FastPassCorp

Country:
Sector:
Market cap (m):
Denmark
Telecom Equipment and IT
DKK 41.09
Bloomberg:
Reuters:
Website:
FASTPC DC
FASTPC.CO
Share price (close):
DKK 49.60

Latest Reports

15 FEB 2019
Commissioned Research: 2020-21 guidance likely to be reconfirmed
FastPass is scheduled to deliver its 2018 full-year report on 26 February at 08.00 CET, where we expect to see solid revenue growth (~30% y/y). Our key focus will be on comments regarding the order pipeline, the cost trend and most importantly the 2020-21 guidance. 2019 is set to be the year when FastPass executes its strategy and harvests the potential, as the window of opportunity could be limited to the next 12-24 months. We continue to derive a fair value range of DKK 70-110 per share from our DCF model. Marketing material commissioned by FastPassCorp

Analysts: Claus Almer
18 JAN 2019
Commissioned Research: New MSP partnership on home turf
The Danish IT company KMD has chosen FastPass as its preferred partner to improve KMD's offering of secure and effective password management to its customers. We classify KMD as a tier-2 MSP, thus we estimate this partnership could increase FastPass's user base by as much as ~10-15%, ie we estimate there is potential to add ~100,000 new users. The partnership with KMD follows a stream of activity with large MSPs, validating FastPass's software while also unlocking attractive growth. With this partnership, FastPass is right on track to reach its ambitious guidance of 300-400% revenue growth and a 50% EBITDA margin for 2020-21.

Analysts: Claus Almer
10 DEC 2018
Commissioned Research: Expanding the geographical reach: US order
After having FastPass' password solution on trial for approximately two months, a major company in the US has decided to officially roll out FastPass' password solution to approximately 10,000 of its SAP users. With the new contract, FastPass will receive a one-time payment, which we estimate to be around DKK 1m with revenue impact in 2018E. The 2018 guidance was reiterated, and we leave our estimates untouched, but the order confirms FastPass' geographic strategy of placing sellers in new countries to reach local customers. – Marketing material commissioned by FastPass

Analysts: Claus Almer
30 NOV 2018
Commissioned Research: Now harvesting
FastPass has, via its UK distributor Knowledge Secure Systems, received the biggest customer order so far from an MSP, which will roll out FastPass's password solution to approximately 150,000 users. Compared to the current installed base, the order will increase the number of total users of FastPass by as much as ~10-15%. Success within the MSP segment is a pivotal element in the company's ambitious guidance for 2020-21 where we see 300-400% revenue growth; hence the order is an important step in the right direction and we expect the client to become a solid reference client, validating FastPass’s password solution and growth potential.

Analysts: Claus Almer
22 OCT 2018
Commissioned Research: A hidden treasure waiting to be discovered
Through its password reset software, FastPass is exposed to IT security, one of the fastest-growing areas in IT. After years of investing in this software, demand from larger IT outsourcing firms is starting to gain momentum, validating its software while also unlocking attractive growth potential. FastPass targets revenue growth of 300-400% in the next five years. If it succeeds, the EBITDA margin should grow to an impressive 50%. Marketing material commissioned by FastPass.

Analysts: Claus Almer

Equity analysts

Senior Analyst

Key persons

CEO: Finn Jensen

CFO:

Chairman: Tommy Vincentz Larsen

Numbers
Nordea
DKKm
2014
2015
2016
2017
2018E
2019E
2020E
Total revenues
n.a.
6.5
6.5
7.7
10.0
15.0
22.0
Ebitda (adj.)
n.a.
3.32
2.83
2.98
4.30
7.05
10.56
Ebitda - margin
n.a.
51.2%
43.6%
38.9%
43.0%
47.0%
48.0%
EBIT (adj.)
n.a.
1.6
1.0
1.2
2.3
4.1
6.2
EBIT (adj.) margin
n.a.
25.0%
16.0%
16.0%
23.0%
27.0%
28.0%
PTP (adj.)
n.a.
1.5
1.0
1.1
2.3
4.0
6.0
Net profit from cont oper (adj)
n.a.
1.47
3.79
0.84
1.74
3.05
4.64
Shareholders´ Equity
n.a.
7.0
10.8
11.4
11.5
12.8
15.8
Net interest bearing debt
n.a.
0.3
-0.3
0.5
1.4
1.8
1.1
Net gearing
n.a.
4.2%
-2.8%
4.7%
11.8%
13.9%
7.0%
Net debt/EBITDA
n.a.
0.1
-0.1
0.2
0.3
0.3
0.1
Free cash flow to equity
n.a.
1.5
0.6
-0.6
0.8
1.2
2.4
Diluted number of shares in issue, year-end (m)
n.a.
0.8
0.8
0.8
0.8
0.8
0.8
Nordea Markets estimates published on Oct 22, 2018
Source: Company data, Nordea estimates
Per share data and multiples
Nordea
DKK and %
2014
2015
2016
2017
2018E
2019E
2020E
EPS (adj.)
n.a.
1.78
4.57
1.01
2.10
3.68
5.60
EPS (adj.) growth
n.a.
85.7%
157.2%
-77.8%
107.0%
75.2%
52.4%
DPS
n.a.
0.00
2.00
2.00
2.01
2.02
2.80
BVPS
n.a.
8.4
13.0
13.7
13.8
15.5
19.1
P/E (adj.)
n.a.
11.3
8.4
41.9
23.6
13.5
8.9
EV/Sales
n.a.
2.60
4.82
4.66
4.24
2.86
1.92
EV/EBITDA (adj.)
n.a.
5.08
11.06
11.98
9.87
6.08
4.00
EV/EBIT (adj.)
n.a.
10.40
30.15
29.14
18.46
10.59
6.85
P/BV
n.a.
2.38
2.94
3.10
3.59
3.20
2.60
Dividend yield
n.a.
0.0%
5.2%
4.7%
4.1%
4.1%
5.6%
FCF yield
n.a.
9.1%
1.9%
-1.7%
2.0%
3.0%
5.7%
RoE
n.a.
23.6%
42.7%
7.6%
15.2%
25.1%
32.4%
ROIC
n.a.
17.1%
9.0%
8.5%
14.3%
22.8%
30.1%
Nordea Markets estimates published on Oct 22, 2018
Source: Company data, Nordea estimates

Source: Thomson Reuters