We study the financial report of "Group Positive" for 4 neighborhood 2021 of the year

Изучаем финансовый отчет «Группы Позитив» за 4 квартал 2021 года

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"Group Positive" (MOEX: POSI) — Russian developer of solutions in the field of information security. Company software detects, verifies and neutralizes business risks, that may occur in the IT infrastructure of customers.

In early April, the company released a report for 4 quarter of 2021 and announced the payment of dividends. Highlights from the report:

  • revenue increased by 21% — from 2.933 to 3.554 billion rubles — thanks to the growth of the client base;
  • the total number of customers in the corporate segment for the whole of 2021 increased by 46% — up to 123 companies;
  • EBITDA increased by 29%, up to 2.1 billion rubles, and the EBITDA margin was almost 40% - one of the best performance in the industry;
  • net profit increased by 30% — up to 1.849 billion rubles — due to strong sales during the high season.

What about sales

The main income of "Group Positive" receives from the sale of licenses for its own IT products. The company develops IT security programs, supports a number of services and consults in the field of cybersecurity.

Groceries. In total, the company's portfolio contains more than 20 various products, but 75% total sales is based on only six of them. We have already written in more detail about the key products in the company overview..

In 2021, PT group systems accounted for the bulk of the growth in results amid strong demand for traffic analysis and application security software: PT NAD increased by 74%, PT AF - на 46%, PT Sandbox - on 41%, PT NAME — на 19%. The trend continues in 2022. The MaxPatrol software group also showed good data: demand for MaxPatrol SIEM increased by 46%, and on MaxPatrol 8 - on 8%.

Structure of sales by products for 2021

MaxPatrol SIEM 30%
MaxPatrol 8 25%
PT AF 6%
PT NAD 6%
PT NAME 4%
PT Sandbox 2%
Extended technical support 9%
Services 6%
Hardware and software system 4%
Other 8%

30%

Sales by industry. The company has a large diversified portfolio of orders. The main clients are large Russian companies of the fuel and energy complex (TEK), such as Gazprom, Lukoil, Rosneft, as well as state institutions of the Russian Federation: Ministry of Finance, Moscow government, Petersburg and others.

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Industry structure of sales by products for 2021

TEK 30%
State structures 26%
Banks and financial organizations 13%
Industry 12%
Communications and telecommunications 5%
Information services 5%
Other 9%

30%

Company sales structure in 2021, billion rubles

2020 2021 The change
Revenue from the sale of software 4,332 6,006 39%
Revenue from information security services 0,585 0,771 32%
Revenue from the sale of software and hardware systems 0,604 0,263 −57%
Other revenue 0,009 0,035 288%
total revenues 5,530 7,076 28%

Current results

At the end of 2021, Pozitiv Group managed to reach its target levels of business development, which management identified in 2019: The company was supposed to double its sales in three years 4 up to 8 billion rubles.

EBITDA increased by 24% — up to 2.698 billion rubles due to sales growth, reduction of one-time costs and strong results of high-margin business lines. If we remove one-time factors, the adjusted figure increased by 35% — up to 2.925 billion rubles.

Net profit increased by 27% — from 1.513 to 1.914 billion rubles due to excellent sales in 4 quarter, growing customer base and record high profitability — 41%.

Key financial results of the company, billion rubles

2020 2021 The change
Revenue 5,530 7,076 28%
EBITDA 2,169 2,698 24%
EBITDA margin 39% 38% −1 p. P.
Adjusted EBITDA 2,169 2,925 35%
Profitability by speed. EBITDA 39% 41% 2 P. P.
Net profit 1,513 1,914 27%
net debt 0,942 1,542 64%

Perspectives

In 2022, the company expects to double its business by increasing the number of sales. Help with this: scaling of information security projects with key customers and high demand for cybersecurity. Besides, Two new products will enter the market: MaxPatrol VM и PT XDR. Both novelties will expand the company's market to 60-80 billion rubles.

A huge number of cyber attacks in the Russian segment is another factor, which will have a positive impact on the company's business. Growth in requests from customers in March 2022 exceeded the wildest expectations of management: the total number of requests for security services was a third of the number of requests last year.

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Well, certainly, do not forget about sanctions, which caused minimal damage to the company due to its focus on the Russian market. And since competitors were not so lucky and they began a mass exodus from the market, a niche was vacated in half of this very market: about 80 billion rubles with a total market of 180-200 billion rubles.

Management forecasts for 2022 compared to results for 2021, billion rubles

2021 2022
Sales 7,8 12—15
Revenue 7,1 11—14
Gross profitability 88% 88—90%
Adjusted EBITDA 2,9 4—6
Profitability by speed. EBITDA 41% 40—45%
Net profit 1,9 3—5
Net profit margin 27% 30—35%

What will shareholders get

Group Positive is one of the few growth technology companies on the Moscow Exchange, which pays dividends. For 2021, the company decided to pay shareholders 50% net profit under IFRS - about 950 million rubles, which corresponds 14,4 R per share. The current dividend yield is 1,5%, and the register will close. 8 May.

What's the bottom line?

"Group Pozitiv" showed strong financial results in 2021: revenue increased by 28%, adjusted EBITDA 35%, net profit — on 27%. 2022 the year should be even more successful for the company: the business of a Russian developer will almost double in a year against the backdrop of market growth, launch of new products and a huge number of hacker attacks on the Russian Internet infrastructure.

The growth of the company's financial results will have a positive impact on dividends: in 2022 they can grow by 2-3 times, to 38 R, what will bring dividend yield to shareholders 4%. For a rapidly growing IT sector, these numbers look good.

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