Share Name Share Symbol Market Type Share ISIN Share Description
Wandisco Plc LSE:WAND London Ordinary Share JE00B6Y3DV84 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 0.13% 378.00 96,079 12:26:24
Bid Price Offer Price High Price Low Price Open Price
366.00 373.00 395.00 370.00 395.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 13.35 -15.21 -35.29 171
Last Trade Time Trade Type Trade Size Trade Price Currency
12:02:25 UT 266 378.00 GBX

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Date Time Title Posts
13/11/201912:10WANdisco - Will it be magic?4,926
03/5/201910:12WANdisco at the UK Investor Show 2
25/7/201811:16WANdisco (WAND) One to Watch -
12/8/201512:00WAND WANDisco Charts-
13/2/201514:27Start Of The Next Bounce3

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Wandisco Daily Update: Wandisco Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker WAND. The last closing price for Wandisco was 377.50p.
Wandisco Plc has a 4 week average price of 370p and a 12 week average price of 370p.
The 1 year high share price is 858p while the 1 year low share price is currently 330p.
There are currently 45,124,689 shares in issue and the average daily traded volume is 33,804 shares. The market capitalisation of Wandisco Plc is £170,571,324.42.
nimbo1: in the absence of news this is staring over the edge of the share price abyss i'll be a buyer on any significant news!
tickboo: Could well be as a lot of shares changing hands at mid with no shift in the share price.
bg23: a new edison report out this morning hxxps:// H1 financials fell short of our expectations and we lower our FY19 forecasts accordingly. However, strengthened partnerships with key cloud players demonstrate that WANdisco is making strategic progress. This progress, combined with new FY19 revenue guidance that implies strong growth in H219, 59% y-o-y, enables us to leave FY20 forecasts intact. We remain confident in the longer-term prospects and will update our analysis after the capital markets day presentation on 15 October. Weak financial performance in H1… Interim revenue of $6m, implying year-on-year growth of just 5% and Q2 sales of $2m, was below our expectations. The focus on securing a strategic deal with a major cloud player and new products (LiveMigrator and Live Analytics) resulted in a hiatus of new orders. Cash overheads were $15.5m and WANdisco reported an adjusted EBIT loss of $11.1m. As a result of the H1 shortfall, we lower our FY19 revenue forecast by 23%. …but dramatic improvement expected in H2 WANdisco expects financial performance to dramatically improve in H2, however. New FY19 revenue guidance of $24m implies H2 revenues of $18m, up 59% y-o-y. This growth reflects a substantial strengthening of the order book over the last six months, driven by a pipeline of new deals plus the first sales from new products and its strategic deal. If delivered, it would return WANdisco to profitability, cash generation and a rapid growth trajectory. Strategic progress key to longer-term outlook Recent deals with Databricks, Neudesic and the unnamed ‘major enterprise cloud partner’ highlight the strategic value of WANdisco’s technology in the cloud ecosystem (see Accelerating the customer cloud journey). We will update our view here following the capital markets day, which should provide more details on these deals. The company now looks on the cusp of meeting its next challenge: demonstrating it can translate this value into an improving financial performance. Valuation: Delivery in H2 a potential catalyst? WANdisco’s valuation (475p share price implies a 6.2x FY20e EV/Sales multiple) reflects investors’ perception of both its long-term growth prospects and the strategic value of its data replication technology (M&A). If the company can deliver on its H2 guidance, confidence in both its strategic value and long-term execution should rise substantially.
tickboo: I don't mind that as I'm keen to get most of the shares I sold back so will be getting a large number of SKIN for free. DR needs to close that strategic deal as I'm sure the IIs are a little shocked to see us even lower after the stronger balance sheet. Jam tomorrow seemingly tiresome. I still think the story here is great but the silence on deals/partnerships is deafening. Only really large deals will be published in an RNS so I assume they continue to get a higher volume of smaller deals. Next update is due Sept for interim.We know the JEDI deal won't be announced before mid July -Oracle and DOD will present oral arguments during the week of July 8 -- exact date still to be determined by the judge -- and the department will not award the potential $10 billion contract before July 19.Sure DR will be feeling uncomfortable with the share price and will want to stop the down trend. Easier said that done.
bg23: hxxps:// WANdisco made substantial strategic progress in FY18, deepening both its partnerships with major cloud providers and broadening its product base. With discussions over a strategic deal with a major cloud vendor still ongoing and FY19 off to a good start (Q1 revenue up 38% y-o-y), we leave our forecasts largely unchanged. In our view its exceptional growth prospects and potential strategic value justify a premium rating. Year end Revenue ($m) EBITDA* ($m) EBIT* (US$m) EPS (c) EV/sales (x) EV/EBITDA (x) 12/17 19.6 (0.6) (7.5) (19.4) 16.1 N/A 12/18 17.0 (9.4) (16.3) (37.5) 18.6 N/A 12/19e 31.3 0.7 (6.3) (14.4) 10.1 463.9 12/20e 40.7 6.2 (0.8) (2.0) 7.8 51.4 FY18: Substantial strategic progress Lacklustre financials do not tell the full story of WANdisco’s FY18, with revenue down 13% y-o-y and adjusted EBITDA losses widening to $9.4m. In the last year it signed partnership deals with Alibaba Cloud and Microsoft Azure and has been designated an ATP at Amazon AWS. Its partnerships now cover five of the top six cloud-platform providers and over 60% of the market. It also extended its longstanding partnership with IBM to include structured data. On track for an inflection in FY19 Strategic progress should lead to improving financials in FY19. The company indicates that negotiations for an expanded deal with a large cloud player are ongoing and traction with Google Cloud, the only platform yet to generate significant revenue for WANdisco, is improving. Sales in Q119 rose 38% y-o-y and a large part of this growth is now being driven by subscription revenue. Our FY19 forecasts (largely unchanged) imply 84% revenue growth (see Exhibit 1). Setting out the medium-term opportunity For the first time management has formally set out its financial ambitions. It believes WANdisco can generate $100m+ in annual recurring sales within three to four years (implying a 50%+ CAGR). Growth will initially be driven by the replication of data migrating to the cloud but will increasingly reflect the need to support hybrid and multi-cloud strategies. Our FY20 forecast implies 30% y-o-y growth. Valuation: Growth and strategic value justify premium The current share price implies a 7.8x FY20e EV/sales multiple, a DCF factoring in a 25% sales CAGR and an EBIT margin of 44% by FY30. Achieving this demands strong execution but is deliverable given market trends. The recent flurry of M&A activity also supports a premium rating. IBM’s bid for RedHat (9.7x LTM sales) shows that big players will pay for rapidly growing ‘cloud’ assets; the Attunity and CloudEndure deals highlight the specific strategic value placed on data replication technology. Changes to forecasts Changes to forecasts We make modest changes to our FY19 forecasts at this point. We believe the strategic progress achieved in FY18 should see revenue growth accelerate to 84% in FY19. Growth of 38% in Q1FY19 (up from 13% in H2FY18) suggests this reacceleration is on track and securing a strategic deal with a major cloud provider could deliver all the incremental revenue required to meet this forecast at a stroke. There is no certainty this deal can be closed however and with subscription revenue ramping but still at a relatively low level, visibility remains limited. Our forecasts imply modest positive adjusted EBITDA is achieved in FY19. We introduce an FY20 forecast that implies 30% y-o-y growth, below the 50%+ CAGR implied by the ‘medium-term’ opportunity set out by the management, but in line with the growth of the broader cloud market.
tickboo: An interesting week ahead (from Tues) with wand. The market knows the results from Edison's updated note so it's all about the commentary. H1 needs to be impressive given Edison have wand at some $32m is revs this year. You'd hope they'd hit some $14m in H1 although I doubt we'll get a trading update for Q1. I'm down to 61,000 as have been buying in SKIN and had to sell a chunk for CGT end of Jan. I'll sell 1,000 more to round my holding and look to go to 4m in SKIN. I expect decent commentary on Weds and am hopeful for an uplift in the share price. Still confident here but jam tomorrow is wearing thin so I hope we get confirmation we've had a cracking start to the year and the pipeline is being replenished.
maxim1999: Anybody have a view as to where the share price goes? I am in loss here. I did average down but the share price fell even further than I thought.
tickboo: I got joy figures wrong as it is nearer £20m revenue targeted FY18.From Nov's Edison note -WANdisco's $1m application lifecycle management (ALM) deal with a leading Chinese tech company will add support to our FY18 forecasts, although big data/cloud deals remain key to driving the inflection. The recent retrenchment in the share price appears to be discounting a miss, but we continue to believe that achieving the required inflection in H2 could be a watershed for the perception of this business's growth fundamentals.The $1m deal is an extension of an existing relationship with a leading information and communications technology provider in China. It is for the company's legacy ALM product, where we forecast a gradual fade in bookings; the deal may help moderate this.It will also support our FY18 forecasts, although an acceleration in deal flow for the big data business via the Microsoft relationship and other partners will be key to delivering the required inflection in H2. At the interims WANdisco stated it has good pipeline coverage and we have no reason to believe that has changed. Our FY18 revenue estimate requires H2 revenues of $19.0m (versus $5.7m in H1) of which c $10m looks covered already ($4m from a deal carried into H2, $3m of ALM renewals due and $3m from support and maintenance). In particular, deals through Microsoft and other cloud partners will also be structured in a recurring annual subscription licence basis, so a strong H2 should add substantial support for bookings forecasts in the future.Our reverse DCF suggests the company needs to sustain growth of c 25%+ and achieve EBITDA margins of 25%+ to deliver upside. WANdisco's cloud partners are growing revenues at substantially higher levels than this from much higher bases, while successful delivery of the company's IP-based, indirect model should support these higher margins.
tickboo: Agreed. Worth reading the Edison note in its entirety but re the valuation -WANdisco's rating stands at 14x FY18e EV/sales, dropping to 11x for FY19e. This is a premium to peers (a diverse range from c 2x to 11x), although the recent share price fall has narrowed the premium substantially. WANdisco's investment case has always been predicated on the potential for it to scale into a significantly larger, highly profitable business. We believe that progress in H2 should provide a watershed moment for these credentials.Our DCF suggests the current share price requires sustained bookings growth of c 30% (ie a similar rate to FY18 and FY19) through 2025 with EBITDAC margins growing to over 25%. In practice, we believe that if WANdisco continues to strengthen its platform of tier one channel partners, it should be well placed to grow faster than this. Most of the company's partners are growing their cloud revenues at significantly faster rates. With a broad addressable market, a strong IP position and an indirect sales model, healthy 30%+ margins should be readily achievable if execution remains good, although we expect the emphasis to remain on growth over margins in the near to medium term. The company's potential strategic attractiveness should also not be ignored.
tickboo: Wh Ireland's note is some 32 pages so a little below. WANdisco divides opinion: to its fans, it is a unique business addressing the problem of real-time data replication at a global/petabyte scale that only it can solve and as such is almost priceless; to its detractors, it's the classic Emperor's New Clothes, a business built on hype that is destined to disappoint. A string of material contract wins in the US this year has, in our view, tipped the balance firmly in favour of the former and, as a result, the shares have been one of the best performers in the sector (+244% YTD). Difficult to value by conventional techniques, WAND is a true momentum stock. Key to continued share price appreciation is further contract wins and forecast upgrades through, what is proving to be, a highly effective and established channel strategy. Our blended DCF-based valuation model suggests fair value for the stock of 950p hence we initiate with a BUY recommendation.In a nutshell WANdisco has developed IP that enables data to be simultaneously replicated and changed in real time, and at scale (peta/ exabytes) across a wide area network. In this regard, we believe it to be unique. The solution lends itself to global enterprise, where large scale data migration or continuous data replication across storage platforms/ infrastructures is required, with cloud storage (moving data in and out) a key underlying driver – think Amazon Web Services (AWS) which has witnessed a 58% CAGR in revenue over 3 years. Adoption of cloud or hybrid cloud storage by large-scale organisations is now mainstream, with data increasingly seen as mission critical, with respect to commerciality, and part of the fabric or DNA of an organisation.Where is the business at? WANdisco has built a highly impressive partner and client list; Cash burn has been substantially reduced (H1 2017 outflow of $0.6m versus $5.3m last year); the business is motoring ahead (H1 rev +71% y-o-y) and the contract pipeline is robust. In April, WANdisco signed a $4m contract with an un-named North American financial institution and this was followed up smartly in June by a further $2m contract with a US-based global retailer. In our view, there are many more contracts of this scale in the hopper. The contracts are beginning to evidence the effectiveness of the partner ecosystem which is key to building momentum beyond our conservatively set estimates. To aid understanding of what an upgrade cycle might look like, our note contains a modelled upside scenario on page 22.How should investors value WANdisco? We are naturally wary of using new paradigm terminology yet the business is difficult to value on any peer group derived valuation. These are still early days so any DCF valuation is highly sensitive to some very subjective assumptions with high error bars. Nonetheless, using a blended DCF (attempting to capture near-term upgrade potential and the anticipated long-term market opportunity), we arrive at a 12-month valuation of 950p, potentially much higher if WANdisco can continue the momentum of client wins into H2. A report produced by Cisco references a total addressable market for big data and cloud spend of $10bn by 2020, representing a CAGR of 35% (Fig 4). Although this rate of growth might, ordinarily, be treated with some scepticism, revenue, for example, at Amazon's Web Services division has grown at a compound rate of 58% (to $12bn in 2016) over the last three years (Fig 5). Coupled with industry reports from IDC and Gartner, multi-national companies have now begun to embrace the cloud, and as such, the patented real-time data replication tools offered with WANdisco Fusion find themselves in a unique market position as large enterprises struggle with a dual problem of a ballooning data storage and processing requirement and the now critical and central nature of data within an organisation.Routes to market – established, evidenced and critical to scalable successWANdisco has made substantial progress utilising a combination of direct, channel and OEM relationships (all non-exclusive and with tier 1 vendors) including no less than IBM. With key strategic names on the call sheet, but with some infilling and channel strengthening work to do, early indications are of a 'go to market' strategy that can deliver new customers in volume.Deals flow and customer base vindicates the core technologyIn a relatively short period, IBM has delivered two multi-million dollar contracts with Fortune 500 companies, and both are expected to grow further in size (initial contracts for a small subset of data). This follows similar deals announced with Oracle and through Amazon. It's also important to understand that Fusion's big data and cloud replication tools are not restricted to one vertical market, having been sold so far into global automotive, banking, retail and healthcare clients. Our research has also encapsulated other data replication infrastructure solution providers, and evidence suggests that all are benefiting from a structural shift that is taking place in how data is captured, stored and analysed. However, WANdisco believe that Fusion is the only product that will address the needs of global enterprise where large scale, high volume and simultaneous data replication across multiple data points (nodes) is demanded, and the global resilience of such an architecture is required.Valuation – 2018 is likely to see the commencement of a meaningful upgrade cycleWANdisco's shares, in our view, have already priced in at least one upgrade over and above the $1m or so signalled at September's interim results. For some, that might be a little premature, and set against our (prudently set) estimates, makes the shares look very expensive on traditional metrics (FY2017E: 24x EV/sales).Whilst it is appropriate to consider the status quo, we believe it is also informative to consider a valuation set against an upgrade scenario (Figs 44 and 49). In our view, given the increasing evidence of 'right product, right time, right channel', and set against the evidence of other specialist infrastructure and data integration providers serving the cloud market, WANdisco looks increasingly able to deliver enhanced growth, particularly by 2019/20, where traction with partners should truly manifest.We have run two DCF models, one off our published estimates (FV: 665p), and a second off WHI's upside scenario (FV: 1235p). Given our increasing confidence that risk is towards upside, the first evidence of which is likely to be 2018E, we place an equal weighting between the two outcomes and derive a (12 month) 950p target price. What does WANdisco do?WANdisco stands for Wide Area Network Distributed Computing.In 2005, WANdisco developed and launched a proprietary and patented technology that sits at the heart of its commercial product (now branded WANdisco Fusion) called the Distributed Coordinated Engine (DConE).DConE changes the way servers and local area networks (LANs) interact over a wide area network (WAN). Essentially, the engine enables geographically distributed servers and storage networks to stay in a continuously synchronised live state (aka active data replication), with LAN-speed performance over a WAN, while maintaining one-copy equivalence of the data across a distributed system (i.e. all locations hold identical data sets). The distributed nature ensures that there can be no single point of failure, and removes scalability bottlenecks. Further, DConE was designed to be independent of the underlying application thus can ultimately be used as the foundation for the distribution of any application or database.The technology therefore allows large or multinational entities to real time replicate continuously changing data, to multiple cloud and/or on-premises data centres, with guaranteed consistency, and without downtime and the resultant business disruption often associated with batch based replication technologies.WANdisco's Fusion was released in 2015. It represented the culmination of over a decade of software development (which continues with significant R&D commitment), following the launch of the DConE into the niche market of version control (for SCM vendors) in 2005, and subsequent expansion into the Hadoop market in 2012.Fusion, as illustrated in Figure 1, now serves the company's two markets of Source Code Management (direct sales) and the much bigger opportunity of Big Data and Cloud storage and replication (direct/ channel/ OEM). The Fusion product is also behind WANdisco's first non-exclusive OEM agreement with IBM, badged IBM Replicate.
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