Avast

avast's net profit fell 23.6% yoy to USD 43.3 mil in 2Q2020

By Helgi Analytics - August 17, 2020

Avast made a net profit of USD 43.3 mil with revenues of USD 217 mil in 2Q2020, down by 23.6% and up by 1.25%, respec...

avast's net profit fell 23.6% yoy to USD 43.3 mil in 2Q2020

By Helgi Analytics - August 17, 2020

Avast made a net profit of USD 43.3 mil in 2Q2020, down 23.6% compared to the previous year. Total sales reached USD 217 mil, wh...

avast's Cash & Cash Equivalents rose 7.59% yoy to USD 152 mil in 2Q2020

By Helgi Analytics - August 17, 2020

Avast's total assets reached USD 2,727 mil at the end of 2Q2020, down 2.16% compared to the previous year. Current assets ...

Profit Statement 2017 2018 2019
Sales USD mil 653 808 871
Gross Profit USD mil 423 567 660
EBITDA USD mil 276 392 455
EBIT USD mil 124 248 345
Financing Cost USD mil 90.4 85.8 56.4
Pre-Tax Profit USD mil -28.9 183 315
Net Profit USD mil -33.8 241 249
Dividends USD mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets USD mil 2,794 2,905 2,866
Non-Current Assets USD mil 2,479 2,502 2,500
Current Assets USD mil 314 403 366
Working Capital USD mil 86.9 74.9 76.7
Shareholders' Equity USD mil 435 900 1,124
Liabilities USD mil 2,358 2,004 1,742
Total Debt USD mil 1,786 1,395 1,093
Net Debt USD mil 1,609 1,122 875
Ratios 2017 2018 2019
ROE % -5.83 36.1 24.6
ROCE % -1.33 9.38 9.65
Gross Margin % 64.7 70.1 75.8
EBITDA Margin % 42.3 48.5 52.2
EBIT Margin % 19.0 30.7 39.6
Net Margin % -5.18 29.8 28.6
Net Debt/EBITDA 5.82 2.86 1.92
Net Debt/Equity % 370 125 77.8
Cost of Financing % 5.40 5.39 4.54
Valuation 2017 2018 2019
Market Capitalisation USD mil ... 3,453 6,047
Enterprise Value (EV) USD mil ... 4,575 6,922
Number Of Shares mil 836 977 1,018
Share Price GBP ... 284 453
EV/EBITDA ... 11.7 15.2
EV/Sales ... 5.66 7.95
Price/Earnings (P/E) ... 11.4 18.9
Price/Book Value (P/BV) ... 3.91 5.21
Dividend Yield % ... 0 2.28

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overview Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                          
Sales USD mil             160 214 251 341 653    
Gross Profit USD mil             142 188 178 229 423    
EBIT USD mil             57.9 44.9 99.6 31.9 124    
Net Profit USD mil             53.1 50.9 71.5 24.6 -33.8    
                             
ROE % ...           93.1 38.5 15.9 3.47 -5.83    
EBIT Margin %             36.2 21.0 39.7 9.36 19.0    
Net Margin %             33.2 23.8 28.5 7.22 -5.18    
Employees ...           294 367 588 1,684 1,464    
balance sheet                          
Total Assets USD mil             134 1,349 1,175 2,807 2,794    
Non-Current Assets USD mil             4.72 1,244 994 2,475 2,479    
Current Assets USD mil             116 105 181 332 314    
                             
Shareholders' Equity USD mil             57.0 208 694 725 435    
Liabilities USD mil             77.4 1,142 481 2,083 2,358    
Non-Current Liabilities USD mil             0 1,009 62.2 1,620 1,832    
Current Liabilities USD mil             8.62 9.14 419 463 527    
                             
Net Debt/EBITDA             -0.738 5.22 0.748 11.0 5.82    
Net Debt/Equity %             -135 340 17.5 182 370    
Cost of Financing % ... ... ... ... ... ... ... ... 4.46 4.22 5.40    
cash flow                          
Total Cash From Operations USD mil             90.1 101 186 193 229    
Total Cash From Investing USD mil             -21.7 -8.69 -30.5 -1,250 -174    
Total Cash From Financing USD mil             -31.2 -16.9 -138 1,154 -116    
Net Change In Cash USD mil             37.2 75.2 14.9 96.8 -64.4    
valuation                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ...    
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ...    
Number Of Shares mil ... ... ... ... ... ... ... ... 100 102 836    
Share Price GBP ... ... ... ... ... ... ... ... ... ... ...    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ...    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...    
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ...    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ...    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                          
Sales USD mil             160 214 251 341 653    
Cost of Goods & Services USD mil             18.5 25.0 72.8 112 230    
Gross Profit USD mil             142 188 178 229 423    
Selling, General & Admin USD mil ... ... ... ... ... ... ... ... 48.7 144 223    
Research & Development USD mil ... ... ... ... ... ... ... ... 23.7 46.8 68.2    
Other Operating Expense USD mil ... ... ... ... ... ... ... ... 0 0 0    
Staff Cost USD mil             20.6 25.8 48.7 97.0 160    
Other Operating Cost (Income) USD mil ... ... ... ... ... ... ... ... 0 0 0    
EBITDA USD mil             104 135 163 120 276    
Depreciation USD mil             2.59 3.00 3.30 6.80 15.4    
EBIT USD mil             57.9 44.9 99.6 31.9 124    
Net Financing Cost USD mil             8.07 18.8 23.3 38.6 90.4    
Financing Cost USD mil ... ... ... ... ... ... ... ... 23.3 38.6 90.4    
Financing Income USD mil ... ... ... ... ... ... ... ... 0 0 0    
FX (Gain) Loss USD mil ... ... ... ... ... ... ... ... 4.60 -24.3 -6.20    
(Income) / Loss from Affiliates USD mil ... ... ... ... ... ... ... ... 0 0 0 ... ...
Extraordinary Cost USD mil ... ... ... ... ... ... ... ... 0 0 0    
Pre-Tax Profit USD mil             66.0 63.7 71.7 19.5 -28.9    
Tax USD mil             12.9 12.8 0.200 -5.10 4.90    
Minorities USD mil             0 0 0 0 0    
Net Profit USD mil             53.1 50.9 71.5 24.6 -33.8    
Net Profit Avail. to Common USD mil             53.1 50.9 71.5 24.6 -33.8    
Dividends USD mil ... ... ... ... ... ... ... 0 0 0 0    
growth rates                          
Total Revenue Growth % ...           50.2 33.4 17.6 35.7 91.6    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... 150 51.7    
Staff Cost Growth % ...           33.9 25.3 89.1 99.2 65.1    
EBITDA Growth % ...           42.4 29.8 20.4 -26.4 131    
EBIT Growth % ...           -18.4 -22.5 122 -68.0 290    
Pre-Tax Profit Growth % ...           -3.37 -3.48 12.5 -72.8 -248    
Net Profit Growth % ...           -3.96 -4.12 40.4 -65.6 -237    
ratios                          
ROE % ...           93.1 38.5 15.9 3.47 -5.83    
ROA % ...           39.5 6.86 5.66 1.24 -1.21    
ROCE % ...           656 7.96 6.23 1.38 -1.33    
Gross Margin %             88.5 88.3 71.0 67.1 64.7    
EBITDA Margin %             65.1 63.3 64.9 35.2 42.3    
EBIT Margin %             36.2 21.0 39.7 9.36 19.0    
Net Margin %             33.2 23.8 28.5 7.22 -5.18    
Payout Ratio % ... ... ... ... ... ... ... 0 0 0 0    
Cost of Financing % ... ... ... ... ... ... ... ... 4.46 4.22 5.40    
Net Debt/EBITDA             -0.738 5.22 0.748 11.0 5.82    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                          
Cash & Cash Equivalents USD mil             76.9 75.2 142 243 177    
Receivables USD mil             4.33 29.8 34.7 71.4 93.2    
Unbilled Revenues USD mil             0 0 ... ... 27.1    
Inventories USD mil             0 0 0 0 0.500    
Other ST Assets USD mil             0 0 4.70 18.2 16.2    
Current Assets USD mil             116 105 181 332 314    
Property, Plant & Equipment USD mil             1.69 6.44 10.1 34.7 29.5    
LT Investments & Receivables USD mil             0 0 0.400 3.60 1.90    
Intangible Assets USD mil             3.02 1,206 976 2,388 2,381    
Goodwill USD mil ... ... ... ... ... ... ... 0 721 1,896 1,987    
Non-Current Assets USD mil             4.72 1,244 994 2,475 2,479    
Total Assets USD mil             134 1,349 1,175 2,807 2,794    
                             
Trade Payables USD mil             0.952 2.80 3.30 14.3 6.80    
Short-Term Debt USD mil             0 0 263 83.1 94.2    
Other ST Liabilities USD mil ... ... ... ... ... ... ... 6.34 136 310 331    
Current Liabilities USD mil             8.62 9.14 419 463 527    
Long-Term Debt USD mil             0 781 0 1,481 1,692    
Other LT Liabilities USD mil ... ... ... ... ... ... ... 50.9 62.2 139 139    
Non-Current Liabilities USD mil             0 1,009 62.2 1,620 1,832    
Liabilities USD mil             77.4 1,142 481 2,083 2,358    
Preferred Equity and Hybrid Capital USD mil ... ... ... ... ... ... ... ... 0 0 0    
Share Capital USD mil ... ... ... ... ... ... ... ... 636 638 375    
Treasury Stock USD mil ... ... ... ... ... ... ... ... 0 0 0    
Equity Before Minority Interest USD mil             57.0 208 694 724 434    
Minority Interest USD mil             0 0 0.400 0.700 0.900    
Equity USD mil             57.0 208 694 725 435    
growth rates                          
Total Asset Growth % ...           0 904 -12.9 139 -0.495    
Shareholders' Equity Growth % ...           0 265 234 4.35 -39.9    
Net Debt Growth % ...           0 -1,018 -82.8 985 21.8    
Total Debt Growth % ... ... ... ... ... ... ... ... -66.3 494 14.2    
ratios                          
Total Debt USD mil             0 781 263 1,564 1,786    
Net Debt USD mil             -76.9 706 122 1,321 1,609    
Working Capital USD mil             3.38 27.0 31.4 57.1 86.9    
Capital Employed USD mil             8.10 1,271 1,026 2,532 2,566    
Net Debt/Equity %             -135 340 17.5 182 370    
Current Ratio             13.5 11.5 0.432 0.718 0.597    
Quick Ratio             9.43 11.5 0.421 0.679 0.513    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                          
Net Profit USD mil             53.1 50.9 71.5 24.6 -33.8    
Depreciation USD mil             2.59 3.00 3.30 6.80 15.4    
Non-Cash Items USD mil ...           34.4 70.5 14.7 27.4 18.9    
Change in Working Capital USD mil ...           0 -23.7 36.1 52.6 92.0    
Total Cash From Operations USD mil             90.1 101 186 193 229    
                             
Capital Expenditures USD mil             -4.82 -8.69 -12.2 -9.20 -15.9    
Net Change in LT Investment USD mil ... ... ... ... ... ... ... ... 0 0 0    
Net Cash From Acquisitions USD mil ... ... ... ... ... ... ... ... -16.3 -1,236 -158    
Other Investing Activities USD mil             -9.43 15.0 -2.00 -4.60 -0.500    
Total Cash From Investing USD mil             -21.7 -8.69 -30.5 -1,250 -174    
                             
Dividends Paid USD mil ... ... ... ... ... ... ... ... 0 0 0    
Issuance Of Shares USD mil ... ... ... ... ... ... ... ... 0 0 3.00    
Issuance Of Debt USD mil ...           391 781 -138 1,154 146    
Other Financing Activities USD mil ... ... ... ... ... ... ... ... 0 0 -265    
Total Cash From Financing USD mil             -31.2 -16.9 -138 1,154 -116    
                             
Effect of FX Rates USD mil             0 0 -2.60 0 -3.40    
Net Change In Cash USD mil             37.2 75.2 14.9 96.8 -64.4    
ratios                          
Days Sales Outstanding days             9.88 51.0 50.5 76.5 52.1    
Days Sales Of Inventory days             0 0 0 0 0.792    
Days Payable Outstanding days             18.8 40.8 16.5 46.6 10.8    
Cash Conversion Cycle days             -8.94 10.2 33.9 29.9 42.1    
Cash Earnings USD mil             55.7 53.9 74.8 31.4 -18.4    
Free Cash Flow USD mil             68.4 92.1 155 -1,058 55.1    
Capital Expenditures (As % of Sales) %             3.01 4.07 4.86 2.70 2.44    
other ratios Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                           
Employees ...           294 367 588 1,684 1,464    
Cost Per Employee USD per month ...           5,835 5,848 6,902 4,800 9,113    
Cost Per Employee (Local Currency) USD per month ...           5,835 5,848 6,902 4,800 9,113    
Operating Cost (As % of Sales) % ... ... ... ... ... ... ... ... 31.3 57.7 45.7    
Research & Development (As % of Sales) % ... ... ... ... ... ... ... ... 9.44 13.7 10.4    
Staff Cost (As % of Sales) %             12.8 12.1 19.4 28.5 24.5    
Effective Tax Rate %             19.5 20.1 0.279 -26.2 -17.0    
Total Revenue Growth (5-year average) % ... ... ... ... ...   53.8 48.4 36.7 31.3 43.7    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 55.2    
Customers mil             204 233 250 260 410    
valuation Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                           
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ...    
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ...    
Number Of Shares mil ... ... ... ... ... ... ... ... 100 102 836    
Share Price GBP ... ... ... ... ... ... ... ... ... ... ...    
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ...    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ...    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...    
P/FCF ... ... ... ... ... ... ... ... ... ... ...    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ...    
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ...    
Earnings Per Share (EPS) USD ... ... ... ... ... ... ... ... 0.710 0.240 -0.040    
Cash Earnings Per Share USD ... ... ... ... ... ... ... ... 0.491 0.229 -0.017    
Free Cash Flow Per Share USD ... ... ... ... ... ... ... ... 1.02 -7.72 0.051    
Book Value Per Share USD ... ... ... ... ... ... ... ... 4.67 5.78 0.385    
Dividend Per Share USD ... ... ... ... ... ... ... ... 0 0 0    
EV/Sales ... ... ... ... ... ... ... ... ... ... ...    
EV/EBIT ... ... ... ... ... ... ... ... ... ... ...    
EV/Free Cash Flow ... ... ... ... ... ... ... ... ... ... ...    
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ...    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... -66.2 -117    
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... -53.3 -107    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... 23.8 -93.3    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... ... ...    
Sales per Customer USD             0.785 0.916 1.00 1.31 1.59    
EBITDA per Customer USD             0.511 0.580 0.651 0.461 0.674    
Net Profit per Customer USD             0.260 0.219 0.286 0.095 -0.082    
clients & arpu Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                           
Customers mil             204 233 250 260 410    
ARPU from Total Business USD per month             0.065 0.076 0.084 0.109 0.133    
sales geography Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                           
Sales in Bulgaria USD mil ... ... ... ... ... ... ... ... 20.7 20.1 25.6 ... ...
Sales in France USD mil ... ... ... ... ... ... ... ... 35.6 40.5 53.6 ... ...
Sales in Germany USD mil ... ... ... ... ... ... ... ... 13.3 20.8 41.6 ... ...
Sales in the UK USD mil ... ... ... ... ... ... ... ... 16.1 29.6 63.5 ... ...
Sales in the USA USD mil ... ... ... ... ... ... ... ... 91.5 158 342 ... ...
Sales in Bulgaria (As % of Total) % ... ... ... ... ... ... ... ... 8.25 5.90 3.92 ... ...
Sales in France (As % of Total) % ... ... ... ... ... ... ... ... 14.2 11.9 8.21 ... ...
Sales in Germany (As % of Total) % ... ... ... ... ... ... ... ... 5.30 6.11 6.37 ... ...
Sales in the UK (As % of Total) % ... ... ... ... ... ... ... ... 6.41 8.69 9.73 ... ...
Sales in the USA (As % of Total) % ... ... ... ... ... ... ... ... 36.5 46.3 52.4 ... ...

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avast's Total Cash From Operations rose 37.7% yoy to USD 105 mil in 2Q2020

By Helgi Analytics - August 17, 2020

Avast's operating cash flow stood at USD 105 mil in 2Q2020, up 37.7% when compared to the previous year. Historically, between 1Q2015 - 2Q2020, the firm’s operating cash flow reached a high of USD 105 mil in 2Q2020 and a low of USD 45.7 mil in 1Q20...

avast's ROCE fell 18.4% yoy to 7.16% in 2Q2020

By Helgi Analytics - August 17, 2020

Avast made a net profit of USD 43.3 mil in 2Q2020, down 23.6% compared to the previous year. Historically, between 1Q2015 and 2Q2020, the company's net profit reached a high of USD 80.5 mil in 2Q2018 and a low of USD -8.52 mil in 4Q2017. The result implie...

avast's Net Profit per Customer fell 0.446% yoy to USD 0.572 in 2019

By Helgi Analytics - May 11, 2020

Avast made a net profit of USD 249 mil with revenues of USD 871 mil in 2019, up by 3.11% and up by 7.77%, respectively, compared to the previous year. This translates into a net margin of 28.6%. On the operating level, EBITDA reached USD 455 mil, up 16....

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Avast plc is a UK-registered and originally Czech Republic-based based company that provides security software. The Company offers security software products for desktop security, server protection, and mobile device protection. Its desktop security products include avast! Free Antivirus, a security software product that offers protection against malicious software, such as viruses, worms, and spyware; and Pro Antivirus and Internet Security, which are consumer security software products. AVAST’s roots go back to 1988, when Czech researchers Eduard Kučera and Pavel Baudiš encountered the Vienna Virus and began their quest to save the world’s computers from it and others like it. In 2019, Avast had more than 435 mil monthly active users and the largest market share among anti-malware application vendors worldwide. The company has approximately 1,700 employees across its 25 offices worldwide.

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Finance

Avast has been growing its sales by 32.5% a year on average in the last 5 years. EBITDA has grown on average by 27.4% a year during that time to total of USD 455 mil in 2019, or 52.2% of sales. That’s compared to 48.6% average margin seen in last five years.

The company netted USD 249 mil in 2019 implying ROE of 24.6% and ROCE of 9.65%. Again, the average figures were 14.8% and 5.06%, respectively when looking at the previous 5 years.

Avast’s net debt amounted to USD 875 mil at the end of 2019, or 77.8% of equity. When compared to EBITDA, net debt was 1.92x, down when compared to average of 4.48x seen in the last 5 years.

Valuation

Avast stock traded at GBP 453 per share at the end of 2019 resulting in a market capitalization of USD 6,047 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 15.2x and price to earnings (PE) of 18.9x as of 2019.