that strong order momentum continued to the end of Q122, resulting in a record bookings quarter. The company is seeing growth in contract values as customers expand usage and increasingly adopt Osirium’s wider privileged access security suite. Order intake year to date gives the board confidence in the full year outlook. We maintain our forecasts.
Year end |
Revenue (£m) |
EBITDA* |
EPS* |
DPS |
P/E |
EV/sales |
12/19 |
1.17 |
(2.15) |
(19.5) |
0.0 |
N/A |
3.8 |
12/20 |
1.43 |
(1.36) |
(12.9) |
0.0 |
N/A |
3.1 |
12/21e |
1.44 |
(1.67) |
(11.4) |
0.0 |
N/A |
3.1 |
12/22e |
1.73 |
(1.51) |
(6.9) |
0.0 |
N/A |
2.6 |
Note: *EBITDA and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Osirium’s Q122 trading update confirms that it was a record quarter for bookings, with growth in contract values and a return to pre-pandemic levels. Five of the new contracts signed in Q1 are larger than any individual contract signed last year. Most new contracts have been for three-year terms, providing good visibility and potential for Osirium to cross- and upsell. Sector-wise, Osirium continues to see good demand from the NHS and higher education establishments have also contributed to growth. Channel partners have contributed to new business and upsells, with partner ITHealth delivering more than £300k of business in Q122. Osirium won a large number of new customers in FY21, and in Q122 saw five of those customers significantly increase their contract values. The company is seeing more customers adopt multiple modules, including privileged process automation (PPA) and privileged endpoint management (PEM) solutions, with PPA contracts contributing materially to bookings year to date. For some new customers, PPA makes up the largest proportion of contract value. Management confirms that performance year to date provides increasing confidence for the full year.
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Research: Financials
ProCredit Holding (PCB) has reported a strong set of FY21 results, with net income up 92.4% y-o-y to €79.6m and an ROE of 9.7%. However, this was overshadowed by Russia’s invasion of Ukraine, where PCB had 12.8% of its loan book at end-2021 and generated 27.2% of net profit before allocation of group functions in FY21. While the situation in Ukraine remains difficult to predict, we note that PCB’s loss is limited to the €129.9m equity and €48.8m other funding provided to the local bank by ProCredit Holding and ProCredit Germany (c 21% of PCB’s group equity) at end-2021. We temporarily refrain from issuing forecasts and a valuation for PCB, but believe that investors may have overreacted as it is now traded at only c 0.3x its group tangible book value at end-2021 of €14.2 per share.
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