Smart Cities Industry Report Sep 2024

This report looks at the smart cities industry globally. A “smart city” is defined by the International Telecommunications Union as an innovative city that uses information and communications technologies (ICT) and other means to improve the quality of life, the efficiency of urban operations and services, and urban competitiveness, to ensure that it meets the needs of present and future generations with respect to economic, social and environmental aspects. The report talks about the overall ma

Smart Cities Industry Report H1 2024

This report looks at the smart cities industry globally. A “smart city” is defined by the International Telecommunications Union as an innovative city that uses information and communications technologies (ICT) and other means to improve the quality of life, the efficiency of urban operations and services, and urban competitiveness, to ensure that it meets the needs of present and future generations with respect to economic, social and environmental aspects. The report talks about the overall ma

Smart Cities Industry Report

This report looks at the smart cities industry globally. A “smart city” is defined by the International Telecommunications Union as an innovative city that uses information and communications technologies (ICT) and other means to improve the quality of life, the efficiency of urban operations and services, and urban competitiveness, to ensure that it meets the needs of present and future generations with respect to economic, social and environmental aspects. The report talks about the overall ma

Global Cybersecurity Industry Report

This report looks at the cybersecurity industry globally. Cybersecurity as an industry involves the design, development, and use of encryption software that can provide protection to a range of information technology systems and devices. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry. Companies can also be categorized as core and non-core, the former being those that exclusively engage in cybersecurity and those for

Cisco Systems, Inc.: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Cisco Systems delivered another strong quarter, exceeding the top and bottom line expectations of analysts. The company saw consecutive double-digit growth in its customer markets' commercial and enterprise sectors, and the public sector performed better than usual. Order cancellation rates remain low and below pre-pandemic levels. The management also noticed rapid adoption of its Silicon One, Cisco 8000, and 400 gig platforms. They believe that the general state of demand is stable and comparab

Cisco Systems Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (11/22)

Cisco had a good start to fiscal 2023 and managed to deliver an all-around beat. The management has taken strong steps it took to address its supply difficulties and this allowed the company to produce quarterly revenues that were well above market expectations. The management continued their shift to greater software and subscription-based recurring revenue, even as they proactively manage through a developing and complicated market environment. Web-scale orders increased by double digits or mo

Cisco Systems Inc: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

Cisco Systems had quite a strong quarter and was able to exceed Wall Street expectation on all counts despite operating in an incredibly dynamic environment. The company continues to view strong customer adoption of its subscriptions and software driven by its targeted investments. The ongoing business transformation of the company shows progress over its KPIs, with RPO and ARR both growing well. Long-term megatrends such as Wi-Fi 6, 5G, 400-gig and beyond, IoT, security, hybrid work, and hybrid

Cisco Systems Inc.: The New & Expanded SASE Architecture, The UCaaS Upside & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (05/22)

Despite supply and component challenges and other headwinds affecting the technology industry, Cisco managed to deliver a decent performance. While its revenues were below expectations, the company produced an earnings beat. The company’s top-line performance in the coming quarters will be more reliant on supply availability than demand as this aspect of the equation continues to be strong. The management continues to undertake various mitigation actions to help alleviate many of the component i

Cisco Systems Inc: Financial & Price Forecasts, DCF Valuation, ESG & Other Risks (03/22)

Cisco Systems delivered a decent result achieving more than 30% product order growth for the previous quarter owing to strength across their portfolio, including improving demand and good supply chain management. Its revenue growth remains in the high-single-digit range which is a key factor responsible for the slow growth though the company did see growth all across its geographies and in several product categories. Cisco’s inorganic investments continued and in order to improve their full-stac

Cisco Systems: Why Do We Think That This Tech Major Is Undervalued? (12/2021)

Cisco Systems started the fiscal year with a strong quarterly performance. The management highlighted their unique portfolio of products, well-positioned in highly appealing markets (particularly UCaaS). While the company’s growth story has tapered down over the years, its ability to power the modern secure infrastructure is a key reason why we believe that Cisco should command a much higher valuation. The company had its fourth consecutive quarter of accelerating order growth in their enterpris

Cisco Systems Inc. - Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 8/21

Cisco Systems had an excellent quarterly performance, reflecting strength across their product portfolio in all key geographies, and customer segments. It delivered the highest product order growth of 31%, driven by strength across end markets and the management expects to continue to see strong customer reception to its subscription-based products. The transition of Cisco’s business towards SaaS continues to show excellent progress and the company achieved over $4 billion in software revenue in

Morning Note – 6 September 2024

Neuromorphic Computing Industry Research October 2024

This report looks at the neuromorphic computing industry. Neuromorphic Computing systems are designed to specifically mimic the human brain. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry. Companies can also be categorized as core and non-core, the former being those that exclusively engage in neuromorphic computing solutions and those for which neuromorphic computing is just one part of their overall product or ser

Allenby Capital TMT Update - 30.09.24 - MWE.L, CHSS.L, MIRI.L, ENET.L, ELEG.L, MBT.L, PPS.L, ITIM.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Filtronic - Upgrading on follow-on space order

Filtronic continues to benefit from the agreement signed with SpaceX in April – it has received a follow-on production order for E-band solid state power amplifier (SSPA) modules with shipment expected in CY25. As management anticipates this pushing FY25 revenue ahead of market expectations, we have upgraded our FY25 and FY26 revenue and EPS forecasts to reflect the new contract and the related vesting of warrants. While the maximum level of warrants has been earned from E-band product orders, w

Filtronic - H1/24 Riding the EM-waves across land, sea and space

Filtronic has reported results in-line with management expectations for H1/24, and now expects to perform ahead of our forecasts for FY24E and FY25E in terms of revenue and profit. We are raising our revenue forecasts for FY24E and FY25E by 14.6% and 6.2% respectively, and our EBITDA forecasts by 85.2% and 28.0% respectively. The increase in expectation is driven by a strong recent acceleration in order flow, including a £7.8m order announced today. In this report we present a detailed review o

Morning Note – 20 June 2024

Global Artificial Intelligence Industry - Aug 2024

This report looks at the artificial intelligence (AI) industry worldwide. Artificial intelligence is an emerging industry whose applications are employed in a range of traditional industries, from industrial manufacturing, consumer goods, aviation, transportation, and healthcare. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry.

Neuromorphic Computing Industry Research August 2024

This report looks at the neuromorphic computing industry. Neuromorphic Computing systems are designed to specifically mimic the human brain. The report talks about the overall market size, expected growth rates as well current trends driving the growth in the industry. Companies can also be categorized as core and non-core, the former being those that exclusively engage in neuromorphic computing solutions and those for which neuromorphic computing is just one part of their overall product or ser

Filtronic - LEO liftoff: SpaceX strategic agreement and $20m order

Just 15 months after winning its first order in the Low Earth Orbit (LEO) satellite communications market, Filtronic has announced a 5-year strategic partnership with SpaceX which includes an initial $19.7m (£15.8m) E-band amplifier production order for delivery in FY25. As a result, we upgrade our FY24/FY25 forecasts and lift our target price to 57.4p (was 37.5p), equivalent to 74% upside. Although this is the first time SpaceX’s Starlink has been named as a Filtronic customer, this is now the