Share Name Share Symbol Market Type Share ISIN Share Description
Kape Technologies Plc LSE:KAPE London Ordinary Share IM00BQ8NYV14 ORD USD0.0001
  Price Change % Change Share Price Shares Traded Last Trade
  5.00 1.22% 415.00 323,082 10:08:04
Bid Price Offer Price High Price Low Price Open Price
410.00 420.00 429.00 415.00 420.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
  89.39 5.36 10.97 37.8 930
Last Trade Time Trade Type Trade Size Trade Price Currency
12:08:31 O 323 419.40 GBX

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21/9/202112:32KAPE TECHNOLOGIES: cybersecurity for consumers2,733
02/12/201908:13KAPE canaveral rocket takes off. Heading for 220p 28

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Kape Technologies Daily Update: Kape Technologies Plc is listed in the sector of the London Stock Exchange with ticker KAPE. The last closing price for Kape Technologies was 410p.
Kape Technologies Plc has a 4 week average price of 349p and a 12 week average price of 297.50p.
The 1 year high share price is 445p while the 1 year low share price is currently 152p.
There are currently 224,000,984 shares in issue and the average daily traded volume is 4,668,270 shares. The market capitalisation of Kape Technologies Plc is £929,604,083.60.
rivaldo: Cheers gleach23. I suspect ST will be raising his 500p target once again this year. Progressive Equity Research have issued a new note today: Https://www.progressive-research.com/research/taking-the-express-path-to-global-leadership/ They've upgraded 2022E revenues "by some 146%, with Adjusted EBITDA up 84% from $91.0 million to $167.7 million." With 41c EPS now forecast next year, KAPE's P/E remains extremely good value imho. This section is noteworthy: "What’s in it for ExpressVPN ? Kape has, for many years, been expanding through both acquisition and organic delivery.This ExpressVPN deal is, by some margin, the largest deal in Kape’s history. The attraction for Kape is clear – and we understand that the attraction for ExpressVPN is related to Kape’s existing and historic success. ▪ Both companies have been highly successful at executing on their growth strategies, both (especially PIA within Kape) already benefit from the flexibility of a largely-remote workforce, and both use offshore delivery (in the Philippines) for customer support. ▪ Crucially, Kape already provides a multi-product offering and platform, which could be quickly brought to bear on the large ExpressVPN customer base (and through its strong distribution network). This should allow for an expansion of the ARPU achieved by both businesses, and for further organic growth over time. ▪ We understand that, through a combination of these factors, as well as a clear cultural alignment, Kape was able to persuade the ExpressVPN founders and shareholders that a combination was the logical move. It is perhaps for these reasons that Kape has been able to negotiate what appears to be a very good price – paying a low-double digit EBITDA multiple for a business with genuine global scale, with a very attractive historic growth profile and with significant ongoing market opportunity. Summary and conclusion This deal is clearly a very major step for Kape. The group is becoming a material player on the world stage for personal security and privacy. The move is not without risk – the consideration is partly deferred but fixed, and the sums payable are considerable. Nevertheless, the expansion in the group’s scale and the opportunity for cross-sell and up-sell, as well as logical cost reductions, should allow the business to easily fund the deferred element of the consideration and benefit in terms of strong cash flows and the ability to reinvest in products, as well as providing a good long-term opportunity for investors. We take additional comfort from today’s strong H1 delivery, and look forward to further announcements as the transaction moves through the antitrust procedures and towards completion. We may need to adjust our forecasts again, once deal timing is clearer and as additional detail is available, but in the meantime we take comfort from the ongoing expansion in the digital security market and Kape’s clear ambition to expand and extend its role in the market."
gleach23: Simon Thompson's write up from last night appears to be in the public domain, so copied below - Over 40 per cent of ExpressVPN’s users are based in North America, which scales up Kape’s global offering, and almost half its 290 employees are R&D engineers, thus adding valuable expertise. There are also material opportunities to cross-sell and generate cost savings by combining the two groups which will service 6m paying customers. ExpressVPN is fast-growing, reporting revenue of $279m and cash profit of $74.8m in 2020, both metrics up by more than a third year on year. Kape is now forecast to deliver cash profit of around $172m in 2022, up from $74m expected in 2021 and $38m in 2020. When I included the shares, at 47.9p, in my 2017 Bargain Shares portfolio, Kape was making cash profit of $8m. Given the structure of the deal, analysts expect earnings per share (EPS) of 41c (30p) in 2022, implying 61 per cent year-on-year growth. On a forward price/earnings (PE) ratio of 13.8, the rerating has further to run. Kape’s earnings-accretive game-changing acquisition Earnings-accretive $936m acquisition of ExpressVPN Cost savings of $19m targeted in 2022 and $30m annualised from 2023 Guidance cash profit of $166m to $172m in 2022 on revenue of $610m to $624m Forecast earnings per share (EPS) of 41¢ in 2022 The $936m Kape Technologies (KAPE: 415p) is paying for ExpressVPN looks a fair price as it represents 10.8 times 2022 cash profits (7.8 times after targeted cost savings and synergies), a deep discount to rival Avast’s recent take-out price of 16 times cash profit. The funding structure is sensible, too, as the consideration is being settled by the issue of $237m new ordinary Kape shares to the vendors, $354m cash on completion (financed by a placing and retail offer at 337.5p), with a further $172m cash payable on both the first and second anniversaries of the deal. Importantly, deferred consideration can be fully funded from Kape’s operational cash flow and by using undrawn lines from its existing credit lines. Net debt is expected to decline from three times cash profit on completion to 1.5 times by the end of 2022. Factoring in $19m of targeted cost savings in 2022, the £1.2bn market capitalisation group is being valued on an enterprise valuation to cash profit multiple of 11 times. That’s a low rating for a group run by a shrewd management team who are proving adept at increasing its customer base, cross-selling products, successfully integrating acquisitions and entering new lucrative revenue generating agreements. Kape’s share price has risen by 35 per cent since I last suggested buying the shares, at 303p (‘Bargain shares: Building momentum’, 26 July 2021), and the holding has produced a 763 per cent total return on my 2017 entry point. I raise my fair valuation by a third to 500p to reflect a target enterprise valuation of 13.4 times 2022 cash profit estimates. Buy.
magic: I would be very surprised if the share price rises tomorrow. Will the placing price be announced tomorrow? I would think it is in the company's interest to do this. Admission of placing and retail shares only after the General Meeting 1st October. "It is envisaged that the Bookbuild will close no later than 7.00 a.m. BST on 14 September 2021. The results of the Placing will be announced as soon as practicable after the closing of the Bookbuild." and "The Placing and Retail Offer are conditional upon, inter alia, approval of shareholders being received at the General Meeting" also "In conjunction with the Placing, the planned Retail Offer will provide both new and existing retail investors with an opportunity to participate in the equity fundraising alongside institutional investors. A separate announcement will be made shortly regarding the Retail Offer and its terms. For the avoidance of doubt, the Retail Offer is not part of the Placing." Additionally "The Placing is not conditional on the completion of the Acquisition." Invariably a placement price is below the market price. It wouldn't surprise me if the placement price is say around 330 pence. The sellers tomorrow might be: - new and old shareholders hedging until the shares are listed - some shareholders who are sceptical of acquisition, have seen share price rise a lot and want to get out - some shareholders who may not be sceptical of the acquisition, but were comfortable with organic growth, but now uncomfortable with this different "beast" The buyers may be: - Individuals and others who did not participate in placing, or will be allocated less than they wished - Possibly investors who are looking for higher risk / reward - Possibly some US investors who can now back ExpressVPN as a quality company - Identifying a lower valuation than equivalent US listed companies and anticipating a future US listing - Maybe some stabilisation It would not surprise me if the hedging predominates which could see a short term share price below the placing price. This co is still on the AIM and this may create problems for some institutional buyers mandates. In the medium term a FTSE 250 place in the upper half would be a positive move. All large acquisitions / mergers have execution risks and mergers often develop integration/culture problems. There may be some hesitancy to back this company until some risks have been reduced and progress observed. Although the company has great promise, it still "only" has £200m expected turnover in 2021 and £30m profit in 2020. I'm in on the retail offer, watching pre and post admission opportunities, good luck everyone.
mrnumpty: Shaker44 recently complained here that Kape had “ no customer retention strategy “ and that the Company failed to offer him a discount as a long-standing customer . Why would they offer him a discount , as it seems to be standard practice for businesses to only chase potential new customers whilst presuming that lethargy will prevent existing customers from leaving ? Anyway , Shaker also criticised the attrition rate of existing Kape customers although , as Digitalis subsequently replied here , that loss rate has been dropping from 19% to 17% . Although I am no doubt comparing apples and bananas , there is another point about Kape’s attrition rate compared with that of another company in a completely different market but which was also tipped in the generally brilliant Small Company Share Watch . Back in the June 2020 edition of SCSW , the editor made the AA a main “ buy “ tip , even though the AA was overwhelmed with debt ( £ 2.6 billion debts against ENITDA of £ 350 million ) , and the share price of the AA did indeed rise from the tip price of 21.5p to 34.95p , when it was removed from the markets . Anyway , as a long-standing member of the AA who isn’t overwhelmed by them , I didn’t buy in to the AA . My substantive point is that , according to SCSW at the time of its “ buy “ tip for the AA , “ renewal rates are 80% “ ( obviously thus an attrition rate of 20% ) , in spite of the fact that motorists have extremely constrained choices for vehicle breakdowns : the RAC ; Green Flag ( I’ve never used them , but user reviews seem to be far from effusive ) ; no breakdown cover at all . In contrast , in spite of the fact that there is a plethora of companies competing with Kape for internet security , its loss rate is much lower . I’ve been invested in Kape since it was below 70p and intend to remain here . Sorry if my comparison of the AA and Kape seems a little strange , but I feel that Kape’s increasing customer retention rate in a crowded market is a very positive indicator . Time will tell whether Shaker44 or I am the real Numpty ! Good luck to all Kape investors .
tole: Just seen the techinvest update.. thanks for posting Rivaldo. Good summary.A further bit of coverage from TMF yesterday.A top UK cybersecurity shareKape Technologies (LSE: KAPE) is a UK-listed cybersecurity company with products focused on privacy and digital security. It's growing strongly. In 2020, revenues increased 85% to $122.2m (£87.88m). It's little surprise then that the share price is also doing very well. Shares in Kape Technologies have more or less doubled over the last year. Analysts at Progressive Equity Research expect revenue growth to remain very strong, while the price-to-earnings ratio will fall over the next few years due to strong earnings. The analysts expect revenues in 2021 to be £200m and £250m in 2022. For context, revenue in 2018 was £52.1m. It's not all about the top line though. In 2021, profit before tax is expected to be £64.3m.Demand for VPNs, privacy on the Internet, and cybersecurity will only grow as the world moves increasingly online. I think these trends will underpin further growth in the Kape Technologies share price. The biggest risk is competition, along with a high P/E that means any future underperformance could see it heavily punished.
rivaldo: Here's Simon Thompson's tip for the record: "Kape makes strong start to 2021 New US$220m debt facility includes US$90m acquisition facility. Borrowings expected to be wiped out by end of 2022. Business adding 25,000 new customers per month. New product launches and cross-selling initiatives helping to drive up average order values. Cyber security software provider Kape Technologies (KAPE: 315p) has issued a bullish trading update and announced a new senior secured bank facility on enhanced terms. Kape is on bang track to deliver 2021 revenues of $197-202m (representing 65 per cent growth) and underlying cash profit of $73-76m (90 per cent growth), in line with guidance at the time of the US$149m earnings accretive acquisition of Webselenese (‘Tap into an eye-catching earnings cycle’, 8 March 2021). Webselenese is an independent digital platform that provides 8.5m users with unbiased insight driven content focused on cyber security and privacy trends that attracts software vendors (McAfee, NortonLifeLock, Dashlane and Kape). Kape has launched multiple cross-company initiatives since making the acquisition which are enabling it to benefit from Webselenese's substantial technology knowhow as well as enhancing the group’s product development and go-to-market capabilities. Kape’s digital privacy division continues to deliver bumper growth. Since the start of 2021, the business has added 25,000 new customers per month to take the total to 2.61m paying subscribers, with growth rates expected to accelerate. The directors also report that over 12 per cent of new Cyberghost customers and 20 per cent of new Intego users are purchasing more than one product. New products are helping to drive growth, too. For instance, Kape launched its Privacy First Anti-Virus for PC, which will initially be Intego branded, and in the coming months will be rolled-out to both CyberGhost and Private Internet Access users as part of a wider initiative. Adoption of Kape’s cyber security software (which protects data security and privacy against piracy and phishing attacks), and virtual private network (VPN) solutions (which encrypt and secure internet connections) have been rising notably in both North America and Europe, regions that account for three-quarters of Kape’s revenue. The new US$220m debt facility is priced at a keen 2 per cent margin above the applicable reference rate and includes a US$90m acquisition facility. It replaces the existing US$40m term loan and US$120m bridging loan facility that funded the Webselence acquisition. Analysts at Progressive Equity are forecasting 2021 closing net debt of US$77.7m and predict 2022 operating cash flow of US$92.7m will wipe out borrowings by the end of next year. The deleveraging of the balance sheet is important as it means that more of the economic interest in the entity transfers from debt holders to shareholders. The shares have achieved my 325p target price, having risen by a third in the past three months, and have produced a 555 per cent total return since I included the company in my 2017 Bargain Shares portfolio. However, I feel that a 2022 PE ratio of 13 offers scope for further upside. Not only is the company forecast to deliver 87 per cent and 28 per cent EPS growth in 2021 and 2022, so there is a strong earnings tailwind, but clearly Kape’s management are on the look out for more earnings accretive acquisitions. I am raising my target price to 375p based on a target 2022 PE ratio of 16.5 and enterprise valuation to cash profit multiple of 13 times. Buy."
cravencottage: Tap into an eye-catching earnings cycle Simon Thompson highlights a cyber security software company set for an earnings boost March 8, 2021 By Simon Thompson Acquisition of Webselense massively earnings accretive. Debt funding could be repaid from free cash flow by end of 2022. Analysts push through 60 and 85 per cent EPS upgrades for 2021 and 2022. It certainly paid to buy shares in cyber security software provider Kape Technologies (KAPE: 245p) ahead of this month’s annual results. Not only had the figures been well flagged – full-year cash profit of $39m was well ahead of guidance ($35m-$38m) with margins surging from 22 to 32 per cent on the back of the transformational acquisition of Colorado-based Private Internet Access – but the risk to 2021 earnings remained heavily skewed to the upside, a factor not reflected in an enterprise value to cash profit multiple of 13 times (‘Profit from the small-cap bull market’, 25 January 2021). Even after Kape’s share price soared 27 per cent following its US$149m earnings accretive acquisition of Webselense, an independent digital platform that provides 8.5m users with unbiased insight driven content focused on cyber security and privacy trends that attracts software vendors (McAfee, NortonLifeLock, Dashlane and Kape), the valuation is not stretched by any means. Like Kape, Webselense is fast growing and hugely profitable: cash profit trebled to US$30.7m on 91 per cent higher revenue of US$64.5m in 2020, with both financial metrics increasing more than 10-fold in the past three years. Its owners will receive 12.1m Kape shares worth US$32.5m in part consideration to give them a 5.44 per cent stake in the software group. That’s important as Kape will benefit from their extensive expertise in growing the business. Kape part funded the US$116m cash element from its own cash resources and an US$85m bridging loan provided by its majority shareholder which will be refinanced in due course. The point is that after factoring in Webselense’s contribution, Kape’s directors are guiding investors to expect proforma 2021 cash profit of US$78m to US$81m on a margin of 38 per cent. Prior to the acquisition, Kape was expected to deliver 2021 cash profit of US$41.5m, so profit estimates have doubled. However, the share count only rises 5.8 per cent, so even after factoring in higher interest costs, earnings per share (EPS) will soar. To put this into perspective, analysts at Progressive Equity Research raised their 2021 cash profit estimate by 80 per cent to US$74.5m on revenue of US$200m, an outcome that will see 2020 pre-tax profit of US$34.4m surge to US$64.6m in 2021. On this basis, expect EPS to rise 60 per cent to 25.4¢ (18.4p). The 85 per cent EPS upgrade to 32.5¢ (23.5p) for 2022 is even greater as Kape will benefit from a full 12-month contribution from Webselense, as well as ongoing organic growth across all its businesses. Moreover, because free cash flow is set to surge by more than half to US$31.3m in 2021, and could almost treble to US$81m in 2022, Kape is set to pay down all debt by the end of 2022. On this basis, the shares are trading on PE ratios of 13 and 10, respectively, for 2021 and 2022. However, enterprise value to cash profit multiple is a better measure – 2021 multiple of 11 times drops to 8.5 times in 2022 – as it takes into account the transfer of debt holders’ economic interest in Kape to shareholders as debt is reduced. Kape’s share price is up 412 per cent since I advised buying, at 47.9p, in my 2017 Bargain Shares portfolio, and the re-rating is far from over. In fact, I am raising my target price from 275p to 325p given the scale of the earnings upgrades. For good measure the shares have registered a major chart break-out, too. Buy.
epicsurf: Kape (AIM: KAPE), the consumer-focused digital privacy and security business, announces the acquisition of Webselenese Ltd. ("Webselenese"), a digital platform which provides independent and highly valued consumer privacy and security content to millions of users globally via market leading review sites. The total consideration for the acquisition is c. US$149.1 million (the "Acquisition") on a net cash basis.   Highlights ·    Provides Kape with one of the broadest audiences for consumer digital privacy and security ·    Deepens Kape's go-to-market capabilities and ensures Kape is ahead of the market in consumer trends providing a competitive edge ·    Brings Kape closer to the consumer - unrivalled insights and expertise will support Kape's product development roadmap ·    Key pillar in Kape's strategic roadmap to become a world leader in consumer digital privacy and security ·    Highly accretive acquisition with adjusted EPS increased by 65%, accelerates Kape's earnings growth with the enlarged group expected to generate on a reported basis 2021 revenues of US$197-202 million and adjusted EBITDA of US$73-76 million*   * Consolidating Webselenese as from the 5 March 2021, being the deal's closing date   Ido Erlichman, Chief Executive Officer of Kape, commented:   "The acquisition of Webselenese is highly strategic for Kape, providing us with one of the most respected and far-reaching consumer privacy and security content businesses globally. By combining this deep level of consumer knowhow with our fast-growing product footprint, we believe the acquisition will be a force multiplier for Kape in our product development and customer reach.   "This significantly earnings accretive acquisition accelerates our strategic objective of becoming the go-to brand for consumer privacy and security globally."   Ran Greenberg, and Ariel Hochstadt, Co-founders of Webselenese, added:   "After working with Kape over the last few years we are excited to join forces to create a company which will be able to deliver on its promise to promote and provide digital privacy and security to consumers worldwide."   Investor and analyst audio webcast   Kape Technologies plc will today host an audio webcast for analysts and investors at 12.30 p.m. GMT. In order to join, click on the below link.
ggbarabajagal: tipped by Simon Thompson, Investors Chronicle, at 12pm today. Kape Technologies (KAPE:198p), a provider of cyber security software, has released a bullish pre-close update ahead of annual results on Wednesday, 17 March 2020. It’s hardly surprising given that home working and remote working restrictions due to the Covid-19 pandemic has led to increased adoption of Kape’s cyber security software (which protects data security and privacy against piracy and phishing attacks). Demand for virtual private network (VPN) solutions that encrypt and secure internet connections has been rising notably in both North America and Europe, regions that account for almost three-quarters of Kape’s annual revenue. Kape is also benefiting from the transformational acquisition of Colorado-based Private Internet Access (PIA) at the end of 2019. These strong drivers have delivered full-year cash profit of $39m, well ahead of previous guidance ($35m-$38m), on 85 per cent higher revenue of $122m. Margins shot up from 22 to 32 per cent, helped in part by a 31 per cent reduction in PIA’s operating expenses. On this basis, analysts at Progressive Equity Research forecast a trebling of full-year pre-tax profit to $34.4m, EPS of 15.8¢ (11.6p), up from 6.4¢ in 2019, and closing net cash of $25.7m. Furthermore, higher marketing activity in the final quarter of 2020 has laid the platform for accelerated organic growth in 2021. In addition, Kape has completed a cutting-edge infrastructure upgrade that has significantly cut costs as well as enhancing the customer experience for its 2.5m paying subscribers, a tenfold increase since I first advised buying the shares, at 47.9p, in my 2017 Bargain Shares portfolio. Analysts forecast a further increase in cash profits to $41.5m in the current year, but I expect this to be easily beaten. However, even on this basis, the shares are not highly priced on an enterprise value to cash profit multiple of 13 times, one reason why they have made decent headway since I last suggested buying at 170p (‘Four tech companies with high growth potentialâ€482;, 18 November 2020). I expect the positive share price momentum to be maintained. A chart breakout above last summer’;s highs around 225p would signal that a share price move towards my 275p target price is under way. Buy. mfhmfh - 22 Dec 2020 - 10:22:35 - 2268 of 2397 KAPE TECHNOLOGIES: cybersecurity for consumers - KAPE nice start this morning. ST's last target price was 275p. ONJohn - 29 Oct 2020 - 08:05:20 - 2137 of 2397 KAPE TECHNOLOGIES: cybersecurity for consumers - KAPE ic Fifthly, the shares registered an important triple top chart break-out when they smashed through the 200p resistance level into blue sky territory. On a 2020 price/earnings (PE) ratio of 18.8, and with potential to deliver double-digit EPS growth in 2021 and beyond, I lift my target price to 275p. Buy.
mrnumpty: ali . Kape has recently created a large sum of cash , both through the recent ( oversubscribed ) placing of new shares and by obtaining a commitment by a consortium of banks to lend to the Company . Tedi Sagi put more of his own money into the Company during the placing in order to maintain the percentage of the Company which he holds . Without wishing to refer to any comments which may or not have been published elsewhere , it is obvious that all of this hasn't been done for the sake of it , and that Kape now has the firepower to purchase another company . So far , Kape has been successful in integrating its new purchases ( from memory , five ? ) , so there is reason to presume that this success will continue . I have held Kape for quite some time so , although we shouldn't presume that past experience will be repeated , a look at the share price both prior to , and subsequent to , the purchase of Private Internet Access gives hope : prior to the purchase , Kape's share price had declined from about £ 1.35 ( August 2018 ) to a nadir of £0.77 on 19th November 2019 , which was the date when Kape announced the proposed takeover of PIA . The share chart shows that Kape's share price rose vertically from 19/11/2019 , to reach £1.95 . Tedi Sagi is a billionaire , but his dominating investment in Kape ( total market cap about £ 400 million ) is only worth about £ 260 million , so my assumption is that he intends Kape to become much bigger . I have absolutely no idea whether the same share price rise as occurred after the PIA purchase will happen again if or when Kape announces another purchase , but past history is encouraging . Also , all of the banks and institutions which have recently put a lot of money in to Kape have done far more due diligence than any of us here are capable of . I have great hopes for Kape , but DO YOUR OWN RESEARCH . Good luck all .
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