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Reaching the Inflection Point
Companies: CyanConnode Holdings plc
CyanConnode is a market-leading provider of telecommunications technology in the smart meter industry and is currently geared towards the vast expansion programme of electricity meter set out by the Government of India. In the past year it has built on its prior success, growing revenue by c50% and reducing net losses by c60% bringing it closer to profitability. CyanConnode trades on an FY1 EV/Sales multiple of 2.7x, which is a discount to its peer group trading on 4.1x. This leads us to an impl
Companies: SRT Marine Systems plc
No leavers today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
Milton Capital Plc, a new type of special purpose acquisition company, intends to join the Standard Segment of the Main Market. The directors intend to search initially for acquisition opportunities in the technology sector. The focus for the prospective acquisition is megatrends. This includes sectors such as space, artificial intelligence, machine learning and blockchain technology. Ticker upon admission
Companies: VRCI BRCK FUM INDI ORR OBD QFI RGD REDX SRT
SRT Marine has today issued a trading update for the six months ending 30
September 2022. H1 23 revenue of £18.8m was up considerably (300%) on
the £4.7m reported at H1 22. The principal driver of this growth is the fact
that the Systems division passed a number of key milestones, generating
revenue of c.£13.6m, up from £0.5m the year before. Management
estimates that a minimum profit before tax of £1.5m was generated in the
period, versus a loss of £3.1m at H1 22. The statement confirms
Progressive Equity Research
FY22 results confirm that the year to March was in line with expectations. Systems deployments were delayed by lockdowns so virtually all the sales were from the Transceivers business, itself struggling to meet growing demand while constrained by component shortages. Meanwhile, SRT continued to invest in its product portfolio and capability to deliver multiple large Systems projects around the world, resulting in a significant loss for the year. However, that investment has substantially improve
Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
CyanConnode has steadily been making progress in India, where the national smart meter programme has been gathering pace. In July 2022, the company crossed the one million mark for meters connected to its RF network across nine Indian states. This is the aggregate RF device number in India connected since 2014 and represents market share of 22%. The latest update from the company states an order book of 2.6m RF nodes for India. Performance of smart meters is a critical aspect of the Indian progr
Hardman & Co
Significant contract resumed and further cost cuts
CyanConnode released a solid trading update on 12 January which confirmed the Group was trading in line with market forecasts and demonstrated the renewed momentum the Group has seen in the past 12 months as COVID restrictions have eased and deliveries have accelerated. With a cash balance at end of December of £1 million, we believe cash will have been received from customers post period end. We understand debtors are in the region of £5.5m in India alone and with the Indian subsidiary now bein
A bland trading update with Q1 service revenues up by 2.5% yoy and lfl (vs+ 2.5% in Q4).
We maintain our opinion at Buy. The stock is currently around the 130p level. We are still waiting for a catalyst to boost the stock which remains discounted to its peers due to the scepticism and mistrust towards its CEO (under fire after missing opportunities in Italy, Spain and with Vantage).
Companies: Vodafone Group Plc
Companies: BATM Advanced Communications Ltd.