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Kape Technologies

Integration update

Update | Technology | 28 Nov 2018

Kape provided a brief update on progress integrating its recent acquisitions, Intego and ZenMate. While no numbers were given, integration is tracking ahead of plan and the company reports ‘early signs of strong traction’ promoting CyberGhost’s VPN into Intego’s customer base. This is obviously encouraging, reinforcing our view about Kape’s ability to make value-accretive deals leveraging its distribution network. At this early stage we make no change to our forecasts.

Kape Technologies

Acquisition further strengthens VPN position

Update | Technology | 17 Oct 2018

Kape has announced the acquisition of ZenMate, a digital privacy company based in Germany focusing on virtual private network (VPN) provision. With 50,000 software-as-a-service (SaaS) customers, the move strengthens Kape’s position in VPN, a standout growth area for the company currently. By utilising its digital marketing experience, Kape is confident it can accelerate ZenMate’s growth. We raise our FY19e EBITDA forecasts by $0.5m and adjusted EPS by 4%.

Kape Technologies

Strong H1 performance

Update | Technology | 24 Sep 2018

With Kape’s transition to a consumer cybersecurity business essentially complete, investors can focus on the trends in its core business. The interim results highlighted big improvements in both margins and visibility. A doubling of subscribers helped drive a 178% y-o-y rise in underlying EBITDA. We leave our estimates unchanged but with Intego adding $3m in subscription revenue in H2, the mix and margins should improve further. Stripping out $52m of cash, Kape trades at 19x FY19e EPS.

Kape Technologies

Improved trading, strategic transition complete

Update | Technology | 27 Jul 2018

Kape's trading update confirms good progress. Driven by the core App distribution business, EBITDA has increased by 48% to $4.3m. The disposal of the non-core Media division, following hot on the heels of the Intego acquisition essentially completes Kape's transition into a wholly focused consumer cybersecurity business. We leave our underlying profit forecasts broadly unchanged (34% EBITDA growth between FY18e and FY19e). While the disposal trims 7% from our FY19 EPS forecasts, we believe that the group's performance and rating should benefit from the being 100% focused on consumer cybersecurity.

Kape Technologies

Intego deal adds Mac and anti-malware capability

Update | Technology | 24 Jul 2018

Kape’s acquisition of Intego for $16m looks a good fit. It broadens Kape’s portfolio by adding anti-malware software and significantly strengthening its Mac offering. We see good scope for sales synergies through cross-selling and leveraging Kape’s customer acquisition platform. The deal boosts our FY18 and FY19 EPS by 2% and 9% respectively, while synergies should strengthen beyond our forecast period.

Kape Technologies

Unveiling Kape

Initiation | Technology | 19 Jun 2018

Kape has made solid progress in refining its product set and is now fully focused on the consumer cyber security segment. By leveraging its marketing platform to scale new products while also transitioning to a subscription model, we expect to see strong revenue growth and margin expansion translating to our forecast 16% three year CAGR in EPS. With $69.5m net cash, acquisitions should enhance this further. We believe the shares should be on a growth rating yet despite the recent performance, the 21.8x FY18 P/E is below peers. We see upside towards 157p.

Kape Technologies

Executive interview - Kape Technologies

Edison TV: | Technology | 15 Mar 2018

Kape specialises in the online distribution of consumer cyber security and digital maintenance software. The majority of sales relate to the distribution of its proprietary technology, which includes internet VPN services (CyberGhost), PC repair software (ReImage and ReImage for Mac) and PC driver repair software (DriverAgent). It also uses its online consumer acquisition expertise and network to run third-party online media campaigns. The group has headquarters in Camden, London and has approximately 360 employees across its operations in Israel, Cyprus, Romania and Manilla.