Stock data
| Market cap. | £63.1m |
| Last close | 415.00p |
| High / Low (52 weeks) | 620.0p / 400.0p |
| Stock market listing | AIM |
| Forecast net cash (US$m) | 5.4 |
| Forecast gearing ratio (%) | N/A |
| Team | Technology |
| Sector | Technology |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (19.02) | (24.55) | (7.78) |
| Relative * | (15.05) | (18.35) | 1.35 |
* % Relative to local index
Other companies covered in sector
| Y/E Mar | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 31.0 | 5.5 | 1.7 | 13.7 | 48.9 | 20.4 |
| 2011A | 38.4 | 7.5 | 3.4 | 18.9 | 35.4 | 10.3 |
| 2012E | 41.1 | 6.6 | 1.4 | 6.1 | 109.7 | 17.7 |
| 2013E | 47.5 | 6.9 | 1.3 | 6.6 | 101.4 | 15.8 |
Last updated on 17/04/2012
Latest research
Year-end a bit better
Update | Technology | 13/04/2012
Rebasing estimates
Update | Technology | 23/03/2012
Vision launch
Update | Technology | 07/03/2012
Network effect
Outlook | Technology | 29/11/2011
Investment in growth
Update | Technology | 13/10/2011
Inflection point
Review | Technology | 25/05/2011
Coming good
Update | Technology | 08/04/2011
Application dock launch
Flash note | Technology | 02/02/2011
Analyse this
Outlook | Technology | 03/11/2010
Investment summary
Endace’s year-end trading turned out somewhat better than anticipated in the March profit warning, resulting in a 42% ($430k) upgrade to 2011 PBT. Cautiously, we left our estimates for 2013 unchanged. Significant investment compresses earnings, but structurally, the company still looks well placed to benefit from the trend to faster and more critical data. We see the establishment of strong channel partners as crucial for Endace to scale to its full potential organically. The EV/sales rating does not look indigestible for the right strategic buyer, a factor that cannot be ignored considering the appointment of Deutsche Bank to advise on strategic options.
Last updated on 23/04/2012
Industry outlook
The lack of a US telco budget flush, UK government spending cuts and prolonged decision cycles affected trading in H2, but trading appears now to be picking up in the US and Asia-Pacific. Longer term, network security and monitoring is high on the priority list when it comes to corporate and homeland security capex.
Last updated on 23/04/2012
Key management
| Ian Graham, Chairman |
| Mike Riley, CEO |
| Kate Parsons , FD |
Company address
| Endace Measurement Systems Ltd Level 2, Building A, The Millennium Building, Phase 2, 600 Great South Road Ellerslie Auckland 1642 New Zealand +64 9 582 0360 View website |
