CyanConnode (CYAN LN) - FY24 update: revenue materially ahead

CyanConnode exceeded FY24 revenue expectations and has high visibility into FY25, supported by strong deliveries and a growing backlog respectively.

CyanConnode - New Award In Thailand

A letter of award for over 100,000 CNIC modules in Thailand confirms solid momentum in orders for CyanConnode. While much of the company’s growth is coming from India it is good to see geographic diversification and this announcement follows success in the Middle East and North Africa.

CyanConnode - New Award In Thailand

A letter of award for over 100,000 CNIC modules in Thailand confirms solid momentum in orders for CyanConnode. While much of the company’s growth is coming from India it is good to see geographic diversification and this announcement follows success in the Middle East and North Africa.

CyanConnode - New Award In Thailand

A letter of award for over 100,000 modules in Thailand confirms solid momentum in orders for CyanConnode. While much of the company’s growth is coming from India it is good to see geographic diversification and this announcement follows success in the Middle East and North Africa. It is the largest order so far for the dual SIM CNIC module which allows automatic selection of the best connectivity solution.

CyanConnode (CYAN LN) - Large Letter of Award for Omnimesh Cellular Modules

CyanConnode has received a large Letter of Award (LOA) for Omnimesh Cellular Modules (CNICs) from a Thai customer.

Hybridan Small Cap Feast - 11 Jan 24

11th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

CyanConnode - One Million Module Order

CyanConnode has announced a million Ominmesh module order with Montecarlo for deployment for a new end utility in the state of Maharashtra, India. Installation is due to commence in Q4 FY24 and spread over 27 months before moving into a 93 month support and maintenance contract. With more than 220m meters out of 250m now sanctioned for tender, the number of subcontractor awards is expected to pick up pace. We have upgraded the number of module deliveries in FY25 and using an assumed market share

CyanConnode (CYAN LN) - Largest order in financial year to date

CyanConnode announced an order for 1m units, its largest order this financial year to date. The contract will help underpin revenues for FY24 but, to a greater extent, will support our forecast for 111% revenue growth in FY25. CyanConnode is poised for many years of strong growth as it continues to win a significant share of India’s scheme to implement 250m smart meters.

2024 Outlook - Clean Energy In 2024

Performance of clean energy shares was weak in 2023 other than in storage. 2024 is likely to see storage continue to perform but renewables, bioenergy and hydrogen could also see an improved environment in the year. While elections in the US and the EU could result in weaker support for clean energy, these are to an extent offset by progress at COP28 and the extent to which electorates recognise climate change in the face of almost unavoidable evidence.

CyanConnode- Interims See Sales Quadruple

The CyanConnode interim results show strong sales growth as momentum, notably in India, takes hold. India now sees tenders for over 220m smart meters sanctioned to date creating a significant opportunity for CyanConnode where it is already a major player. Costs have risen to meet this potential demand but the company is moving towards profitability and cash collection is strong. The company itself expects full year results to meet market expectations.

CyanConnode (CYAN LN) - H1 FY24: On track

CyanConnode’s H1 results position the company to meet our full year forecasts. The company does not need to grow revenue yoy in H2 in order to meet full year estimates. The Indian smart metering programme appears on track, with 98m smart meters already awarded to prime bidders and these orders should soon filter down to competitively well positioned subcontractors such as CyanConnode. These market drivers position the company well to grow revenue 39% in FY24 and 111% in FY25 and for a £1.9m of o

CyanConnode - IntelliSmart Launches Fund Raising

One of CyanConnode’s Indian partners has announced a major funding initiative to fund the roll out of smart meters across the country. We see this as helping to de-risk the opportunity with this important customer, which now has 1.7m Omnimesh Modules on order with CyanConnode.

Hybridan Small Cap Feast 15-11-2023

Dish of the day Joiners: No joiners today. Leavers: Wheelsure Holdings has left AQSE. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

BATM+ (BVC, House Stock at 18p) - New client Edgility contract

Thunderclap in British telecoms

FY23 revenues and EBITDA were in line with expectations. The major news was that BT plans to shed more than 40% of staff. At the end of the decade the EBITDA could reach £11bn with the massive restructuring announced and capex could return to €3.5bn per year. EBITDA less capex could be multiplied by 2.5 and therefore also the dividend. This could value BT at 385 pence at that time. We maintain our opinion at Add on the stock.

A fairly safe long term buy and hold

A decent Q1 performance despite the expected headwinds from cost-of-living pressure and cost inflation. The group is clearly a fairly safe long-term buy and hold. BT plans to shed more than 40% of staff by the end of the decade. In parallel it is further accelerating its FTTP deployment with high capex. But at the end of this phase EBITDA-capex could be multiplied by 2.5. Speculation could also again reignite as Drahi’s empire (owning 24.5% of BT) is being shaken by corruption cases.

Calnex Solutions - FY24 trading update – marking time

Calnex has released a pre-close trading update for the year to March 2024, indicating that revenue would be £16.3m, c£0.7m below our forecast, partly due to the timing of orders at the end of the period. Group trading has been impacted by the well-documented, continuing challenges in the Telecoms sector which have seen delayed project timings leading to corresponding delays in customer spending. Administrative costs are being controlled and are focussed on maintaining R&D. Calnex remains confide

Increasingly aggressive on the TV side

Q4 revenues were only up by 1.3% yoy (excluding the inclusion of EE for two months). A better performance than might be thought at first sight given the 8% decline recorded by the wholesale division (due to the benefit of ladder pricing revenue recognised last year). BT’s Fixed consumer revenues, 25% of BT’s business (excluding EE and Openreach) corresponding to BT’s own retail business, were up by 8% yoy with a 20% increase in broadband and TV revenue. Openreach revenue (28% of BT’s revenue not

Q1 in line with expectations

Q1 16 revenues declined by 2.6% yoy (excluding the contact centre business SNT Deutschland which was sold in Q1). Once again growing Consumer revenues were offset by the impact of the ongoing decline in size of the business market and lower revenues at iBasis. The EBITDA decreased by 4.5% yoy but this is due to temporarily higher IT-related costs in network and operations in the run-up to IT rationalisation. Note also an impairment charge related to iBasis for €45m. KPN intends to pay a regul

A mixed release

Q4 2015 revenues declined by 5.9% yoy (adjusted with a tax settlement benefit of €44m in Q4 2014). Growing Consumer revenues were offset by the impact of the ongoing decline of the business market size and lower revenues at iBasis. The EBITDA decreased however by only 0.7% yoy in Q4 2015 (without the tax settlement benefit in Q4 2014). These results are quite disappointing compared to the previous Q3 where revenues were down by only 2.6% yoy (vs -3.5% in H1) thanks to 3.7% growth on the co

A good newsflow

Q3 revenues and EBITDA were up by 3% yoy. Quite a good set of results for the new telco king of England (following the completion of EE’s acquisition). BT Fixed consumer revenues (25% of BT’s business not including Openreach sales corresponding to BT’s own retail business) were up by 11% yoy with a 23% increase in broadband and TV revenue. Openreach revenue (28% of BT’s revenue not including EE) was up by 3% yoy with record net fibre broadband additions of 494k, 32% higher than last year. There

Consolidating its market shares on the consumer side

Although Q1 revenues had decreased by 2.6% yoy while the EBITDA had declined slightly more by 4.5%, it was the opposite in Q2 with revenues down more than expected by 4.3% yoy but a better EBITDA down by only 1.7%. Once again, growing Consumer revenues were offset by the impact of the ongoing decline in the size of the business market. So, as in the two previous quarters, a mixed release.

Q1 in line but pressures are mounting for a separation of Openreach

BT group has released its Q1 numbers. But note, in parallel, another key point: two days ago Ofcom announced a half-step towards a separation between BT and Openreach (BT’s division which operates the fibre network). Q1 revenues were only up by 0.4% yoy (excluding EE). Like in the previous quarter, it is a better performance than might be thought at first sight given the 6% decline recorded by the wholesale division (due to the benefit of ladder pricing revenue recognised last year). BT’s Fixed

Rationalisation of the network is paying off

Quite a good Q3 for KPN: even if revenues, down by 3% yoy, are still suffering from the decline in the business market size (consumer revenues grew by 1.5% yoy), the EBITDA was good (growing by 3.4% yoy as it was down by 4.5% in Q1 and by 1.7% in Q2) driven by customer base growth and the positive impact of cost savings.

Q2 in line but £11bn of provisions for pensions at end September

Q2 revenues were up by 1.1% yoy excluding EE (vs +0.4% in Q1). Like in the previous quarter, this is a better performance than might be thought at first sight given the 5% decline recorded by the wholesale division (due to Partial Private Circuits customers continuing to migrate to newer Internet Protocol-based technologies). BT’s Fixed consumer revenues, 20% of BT’s business corresponding to BT’s own retail business, were up by 11% yoy with a 17% increase in broadband and TV revenue. Openreach’

£6.5bn of market cap goes up in smoke

BT previously announced on 27 October 2016 that an initial internal investigation of accounting practices in its Italian business had identified certain historical accounting errors and areas of management judgement requiring reassessment. At that time, they announced the write-down of items on the balance sheet by £145m, being the then best estimate of the financial impact of these issues. Since then, BT has progressed with the investigation, which has included an independent review by KPMG of

The best TV product for nationwide operators!

Quite a good Q4 for KPN: Even if revenues, down by 2.3% yoy (but vs -3% and -4.3% in Q2 and Q1), are still suffering from the decline in the business market size (consumer revenues grew by 2.3% yoy), EBITDA was good (growing by 4.1% yoy as it was up by 3.4% in Q3 and above all down by 4.5% in Q1 and by 1.7% in Q2) driven by growth in the customer base and the positive impact of cost savings. KPN remains however cautious for its 2017 outlook with an EBITDA in line with 2016. KPN intends to pay