CyanConnode (CYAN): FY’21 results; revisiting addressable markets
CyanConnode’s FY’21 results were ahead of market expectations, with all financial metrics showing a sharp improvement. YoY revenue growth was 163%, while the EBITDA loss reduced sharply, by 62%. During the year, contracts were signed for in excess of 350,000 modules, while a flurry of new contracts have been signed since end-March. Activity levels relating to the immense planned rollout in India are growing, while other regions (South East Asia, Africa) are starting to exhibit material contract momentum. In this note, we also briefly explore the water meter opportunity. Our updated DCF-implied fair equity value for CyanConnode is £90m.CyanConnode Holdings is a holding company. Co. designs and develops narrowband Radio Frequency (RF) mesh networks that enable Internet of Things communications. Co. provides customers with networking solutions and applications that help them in service delivery, business and energy. Co.'s optimized solutions provide narrowband RF network technology, delivering exceptional performance and total cost of ownership. These solutions include hardware, software and network management. Co.'s IPv6 solution is a wireless Neighborhood Area Network, an IP-based machine-to-machine platform that uses narrowband radio mesh networks to create deployments for the implementation of third party applications.
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