DJ Hardman & Co Research: CyanConnode (CYAN): FY'21 results; revisiting addressable markets
Hardman & Co Research Hardman & Co Research: CyanConnode (CYAN): FY'21 results; revisiting addressable markets 17-Aug-2021 / 07:10 GMT/BST
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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 GBP90m.
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1226896 17-Aug-2021
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(END) Dow Jones Newswires
August 17, 2021 02:10 ET (06:10 GMT)
