reports
Cyanconnode Holdings: 1 director
A director at Cyanconnode Holdings maiden bought 500,000 shares at 9.9p and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
- Bob Liao
CyanConnode (CYAN LN) - H1 results: Strong H2 outlook
H1 FY25 revenue was impacted by a slowdown in deployments during the India elections but the company was still able to grow profits due to significantly reduced product costs. Subdued H1 revenue implies that a large jump in revenue is required in H2 FY25 to meet our expectations. The company remains confident in meeting revenue expectations since its backlog has risen over the period by 177% to £9.7m. Meeting H2 FY25 revenue estimates would lead to record Adjusted EBITDA and significantly positi...
Hybridan Small Cap Feast - 28 October 2024
28th October 2024 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Harland & Wolff Group Holdings plc (HARL.L) has delisted from AIM. What’s baking in the oven? ITF announced:*** Potential** Initial Public ...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN)
After receiving a Letter of Award (LOA) for its largest order to date, CyanConnode has raised £5.4m (gross) at a premium to fund working capital and product development. The LOA for 6.5m Omnimesh Modules is multiples bigger than its next largest order to date (1m units). Deliveries are expected to begin in H2 2024 with shipments ramping further in FY26. The order is expected to significantly increase the company’s scale and profitability. We expect increased buying power and significant operatin...
- Bob Liao
Audio Note: CyanConnode - Largest LOA, by far
In this audio note, Zeus’ Bob Liao summarises the investment case for CyanConnode. CyanConnode has received a Letter of Award (LOA) for its largest order to date. The contract is for 6.5m units, multiples bigger than its previously largest order of 1m units.
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - Largest LOA, by far
CyanConnode has received a Letter of Award (LOA) for its largest order to date. The contract is for 6.5m units, multiples bigger than its previously largest order of 1m units. The LOA increases its order backlog from 3.4m to 9.9m and it now fully covers our forecast for 84% revenue growth in FY25. The large LOA increases the company’s buying power and economies of scale. In addition, CyanConnode has secured favourable payment terms to help finance deliveries.
- Bob Liao
Zeus UK smallcap technology sector update
As concerns grow over the rapid pace of economic slowdown, we identify subsectors and stocks in the Zeus UK smallcap technology index that should be more resilient to a potential downturn. We highlight Big Technologies, Intercede and CyanConnode. The median stock in the Zeus UK smallcap technology index rose 2% over the month. The median sector valuation multiples rose slightly to 11.7x EBITDA, 16.3x EBIT and 24.0x EPS 2024, whilst median revenue, EBITDA, EBIT and EPS growth rates were 8.6%, 8.1...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - FY24: Profitability expected in FY25
Revenue was well above our estimates, as previously flagged in the company’s April trading update, with a YoY growth of 60%. However, gross profit was 14% below our expectations due to a higher mix of third-party hardware sales and temporarily higher component costs attributed to an end-of-life product. Expenses were higher than we expected due to investments in hardware and software development to meet the company’s expanding backlog. As a result, the Adjusted EBITDA loss increased to £2.75m, l...
Hybridan Small Cap Feast - 17 July 2024
17th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: FireAngel Safety Technology (FA.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announce...
Hybridan Small Cap Feast - 27 June 2024
27th June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Mustang Energy (MUST.L) has rejoined the Standard Segment of the Main Market, after the reverse takeover by Cykel AI. Cykel AI was previously listed on the Aquis Stock Exchange. Delistings: What’s baking in the oven? ** Potential**** Initial Public Off...
- Bob Liao
Audio Note: CyanConnode - FY24 update: revenue materially ahead
In this audio note, Zeus’ Bob Liao summarises the investment case for CyanConnode. CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively. Listen to the audio note below, and read the full research here.
- Bob Liao
- Carl Smith
- Bob Liao
Audio Note: CyanConnode - Large Letter of Award for Omnimesh Cellular ...
In this audio note, Zeus’ Bob Liao summarises the investment case for CyanConnode. CyanConnode has received a large Letter of Award (LOA) for Omnimesh Cellular Modules (CNICs) from a Thai customer. Listen to the audio note below, and read the full research here.
- Bob Liao
Hybridan Small Cap Feast - 11 Jan 24
11th January 2024 @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 obje...
- Bob Liao
CyanConnode (CYAN LN) - Largest order in financial year to date
CyanConnode announced an order for 1m units, its largest order this financial year to date. The contract will help underpin revenues for FY24 but, to a greater extent, will support our forecast for 111% revenue growth in FY25. CyanConnode is poised for many years of strong growth as it continues to win a significant share of India’s scheme to implement 250m smart meters.
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - H1 FY24: On track
CyanConnode’s H1 results position the company to meet our full year forecasts. The company does not need to grow revenue yoy in H2 in order to meet full year estimates. The Indian smart metering programme appears on track, with 98m smart meters already awarded to prime bidders and these orders should soon filter down to competitively well positioned subcontractors such as CyanConnode. These market drivers position the company well to grow revenue 39% in FY24 and 111% in FY25 and for a £1.9m of o...
- Emily Liu
Hybridan Small Cap Feast 15-11-2023
Dish of the day Joiners: No joiners today. Leavers: Wheelsure Holdings has left AQSE. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital ...
- Bob Liao
- Carl Smith
CyanConnode (CYAN LN) - Investing in growth
Advanced Metering Infrastructure Service Providers (AMISP) are planning to source smart meters from a larger number of suppliers, requiring increased R&D investment from CyanConnode. In addition, growing delivery schedules, combined with large year-end shipments and potential changes in supplier payment terms, are likely to require significant additional investment in inventory and working capital. To finance these investments, the company has raised £2.72m of gross equity at 10p per share. The ...
Hybridan Small Cap Feast - 10 Oct 23
10th October 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 obje...
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