CyanConnode Holdings PLC New contract, fundraising and Indian developments

TIDMCYAN

CyanConnode Holdings PLC

11 April 2022

Hardman & Co Research on Cyanconnode (CYAN): New contract, fundraising and Indian developments

CyanConnode is awaiting news with respect to the first large tranche of smart meter contracts in India, for which it is an established supplier of intelligent communications modules. In the meantime, contract wins in other markets continue; for example, this week's announcement of a win in the Middle East and North Africa (MENA) region, which we expect has a multi-million pound value. The recent fundraising of GBP2.0m gross saw strong investor support -- this was a growth-centric initiative as the new funds will be primarily used to fund inventory of components in short supply and/or have longer lead times. Our DCF-implied fair equity value is GBP91.4m compared with the current market capitalisation of GBP40.5m.

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April 11, 2022 02:01 ET (06:01 GMT)

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