CyanConnode Holdings PLC Hardman Research - Acceleration and revenue uplift

TIDMCYAN

CyanConnode Holdings PLC

21 March 2023

Hardman & Co Research on Cyanconnode (CYAN):

Acceleration, and revenue uplift for FY24 and beyond

CyanConnode is currently involved in Indian tenders for more than 100m meter endpoints, and its partners have already secured L1 preferred bidder status for c.30m incremental meters. In addition to the 2.3m orders won in the fiscal year to date, CyanConnode has entered into a framework agreement with a partner to supply hardware and software for 3m endpoints for future contract awards under the Indian smart meter programme. Our revised forecasts represent an initial step towards reflecting the prospective upside in financial performance. Our updated DCF analysis suggests an implied fair equity value of GBP96.8m.

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March 21, 2023 03:15 ET (07:15 GMT)