NasdaqCM:OSPN

Stock Analysis Report

Executive Summary

OneSpan Inc., together with its subsidiaries, designs, develops, and markets digital solutions for identity, security, and business productivity worldwide.

Snowflake

Fundamentals

Flawless balance sheet and overvalued.


Similar Companies

Share Price & News

How has OneSpan's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.8%

OSPN

-3.2%

US Software

0.4%

US Market


1 Year Return

-17.3%

OSPN

20.3%

US Software

6.9%

US Market

Return vs Industry: OSPN underperformed the US Software industry which returned 20.3% over the past year.

Return vs Market: OSPN underperformed the US Market which returned 6.9% over the past year.


Shareholder returns

OSPNIndustryMarket
7 Day0.8%-3.2%0.4%
30 Day-7.4%-2.7%-1.2%
90 Day-4.1%-5.9%-0.4%
1 Year-17.3%-17.3%22.0%20.3%9.3%6.9%
3 Year1.0%1.0%112.1%103.8%45.8%36.4%
5 Year-23.6%-23.6%163.1%144.1%62.9%45.1%

Price Volatility Vs. Market

How volatile is OneSpan's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is OneSpan undervalued compared to its fair value and its price relative to the market?

2.41x

Price to Book (PB) ratio


Share Price vs. Fair Value

Undervalued: OSPN ($14.73) is trading above our estimate of fair value ($13.11)

Significantly Undervalued: OSPN is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: OSPN is unprofitable, so we can't compare its PE Ratio to the Software industry average.

PE vs Market: OSPN is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate OSPN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: OSPN is good value based on its PB Ratio (2.4x) compared to the US Software industry average (5.3x).


Next Steps

Future Growth

How is OneSpan forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

203.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: OSPN is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: OSPN is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: OSPN is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: OSPN's revenue (9.1% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: OSPN's revenue (9.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if OSPN's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has OneSpan performed over the past 5 years?

-55.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: OSPN is unprofitable, and losses have increased over the past 5 years at a rate of -55.6% per year.

Accelerating Growth: Unable to compare OSPN's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: OSPN is unprofitable, making it difficult to compare its past year earnings growth to the Software industry (19.1%).


Return on Equity

High ROE: OSPN has a negative Return on Equity (-2.07%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: OSPN is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: OSPN is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is OneSpan's financial position?


Financial Position Analysis

Short Term Liabilities: OSPN's short term assets ($183.5M) exceeds its short term liabilities ($63.7M)

Long Term Liabilities: OSPN's short term assets (183.5M) exceeds its long term liabilities (38.7M)


Debt to Equity History and Analysis

Debt Level: OSPN is debt free.

Reducing Debt: OSPN has not had any debt for past 5 years.

Debt Coverage: OSPN has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: OSPN has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet

Inventory Level: OSPN has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if OSPN's debt is covered by short term assets.


Next Steps

Dividend

What is OneSpan's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage1.5%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate OSPN's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate OSPN's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if OSPN's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if OSPN's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of OSPN's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of OneSpan's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Scott Clements (56yo)

2.3yrs

Tenure

US$2,427,711

Compensation

Mr. Scott M. Clements has been the President and Chief Executive Officer of OneSpan Inc. (Former Name: VASCO Data Security International Inc.)since November 15, 2016 and July 28, 2017 respectively. Mr. Cle ...


CEO Compensation Analysis

Compensation vs. Market: Scott has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the US market.

Compensation vs Earnings: Scott's compensation has increased whilst the company is unprofitable.


Management Age and Tenure

2.8yrs

Average Tenure

57yo

Average Age

Experienced Management: OSPN's management team is considered experienced (2.8 years average tenure).


Board Age and Tenure

6.8yrs

Average Tenure

60yo

Average Age

Experienced Board: OSPN's board of directors are considered experienced (6.8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$144,60014 Jun 19
Marc Zenner
EntityIndividual
Role
Member of the Board of Directors
Director
Shares10,000
Max PriceUS$15.00
SellUS$929,28012 Jun 19
Thomas Hunt
EntityIndividual
Role
Member of the Board of Directors
Founder & Director
Shares66,000
Max PriceUS$14.08
SellUS$487,22011 Jun 19
Thomas Hunt
EntityIndividual
Role
Member of the Board of Directors
Founder & Director
Shares34,000
Max PriceUS$14.33
BuyUS$50,21230 May 19
Scott Clements
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares3,550
Max PriceUS$14.14
BuyUS$99,29123 May 19
Scott Clements
EntityIndividual
Role
Chief Executive Officer
CEO, President & Director
Shares6,840
Max PriceUS$14.80
BuyUS$19,370,91501 Nov 18
Legion Partners Asset Management, LLC
EntityCompany
Shares1,056,730
Max PriceUS$18.75

Ownership Breakdown


Management Team

  • Ken Hunt (75yo)

    Founder & Director

    • Tenure: 22.3yrs
    • Compensation: US$450.00k
  • John Gunn (58yo)

    Vice President of Corporate Communications

    • Tenure: 2.8yrs
  • Mark Hoyt (51yo)

    CFO, Executive VP & Treasurer

    • Tenure: 4yrs
    • Compensation: US$1.32m
  • Steve Worth

    Chief Compliance Officer

    • Tenure: 2.8yrs
  • Scott Clements (56yo)

    CEO, President & Director

    • Tenure: 2.3yrs
    • Compensation: US$2.43m
  • Benoit Grange

    Chief Technology Officer

    • Tenure: 2.8yrs
  • Jeff Cole

    Chief Information Officer

    • Tenure: 2.5yrs
  • Joe Maxa

    Director of Investor Relations

    • Tenure: 0yrs
  • Dan Dica

    Senior Vice President of Worldwide Sales

    • Tenure: 0yrs
  • Giovanni Verhaeghe

    Vice President of Corporate Development & Hardware Operations

    • Tenure: 1.8yrs

Board Members

  • Jean Holley (60yo)

    Independent Director

    • Tenure: 13.2yrs
    • Compensation: US$174.50k
  • Matt Moog (49yo)

    Independent Director

    • Tenure: 6.8yrs
    • Compensation: US$170.00k
  • Ken Hunt (75yo)

    Founder & Director

    • Tenure: 22.3yrs
    • Compensation: US$450.00k
  • Michael Cullinane (69yo)

    Independent Director

    • Tenure: 21.5yrs
    • Compensation: US$178.50k
  • Marc Boroditsky

    Director

    • Tenure: 0.3yrs
  • John Fox (76yo)

    Independent Chairman of the Board

    • Tenure: 0yrs
    • Compensation: US$177.00k
  • Scott Clements (56yo)

    CEO, President & Director

    • Tenure: 2.3yrs
    • Compensation: US$2.43m
  • Marc Zenner (56yo)

    Director

    • Tenure: 0.3yrs

Company Information

OneSpan Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: OneSpan Inc.
  • Ticker: OSPN
  • Exchange: NasdaqCM
  • Founded: 1991
  • Industry: Systems Software
  • Sector: Software
  • Market Cap: US$590.388m
  • Shares outstanding: 40.09m
  • Website: https://www.onespan.com

Number of Employees


Location

  • OneSpan Inc.
  • 121 West Wacker Drive
  • Suite 2050
  • Chicago
  • Illinois
  • 60601
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
OSPNNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDMar 1998
VDYDB (Deutsche Boerse AG)YesCommon StockDEEURMar 1998
0YNULSE (London Stock Exchange)YesCommon StockGBUSDMar 1998

Biography

OneSpan Inc., together with its subsidiaries, designs, develops, and markets digital solutions for identity, security, and business productivity worldwide. The company offers DIGIPASS hardware authenticato ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/18 23:44
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.