The consumer security software business.
16-Jan-2018 – 72p – £98.2m – PER 17.9
The growth looks OK here but probably fairly priced at best. Without seeing “real” profits, EBITDA only mentioned in the latest update, hard to make any kind of call. I’m going to wait to see the actuals.
17-May-2018 – 118.5p – £168.8m – PER 39.2
AGM Statement – Strong start to 2018.
I’m Neutral here whilst waiting to see the actuals.
26-Jul-2018 – 126p – £178.8m – PER 31.9
Trading Update For The 6 Months To End June 2018 – A solid start with EBITDA up 48%.
Looks impressive but will wait to see the actual results (profits) in September (will be interesting to see if those who made 9% yesterday will be selling out today!!!!).
14-Sep-2018 – 131p – £185.9m – PER 27.3
Interim Results For The 6 Months To End June 2018 – Revenue down 10% or so with Adjusted EBITDA up 45% or so, over $60m in Cash – FY to be in-line with expectations.
I am currently long here and will monitor the market reaction to this update.
15-Jan-2019 – 110p – £156m – PER 20.2
Trading Update For The 12 Months To End December 2018 – EBITDA to be slightly above market expectations on lower Revenue (due to the “divestment of the Media business, enabling the Group to fully focus on delivery of cybersecurity solutions”). Pleased with performance this year and expects to continue the growth trajectory in the medium term.
Would have liked to see a little more detail (like real profits info) – Will continue to hold but monitor reaction.
19-Mar-2019 – 101p – £143.6m – PER 18.6
Results For The 12 Months To End December 2018 – Revenue up slightly (53% recurring), EBITDA up 28.3% (slightly ahead of expectations), Adjusted EPS up 36.8%. Confident this year will be in-line with market expectations.
I am Long here and this seems to be good enough reason to continue to do so for now.
7-May-2019 – 90p – £130m – PER 14.9
AGM Statement – Strong start to the year, trading in-line, subscriber number growth exceeding expectations.
I am Long here and this seems good enough reason to remain so for now (based on the expectations (Broker forecasts) I have access to).
30-Jul-2019 – 83p – £120m – PER 12
Trading Update For The 6 Months To End June 2019 – Revenue up 24%, EBITDA up 40%, in-line (with management expectations).
Not a huge amount of information here, I am Long and remain so (perhaps a little more cautiously), for now. Based on the latest Broker note this morning, in my opinion, this looks way undervalued on a 1 Year and 2 Year view especially considering the Net Cash is about 30% of the current Market Cap.
17-Sep-2019 – 74p – £105m – PER 12
Interim Results For The 6 Months To End June 2019 – Revenue up 24.2%, Adjusted EPS up 14.9%, Cash at $36.4m. On track to meet FY expectations.
I am still Long here and remain so as this looks way undervalued on a 1 Year and 2 Year view especially considering the Net Cash is still about 30% of the current Market Cap.