Edison Investment Research - WANdisco (WAND) WANdisco - Multiple contract wins bolster momentum

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Edison Investment Research

Richard Williamson

WANdisco - Multiple contract wins bolster momentum

WANdisco’s (WAND’s) Q122 trading update demonstrated that the momentum we reported on earlier this year has continued, with bookings and remaining performance obligations (RPO) up significantly to $5.8m (+427% y-o-y) and $14m (+233% y-o-y), respectively. Deals were won across a range of industries and use cases, with computer hardware, telecoms, insurance, and IoT and multi-cloud being key. The company’s momentum is in line with our expectation that as WAND continues its transition to a consumption-based model, it should generate more predictable revenues. This is shown by the recent growth in RPO (up 49% from Q421’s $9.4m), which measures deferred revenue plus unbilled committed contractual revenues. Our estimates for FY22 may be conservative, especially if WAND continues to build on its momentum, but we leave our forecasts unchanged pending the FY21 results announcement.

11/04/2022 1 EN

Underlying

WANdisco

Wandisco Plc is engaged in the development and provision of global collaboration software.

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JE00B6Y3DV84 London Stock Exchange Jersey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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WANdisco - Multiple contract wins bolster momentum

Hybridan Small Cap Feast - 17 July 2024

Hybridan Small Cap Feast - 09 Mar 23

WANdisco - New use case in manufacturing opening up?

Accsys Technologies - Upgrading guidance for the full year

Topps Tiles - Market outperformance again in FY24

Nabaltec - Resilience and margin expansion

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