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Share Name | Share Symbol | Market | Stock Type |
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Narf Industries Plc | NARF | London | Ordinary Share |
Open Price | Low Price | High Price | Close Price | Previous Close |
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1.075 | 1.075 | 1.125 | 1.075 | 1.075 |
Industry Sector |
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GENERAL FINANCIAL |
Top Posts |
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Posted at 19/3/2024 08:11 by maccamcd Hadron just supplying stock to long term institutional holders who the company met on the recent roadshow.Don't be swayed by Hadron sales. The PM is super bullish on NARF |
Posted at 08/3/2024 07:45 by premium beeks To be fair, threats are pretty static. But the landscape is changing. The big challenge coming up will be nation state actors in a more uncertain world. NARF well up to the challenge with their expertise and government links/contracts. |
Posted at 04/3/2024 13:32 by johnyee 7 All these issues should keep Narf busy |
Posted at 04/3/2024 13:06 by premium beeks Exciting times for NARF.So much potential here in the current climate we have re: security landscape. |
Posted at 04/3/2024 10:17 by fred buckle A market professional sent me this research note.Headline from Canaccord Genuity research dated 19 Feb 2024: Price 0.7p. Market cap: £11.9m. Price target: 2.2p. Canaccord Genuity view Hidden cybersecurity growth gem with >200% upside potential High-end cybersecurity services business with a $1bn TAM: Narf provides US government agencies such as the Department of Defense, DARPA and others with highly advanced cybersecurity threat intelligence, offensive and defensive 'mission' services as well as bespoke software solutions. Narf's track record as a trusted supplier creates sticky customer relationships and repeat revenue streams. The US government's growing focus on securing its IT and critical national infrastructure has led to material growth in cybersecurity budgets and we estimate Narf's current main agency counterparts spend up to $1bn p.a. here. Rapidly scaling and turning profitable: In 2023 Narf more than doubled sales organically to $6m generating breakeven EBITDA and positive free cash flow. The secular demand drivers and sizeable TAM opportunity in our view support continued double-digit growth with our forecasts expecting a 28% sales CAGR accompanied by rapidly improving margins and cash generation from this year onwards. A potential multiplier; initiating with Buy: As the company executes on expected growth and becomes sustainably profitable, the shares' current 1.3x 2025E EV/Sales and 8.6x P/E multiples look too low to us. With median cybersecurity peer EV/Sales of >2x and P/Es ranging from 15-26x (UK only), we see scope for a material re-rating over the next 12+ months. Should Narf achieve its $20m sales goal by 2027, then our bull case analysis indicates three-year upside potential to up to 3.7p/share. Multiple growth themes Narf's broad range of highly advanced and sometimes classified 'offensive' and 'defensive' cybersecurity services and missions for the US government focus primarily on threat intelligence, the protection of critical national infrastructure from bad actors and 'hardening' the US government's open source software estate to make it less vulnerable to cybersecurity threats. In addition, Narf retains software IP rights for most of its work which it can then commercialise with other government agencies and enterprises. This effort is still in its early stages, but we believe it could enable the company to build a fast-growing, recurring revenue stream that would materially improve visibility. Three-year bull case upside potential to up to 3.7p/share The rise in cyberattacks on US government IT and physical infrastructure creates high demand for Narf's cybersecurity services and has led to material budget increases at its three main agency counterparts (DARPA, DoD and DoE) with combined spending on cybersecurity now ~$1bn p.a. With every 1% of this market worth $10m in potential sales, the company has recently issued a $20m revenue ambition by 2027. Should Narf successfully achieve this target and the shares re-rate to a 3x or 4x P/Sales multiple then we estimate potential upside to 1.9-3.7p/share or 1.7x to >4x from current levels. Target set at 2.2p; >200% upside potential We set our target price at 2.2p/share based on a blend of two valuation approaches: 1) a 4x 2024E EV/Sales multiple and ~24x P/E based on growth-adjusted UK and global listed cybersecurity peers; with a 2/3 weighting; and 2) a 1/3 probability of the company achieving its 2027 target of $20m in sales valued at a 3x P/Sales multiple. |
Posted at 03/3/2024 19:56 by premium beeks Steve Bassi’s first job enabled him to get up to "teen mischief" on the computer systems of local businesses in the Californian farming town where he grew up. It proved to be just the start he needed to break into the world of cyber security, where the chief executive of Narf Industries is an expert in developing software that can detect threats and defend complex commercial and military computer networks from hackers.Episode 12 of the All Points West Podcast takes us on a journey from Steve’s humble farming roots, through the Naval Research Laboratory and top secret US defence projects, his passion for Muay Thai kickboxing and listing Narf on the London Stock Exchange. |
Posted at 03/3/2024 18:57 by johnyee 7 What happened to the the crypto, Polyswarm that narf used to be involved in? |
Posted at 29/2/2024 14:26 by johnyee 7 Last broker note from Sept last year on the narf website. |
Posted at 29/2/2024 13:50 by johnyee 7 Out today interviewSteve Bassi on how UK investors can get exposure to $170bn US Cyber Security market via NARF |
Posted at 22/2/2024 17:47 by johnyee 7 This is where Narf comes in useful. |
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