TerraNet - Irons in the fire
TerraNet (TERRNT) is an early-stage software group with a range of products under development deriving principally from its industrial IoT, chip integration and peer-to-peer communications and transactions know-how. During Q317 the group reported external revenue of SEK1.6m, up 133% y-o-y, with a cash burn comprising operating and investing cash flow of SEK18.0m, in line with our full year forecasts. Significant events during the quarter included the securing of a SEK2.2m order to integrate TERRNT’s software into a multinational conglomerate’s hardware, the development of peer-to-peer payments software for offline transactions and an order for optimisation of LTE-V for V2V communications. We value TERRNT at SEK12.6-14.4 per share, but see significantly more upside to c SEK31/share if it is able to fully exploit its more prospective opportunities.TerraNet Holding AB is a Sweden-based provider of software technology that enables intelligent machine-to-machine communication and streaming of data, including bandwidth-demanding high definition media, regardless of mobile networks or other hotspot-dependent networks. The Company's software can work with such technologies as Wi-Fi Aware Discovery and Data Link, Wi-Fi Direct and IBSS, Bluetooth Smart, IEEE 802.11s Mesh and LTE Direct. The Company aims to work within strategic partnerships in order to deliver commercial customer projects in such areas as industrial Internet of things, chip integration and multimedia services. The key customers comprise Autoliv, 3M och Qualcomm, with whom the Company holds license agreements.
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