Kape Technologies - Improved trading, strategic transition complete
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 is engaged in online digital product development and distribution and the provision of software platforms to the digital advertising industry. Co. operates through two segments: web and desktop, and mobile. Co.'s web and desktop segment comprises its Web applications development and Desktop application distribution platforms. Co.'s mobile segment operates its own white label Mobile media management platform, Ajillion, and its own Mobile Advertisement Network, DefinitiMedia.
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