Kape Technologies - Strong H1 performance
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 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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