Hardman & Co Research
Hardman & Co Research: 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.
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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
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