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Hybridan Small Cap Feast - 09 Mar 23
9 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective...
- Richard Williamson
WANdisco - New use case in manufacturing opening up?
WANdisco’s deal flow momentum continues, with a $9m contract with a European consumer goods and manufacturing company. This win is notable in that it is the company’s first deployment for migrating a manufacturing company’s process data to the cloud. The manufacturing sector is increasingly producing large sets of data and has therefore been identified as a strategic target market for WANdisco. The deal provides early support to our recently upgraded 2023 estimates.
- Richard Williamson
WANdisco - Multiple IoT deployment wins lead to upgrade
WANdisco’s (WAND’s) FY22 trading update confirms that both momentum and the pipeline remain exceptionally strong, with bookings of $127m (up by 967% y-o-y, Edison $116m) and revenues of at least $24m (+230% y-o-y, Edison $19.0m). We raise our FY23 bookings and revenue estimates by 8.3% and 7.1% respectively. The fact that WAND’s pipeline remains at record levels, even after the conversion of recent deals, indicates that deal flow momentum is likely to sustain the risk to estimates on the upside.
- Richard Williamson
WANdisco - Starting 2023 with $6.6m telecom IoT win
WANdisco started 2023 on a strong note, announcing a $6.6m data-migration contract with a global telecom service provider. This is the third telecom provider to choose WANdisco for data migration, highlighting how it is becoming a ‘go-to’ supplier for large-scale Internet of Things (IoT) deployment. It is encouraging to see a deal this early in the year; historically, deal flow has been strongly weighted to the second half. This win supports our estimates, particularly revenues, given the up-fro...
- Richard Williamson
WANdisco - IoT migration win prompts upgrades
WANdisco’s $12.7m data migration deal with a global automotive manufacturer further strengthens the company’s position in the rapidly evolving automotive sector. It also highlights the central role that WANdisco plays in enabling data-centric Internet of Things (IoT) strategies. While the one-off nature of this contract means that the lifetime value of this deal is likely less than the recently announced large commit-to-consume deals, it is still very significant in size, prompting further upgra...
- Richard Williamson
WANdisco - Record $31m win with a global telco
WANdisco continued its run of large contract wins with the announcement of a record $31m commit-to-consume (CtC) agreement with a tier 1 global telco supplier. This win highlights the product/market fit and potential of the Internet of Things (IoT) use case, where applications require continuous movement of large amounts of data. We raise our FY22e and FY23e bookings and ending remaining performance obligations (RPO) as WANdisco’s momentum is encouraging. Until we have more visibility on the rat...
- Richard Williamson
WANdisco - $13.2m follow-on automotive win
WANdisco has announced another follow-on deal with a major European automotive supplier, worth $13.2m on a commit-to-consume (CtC) basis. This is the third deal with this client this year, taking the total committed contract value from the customer to $25.3m in 2022 and highlighting WANdisco’s exceptional product/market fit in the high-growth Internet of Things (IoT) market. Management also confirmed that the company’s pipeline is at record levels and that the business is seeing an acceleration ...
- Richard Williamson
WANdisco - Momentum in IoT drives bookings upgrade
WANdisco (WAND) has reported record bookings of $34m in Q322 and $61.2m YTD (up 1,649% y-o-y and ahead of our FY forecast of $60m), driven by several large contract wins with repeat customers and across multiple use cases. The company’s cash balance strengthened to about $26.3m, reflecting the strong bookings and that a number of contracts had 50% up-front cash payments. The statement confirms management expects to show more progress in client wins and consumption. We raise our FY22 bookings and...
- Richard Williamson
WANdisco - $7.1m deal provides further upside potential
WANdisco has announced a $7.1m follow-on agreement with a large European automotive components supplier. This takes total disclosed bookings this year to $59.1m versus our FY forecast of $60m, meaning that upside to this KPI forecast now looks very probable. The Q3 update will give us more visibility on the rate at which customers are starting to use this data – which will see bookings flow through to the P&L. We will revise our estimates at that stage but see sizable uplift potential at all KPI...
- Richard Williamson
WANdisco - Internet of things provides the ‘killer app’
WANdisco’s (WAND’s) capital markets day (CMD) underlined the success of its transition to a cloud-centric commit-to-consume (CtC) model and the potential of its offering for Internet of Things (IoT) use cases, which looks set to drive a significant inflection in growth. Management sees opportunities across multiple industries with a pipeline boosted by a number of factors, including product improvements, restructuring the sales and marketing teams, and ever improving reference ability with tier ...
- Richard Williamson
WANdisco - Record $25m contract with top 10 global telco
WANdisco’s (WAND’s) $25m commit-to-consume agreement with a top 10 global telco is the company’s largest ever by some margin. This contract also adds credibility to management’s ability to successfully execute its growth strategy and we raise our estimates for FY22 bookings and ending remaining performance obligations (RPO). Until we gain more visibility on the rate of data consumption, we leave our revenue estimates unchanged. When considering the expected expansion of IoT, WAND’s robust pipeli...
- Richard Williamson
WANdisco - Reaching a key inflection point
WANdisco’s (WAND’s) H122 trading update reflects the strong momentum seen in its recent multi-million-dollar contract wins. Its two primary key performance indicators (KPIs), bookings and ending remaining performance obligations (RPO), were both up more than seven times. Furthermore, the scalability of its commit-to-consume model was demonstrated as existing customers signed multiple follow-on contracts. Evidence continues to build that WAND is successfully executing its growth strategy and reac...
- Richard Williamson
WANdisco - Record win with existing telecom customer
WANdisco (WAND) announced its largest ever contract today, a commit-to-consume agreement valued at $11.6m with a top 10 global telecoms company. This contract is the third the customer has signed since its initial agreement in March 2022, and it has now entered into agreements worth a cumulative total of $14.3m. This progression of contracts displays the scalability of WAND’s commit-to-consume model. Furthermore, LiveData Migrator’s (LDM’s) ability to facilitate multi-cloud strategies (moving da...
- Richard Williamson
WANdisco - Transitioning to consumption-based model
WANdisco’s (WAND’s) FY21’s results reflect its transition from a subscription-based to a consumption-based model. As expected, revenue fell to $7.3m versus FY20’s $10.5m. As part of its transition, WAND announced two new KPIs: bookings and remaining period obligations (RPO, a forward-looking measure of revenues). In FY21, bookings grew 17% y-o-y to $11.9m, while RPO rose 92% y-o-y to $9.4m. The FY21 results were driven by multiple factors, including the general availability of LiveData Migrator ...
- 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 consumpt...
- Richard Williamson
WANdisco - Termination of coverage
Edison Investment Research is terminating coverage on PIERER Mobility (PMAG), Allarity Therapeutics (ALLR), WANdisco (WAND), Quantum Genomics (ALQGC), and Mondo TV (MTVI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
- Richard Williamson
WANdisco - Momentum in bookings and RPO
In its FY21 trading update, WANdisco (WAND) reported strong momentum in both its bookings and remaining performance obligations (RPO), up 17% and 92% y-o-y in FY21, respectively. Moreover, it saw strong trading in Q421 as it continues its transition to a consumption-based model, with the recent sales reorganisation appearing to bear fruit. Management expects FY21 revenues to be in line with current market estimates and cash to increase 32% y-o-y to $27.8m. With confidence in its growing pipeline...
- Richard Williamson
WANdisco - Momentum in bookings and RPO
In its FY21 trading update, WANdisco (WAND) reported strong momentum in both its bookings and remaining performance obligations (RPO), up 17% and 92% y-o-y in FY21, respectively. Moreover, it saw strong trading in Q421 as it continues its transition to a consumption-based model, with the recent sales reorganisation appearing to bear fruit. Management expects FY21 revenues to be in line with current market estimates and cash to increase 32% y-o-y to $27.8m. With confidence in its growing pipeline...
- Richard Williamson
WANdisco - Deepening the Oracle partnership
WANdisco (WAND) has announced a deepening of its longstanding partnership with Oracle, whereby Oracle will provide fully funded access to WANdisco LiveData Migrator. Oracle will purchase the licences directly from WANdisco for migration projects and WANdisco’s statement highlights that there is a large, defined pipeline that Oracle intends to pursue this year. Oracle is the sixth largest cloud data provider, albeit a long way behind Amazon, Microsoft and Google (with which WANdisco also has part...
- Richard Williamson
WANdisco - Deepening the Oracle partnership
WANdisco (WAND) has announced a deepening of its longstanding partnership with Oracle, whereby Oracle will provide fully funded access to WANdisco LiveData Migrator. Oracle will purchase the licences directly from WANdisco for migration projects and WANdisco’s statement highlights that there is a large, defined pipeline that Oracle intends to pursue this year. Oracle is the sixth largest cloud data provider, albeit a long way behind Amazon, Microsoft and Google (with which WANdisco also has part...
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