Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Techinvest's new issue is now out, so it should be OK to post their Buy recommendation and extensive review of the interims from last month's issue:
"Kape Technologies
251p (KAPE; AIM)
Kape has reported a strong performance across the first half ended June 30, underpinned by profitable growth and integration synergies. Revenue was up by 216.6% to US$302.4m, a 19% increase on a pro forma organic basis. Recurring revenues showed particularly strong growth, up by 353.5% to US$59.1m. Most of the growth in recurring revenue was due to the acquisition of ExpressVPN in December 2021. Adjusted EBITDA was up 209.7% to US$88.9m, an increase of 17% on a pro forma basis, with operating profit up 333.8% to US$59.0m. Diluted adjusted earnings per share were 278.9% higher at 34.1 US cents. Adjusted cash flow from operations increased by 517% to US$90.1m.
Kape reported that ongoing demand for privacy and security products continues to drive both new customer growth and upsell opportunities from existing subscribers. The company now has around 7 million paying customers across its products, with the user base mostly consisting of 20-45 year olds, with over 45% from North America
and around 30% located across Europe. Privacy segment revenues grew by 19% on a pro forma organic basis, with the security division growing 15.7%.
Good progress was made in integrating ExpressVPN, the highly earnings accretive
acquisition which significantly scales the group. Unified teams have been created across Kape’s privacy business, with US$9.0m of synergies expected to be realised in 2022. Kape’s content division, based on the Webselenese acquisition, generated significant organic growth, with revenues up 25% on a pro forma basis. For the year
to December 31, the company expects to generate revenues of between US$610-624m and pro forma adjusted EBITDA of between US$166-172m.
Separately, Kape announced that it has raised gross proceeds of US$222.5m through a placing to institutional investors, and an offer to retail investors via the PrimaryBid platform, at a placing price of 265p per share. The fundraise was significantly oversubscribed. Proceeds will be used to enhance Kape’s ability to accelerate growth through acquisitions.
As these results reveal, Kape is experiencing growing demand across the full range of its product suite, reinforced by a premium service offering. Substantial organic growth was achieved alongside the successful integration of ExpressVPN, a
transformational acquisition that has made Kape a leading player in the global digital privacy and security segment."